Ann: 2023 Annual Report to shareholders, page-150

Going alone is not the only option and is probably the most daunting!

However partnering up with the likes or equivalent of Blackstone which has potentially already been leaked, it could allow Neu to have a reverse type deal as we currently have with Acadia for Daybue.

They stump up US $1bn for phase 3 trails or what ever the magic number is and they receive sales milestones and single digit royalties on future sales of 2591 in these current 4 indications. Not to dissimilar to our deal the sales milestones could return them $1bn, their initial investment and they enjoy single digit royalties for the life of the drug on market..

We keep global rights to 2591 and have the luxury to develop what ever Indications beyond the current 4 as we like.

It doesn’t effect our growing revenues from Daybue and don’t sell the house to get 2591 to market, remove the risk of cash flow for the phase 3’s, retain control to do what we do best develop new drugs, ensureing that all 4 drugs do get to market.

Neu losing 5-9%off US $22bn conservative estimated peak sales is nothing….. Neu being in control of 2591 is everything ..

I think they get a look at FDA wants for phase 3’s and partnering in this way could be a good option…. Black stone as an example has plenty of experience doing exactly this.

As KJ said the other day we as shareholders don’t lose value, our value increases as we’re fully funded to di phase 3’s if BP want to take us then we are worth more again..