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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 0.8x - 0.9x | 0.8x |
| Selected Fwd EBITDA Multiple | 0.3x - 0.4x | 0.3x |
| Fair Value | $1.49 - $1.38 | $1.43 |
| Upside | 62.7% - 51.0% | 56.8% |
| Benchmarks | Ticker | Full Ticker |
| Sangamo Therapeutics, Inc. | SGMO | NasdaqCM:SGMO |
| Editas Medicine, Inc. | EDIT | NasdaqGS:EDIT |
| CRISPR Therapeutics AG | CRSP | NasdaqGM:CRSP |
| Relay Therapeutics, Inc. | RLAY | NasdaqGM:RLAY |
| Vaxart, Inc. | VXRT | NasdaqCM:VXRT |
| Caribou Biosciences, Inc. | CRBU | NasdaqGS:CRBU |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| SGMO | EDIT | CRSP | RLAY | VXRT | CRBU | ||
| NasdaqCM:SGMO | NasdaqGS:EDIT | NasdaqGM:CRSP | NasdaqGM:RLAY | NasdaqCM:VXRT | NasdaqGS:CRBU | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | NM- | NM- | NM- | NM- | NM- | NM- | |
| 3Y CAGR | NM- | NM- | NM- | NM- | NM- | NM- | |
| Latest Twelve Months | 6.0% | -42.9% | -120.7% | -1.6% | 23.1% | -40.6% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | -235.0% | -559.8% | -7442.3% | -8880.0% | -12267.1% | -697.8% | |
| Prior Fiscal Year | -56.3% | -208.8% | -54.6% | -1464.6% | -1012.6% | -326.4% | |
| Latest Fiscal Year | -161.3% | -721.4% | -1198.8% | -3799.4% | -200.1% | -1582.8% | |
| Latest Twelve Months | -161.3% | -721.4% | -1198.8% | -3799.4% | -200.1% | -1582.8% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.35x | -4.29x | 33.20x | -28.85x | 2.24x | -13.81x | |
| EV / LTM EBITDA | -1.5x | 0.6x | -2.8x | 0.8x | -1.1x | 0.9x | |
| EV / LTM EBIT | -1.4x | 0.6x | -2.7x | 0.7x | -1.0x | 0.9x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -2.8x | -1.1x | 0.8x | ||||
| Historical EV / LTM EBITDA | -7.8x | -1.0x | 0.9x | ||||
| Selected EV / LTM EBITDA | 0.8x | 0.8x | 0.9x | ||||
| (x) LTM EBITDA | (158) | (158) | (158) | ||||
| (=) Implied Enterprise Value | (128) | (134) | (141) | ||||
| (-) Non-shareholder Claims * | 232 | 232 | 232 | ||||
| (=) Equity Value | 105 | 98 | 91 | ||||
| (/) Shares Outstanding | 93.0 | 93.0 | 93.0 | ||||
| Implied Value Range | 1.13 | 1.05 | 0.98 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 1.13 | 1.05 | 0.98 | 0.91 | |||
| Upside / (Downside) | 23.2% | 15.3% | 7.4% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | SGMO | EDIT | CRSP | RLAY | VXRT | CRBU | |
| Enterprise Value | 136 | (139) | 1,239 | (289) | 64 | (147) | |
| (+) Cash & Short Term Investments | 42 | 270 | 1,904 | 781 | 52 | 210 | |
| (+) Investments & Other | 0 | 0 | 0 | 0 | 0 | 49 | |
| (-) Debt | (31) | (35) | (224) | (49) | (23) | (26) | |
| (-) 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 | 147 | 96 | 2,919 | 444 | 93 | 85 | |
| (/) Shares Outstanding | 224.7 | 83.0 | 85.8 | 169.5 | 227.9 | 93.0 | |
| Implied Stock Price | 0.66 | 1.16 | 34.03 | 2.62 | 0.41 | 0.91 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 0.66 | 1.16 | 34.03 | 2.62 | 0.41 | 0.91 | |
| 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 | |