Fundamental Analysis of Alexium (Report), page-4

Top range is a blue-sky scenario, but note this is 2015 revenue estimates as DOD won't contribute revenue until 2016 by my analysis (considered next stage is Sep, and final selection before EOY).

Also, I like a big margin of safety - that's just my style. I guess if you added in all the upscaling and pipeline activity you could potentially add a few more million to the top range. I was just reluctant to project figures with absolutely no guidance (since it's literally just a guess) so I built it into my margin of safety instead.

I'm trying to remain objective so I would push the Balanced Range but I personally think it'll tend more towards the Top Range. After taking a closer look I'm even more bullish than ever.