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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | -228.5x - -252.6x | -240.5x |
| Selected Fwd EBIT Multiple | -45.9x - -50.8x | -48.3x |
| Fair Value | $9.47 - $10.20 | $9.84 |
| Upside | -24.8% - -19.0% | -21.9% |
| Benchmarks | Ticker | Full Ticker |
| Cytokinetics, Incorporated | CYTK | NasdaqGS:CYTK |
| Curis, Inc. | CRIS | NasdaqCM:CRIS |
| Neurogene Inc. | NGNE | NasdaqGM:NGNE |
| I-Mab | IMAB | NasdaqGM:IMAB |
| XOMA Royalty Corporation | XOMA | NasdaqGM:XOMA |
| ARS Pharmaceuticals, Inc. | SPRY | NasdaqGM:SPRY |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| CYTK | CRIS | NGNE | IMAB | XOMA | SPRY | ||
| NasdaqGS:CYTK | NasdaqCM:CRIS | NasdaqGM:NGNE | NasdaqGM:IMAB | NasdaqGM:XOMA | NasdaqGM:SPRY | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | NM- | NM- | NM- | NM- | NM- | |
| 3Y CAGR | NM- | NM- | NM- | NM- | NM- | NM- | |
| Latest Twelve Months | -8.1% | -3.0% | -48.6% | 94.9% | -55.0% | 95.4% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | -3535.2% | -390.2% | -8183.6% | -2388.4% | -185.3% | -81273.0% | |
| Prior Fiscal Year | -6589.7% | -521.7% | NA | 888.9% | -493.1% | -225066.7% | |
| Latest Fiscal Year | -2902.7% | -482.2% | -8930.3% | -4471.2% | -127.7% | -3.5% | |
| Latest Twelve Months | -2902.7% | -465.4% | -8930.3% | -13745.4% | -127.7% | -3.5% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 259.42x | 3.77x | -76.71x | -237.14x | 9.29x | 11.16x | |
| EV / LTM EBITDA | -9.1x | -0.8x | 0.9x | 1.8x | -7.3x | -331.1x | |
| EV / LTM EBIT | -8.9x | -0.8x | 0.9x | 1.7x | -7.3x | -322.6x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -8.9x | -0.8x | 1.7x | ||||
| Historical EV / LTM EBIT | -322.6x | -33.5x | -4.0x | ||||
| Selected EV / LTM EBIT | -228.5x | -240.5x | -252.6x | ||||
| (x) LTM EBIT | (3) | (3) | (3) | ||||
| (=) Implied Enterprise Value | 704 | 742 | 779 | ||||
| (-) Non-shareholder Claims * | 245 | 245 | 245 | ||||
| (=) Equity Value | 949 | 986 | 1,023 | ||||
| (/) Shares Outstanding | 98.1 | 98.1 | 98.1 | ||||
| Implied Value Range | 9.67 | 10.05 | 10.43 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 9.67 | 10.05 | 10.43 | 12.60 | |||
| Upside / (Downside) | -23.2% | -20.2% | -17.2% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | CYTK | CRIS | NGNE | IMAB | XOMA | SPRY | |
| Enterprise Value | 4,868 | 39 | (59) | (135) | 267 | 992 | |
| (+) Cash & Short Term Investments | 1,076 | 21 | 312 | 207 | 105 | 314 | |
| (+) Investments & Other | 145 | 0 | 0 | 0 | 0 | 0 | |
| (-) Debt | (923) | (39) | (12) | (4) | (119) | (69) | |
| (-) Other Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | (0) | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 5,166 | 20 | 241 | 68 | 253 | 1,236 | |
| (/) Shares Outstanding | 118.4 | 8.5 | 14.9 | 81.4 | 12.0 | 98.1 | |
| Implied Stock Price | 43.63 | 2.39 | 16.14 | 0.84 | 21.13 | 12.60 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 43.63 | 2.39 | 16.14 | 0.84 | 21.13 | 12.60 | |
| Trading Currency | USD | USD | USD | USD | USD | USD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |