This company's price to book ratio is still high, even though its
current price is close to the 52 wk low.
Is this because their intangible assets such as intellectual property
are undervalued in their reports (only $2m), and investors value it as
much greater,  and are therefore willing to pay more per share than
what they would officially receive if the company was to be
liquidated?
More generally: Using a book value that includes intangibles, what
would be an average price to book value for companies like this one
(with quite a bit of intellectual property)?

Thanks!