I agree about the potential of Progenza. RGS has worked quite...

I agree about the potential of Progenza. RGS has worked quite cleverly re: Japan.
There are two other areas which are potential drivers there is its secretions technology, of which we hopefully can expect and update in the coming weeks on pre-c;clinical trials.
The second area, immunology - is its anti-cancer vaccine. RGSH4K, has both its phase 1 trial due for completion and has commenced pre-clinical trials with an anti-PD1 checkpoint inhibitor. I don't know what the timeframe is on the latter, but it will be fascinating to see the results.

As to valuation, this will be driven by a combination of the above. RGS's immunology area is less focused on by the market I think currently. This is broadly is the area Viralytics (ASX VLA) in involved in, who enjoyed a substantial re-rate a couple of years ago, on the back of some positive reporting. So while Progenza and Sygenus are front of mind, I am looking forward to seeing what happens with RGS H4K.