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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | -3.4x - -3.8x | -3.6x |
| Selected Fwd EBIT Multiple | -2.9x - -3.3x | -3.1x |
| Fair Value | $7.20 - $7.87 | $7.53 |
| Upside | -3.2% - 5.9% | 1.4% |
| Benchmarks | Ticker | Full Ticker |
| Checkpoint Therapeutics, Inc. | CKPT | NasdaqCM:CKPT |
| Altimmune, Inc. | ALT | NasdaqGM:ALT |
| Genelux Corporation | GNLX | NasdaqCM:GNLX |
| XOMA Royalty Corporation | XOMA | NasdaqGM:XOMA |
| Karyopharm Therapeutics Inc. | KPTI | NasdaqGS:KPTI |
| INmune Bio, Inc. | INMB | NasdaqCM:INMB |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| CKPT | ALT | GNLX | XOMA | KPTI | INMB | ||
| NasdaqCM:CKPT | NasdaqGM:ALT | NasdaqCM:GNLX | NasdaqGM:XOMA | NasdaqGS:KPTI | NasdaqCM:INMB | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | NM- | NM- | NM- | NM- | NM- | |
| 3Y CAGR | NM- | NM- | NM- | NM- | NM- | NM- | |
| Latest Twelve Months | -7.7% | -10.9% | -21.6% | 4.0% | 10.2% | -20.9% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | -36082.6% | -48017.1% | -144513.9% | -185.1% | -103.4% | -59593.8% | |
| Prior Fiscal Year | -50629.1% | -19603.3% | -14214.7% | -493.1% | -88.7% | -19187.7% | |
| Latest Fiscal Year | -137009.8% | -515860.0% | -396200.0% | -127.7% | -82.2% | -304535.7% | |
| Latest Twelve Months | -137009.8% | -490965.0% | NA | -54.6% | -83.7% | -83046.0% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 7672.62x | 15703.54x | NA | 7.97x | 1.63x | 3069.26x | |
| EV / LTM EBITDA | NA | -3.2x | -1.8x | -15.1x | -2.0x | NA | |
| EV / LTM EBIT | -5.6x | -3.2x | -1.8x | -14.6x | -1.9x | -3.7x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -14.6x | -3.2x | -1.8x | ||||
| Historical EV / LTM EBIT | -18.3x | -4.8x | -1.8x | ||||
| Selected EV / LTM EBIT | -3.4x | -3.6x | -3.8x | ||||
| (x) LTM EBIT | (42) | (42) | (42) | ||||
| (=) Implied Enterprise Value | 143 | 151 | 158 | ||||
| (-) Non-shareholder Claims * | 19 | 19 | 19 | ||||
| (=) Equity Value | 162 | 170 | 177 | ||||
| (/) Shares Outstanding | 23.2 | 23.2 | 23.2 | ||||
| Implied Value Range | 6.98 | 7.31 | 7.63 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 6.98 | 7.31 | 7.63 | 7.43 | |||
| Upside / (Downside) | -6.0% | -1.7% | 2.7% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | CKPT | ALT | GNLX | XOMA | KPTI | INMB | |
| Enterprise Value | 341 | 314 | 56 | 341 | 232 | 153 | |
| (+) Cash & Short Term Investments | 7 | 150 | 35 | 93 | 70 | 19 | |
| (+) Investments & Other | 0 | 0 | 0 | 1 | 0 | 0 | |
| (-) Debt | 0 | (2) | (2) | (114) | (260) | (0) | |
| (-) 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 | 348 | 462 | 90 | 320 | 42 | 172 | |
| (/) Shares Outstanding | 83.8 | 81.1 | 37.3 | 12.0 | 8.6 | 23.2 | |
| Implied Stock Price | 4.15 | 5.70 | 2.40 | 26.74 | 4.85 | 7.43 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 4.15 | 5.70 | 2.40 | 26.74 | 4.85 | 7.43 | |
| 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 | |