research reports and media, page-2984

P S. I also try and set price expectations of where I believe the company should be trading subject to certain milestones being met.

For example, if KOA is approved then I believe a price range between $15-$20 is realistic. That's a $3.5-$4.5bn market cap based on current SOI. This assumes a deal has been done with a first class BP company in the multi-billion $ range. Effectively the asset will be risk-free and from there we can see what the uptake will be like.

The fact that people are prepared to fly from overseas to just get on the SAS (we have heard this from posters on here) is an indicator to how strong demand may be.

I also keep in mind that it takes on average 12 years for a drug to hit peak sales, so I absolutely agree with Mozz/Scott etc that this is a long journey.

Worst case scenario is we don't get approved. From there I would hope the company could salvage the tech/some value by selling to the Chinese or to a BP who will keep pursuing the trials etc.