valuation thoughts, page-187

just a rough calc to aid as a reminder....








One should consider future capital raises as this is the typical source of funding for early stage biotech's.

Buy out multiple of 0.6 times peak sales is conservative yet realistic. There could be upside but I think there is value in highlighting a conservative valuation with the recent SP slump.

I think we will end up with a billion shares on offer at time of buyout/partnership.

The above does include CHM 2101 which isn't in phase 1 as yet.