Typically you wouldn't try and use fundamentals to value a company that is losing money, so I disagree that it is a fundamental question, in the stock world. New ventures typically lose money, in fact I'd be more worried if they made it because that means their growth is probably more limited. For a new venture, a negative EPS is expected and even cheered because it means the company is doing a ton of investing of capital in order to bear the fruit in the future. The statement of cash flows and the core idea of the company are what you should use as your criteria for investment. In many cases, just the idea is what people invest on, hoping that it actually has a market and management can monetize the value.
Fundamentally, a company with negative eps can survive a long time and ultimate value investing involves trying to find companies making money but also trading below book value. Even if your stock (share of the company) isn't getting postive earnings per share, its still entitled to its share of the company's assets after paying liabilities if there were a liquidation.