As someone who recently bought into OPT after their hundredth capital raise, I think many investors there who bought in the dollars and then watched their investment fall to 30c and their ownership in the company reduce by 90% via dilution would appreciate the more conservative approach Clinuvel has taken that has resulted in only 50m shares outstanding, as opposed to well over a billion for OPT, and a Phase 3 Clinical Trial for a major disease that will not require a single bit of dilution.
I never said the existing sales from EPP were supposed to be exciting. I agree that EPP is a fairly mature business now that will continue to deliver steadily growing sales and cashflows for many years to come. It is not exciting stuff, but a steady recurring and predictable business deserves a far higher multiple than 20x the market cap and 15x the EV, especially in the healthcare space. None of the other stuff in the pipeline you seem to have given up on is even being priced into the current valuation with EPP sales being all that is being valued here (at a smaller than typical multiple for established steadily growing healthcare companies).
I completely disagree with your assessment on Vilitigo progress, this is going far better than many trials (OPT, like most other biotech companies, would have probably already done a massive raise by now to maintain recruitment progress) based on news we have received, and I myself have had several conversations with one of the patients in the control arm who has reaffirmed they are progressing well with it (I was actually surprised with the recent progress update, as they had told me a month or two prior to the announcement that they had already been promised Scenesse after finishing the UVB treatments). Clinuvel has proved itself in the past, and I do think that just like Clinuvel's success with EPP approval, they will get this approved for Vitiligo with no trouble IMO, but they won't empty the pockets of investors in the process.
I also completely disagree with your incorrect statement that a topical tanning product does not exist, I can provide many instances where the company has stated they have a topical melanocortin containing product for sunless tanning. This is stated in the Annual Report and other presentations/announcements. It is quite obvious they have something, or I doubt they would have become so vocal about it recently (as it would make for the easiest class action). Don't let your personal grievances with various personnel on the board obscure your view of the reality. The company is quite clearly progressing well, albeit conservatively.
Whether it is "exciting" is a matter of your own personal opinion really. I personally view the prospect of a product that both tans the skin naturally and risk free, whilst providing protection from the sun, as potentially one of the biggest breakthroughs in the cosmetic and pharma field of all time, the future of sun protection (as described by the TikToker above), and something that will change the lives of so many people (including many on this forum I am sure, not just financially).
Exciting doesn't make something undervalued though, lots of "exciting" companies I wouldn't touch with a 2 metre stick. Clinuvel is undervalued because it has an existing and well-run business generating consistent cash flow at a below average valuation, and a whole pipeline that is therefore essentially being acquired at no cost for each share purchased in the EPP business.
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