As well as the cash and outstanding license fee, the value of Avot, Crossflo, etc., must be included(less any liablities) to find the NAV or book value. There must also be a value attributable to future license fees.

On this basis, it would appear, in my very humble opinion, that the NAV is greater than the current share price. A highly unusual situation which will hopefully be corrected in the near term.

Think of it like going to the bank and paying, for example, 90 cents for each dollar withdrawn - go in with $900,00 and leave with $1,000,000.

I am also looking to some news from the USPTO in weeks rather than months.

Be well