One takeaway might be that good pre approval eGFR data is worth about 2.5-3 Billion . Another might be that with pathways in addition to Reata’s  nrf2 that 208 might be highly synergistic. The competition for Reata may well be Complexa Inc ( privately held) CXA-10 and its nrf2 etc MOA , esp. its direct affect on glutathione reductase , not seen with Reata’s candidate. All points to the extreme value BOM up to 3 year safety data and hopefully good efficacy as well.