I would understand that for a pre revenue stage biotech but...

I would understand that for a pre revenue stage biotech but there's got to be a floor somewhere for a profitable, and cash flow positive business.

For there to be no floor you'd have to take the ultra-bearish stance that not only is Daybue not going to grow, that sales have already peaked, and will go backwards next year, as per the Culper report. No other stance makes sense from a valuation perspective as even slow growth is not priced in our market cap. It would also mean that NNZ-2591 is given zero value in our EV because either a) it has a similar mechanism of action or b) it's just too far away timing wise.

Now that clearly isn't what I believe, nor what the facts point to but that's the only way I can rationalise the bear case here. I always think about the bear case when investing. For Neuren we have no debt, plenty of cash to fund operations so it is a rather simple equation if you think about it.