I reckon the market thought it was virtually de-risked last...

I reckon the market thought it was virtually de-risked last time, and I doubt anybody thought an issue with instructions would be the snag, so I'm not sure the market is fully onboard that this is guaranteed in Jun (e.g. there is potential for instance for another FDA side ball), but without a doubt Sofdra has taken several steps forward since last time.

It did sell off a fraction before the FDA decision last September - climbed to 21c, down to about 17c for 2 weeks, before climbing back up to 21c immediately prior to the decision (with an intra-day high of 22c once). That original 21c high was 3-weeks before the FDA decision date - so there is still over 1 month to go should last time's pattern repat itself, and even be improved upon.

I don't disagree with you about the product being the best in class, the management team being world class, Vinnie's previous mega-sale experience, and comparative market caps. I'm just saying all of that information was the same last time we were expecting FDA approval, yet the price capped at 21c. I certainly agree the market is not pricing in much upside - just like they didn't last time.

All your points are certainly valid - it's just that most of them already existed in the lead-up to the last FDA approval, so what can we expect between now and this FDA Approval to exponentially drive up the share price? Maybe the de-risking of the science compared to last time (that shouldn't be played down - that's a big deal I think), and the demonstrated Japanese sales, will in fact be enough to take it to stratospheric levels before the FDA Approval is actually granted. I certainly am hoping for such!