We have updated our valuation for Botanix by including a value for the anti-microbial BTX1801. There are now two independent studies showing efficacy, and we expect the next steps to be human trials with a Phase 1 safety study. We have also updated our Psoriasis (BTX1308) valuation on the basis that new data has emerged, showing a larger addressable market with a very strong CAGR than we originally assumed. BTX1503 and BTX1204 have also been updated based on the current study spend. We maintain our SPEC BUY recommendation and increase our target price to $0.29 from $0.20.
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