Currently I own this stock. But I have following concern.

According to PDL estimation, it earns 1.18, 1.32, 1.45, 1.94 and 2.22 in 2009, 2010, 2011, 2012 and 2013 respectively. If we assume PDL earns about 2.0 in 2014(some of the pates expiring in late 2013 itself), the total earning could be 10.11. By end of Q3, PDL holds 192M in cache and 445M is debt. So, net cache is -253M and it is about -2.4. So, net value of PDL is about $7.8 by 2014. It is less than the current trading value.

What is the positive thing to holds this stock. Am I missing some thing in my analysis? Do we get any license fee beyond 2014? Are we just betting on some new products get approval from FDA and add into the revenue? Are there any PDL licensed products in final stage of Phase 3 clinical trail? Where can we get the list of PDL licensed products in clinical trails?