price target, page-59

Yes its true its not certain until they have a successful phase 3, FDA approved clinical trial. But the level of success achieved by the phase 2 trial was very good, the trial size was large, and previously that was good enough to get a significant deal from a major pharmaceutical company. If a deal to fund the phase 3 trial and take the drug to market is struck, it won't be based on "nothing".

They have another large trial result reporting in maybe Jan or Feb 2020 for a second application (Diabetic Macular Oedema). If that is also successful then 1. It significantly increases the size and value of the potential market, and 2. It should increase the level of confidence that OPT302 treatment has good efficacy (it works better in combination with the existing treatment). So that should add a lot of value to the treatment and confidence in the company.