Something else that I don't think is widely understood is that NEU's likely income over next two years will entirely fund the PMS phase 3 trial and a few phase 2 trials without eating into current cash pile at all.
If you assume a two year phase 3 trial, US/Canada total Daybue sales of $425 million US for 2025 and $500 million US for 2026 (entirely plausible and in line with analyst reports) and European approval in that time frame NEU will receive:
$46 million US 2025 royalties $50 million US 2026 royalties $50 million US royalty payment at end 2026 $35 million US first sale in Europe at some point in 2026
= total $181 million US pretax.
This does include interest on current cash holdings over next two years or any European sales royalty income as details are unclear.
At $100 million US for phase 3 and $5-10 million US per phase 2 NEU can pay their own way without touching current cash holdings. A second phase 3 trial in PTHS would almost be achievable as this is now looking likely to extend well into 2027 at least.
An absolutely remarkable position to be in.
NEU Price at posting:
$13.20 Sentiment: Buy Disclosure: Held
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