Ann: Investor web conference presentation, 14 July 2023, page-5

I just watched the Acadia presentation as recommended by Jon Pilcher and have the following comments .
1.I was very encouraged by the presentation and the vibe of the presenters re update on trofinetide .
2. After the payment of the $100 mill US next week to Neuren they will still have $275 mill US in the bank .
3 .They have not made up their mind on the priority revenue voucher but my feeling is that they will sell the voucher shortly and will get another $66 mill approx for the voucher .
4.Acadia is getting very close to cash flow positive which is extremely positive bearing in mind they are still doing a lot of r&d .
5. I know that Acadia has been looking over the fence with envy on the molecule NNZ2591 for a long time now they have that in their stable for retts and fragile x .
7.Once Acadia starts the phase 2 trials on nnz2591 on retts and fragile x and see the potential and cost to produce I think they will take a run at Neuren especially if they have the firepower from Baker bros .
8. From time to time I contemplate lightening my holding in Neu and to look at other emerging biotechs but find it very difficult to get off the Neu horse as I think they will be $20 plus within 6 months .