Ann: Final Sofdra Labelling Discussions with FDA, page-85

Because I'm not a trader. My view isn't next week or next month, I'm looking at 2029+

I believe that FDA approval is a matter of course and will simply be a green light to market. I'm here for post FDA approval, and the risk to me is how the market reacts to Sofrada. I am happy to take that particular risk as the Japanese market is already showing signs of sucess. Sofrada as a product sits in a sweet spot in terms of treatment where efficacy is (seemingly) good and is a non invasive treatment.

So for me, yes, I priced FDA approval into the current SP. In my mind, I purchased BOT because the likelyhood of FDA approval is extremely high. As I said in a previous post, I'm working on a 0.55 SP next year and I'm happy with that.