In this episode of On the Couch, I am joined by Jon Pilcher, the CEO of Neuren Pharma (NEU). We first chatted some three years ago, and NEU has delivered for investors since then. Good time for a catch-up as 2026 is going to be another big year.

Jon joined Neuren in 2013 as CFO and was appointed CEO in May 2020.

Neuren Pharmaceuticals (NEU) is developing new therapies for highly debilitating neurodevelopmental disorders that emerge in early childhood and are characterised by impaired connections and signalling between brain cells.

Neuren's lead product trofinetide (also known as NNZ-2566) is licensed to Acadia Pharmaceuticals for North America, with Neuren retaining all rights outside North America and full access to all data generated by Acadia.

Some of the points we cover:

Talking Points.

• Neuren has gone from ‘pre-revenue option value’ to a profitable company with royalties pouring in. What do you think the market still misunderstands most about Neuren today?”
• DAYBUE is now the first and only approved treatment for Rett syndrome, with strong real-world persistence. What does the ‘second phase’ of growth look like as Acadia pushes deeper into community neurologists and global markets?
• How do you think about capital allocation now — offensive, defensive, or strategic optionality?” The share price peaked around A$25 but now sits closer to A$18 despite more data, more cash and less risk. What do you think drives that disconnect?
• NNZ-2591 looks like a true platform drug with multiple late-stage paths. If PMS, Pitt Hopkins and Angelman all succeed, how big could this franchise realistically become?
• Pitt Hopkins now has Fast Track, new patents, and an FDA meeting coming up. Could PTHS become your second registrational program — and how would that change Neuren’s scale?
• One of the things investors love about Neuren is that you’ve been able to fund everything from internal cashflow. Under what circumstances would you ever raise equity again?
• With DAYBUE expanding globally and NNZ-2591 entering multiple late-stage programs, what does Neuren look like in 3–5 years? A royalty engine, a commercial business… or something much bigger

Disclaimer: This is general advice only. It doesn't take your personal circumstances into account. Please speak to a licensed adviser before acting on anything in this episode.

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