Max Market Cap in 2000 was 6*50mm = 300 mm although I do believe fewer shares were out so actual less than 300mm, This was during the Java age where everyone was going to buy the new java chip and that just didn't happen

in 2006 at 2.25 with 400mm dully diluted shares ( outstanding plus in the money warrants and options) the Mkt cap was 900 million 0r 3 times 2000. Current mkt cap is only 220 million less than 2000 true but the company on paper only has 20 million or so in cash and that's about 20 cents per share so it's trading at a 2.5 * book value

This is still a bit high without since there still isn't a reliable earnings stream and with the markman so close and the USA J'swilling to stand up in court quite risky

So all in all based on projected earnings and shares outstanding PTSC is properly priced. If it wins the USA case against the J's of course that will dramatcially change the valuations.