Ann: June 2018 Quarterly Report, page-2

I'm struggling to comprehend the valuations down here.

What we are talking about with RAC is effectively a Phase III biotech asset, with near-term NPP sales that should more than offset any cash burn (in fact likely generate significant earnings) AND we have the added bonus of a FDA Priority Review Voucher if our paediatric trial mimics the adult results we have seen. It has been suggested that this PRV alone has a market value of around $150-175M AUD.

And yet with around $3.7M cash in the bank and a modest burn rate, we have an EV of $4MAUD.


Umm..., is anyone else struggling to work this out?