I think this is a very conservative valuation for a few of reasons: 1. The analyst is using 2015 earnings estimated of .37. Yet 2016 and 2017 are forecasted 1.52 and 2.19 respectively. Based on the huge jump in the out year earnings, I think the market would put on a higher multiple than 38. 2. In the out years, the analyst includes large amounts of R&D applicable to Mannkind's oncology program. For purposes of the Afreeza valuation, the assumption should be made that the oncology R&D would be spun off to a new entity.