If great COVID results indicating a new SOC: $3-6/share.
If ok COVID results and some good non-COVID preclinical data this summer: $1-2/share
If COVID trial fails: $300-400M or $0.75-$1
Don't know where $15B or $35/share is going to come from. We know the market valued everything in the pipeline at around $20M in late 2019 so most valuation is coming from COVID.