One thing going through my head at the moment is how Neuren...

One thing going through my head at the moment is how Neuren should use its massive cash reserves in the lead up to a Ph3 readout and its considerable impact on the company. They are committed to the PMS trial and have flagged the likelihood of doing Pitt Hopkins in parallel, albeit with a lag. They are also committing $50 million to the buyback which I'm happy with. The question to me is should there be any attempt to diversify beyond 2591 before the PMS results? I have a very high level of confidence the trial will be a success but it's foolish to say it's a 100% certainty. If 2591 were to fail it would be reasonable to assume the chance of the other trials in the genetic neurodevelopmental disorders to succeed would be lowered. Remember that the Ph2 results were strongest for PMS compared with PH and Angelman's.

The recent announcement of HIE is great because I feel there is likely a greater difference in the underlying biology and therefore independence of trial outcomes. It's a diversification of sorts but at the end of the day it's still the one molecule. Is there any merit in Neu licensing in something else to diversify their pipeline prior to the PMS trial results and what could be viewed as the defining moment for the future of 2591? The cost would be too high to get anything late phase and perhaps with Daybue revenue still flowing, and hopefully growing they could delay until after. But there's something nice to knowing there's an extra egg in your basket.