Hi Fouremm:
Yes, I think that is reasonable.
I personally think this chart is a negotiation piece. It puts a value to the company at various phases (also known as "milestones"). I like the word "milestones", as that is akin to the "milestones" in a "Milestone Deal."
In other words, that slide tells all comers (shareholders, partners, big pharma) what the company is valued at (in the minds of management) given certain assumptions and at certain milestones.
To me as a former enterprise sales exec who did seven-figure licensing deals on a regular basis (and was also involved in eight figure deals), that is nothing more than negotiation. When you are selling something, absolutely everything you do is negotiation! And I love the negotiation process. It means you are moving towards a deal and is actually fun for people like me.
That slide tells people where they have to be in order to start a discussion/negotiation. If they have a fundamental difference with those values at each stage, they may as well stay home and work on one of those macrame plant holders I keep talking about. Put a nice fern in it - that's more productive than starting a negotiation at too low of values. It's a waste of time.
That's not to say there won't be a little "negotiation" in the "Negotiation." There always is a starting place and the ending place is almost never the same place. If it is, then one party or the other is being stupid. But it sets the expectations of all at the high end of the two. That's exactly what the company should be doing.
At least that's my personal interpretation of it. That slide can be called the "Negotiation Expectation Setting Slide."
SF