My analysis and intrinsic value of CHM March 2022, page-4

I don't really see the point of discussing financials and revenue with a biotech stock...You need to value biotechs based on the value of the clinical assets. You look at things like total addressable market of the indication, likelihood of commercialisation (make some assumptions based on likelihood of success of passing each clinical trial stage), peak annual sales assumptions.

But you do bring up some good points, especially around dilution I think. CHM's reliance on in-licensing I think will lead to more dilution than other biotechs. But I suppose that is the price to pay for them to bring in assets of this quality.

Here is a good article that goes into a lot more depth on valuing biotechs.
https://www.baybridgebio.com/drug_valuation.html