Ann: Q4 2021 quarterly activity and cash flow report, page-41

Very interesting scenarios being posted, thank you all. I wonder if the recent partnership with Concinnity may provide a peek into the decision making of the company. Running 4 trials concurrently requires deft handling of data, for a small enterprise as Neuren it presents a considerable challenge. But it appears they are up for that challenge with the Concinnity partnership, and if so does it show their future intention to develop NNZ2591themselves to commercialisation? I'm of the view that clearing regulatory hurdles and the building of associated dossiers can be achieved by themselves, or through using industry consultants advising on such matters. The only issues I see are distribution and the negotiations of reimbursement, but there are a panoply of organisations who can assist with this. Indeed, a Pharma company could contract Cardinal and have nearly everything taken care of. In that regard, I think its highly achievable for Neuren to go it alone, but the challenge is considerable.

Which leads me to another point, and I say this respectfully with due consideration to those who have suggested otherwise: dividends and share buybacks are not conducive to increasing the chances of longterm success. Yes they provide short term benefit for the pocket, but share buy backs in particular should only occur when the company is at a mature stage. It has been posited that a share buyback would somehow tame the manipulation of the share price, I tend to view it the other way and think that a share buyback would actually increase manipulation especially as the company moves up in valuation. Less shares in the market tightens the share register which gives the shorts more control over the share price.

Ultimately, I would love to see this company go all the way and develop NNZ2591 itself. The valuation of the company if successful in bringing the drug to market even for the 4 disorders automatically rises in my estimation to between $2-4 billion (say base case of $17 a share). If they decide to partner because the challenge is overwhelming so be it, the reward will still significant. But I certainly regard this company as a longterm investment, the potential is too great not to think otherwise.