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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | -9.1x - -10.0x | -9.6x |
| Selected Fwd EBIT Multiple | -253.9x - -280.6x | -267.3x |
| Fair Value | $14.56 - $15.79 | $15.17 |
| Upside | -51.0% - -46.9% | -48.9% |
| Benchmarks | Ticker | Full Ticker |
| Adagene Inc. | ADAG | NasdaqGM:ADAG |
| Exelixis, Inc. | EXEL | NasdaqGS:EXEL |
| Pyxis Oncology, Inc. | PYXS | NasdaqGS:PYXS |
| TG Therapeutics, Inc. | TGTX | NasdaqCM:TGTX |
| I-Mab | IMAB | NasdaqGM:IMAB |
| Zai Lab Limited | ZLAB | NasdaqGM:ZLAB |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| ADAG | EXEL | PYXS | TGTX | IMAB | ZLAB | ||
| NasdaqGM:ADAG | NasdaqGS:EXEL | NasdaqGS:PYXS | NasdaqCM:TGTX | NasdaqGM:IMAB | NasdaqGM:ZLAB | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | 13.3% | NM- | NM- | NM- | NM- | |
| 3Y CAGR | NM- | 34.0% | NM- | NM- | NM- | NM- | |
| Latest Twelve Months | -51.6% | 303.8% | 18.5% | 103.2% | -5.0% | 25.1% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | -3969.4% | 17.3% | -403.1% | -33269.4% | -2352.1% | -384.6% | |
| Prior Fiscal Year | -131.0% | 9.3% | NA | 8.8% | -7749.4% | -141.2% | |
| Latest Fiscal Year | -34835.4% | 31.8% | -406.1% | 12.7% | NA | -70.7% | |
| Latest Twelve Months | -34835.4% | 31.8% | -406.1% | 12.7% | NA | -70.7% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 52.10x | 3.96x | -2.94x | 16.74x | NA | 6.36x | |
| EV / LTM EBITDA | -0.2x | 12.0x | 0.8x | 131.2x | 2.0x | -9.4x | |
| EV / LTM EBIT | -0.1x | 12.5x | 0.7x | 131.4x | 2.0x | -9.0x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -0.1x | 2.0x | 131.4x | ||||
| Historical EV / LTM EBIT | -44.3x | -7.8x | -3.5x | ||||
| Selected EV / LTM EBIT | -9.1x | -9.6x | -10.0x | ||||
| (x) LTM EBIT | (282) | (282) | (282) | ||||
| (=) Implied Enterprise Value | 2,563 | 2,698 | 2,833 | ||||
| (-) Non-shareholder Claims * | 629 | 629 | 629 | ||||
| (=) Equity Value | 3,192 | 3,327 | 3,462 | ||||
| (/) Shares Outstanding | 109.6 | 109.6 | 109.6 | ||||
| Implied Value Range | 29.12 | 30.35 | 31.58 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 29.12 | 30.35 | 31.58 | 29.71 | |||
| Upside / (Downside) | -2.0% | 2.1% | 6.3% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | ADAG | EXEL | PYXS | TGTX | IMAB | ZLAB | |
| Enterprise Value | 6 | 8,428 | (41) | 5,312 | (131) | 2,628 | |
| (+) Cash & Short Term Investments | 85 | 1,111 | 127 | 311 | 173 | 780 | |
| (+) Investments & Other | 0 | 637 | 0 | 1 | 31 | 3 | |
| (-) Debt | (18) | (216) | (20) | (254) | (4) | (153) | |
| (-) 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 | 73 | 9,961 | 65 | 5,369 | 70 | 3,257 | |
| (/) Shares Outstanding | 47.1 | 279.9 | 61.6 | 145.2 | 81.5 | 109.6 | |
| Implied Stock Price | 1.55 | 35.59 | 1.06 | 36.97 | 0.86 | 29.71 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 1.55 | 35.59 | 1.06 | 36.97 | 0.86 | 29.71 | |
| 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 | |