I discovered this company recently in the upper 4s. I've been accumulating since and added more today, even at 5.60. There was no discussion on this one other that one person writing some articles on its cheapness here and there. It looks like it's getting noted today, IMO Anyway, I thought it might be worth getting some talk going here.
When you mentioned this I realized that it had come up on a recent screen. I have to look into a few questions I have:
1) what the heck is beta-alanine? and
2) Can they really keep others from using it?
3) Do they record a value for their patents somewhere on the balance sheet? The value of a patent would normally be an intangible asset, I believe, but I suppose it's not essential that it be recorded at all. If it's not recorded as an asset, and they can enforce it, that's fine. If patents are included under "property" or somewhere else, then I'd try to figure out how to account for that.
On the intangibles, I believe that NAII has already expensed the monies to create its intangible portfolio. Most internal development costs are written off as incurred. I don't know whether you googled something like "internally developed intangible assets." If you do, you will see plenty of information to describe the accounting treatment vs. the accounting treatment of intangible assets "acquired."
I'm also going to dig a bit at the patent issue relative to the balance sheet (absence of intangibles). There are GAAP issues that have to do with the difference with internally developed intangibles vs. externally acquired intangibles when it comes to whether related costs get capitalized. Many internal costs get written off at the time of incurrence as R & D. Let me know what you learn.