NEU is materially undervalued, page-93

has any of the holders done an updated valuation

	Market Opportunity	Formulas	2025	2026	2027
1	Market Cap	Given ( value escalated at 3% annually)	AUD 1,814,983,000	AUD 1,869,432,490	AUD 1,925,515,465
2	Share Outstanding	Given	127,815,700	127,815,700	127,815,700
3	Share Price	GIven	13.23	AUD 14.63	AUD 15.06
4	Cash in Hand	(A$359.4 million pro-forma including Q1 2025 receipts - Q4 2024 tax)	AUD 359,400,000
5	Expected Cash ( R&D)	Reported
6	Debt	Reported	AUD 0.00
7	Enterprise Value (EV)	Market Cap - Cash + Debt	AUD 1,455,583,000
8	TAM Product 1	DAYBUE™ (trofinetide)
9	TAM Product 2	NNZ-2591, Phelan-McDermid
10	TAM Product 3	NNZ-2591, Pitt-Hopkins
11	Target Patient Population Product 1
12	Target Patient Population Product 2
13	Target Patient Population Product 3
14	Price per patient Product 1		AUD 375,000
15	Price per patient Product 2
16	Price per patient Product 3
17	Penetration Rate Product 1	Assumption
18	Penetration Rate Product 2	Assumption
19	Penetration Rate Product 3	Assumption
20	Covered Population Product 1	Target Pop. × Penetration Rate
21	Covered Population Product2	Target Pop. × Penetration Rate
22	Covered Population Product3
23	Revenue (Actual & Projections)
24	Revenue Guidance
25	Actual Revenue Product 1	incl. 62,000,000 + Milestone Income 80,500,000+ 76,500,000	AUD 348,400,000.00
26	Actual Revenue Product 2
27	Actual Revenue Product 3
28	Actual Revenue Combined
29	Potential Annual Revenue Product 1	Covered Pop. × Pricing Per Patient	AUD 0
30	Potential Annual Revenue Product 2	Covered Pop. × Pricing Per Patient
31	Potential Annual Revenue Product 3
32	Potential Annual Revenue Combined

keen to seek some feeback. they said US: 5,500 to 5,800 diagnosed Rett patients.70% of this diagnosed population has yet to try DAYBUE (from the document)Canada: 600 to 900 diagnosed Rett patients (from the document)Europe: Estimate the number of diagnosed Rett patients in the EU. You would need to find prevalence data for Rett syndrome in Europe.Japan: Estimate the number of diagnosed Rett patients in Japan.

i am assuming 350K-400K per patient treatement