gerem1, I agree with the math of your analysis. It shows that if a capital raise of $200mm is required to get to $1b in revenue then the share price would be about $20 on a pre- split basis. If no capital raise is required, the share price would be about $33, all other things equal.

So the question for me is, what capital raise does Poet need and when? I welcome a strong balance sheet, but if capital market actions are more aligned with developing capital needs and share price appreciation, Poet may be able to raise funds at higher share prices, suffer less dilution and still have enough capital to take advantage of their first mover position in the field.