CUV released an update on it's ongoing CUV105 Study of Vitiligo, due to be completed with full study results in 2026.

SCENESSE efficacy in vitiligo - new cases presented to EADV 

Having followed and been an investor in Clinuvel for a number of years, each update on the CUV105 study is promising. The clear visual impact Scenesse implants, along with NB-UVB (Narrowband UV-B) Phototherapy, has on re-pigmentation of the affected skin areas, increases the efficacy, safety and validity of this treatment which increased the probability of commercialisation for treatment of patients who suffer from Vitiligo.

I haven't gone through and updated my valuation after the FY25 results yet, which came in below expectations due to increased spending on a few areas including personnel. However with a warchest of cash ($224m as of June 30, 2025 *which is ~39% of the entire MC), you only have to factor in a small probability of Scenesse's success in the huge Vitiligo for the current SP to be undervalued.

Disc. Held in RL & on SM.