I agree that the floor should be between $5 - $6 bucks based on their big cash position. The tougher part is valuing the drugs in development. I've looked at Macrilen and if you consider the market size and assume Aeterna can get 1/3 market share for AGHD then the drug should be worth another $22-$29 a share in the first year of approval and could grow from there. But there is still risk for FDA approval so you have to discount that down. Zop-Dox in phase 3 is tougher to value imo but should be worth at least another $9 a share, The trial shows that recruiting is done so it is moving toward completion by next year. Zop-Dox for ovarian indication is only in phase 2 so it probably isnt really a value contributor unless it gets to phase 3. All in all AEZS could see $20 in 2016 with only 10 million shares outstanding.