EV here is roughly $11M, with over $7M in cash. 25M options are still out of the money.
I don't expect commercialisation to happen in the short term, however with the right partners advancing the product throughout the year I easily see a re-rate to $100M.
It will be contingent on further toxicity studies and registering the mode of action successfully with IRAC - Both risks I see as being low.
Almost similar to a biotech play except the commercial outcome here is far superior.
EV here is roughly $11M, with over $7M in cash. 25M options are...
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