FTT relative valuation suggests fair value of around 20c, page-25

Provides a bit of an idea of how the stock might rerate if the trial results are positive as hoped.

Having said that, I maintain that the company at its current stage (pre stage 2 data) is significantly undervalued at its current market cap. So really expecting the coming re-rate to incorporate both a portion for catching up to where it should be now, plus (pending success in coming trial results) a further sifnicant rerate for increased likelihood of making it to market

Buyers to sellers ratio of 8:1