Don't forget that Lodge Partners produced a well-researched...

Don't forget that Lodge Partners produced a well-researched report in January, and gave a valuation of 82 cents using assumptions which included:

- 5% peak market penetration
- From market size of 4.5 million RA patients
- $15k cost per patient per year
- 70% chance of phase 2a success
- 40% chance of licensing deal (if I read it correctly)
- $40M upfront payment, $250M milestones, 12% royalty

Current sp is not far off the Lodge Partners valuation in January. The phase 2a results will change the above assumptions and, if this were a rational market, the sp would adjust accordingly.