I don't believe an algorithm such as this can be applied to a company such as INO, INO does not currently have a product to market, therefor the only forms of income are milestone payments from partners and grants. INO does however have other options of raising capital to stay in operation, some not as attractive as others to shareholders such as dilution, this has happened once this year which gives them the cash flow needed to get through milestones such as phase 2 hpv testing, which is due Q1 2014, if the results are favorable there is the possibility of a partnership, or fast tracking through the FDA, which would possibly propel this stock to a $2-4 billion dollar market cap over night, with a product at market. This is not to mention the possibility of a near term partnership with a big pharma that Dr. Kim has made many statements of being just around the corner. The exciting thing about this stock, and you shorts know it as well or you wouldn't be spreading the lies you have such as dilution, is that this is a game changer for medicine, if the technology works, as it has been in recent studies, we will for once have the ability to battle viruses, this will be bigger than penicillin. And shorts please come with a good argument, the same old "fail" arguments are getting old, do you think every med at market didn't change from its original design.
Nicely said man. And you are right the company do stock offerings all day long to fund their operations. True it does dilute the stock, but their aren't really that many shares outstanding so it isn't that big of a deal. We are talking about millions of shares outstanding versus 9 Billion outstanding like Sirius Satellite Radio. SIRI