I would say that Zenith's "market cap" comes with an asterisk.  If you want to sell shares you are getting about 40 cents USD per share on a grey market and I bet if you wanted to sell a lot of shares you would get way less. Implied market cap as Koo said about $54M USD. Buying shares from the company costs about $1.50/share USD (I think that was the last price, could be wrong) so implied value $165M USD. Given that most of us here are holders and would like to profit from those holdings we have to reckon with the lower value. 

I think that the Zenith pipeline seems to be quite robust and one would think there is a lot of value in a drug that seems to make other oncology drugs work better and longer but as holders our choice is to sell cheap or wait until a big pharma steps up and wants to pay for it. I heard a very successful pharma exec once say that it was very hard to put value on preclinical and early clinical biotech because "you don't know for sure so nobody is interested until everybody is interested".  I wouldn't be shocked if and when we get to the "everybody's interested phase" that Zenith fetched $multi-billions but who knows what that timing might be, and the CEO has a crappy record of prognostication.

I think if Zenith had a competent CEO there might be more happening on the business development front with other compounds the company has in its library but it is a positive that the science has at least attracted some good partnerships and grant support. Personally I already have a lot of Zenith shares and have considered buying more shares on the grey market because I think they represent a good value for the science.  What holds me back is that even though the science is progressing well any additional investment could be dead money for a long time judging by the Don's lousy record of never creating any real value for shareholders despite being in charge of Zenith/RVX for roughly 20 years. For perspective from what I have seen in biotech, in 20 years successful biotech execs are either running multi-billion dollar companies or have run through the development to sale cycle multiple times.  As I said Don's record of futility keeps me from buying more shares, in either company actually.