Valuation - post-NASH Phase 2 trial, page-10

Hi All,
In hindsight, including Intercept in the post was a mistake as the discussion is getting fixated a little on that - I was asking to see if anyone had understanding at how that company could be valued so high (on the back of successful Phase2 trials) considering the US market size is somewhat smaller than the increase they experienced. This on top of the side effects of bad cholesterol issues attached to Intercept. The increase they experienced does not make sense to me.

Market cap is of interest here and a successful move into a space like NASH ($2-3Bill market) would see a notable market cap increase (but not in the billions). Using numbers noted above ($100-$150m mcap), and assuming JV partnership would see IMM-124E in 10-15% market position in the US.

Those numbers seem more reasonable.