As soon as the "line"...."NO EARNINGS" ...is used to value a Biotech, all credibility is gone!!!!
There is no other business that goes from losing money to making billions in a few years than this industry. Investors buy with the hope that they have done enough research to make the risk / reward scenario work. this company is extremely attractive because they have many big shots on goal and the product have Billion dollar potential each.
Tell that to the companies that may buy them out by the end of this year at a price double or triple today's price. Frankly, you do not know what you are writing about and know nothing about cldx in general.