I agree re good value, although for different reasons.I think...

I agree re good value, although for different reasons.

I think the result from here is binary:
(1) FDA approval there will be some sort of re-rate upwards (hopefully significant); or
(2) no FDA approval, its f*ct (can't see them being able to raise money when they run out Q3 or Q4 2024 without FDA in place).

I think this all turns on the USA.

Despite the binary outcome, I think its a good bet at this price given that:
(1) from the announcements this FDA process seems to be collaborative - i.e they are working with the FDA and aren't submitting until they are confident they will receive approval; and
(2) the re-rate on FDA approval should be significant from current levels (I'd like to think a SP in excess of $0.60 at a minimum), with significant momentum upwards if they can land some contracts shortly after.