I reckon a DCF model is still very useful for a company at the...

I reckon a DCF model is still very useful for a company at the development stage like NEU - not to give a precise share value, but to test a range of "what-if" scenarios. That can give a range of NVP/share values, and give people an idea of what this company is worth, both at the lower end of the range and at the upper end of the range. I haven't fully explored that with my model yet - one refinement I still need to make is to include the milestone payments as a variable depending on the rate of sales growth rather than a manual input in years when certain sales thresholds are crossed. The upcoming quarterly report from Acadia will be very useful to give us an idea of the rate of growth of patients taking Daybue and dropout rates for eg, which will give more confidence on the figures I project in my model.