Three banks published on Arrowhead in one week, used different methods, and landed in the same neighborhood. Conventional valuation has no natural place to put the asset that produces all the others.
The sharpest observation here is that three positive notes landing in the same neighborhood is not confirmation but a shared convention, since all three price the inventory and none prices the factory; agreement produced by a common omission looks exactly like agreement produced by evidence. The list-versus-record distinction is what keeps the acreage analogy honest, and counting the discontinued SOD1 as a conversion rather than leaving it out is what makes the record believable. One extension: in oil, acreage carries a price because it changes hands, and the nearest equivalent here is what partners pay to license a route, so the terms of the next tissue-level deal may be the only external mark this kind of asset ever receives.
The sharpest observation here is that three positive notes landing in the same neighborhood is not confirmation but a shared convention, since all three price the inventory and none prices the factory; agreement produced by a common omission looks exactly like agreement produced by evidence. The list-versus-record distinction is what keeps the acreage analogy honest, and counting the discontinued SOD1 as a conversion rather than leaving it out is what makes the record believable. One extension: in oil, acreage carries a price because it changes hands, and the nearest equivalent here is what partners pay to license a route, so the terms of the next tissue-level deal may be the only external mark this kind of asset ever receives.