You can't apply the same valuation methodologies to a biotech as...

You can't apply the same valuation methodologies to a biotech as you would a corner store. The ratios to which you refer are always going to look dire in a loss-making business, because that's what they are designed to do. We don't need them to tell us that the company is still burning cash.
CDY has stated intangible assets of $1.8M - I don't know what the breakdown of those is, but I assume it is mostly good will paid for the Advangen business or the like. It is not possible to satisfactorily value the intellectual property of a biotech at this stage of development, either in relation to midkine or Advangen, so I assume (yes, another assumption) that the intellectual property is on the balance sheet at zero value or thereabouts. Advances in the scientific community's knowledge of midkine don't reflect on the balance sheet until they result in commercial transactions.
So I don't know what midkine intellectual property is worth, but we are closer to finding out than we were last year or the year before. Hopefully we will find out, in a good way, before I too lose patience!