If the rumour about the two lists of indications is true and we...

If the rumour about the two lists of indications is true and we haven't heard anything about it from this conference, and given its a rare event when Jon Pilcher travels to the US of which these trips usually entail meeting with Acadia executives, it seems reasonable to assume they are discussing the new indications on this particular trip? Since JP said the new indications would be ready to announce early in 2025 this seems a good time as any to be discussing with Acadia.

You'd have to assume the preclinical work is completed given the patent applications (if related) have been filed already, and (if memory serves) as part of the agreement between Neuren and Acadia any new indications need to have evidence of preclinical data to accompany them when one party announces their intention to develop said indications?

Something I've been mulling over is whether as part of any development options Neuren is considering that one of the two lists is an offering to Acadia to develop a small number of indications for 2591 as a concession to allow Neuren to be sold outright with its own substantial list of new indications.

Such a concession would secure a significant upfront payment and milestone payment targets thereby increasing the value proposition for Neuren in a potential takeover, and Neuren gets to keep a large number of new indications to pursue unfettered or be sold as part of the company also increasing its value proposition.

My line of thinking revolves around Acadia's inherently risky pipeline, they're throwing a few things at the wall to see which one sticks, while they only have two core products and some way to go to becoming a less vulnerable commercial entity. If the mouse models are compelling for the new indications, Acadia might determine that 2591 has a lower risk profile than some of their current drug candidates and see a path forward to ensuring commercial security with these.

I figure this strategy gives Neuren an "out": it increases the chances of developing 2591 more broadly with Acadia as a current or former partner (post takeover scenario) which would satisfy JP's wish to see the drug reach as many people in the shortest amount of time (in the event of a takeover you would have two Pharma companies with significant resources and expertise to develop 2591). Neuren can then be sold or allowed to pursue 2591 development unfettered if JP decides he wants Neuren to go all the way and become a full function Pharma company.