Ann: 2024 results - A$166m comprehensive income for shareholders, page-38

Thank you Kryptonite and 8horse for the link to the webinar.

Very happy with all this:

Highlights:
- Cash position is a fantastic asset against low-ball offers. In other bio companies it is horrible seeing cash burn, dilutive raises and vultures circling.
- Self-funding of P3 trials without rattling the can is very strong. We can lock up all value unless and until there is a proper deal on our terms.
- Type C meeting - Sounds like Jon has prepared for multiple scenarios and mentioned it's not binary - there are many layers to negotiation.
- Daybue expansion to Canada, Europe, Japan and natural organic growth in US ratcheting up the royalty revenue. Baseline of AUD $65M and growing.
- Buyback a live option with flexibility to top up if the company wants. Will help to absorb some of the loose stock being thrown around and build value.
- PMS trial preparations underway, planning to launch mid-year. Exciting position with no clear competition - hopefully will help with enrolment pace.
- New indications not too far away - I am sure Jon is thinking and planning very strategically for prioritising those ones with maximum value.

Other points:
- Please take time to review the PMS P2 results again and patient population. This is a box office trial. Hoping for open label as well after it is finished.
- Will Acadia move on Fragile X once primary endpoints are known for PMS? With their growth strategy and new CEO, what are they waiting for?

Caveats
- Acadia Q1 results to be lower (but seasonally expected like last year).
- Some uncertainty and volatility in the US with Medicare and cost cutting. Would be surprised if rare diseases are targeted but anything is possible.
- Criteria may not be met for first commercial sale trigger of US $35M in Europe (although Acadia mentioned modest ex-US net sales in 2025) - let's see.
- Patience is a virtue - holders will continue to be tested.

Let's see how we go moving forward. Well done Jon and team, and Gerry, please don't be shy to make a cameo again next presentation!