A 155% T/O premium as a minimum would equate to roughly $40 per...

A 155% T/O premium as a minimum would equate to roughly $40 per share. I think this is low but would be a starting point for a pre-phase 3 (NNZ-2591) valuation for Neuren. I still think it is absurdly low, but I think it would at least bring some interest back into this stock.

$5B AUD is about $3.32B USD

• This equates to 5B AUD or approx. 3.3B USD
• Less than half of the value of the Reata deal (7.3B USD)
• The lack of Phase 3 success is negated by the price paid for a platform drug that has been shown to be effective in multiple indications
• They also get a share of an approved drug that should grow nicely, and expand into other markets without any investment, included in the price!

Once we have a Phase 3 successfully under our belt, I suspect we would be looking at 15B AUD or roughly 10B USD as a starting point. With current SOI that would equate to $120 per share, ignoring options etc.