There have been a few different valuations thrown around, but one reference has been to the FiftyOne Capital prediction of a $150-$200 mill market cap post positive Phase 2 study which would be a share price of $2.90 to $3.60.(1)
If the reformulation is successful with PK studies and the consequent large Phase 3 registration trial is a success, the valuation may be several-fold higher, especially if the company looks to sell with a pharmaceutical transaction as they've previously indicated.
(1): https://www.livewiremarkets.com/wires/deep-value-positive-catalysts
Ann: Investor Presentation, page-53
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