@Nnyck777 it's a really good note, pulling everything together in one place.

The material difference between their valuation and mine, is that my valuation is essentially a "Bull Case" which really only considers their scenarios 2 and 3, and ignores their Scenario 1 (which I see very much as a "Bear Case" Scenario). My numbers are also based on the the EH report.

On reflection, in a balanced view of valuation, it is reasonable to consider the scenario of a) FDA approval and b) limited market uptake.

So, having highlighted that difference, this ($0.55) is a better valuation of the facts and uncertainties than EH report ($0.33) IMHO; I still don't understand the latter, other than being a speculative assessment of where the SP might get to pre-June 20.

This is like being a kid waiting for Xmas, and wondering if you are on the "naughty" or "nice" list.