Fiveniner that is a very simplistic view. The development cost, the value of the IP "the resource in the ground" if you will has very significant value. One could make an argument that it should be valued at many multiples of where it is today. Venture Capitalists will often apply a value based on the market potential adjusted for risk associated with achieving that potential. If we equate a zero potential to achieving that market then your assumption might be roughly correct. If we apply a 1% chance of reaching that market potential as the solution for photonic integration that is adopted by industry the market cap could be argued to be in the hundreds of millions.
Is it fair valued right now? Some might try to convince people of this but I think many of us know better and that is why there has been such a high level of shareholder loyalty. It is all about what you personally believe this technology is and the potential for it to become the de facto solution as presented by the industry people who have been attracted to this company.
Many have made a lot of noise on this forum about POET needing to get products in the market right away because the competition will take over. After all of this time there has not been a POET like solution presented. It is taking far longer than we all want to see but the end goal has never been diminished. On the contrary the need for a POET like solution has become more pronounced over time.
It is interesting to look at some of the technologies that have been presented on this forum. We know that the POET thyristor structure enables a set of devices that POET will eventually look at. Consider the capability of POET for memory/storage or any number of verticals. A lesson can be learned by reviewing one of the up and coming technologies that was being talked about in this regard and interestingly enough another phase change technology.
http://seekingalpha.com/article/4025710-3d-xpoint-behind-iron-curtain#alt1
