That's a risk adjusted current valuation. So, the derisked,...

That's a risk adjusted current valuation. So, the derisked, success case upside is much greater.

I had a look at the initial MST August 22 research report which gives more detail on the risk success factors used - 12% and 20% for the different tests/products. And with the 12% factor on the much bigger ovarian cancer potential revenues. Success multiplies the upside here a long way above the current valuation they give.

Then there is further upside from any pipeline success broadening the product range of Exosome based tests.

All about Risk/Reward. Risk seems to be reducing with their success. Reward is massive. The timeline for derisking and initial commercial success looks to be nearing a few inflexion points.