I’m not expecting a market cap of $750m based on positive optic cup results.
Using ProQR as a comparator, its current market cap is ~A$675m. Following success in an optic cup model and in Ph 1/2, its lead program (QR-110) is currently in a pivotal Ph 2/3 trial which is estimated to complete at the end of next year. A second program (QR-421) is due for a Ph 1/2 readout this quarter. A third program (QR-1123 in autosomal dominant RP) is also in Ph 1/2 with results expected in 2021. Two other programs are at late pre-clinical stage. All these programs relate to rare inherited retinal diseases.
Like most biotechs, ProQR’s stock price has been volatile. I note from its chart that success in the first optic cup model in 2016 wasn’t what really moved the needle on the dial. Rather, it was success in the first Ph 1/2 trial, followed in quick succession by a large cap raise, that quickly pushed the market cap from ~A$375m to A$1.1bn in late 2018. It’s drifted back significantly since.
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