Ann: Neuren reports 2023 half-year profit after tax of $48m, page-36

And the scary part is that the amount you arrived at does not account for ROW and 2591, which is targeting conditions that are 5 times the size of the Rett market - and that is not just the USA market for Retts as I understand it.

The part I struggle with is the value you arrive at when you look at the numbers and where they could get to. Back of the envelope calculations - if royalties from Retts gets us to $104 per share in the USA, then that would conceivably double when considering ROW. Add in FX, which is double the size of Retts and 2591, which is 5 times and you end up getting to over $1000 per share - well north!

That just makes no sense, especially from where we are now. Even if you went ultra conservative and assumed ROW for Retts was 1/4 the size of the USA market and FX globally was only a quarter of the size of the total Retts market globally, and then assume that 259 in the 4 conditions was not worth 5 times the global Rett market, but the same as the USA Rett market only, without factoring in the other 100 conditions that Jon referenced - you still get to a SP well north of $250.

I guess that is the issue and the real question - what value does Neuren and any potential acquirer place on:

1. Currently unrealised ROW incomes, across Retts and FX; and
2. 2591 across the 4 conditions and the other 100 potential conditions that Jon has alluded to.