Neuren Media and Analyst Coverage, page-651

Have been re-watching Jon's ****** interview from Dec 18 the day of the PMS announcement. Apart from an obviously AI generated blurb which has appeared describing Neuren's trial results "in Finland in McDermott syndrome" it is fascinating to review some of Jon's statements now that the excitement of the positive result has (somewhat) passed.

His comments when asked about future direction are particularly interesting - Jon clearly states that NEU have the financial capability and now experience to execute phase 3 trial in PMS themselves but will be "testing the options for partnering in some form" in first half of 2024 and that decision will be made by middle of the year.

IMO it is a fair assumption that NEU will have the whip hand in partnering negotiations - to put it mildly. At the same stage of trofinetide's development NEU had no money, a relatively weak positive phase 2 result and minimal experience. They now have a large cash position, steadily increasing income, significantly stronger phase 2 result with probably more to come in other indications and are experienced with both FDA dealings and closely watching the process of getting a drug to the US market. Clearly this is a very strong position from which to be commencing/continuing negotiations and any partnering that occurs will almost certainly be (extremely) beneficial to NEU either in terms of upfront payments or % of control held or both.

As I have stated before I personally cannot see BP letting a mid size company get involved as it begins to complicate things too much. The exception is obviously Acadia who may or may not have the required firepower. Furthermore in my opinion a BP who is interested in taking NEU out down the track is unlikely to let another BP deal with NEU for PMS phase 3 as this also introduces complications.

As highlighted above Jon stated in the ****** interview that a decision on partnering in some form will be made by the middle of the year. At the same time the open label Pitt-Hopkins phase 2 will read out followed closely by the open label Angelman. I believe the chance of a positive readout in these two trials is now very high (> 80%). The pressure to deal with NEU if those 2 trials are positive will become extreme.

Joining all the dots I reiterate my position that NEU will be taken out sooner than later - in all likelihood in the next 6 months. You would be absolutely crazy to be short selling NEU now or sitting on the sidelines waiting for a significant pull-back as an entry point. AIMO.