@Scoonie it is certainly good to keep an eye on these developments (speaking as a $NEU holder).

It is worth noting that from the start of Phase 1 Clinical Trials until the approval of an NDA (using the US FDA as the reference) the time frame is typically 6-7 years. For rare conditions (like PMS), the timeframe for drug development is typically 3 to 4 years longer, because of the challenges involved in patient recruitment. That is certainly what $NEU has experienced with its treatments to date.

So, we are likely around a decade away from seeing these treatments on the market, in the success case. Lots of water reamins to pass under the bridge.

From an investment perspective, this is a good reminder to be careful in modelling terminal values. Drugs eventually face revenue decline, whether from generic competition post patent expiry, or from substitution from future advanced treatments. So, a sustainable pharma company has to have a strong R&D process and portfolio, and the capability to reinvest a proportion of its cashflows into creating future growth, organically or inorganically. Big pharma does a combination of both.

From my perspective, this isn't something to be too concerned about at this stage in valuing a company like $NEU, as multiples are ultimately supported by M&A - major companies are always on the lookout for good drugs to buy in their areas of theray focus and the multiples can be very attractive. But it will definitely become a major consideration once a company like $NEU has all its products launched (3-4 years time). You then have to ask "what's next" and "how long is the runway" ahead?