100M shares ($15M MC). EV of ~$6M., page-2

Great analysis.

I can see the appeal from the perspective of being derisked especially vs other pharma companies that require 3 trials and whereby it usually takes half a decade or often longer to cash in. I also really like that fact that we are derisked from the perspective of 13 years of CSIRO research hence we now just need to replicate that trial for approval.

The fact that we are working with a short timeframe & low relatively low risk is very comforting.

The question to ask ourselves as investors though is what is the prize worth upon success vs the current market cap?