Neuren Media and Analyst Coverage, page-68

Hi GC,

The take on the ROW deal must be that they are extremely confident of approval and therefore once approved the value of the ‘property’ significantly increases, however if someone is willing to jump to the head of the queue and put in an offer equivalent to what they want after approval then they would probably accept it.

Yep, that pretty much nails it ^.

The discussion on ongoing improvement and maintenance of improvement is extremely important and very encouraging to hear those comments from the extended trial.

Having heard Jon's presentation in various media interviews or company reports on at least a half dozen occasions, any new content 'pops'. So this was pretty immediate for me. Jon was clear about ongoing improvement during Lilac but the quantum was not defined. It was significant enough to be included in the NDA to bring further weight to the positive results of the P3. I agree with you it was very encouraging.

Then there’s the obvious impact of long term revenue stream, to at a minimum maintain their improvement.

Yes the point of the question to Jon about 'on the drug for life' was about the revenue stream. He made the point that improving neuronal signaling efficiency is the first step that allows subsequent learning, and that learning doesn't happen overnight.

My takeaway, there are obvious gains in learning new things which I'd guess I'd describe as the essential layer that sits on top of physiological gains achieved by being on the drug. This may characterize some of the Lilac gains? I can't remember the endpoints for Lilac, but I assume they were trying to extend the co-primary endpoints of the P3 surveys. I'd imagine that over time it gets harder to decouple the physiological and the learned in what is observed. The point of being on Trofinetide is to make the most of what the 'new' physiological state affords...i.e. learning and freedoms.

One other series of comments from Jon that we have heard before was on this theme of the advantage to Neuren of lessons learned from Trofinetide for the NNZ 2591 P2s. He revisited the readiness preparations/planning to move NNZ2591 from P2 into P3, but in particular, there was a comment made about the manufacturing of NNZ 2591 and the improvements there being significant (and I took to mean a material benefit in reducing the cost of production for the company) but that again is my interpretation.