Spark Plus - Arovella Desk Note, page-4

lots of upside. good to see

"Strategic investments and acquisitions in the CAR technology space averaged US$382M despite the early stages (preclinical and Phase 1) of the drug development supporting the huge market potential for the therapy if it gets approved. In comparison, ALA is favorably positioned at an enterprise value of A$116M (US$77M) with a Phase 1 clinical trial in sight.Given the advantages CAR-iNKT cells have over CAR-T cells based on current literature and preclinical data and that ALA is 1 of the only 6 companies developing such a product, we do not rule out the possibility of ALA becoming an acquisition target or entering a development collaboration with a big pharma partner, especially so if the Phase 1 result is positive. As such, we speculate its intrinsic value to be A$196.3M (US$129.6M) based on a comparable basis discounted to present value and further applying a 50% risk discount for the uncertainty to the Phase 1 results. This would translate to A$0.187 per share, diluted for its unlisted options that will be in the money."

lots of news to flow from here as well... expect that number to go up