Ann: FDA clearance of IND for CHM 2101, page-41

I'm estimating future SOI of 1.5B to 2.0B

If we can license CHM1101 in the next 12-18 months then this would help to keep SOI lower.

I'm thinking licensing deal up to $250usd of CHM1101 alone based on 25% of current Temolomide sales so $1b x 25% being $250m. Note this applies no multiple to estimated peak sales which Edison had at $3.2B or somewhere around there.

This could then fund the other platforms and pay for milestones for COH and any others over the journey.

I'm thinking future market cap of $1B / 2B SOI = $0.50 per share - plenty of upside to this of course

When risk appetite returns this could easily be valued at $200m plus based on current data