Ann: INVESTORS PRESENTATION, page-27

Fair summary MJ, on the optimistic side as we ideally would wish for. However, after almost every corporate presentation over the past decade the sp has curiously weakened. Quarterly report after report, AGM after AGM and 'progress' after 'progress' there has been no sustainable lift in sp.

Others here have also explained this, as you have identified, that the market will only take interest leading to a sp rerating once a company changing Midkine partnership or similar deal is done with a major pharma. Evolis expansion is apparently regarded as comparatively inconsequential.

So question whether our sweating on each quarterly Evolis sales figures is misplaced.

An indicative timeline towards such a Midkine deal, however, uncertain it may be, consistent with CDY's business plan (what is that anyway?) or at least aspirational guidance, would be helpful.

I