I agree with everything you wrote. Which is why I'm lukewarm to LTG's comment about PVCT being acquired prior to an FDA approval - I just don't see how a decent valuation could realistically be achieved in such a scenario.
Perhaps I'm being somewhat naive, but I don't see that Provectus has a lot of bargaining power with BP at the moment, so any type of financing / trial partnership is likely to come at a high price - e.g. conceding significant future rights to the sponsoring company.
I'm very aware that this is an unusual situation, but it's the current reality so in the absence of a miracle, I don't see any prospect of a near-term buyout at an acceptable price (absent an FDA approval). The only way I can see a buyout prior to FDA approval is if it includes Contingent Value Rights (a CVR - see link below) that would allow current shareholders to participate in future upside.
I would love to be wrong, so if anybody has ideas for an alternative path forward that could bring the share price to a level that would ultimately facilitate an acquisition at a price exceeding $1.00, I'd be very interested in hearing about it.