Ann: 2023 Results webinar, page-87

Fair points, but still not 100% convinced there isn't some middle ground.

Nothing to stop Neuren keeping the current 4 indication in house, then licensing NNZ-2591 to a big pharma for the rest. Such a deal could include a massive up-front (billions) that would allow a share buyback, capital return and also fund all the Ph 3 costs for current 4 indications. Once Neuren completes Ph 3 for NNZ-2591 they can then license out to aforementioned big pharma (or someone else) for ROW, just like with Acadia.

Interestingly, Jon's response last call to questions about share buyback (seeming to suggest it was something they had thought about), indicated to me that some variation of the above scenario was being actively considered.

No question in my mind this could end up realizing significantly higher value for shareholders in the end. This could well represent the best outcome for shareholders and patients too - a true 'have your cake and eat it' outcome.

Think about this this way - a capital return of $50 by Xmas 2024, then a remaining shareholding in Neuren valued at $50 a share gradually increasing to $250 a share in 4-5 years after the current 4 Ph 2 indications get through Phase 3 and approval.

I could live with that