And the scary part is that the amount you arrived at does not...

And the scary part is that the amount you arrived at does not account for ROW and 2591, which is targeting conditions that are 5 times the size of the Rett market - and that is not just the USA market for Retts as I understand it.

The part I struggle with is the value you arrive at when you look at the numbers and where they could get to. Back of the envelope calculations - if royalties from Retts gets us to $104 per share in the USA, then that would conceivably double when considering ROW. Add in FX, which is double the size of Retts and 2591, which is 5 times and you end up getting to over $1000 per share - well north!

That just makes no sense, especially from where we are now. Even if you went ultra conservative and assumed ROW for Retts was 1/4 the size of the USA market and FX globally was only a quarter of the size of the total Retts market globally, and then assume that 259 in the 4 conditions was not worth 5 times the global Rett market, but the same as the USA Rett market only, without factoring in the other 100 conditions that Jon referenced - you still get to a SP well north of $250.

I guess that is the issue and the real question - what value does Neuren and any potential acquirer place on:

1. Currently unrealised ROW incomes, across Retts and FX; and
2. 2591 across the 4 conditions and the other 100 potential conditions that Jon has alluded to.