What isn't reflected in the price is the 50% of the value of any payment from Novartis in the next 36 months. As I see it, the next 36 months will almost certainly see the $5 million payment for the Phase IIB Trial if the hearing drug proves worthwhile, but if it's really good, it could reflect anything up too, and perhaps including approval. This is certainly doubtful, but it ought to bring at least a small premium over the XON price, but at this point, it isn't.
I would assume that it's the holders of the stock the day that GNVC stock becomes XON stock who'll see any payments made by Novartis thereafter, so it's my intent to hold the stock to the end, unless I learn otherwise, or GNVC is trading at a substantial premium to XON based on .297 figure established in the release.
Gary