Despite the Puldysa setback, we believe Santhera provides ample equity upside. Positive results of the pivotal “VISION-DMD” trial of vamorolone in DMD in Q2 2021 will be transformational for Santhera with a sharp re-rating. Santhera can now monetize non-DMD indications to replenish its current cash position that reaches up to Q2 2021.
Key catalysts include: