I agree that we are undervalued substantially, but I don’t think we’ll retest previous highs until commercialisation/sales.
Pitt St Research have 15-24c as of last year, although they provide issuer sponsored coverage I think the valuation range is quite fair in the near/medium term: https://static1.squarespace.com/static/5af533a312b13fb602fe7d7b/t/5f056b8e72537227a9e38973/1594190739559/Memphasys+initiating+report+-+9+July+2020.pdf
