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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | -3.1x - -3.5x | -3.3x |
| Selected Fwd EBITDA Multiple | -1.7x - -1.9x | -1.8x |
| Fair Value | $11.62 - $12.23 | $11.92 |
| Upside | 27.7% - 34.3% | 31.0% |
| Benchmarks | Ticker | Full Ticker |
| 89bio, Inc. | ETNB | NasdaqGM:ETNB |
| Yield10 Bioscience, Inc. | YTEN.Q | OTCPK:YTEN.Q |
| Dyadic International, Inc. | DYAI | NasdaqCM:DYAI |
| Onconetix, Inc. | ONCO | NasdaqCM:ONCO |
| Cardiff Oncology, Inc. | CRDF | NasdaqCM:CRDF |
| Tyra Biosciences, Inc. | TYRA | NasdaqGS:TYRA |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| ETNB | YTEN.Q | DYAI | ONCO | CRDF | TYRA | ||
| NasdaqGM:ETNB | OTCPK:YTEN.Q | NasdaqCM:DYAI | NasdaqCM:ONCO | NasdaqCM:CRDF | NasdaqGS:TYRA | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | NM- | NM- | NM- | NM- | NM- | NM- | |
| 3Y CAGR | NM- | NM- | NM- | NM- | NM- | NM- | |
| Latest Twelve Months | -124.1% | 11.2% | NM | 4.5% | -17.8% | -29.3% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | NA | -3545.3% | 0.0% | -7745.1% | -7909.2% | NA | |
| Prior Fiscal Year | NA | -2930.7% | NA | NA | -9224.2% | NA | |
| Latest Fiscal Year | NA | -23545.0% | NA | -27086.8% | -7064.0% | NA | |
| Latest Twelve Months | NA | -1642.9% | NA | -700.4% | -8808.3% | NA | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | NA | 2.72x | 8.14x | 10.88x | 252.68x | NA | |
| EV / LTM EBITDA | -2.1x | -0.2x | NA | -1.6x | -2.9x | -1.5x | |
| EV / LTM EBIT | -2.1x | -0.2x | -5.0x | -1.5x | -2.8x | -1.5x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -2.9x | -1.8x | -0.2x | ||||
| Historical EV / LTM EBITDA | -13.1x | -4.7x | -1.1x | ||||
| Selected EV / LTM EBITDA | -3.1x | -3.3x | -3.5x | ||||
| (x) LTM EBITDA | (113) | (113) | (113) | ||||
| (=) Implied Enterprise Value | 354 | 373 | 392 | ||||
| (-) Non-shareholder Claims * | 313 | 313 | 313 | ||||
| (=) Equity Value | 667 | 686 | 704 | ||||
| (/) Shares Outstanding | 53.2 | 53.2 | 53.2 | ||||
| Implied Value Range | 12.55 | 12.90 | 13.25 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 12.55 | 12.90 | 13.25 | 9.10 | |||
| Upside / (Downside) | 37.9% | 41.7% | 45.6% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | ETNB | YTEN.Q | DYAI | ONCO | CRDF | TYRA | |
| Enterprise Value | 835 | 2 | 29 | 20 | 148 | 171 | |
| (+) Cash & Short Term Investments | 639 | 1 | 7 | 0 | 80 | 319 | |
| (+) Investments & Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Debt | (38) | (3) | (5) | (10) | (1) | (6) | |
| (-) Other Liabilities | 0 | 0 | 0 | (7) | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 1,436 | 0 | 31 | 3 | 227 | 484 | |
| (/) Shares Outstanding | 146.0 | 0.7 | 30.1 | 44.4 | 66.5 | 53.2 | |
| Implied Stock Price | 9.84 | 0.02 | 1.04 | 0.08 | 3.41 | 9.10 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 9.84 | 0.02 | 1.04 | 0.08 | 3.41 | 9.10 | |
| 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 | |