We are setting a 12 month price target for this play at ~150% current share price.

Big pharma is hungry for deals, this could be acquired even earlier

The market is sleeping on this play.

Probably one of the widest data to valuation dislocation that i have seen in small cap oncology.

The cash runway is pretty good, ~$199M (runs into 2029).

Market cap ~$285M.

This implies that its enterprise value is roughly $100M.

The pipeline lead asset showed a 17.3 month median overall survival in first line metastatic pancreatic cancer.

For some contest, the standard of care in this malignancy (chemotherapy) delivers 8.5 months survival.

If this play’s lead asset holds, it roughly doubles survival in a disease that has resisted treatment for several years.

But still, the market is pricing it at a huge discount.

There is opportunity for upside and some risk here.