RC220 is not a new drug in the normal sense, it is a new formulation, but it is considered a new drug purely from a regulatory perspective. From a risk or speed to develop perspective it falls into the reformulation basket. The clinical risk of reformulations are vastly lower than new drugs.
The reason drugs at Phase 1 are discounted so heavily in net present value calculations is not the time factor, but the probability of success factor. Only around 1 in 20 new oncology drugs make it from Phase 1 to approval. Given Bisantrene has already made it to market, then it would not be wise to use the standard success rate to value RC220.
Race is relatively unusual in that all the data for calculating the net present value of RC220 is available to investors via the triangle report. Even if you use the standard 5% chance of success, Race is by any measure of net present value massively undervalued.
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