Welcome to the latest episode of On the Couch.In this episode, Henry Jennings is joined by Jon Pilcher, CEO of Neuren Pharmaceuticals (ASX: NEU). The pair first spoke around three years ago, and with Neuren delivering impressive results for investors since then, it felt like the perfect time for a catch-up – especially with 2026 shaping up to be another pivotal year.Jon joined Neuren in 2013 as CFO and was appointed CEO in May 2020.Neuren is focused on developing new therapies for highly debilitating neurodevelopmental disorders that emerge in early childhood and are characterised by impaired connections and signalling between brain cells.Its lead product, trofinetide (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.Talking PointsNeuren has evolved from a pre-revenue, option-value story to a profitable company with royalties now flowing. What does the market still misunderstand most about the business today?DAYBUE is 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 further into community neurologists and global markets?How is Neuren thinking about capital allocation now – offensive, defensive, or focused on 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's behind that disconnect?NNZ-2591 is emerging as a true platform drug with multiple late-stage opportunities. If PMS, Pitt Hopkins, and Angelman syndrome all succeed, how large could this franchise realistically become?Pitt Hopkins now has Fast Track designation, new patents, and an FDA meeting on the horizon. Could it become Neuren's second registrational program – and what would that mean for the company's scale?One of the things investors admire about Neuren is its ability to fund development entirely from internal cash flow. Under what circumstances would equity funding ever be back on the table?With DAYBUE expanding globally and NNZ-2591 moving into 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.Looking for personal financial advice? Our friends at Clime Investment Management offer tailored advice and financial planning services across most states. Learn more: marcustoday.com.au/about-us/financial-planning-with-clime/Prefer someone to invest for you? The Marcus Today Managed Strategy Portfolio applies the same strategy we write about daily – but we manage it for you, using Australian-listed ETFs and a long-term growth approach. Find out more: marcustoday.com.au/managed-portfolios/Want to take control of your own investing? Start a free 14-day trial of the Marcus Today newsletter and get daily insights, analysis, and model portfolios designed for self-directed investors. Sign up here: marcustoday.com.au/trial-sign-up/

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