Valuation: Increased to C$60.1m or C$0.89/share We increased our valuation to C$60.1m or C$0.89 per basic share, from C$47.8m or C$0.71 per basic share, driven by the addition of the Chiesi partnership to our model. We provide a provisional valuation of the agreement of C$11.6m: C$4.1m from the upfront payment and the remainder from a placeholder model that assumes peak revenue potential of US$400m, 8–12% royalty rates and a 2.5% probability of success. We reduced our expected financing requirement to C$110m (from C$130m previously) after inclusion of future Chiesi milestone revenue in our model, and we expect the company will need additional financing in FY21. 

I find it conservative. I like the upside on this.