Ann: Positive Safety Data from Second Cohort of PI Clinical Trial, page-20

Still massively undervalued in my view.

But don't take my word for it - it was in September 2020 that a bunch of big boy institutional international and sophisticated investors put $30 million into Recce at $1.30. I wager they would not have done that without a few smart cookies doing a lot of due diligence.

Since then the proposition has been massively de-risked in the form of human ethics committee approvals, positive efficacy and safety results from the PHI/II burns study and now positive safety data coming back for the PHI. And whatever else is going on in the background - in interviews James always seems to have a positive outlook and a wry smile.

The upside is well understood - a possible cure to the most expensive condition in the US health system ($24B yearly) and others have posted the PE napkin math on here before (huge numbers). Now it's a matter of slowly jumping through the hoops on the way to getting this to market. That risk gets smaller each day and I don't think the SP currently represents the risk/reward accurately.

GLTA