Ann: DAYBUE net sales US$87.1 million in Q4 2023, page-61

I believe the quoted figures for the revenue estimates for full calendar year of 2024 are just the royalties. When you consider the amount of cash in bank, milestone payments (based on guidance), the valuation for Daybue alone is far north of here, even with a reasonable forward PE applied. Some would argue the milestones shouldn't be included, but ultimately the cash added (as a one off) increase the valuation (but not on a multiplier)

It leaves little no value for the NNZ-2256 4 trials, 1 of which we already know passed Phase 2 with very strong safety and efficacy signals. It also gives no value to the ROW activity for Daybue. Yes this process will be lengthy, but this work is being done by ACAD and we reap the benefits.

It also ignoring the fact these types of disorders are often under diagnosed and having the world first treatment is likely to increase the identified patients via genetic testing.

Edit: I also forgot the priority review voucher, the value of which we are entitled to 50% of.