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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 0.4x - 0.4x | 0.4x |
| Selected Fwd EBIT Multiple | 0.2x - 0.2x | 0.2x |
| Fair Value | $3.65 - $3.61 | $3.63 |
| Upside | 19.5% - 18.4% | 19.0% |
| Benchmarks | Ticker | Full Ticker |
| 4Front Ventures Corp. | FFNT.F | OTCPK:FFNT.F |
| Harmony Biosciences Holdings, Inc. | HRMY | NasdaqGM:HRMY |
| Evolus, Inc. | EOLS | NasdaqGM:EOLS |
| Tarsus Pharmaceuticals, Inc. | TARS | NasdaqGS:TARS |
| Corcept Therapeutics Incorporated | CORT | NasdaqCM:CORT |
| Lipocine Inc. | LPCN | NasdaqCM:LPCN |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| FFNT.F | HRMY | EOLS | TARS | CORT | LPCN | ||
| OTCPK:FFNT.F | NasdaqGM:HRMY | NasdaqGM:EOLS | NasdaqGS:TARS | NasdaqCM:CORT | NasdaqCM:LPCN | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | NM- | NM- | NM- | 4.2% | NM- | |
| 3Y CAGR | NM- | 29.7% | NM- | NM- | 3.2% | NM- | |
| Latest Twelve Months | 14.2% | -0.6% | 24.6% | 15.8% | 27.7% | 93.6% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | -33.7% | 0.1% | -63.9% | -284.8% | 29.6% | -4578.6% | |
| Prior Fiscal Year | -7.0% | 33.0% | -17.9% | -820.5% | 22.2% | 629.0% | |
| Latest Fiscal Year | -21.2% | 26.7% | -10.2% | -65.9% | 20.3% | -10.3% | |
| Latest Twelve Months | -29.3% | 26.7% | -10.2% | -65.9% | 20.3% | -10.3% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 3.04x | 1.82x | 2.61x | 9.97x | 9.97x | -0.44x | |
| EV / LTM EBITDA | -13.5x | 6.0x | -31.7x | -15.3x | 48.9x | 4.4x | |
| EV / LTM EBIT | -10.4x | 6.8x | -25.6x | -15.1x | 49.2x | 4.2x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -25.6x | -10.4x | 49.2x | ||||
| Historical EV / LTM EBIT | -4.6x | 0.3x | 4.2x | ||||
| Selected EV / LTM EBIT | 0.4x | 0.4x | 0.4x | ||||
| (x) LTM EBIT | (1) | (1) | (1) | ||||
| (=) Implied Enterprise Value | (0) | (0) | (0) | ||||
| (-) Non-shareholder Claims * | 21 | 21 | 21 | ||||
| (=) Equity Value | 21 | 21 | 21 | ||||
| (/) Shares Outstanding | 5.4 | 5.4 | 5.4 | ||||
| Implied Value Range | 3.88 | 3.88 | 3.87 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 3.88 | 3.88 | 3.87 | 3.05 | |||
| Upside / (Downside) | 27.3% | 27.2% | 27.0% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | FFNT.F | HRMY | EOLS | TARS | CORT | LPCN | |
| Enterprise Value | 235 | 1,254 | 694 | 1,822 | 6,746 | (5) | |
| (+) Cash & Short Term Investments | 1 | 467 | 87 | 291 | 383 | 22 | |
| (+) Investments & Other | 0 | 109 | 0 | 3 | 220 | 0 | |
| (-) Debt | (230) | (181) | (130) | (72) | (7) | (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 | 5 | 1,649 | 650 | 2,044 | 7,342 | 16 | |
| (/) Shares Outstanding | 916.4 | 57.3 | 63.6 | 41.6 | 105.5 | 5.4 | |
| Implied Stock Price | 0.01 | 28.75 | 10.23 | 49.12 | 69.59 | 3.05 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 0.01 | 28.75 | 10.23 | 49.12 | 69.59 | 3.05 | |
| 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 | |