Ok, but the ATH was achieved before the CPACS opportunity was...

Ok, but the ATH was achieved before the CPACS opportunity was ever known, let alone announced. Even after the CPACS opportunity was announced we didn't breach ATH.

One might argue the CPACS opportunity has never even been priced in.

It's a perception issue... Once retail realise the opportunity (return on investment) is 'real', perception can change in an instant.

CU6 is a perfect example of market perception reflecting 'value'. The perception is the area is hot and CU6 will be acquired near term* - i.e. a return on investment (*CU6 had already achieved positive clinical results prior to their SP rally, the results didn't change, market perception changed). RAC is perceived to be in a holding pattern by you and others and that a return will only come in the form of clinical validation, and you don't expect this for some time.

I think that's bonkers. Obviously clinical validation of CPACS has the potential for a monumental change in perception, but I'm betting there will be a significant return on investment prior to the clinical validation of CPACS.