(As a non expert) I regard DCF valuations, where there is a huge...

(As a non expert) I regard DCF valuations, where there is a huge disjunct between current SP and any theoretical valuation as (I'm sorry) pie in the sky.

Not because they can't be reached, but because of the time span and attendant risk that must be overcome until the possible full value could be achieved.

For me, 2591 needs at least 2 convincing P3 successes before I would even dream of achieving a valuation of multi hundreds of dollars. Sure, get a couple of conditions for which 2591 is assured of getting to market and we could be talking turkey, but that is a long way off. Rigorous two arm, double blinded placebo controlled P3 trials are a different kettle of fish to our completed P2's. I can't see multi billions of dollars being risked until the potential becomes undeniable reality.

Added to the above, we are now living in a very unstable world, principally because of the way humans have desecrated the environmental health of our planet. A situation which is rapidly approaching a calamitous tipping point - it is almost too late to 'wake up'. Secondly the geo-political crises we face, due to nation state inequalities coupled with the greed of capitalism is an added layer of risk to our survival as a species.

The value of Neuren will not escape the possible ravages of these twin risks to the future and I dare say they not part of any risk adjusted DCF valuation.