"Use the data you have for that company. Compare similar companies. Get a read on the current market conditions with buyouts with similar companies...."

That's not what you're doing.  You're comparing ZEN to one company that had 600 million in quarterly sales and another that was further along with their studies.  If those are your comparisons, I'm tempted to join SanFran and give Zen a valuation of $10,000,000 a share.  But since he always overinflates things, I'll value it at a more realistic $4,000,000 a share.

On the subject of TBRA's failed (primary outcome), here's a quiz for you.  How many Phase II trials did RVX fail (primary outcome)?