Yes, I agree that the company as a whole will be valued. But, like most valuations, one huge key is the assumptions. The valuation is theoretical, based on various assumptions.

I would hate to see anticipation of P2 turn into another anticipation of EC. At least with EC, we had a date certain, and could have acted with a bit more certainty on the anticipation of the event, here, one day P2 will be here, poof, like the birth of a killer whale.