They have also delivered continually growing revenue, earnings...

They have also delivered continually growing revenue, earnings and cash position for many years. Their monopoly position means there is no indication that this will change. Sure they have had some issues, but find me a company with these fundamentals at a similarly low valuation. They don't even need to execute on a single thing in the pipeline, ever, and this will still look cheap. If they execute on even one thing, $40 will quickly look cheap. Vitiligo will probably make $50 look cheap, and that actually seems quite close. The tanning cream will probably make $100 look cheap, that would become a bigger TikTok trend than Ozempic. Whether or not these things are achieved though it doesn't even matter to me as the fundamentals they currently have are good enough to support a higher share price.

Controversial opinion perhaps, but I think PW is fantastic as a CEO and I don't think he would be voted out even if a second strike happened. Some of the others perhaps could be better, his renumeration should have been done differently as well. However with more than $50m invested you can't say he isn't incentivised to do well for shareholders. PW genuinely does seem keen on making this a household name, perhaps mostly because he craves the prestige that would be associated with it, but I definitely think he will get this there. He is clearly very intelligent, and unlike many CEOs of listed companies does not feel the purpose of being listed is to dilute shareholders endlessly. He has a plan here, just like how he knew the best way to go forward with Epitan was to shift from the cosmetic market to the clinical market (no one can deny that this was a very good decision). He is keeping quiet about it as he knows the importance of doing so from a regulator/competitive standpoint, but it is obvious based on recent statements/commentary from the company that things are moving faster now. I am glad Blijdorp is gone though, I never really liked him.

Say what you will, I am frustrated as well about recent share price action (though I have made myself feel a little better about it by purchasing a several thousand extra shares over the past few months), but it is hard to talk negatively about this company when you look around at all the loss making companies on the ASX constantly raising capital over and over again (over 70% of companies to be exact). I would stop comparing it so much to its own potential, and more to other companies valued at similar valuations (use EV for added effect). If you find me something valued at a $500-600m enterprise valuation that looks better than this fundamentally, please tell me so I can buy lot and lots of it.