This is my hesitation - I'm not sure how accurate the EH figures...

This is my hesitation - I'm not sure how accurate the EH figures are.

Don't get me wrong - I'm a BOT bull and believe whatever our income from Sofdra, we are on a winner that will be able to make a decent living off of the best primary auxiliary hyperhidrosis (PAH) drug on the market, and finance the BOT pipeline if we go down that route (i.e. if BOT doesn't get bought out beforehand).

But the high-end of sales predictions seems to overlook (to me anyway) what is actually happening in the PAH market. As Journey Medical reported in their Annual Report for the year ending 2023 - "The PAH market had approximately 450,000 prescriptions in 2023 according to Symphony Health, excluding over-the-counter (“OTC”) clinical strength anti-perspirants.

So if there were only 450,000 scripts in total for 2023, and if all of those scripts sold for $700, then at most the actual current market spend would seem to be a maximum of $315m. If BOT are hoping for a 'blue sky' market penetration of 10% of the existing market, then we're looking at $31.5m, are we not?

Now I don't know what competitors may be missing from this total amount of scripts (e.g. is botox a script?) or to what extent there is a 'dormant' segment of the market just waiting for a new medication, but it would seem to me that we are a long, long way off of having an available market anywhere near +$500m.

It just seems to me that if one of BOT's main competitors (Qbrexza) only makes about $25m a year, BOT hitting +$50m is a big ask. I'd genuinely like somebody to shoot this logic of mine down in flames, please.