You wrote about $ 1 B in total fees reflecting a shareprice of $ 2.50.

It is known that there are approximately 220 companies in discussions, and 30 companies in advanced negotiations. I would expect all of these to settle with(in) one year of the J's settling, with the 30 settling within 6 - 8 weeks of any J settlement.

For the sake of argument, give PTSC $1 billion from the above license fees, $2.50 per share, now what?

My question relates to the P/E if the above occurs. Are you suggesting that it should be in the 40's or above, in the knowledge that there will be fewer potential licensees going forward?

Be well