LMNL futureSome conjectures on LMNL future. First the bottom line. The company does not see the market for Ryplazim as being very large. So they are attempting to move on to their next product feza. They probably had a decision to make to pursue other uses of Ryplazim or to go with Feza. They chose to go with Feza. I noticed this several presentations ago when they suddenly made the discussion of Feza the centerpiece of the talk. This may have been driven by the lack of a partnership and the money that would bring in. Now they see Ryplazim as providing them a modest first product, but mostly the PVR from the FDA. They can take that PVR and sell if for between $100-200M. This money will then fund the development of Feza. I personally think the strategy is sound, but slow. I think they have a good chance of getting the PVR and selling it after approval for Ryplazim. And this should afford them money to continue developing their second product, as well as sell there first product. It is a long strategy but hinges entirely on your perception of the chances of Feza to be a big hit. But I further suspect that TV and partner are mostly interested in getting the price up to something like $25-30 and then selling the company.