Across all businesses across all industries in North America a reasonable guess (with a wide confidence argument) would be 1x revenue as a baseline valuation.

Of course. The vast majority of all businesses fail. That's not what I'm asking. No one gets into business to just breakeven after 7 years. Most people are looking at this as a success story when it just seems like Xenon and their other investor that took a loss were doing them a favor.