Bank interest income was $11m on average cash of around $210m, around 5.23% interest rate. NEU currently has around $353m cash on hand (As all milestone payments (US$50m x 2 already received; less, monthly cash outflow for R&D and corporate & admin costs ~$3.2m/month).
Royalties from DAYBUE for 2025 will be around $62m - $67m based on AUD at 65c.
Interest income on average balance of $300m is very conservative, would earn interest income of around $15m for 2025, imo. That would bring total income for 2025 to ~$80m.
Regarding the milestone payments, some are easy to meet, like first sales in Europe, US$35m, first sales in Japan, US$15m. That's total of US$50m, probably within next three years.
Sales milestone payments, are slightly different, it appears 14.3% of the total sales milestone payments are easily achievable, like US$250m in U.S., then next 14.3% are relatively hard to met (i.e. US$500m in U.S.). The total milestone payments for ex-North America are US$363m, 14.3% of that, is US$51.9m. It's very likely that first US$51.9m milestone payments are relatively easy to be earned.
I read some estimated US peak sales for DAYBUE would be between US$600m and US$800m. If that occurred, another US$50m would come. For next milestone of US$100m for annual sales of US$750m is very hard, imo.
To sum up, around US$101.9m milestone payments on the sales, are relative easy to be earned in the future; if goes very well, then could earn additional milestone payments up to US$611m, from DAYBUE, and these payments are pure profit as Acadia bears all the costs.
SKYCLARYS Europe sales are around 43% of the US sales last quarter, not sure if that would be the case for DAYBUE. Let's work on that percentage for now, if US sales are US$400m, then Europe sales would be around US$172m, then total annual royalties would be around US$73m (or $112m, AUD/USD:65c). So I believe our annual royalties from DAYBUE should exceed $100m once successful launching Europe sales.
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