Potential Financial Implications of Yesterday's Results, page-22

Some good observations above. In particular thoughts on PAR become highly profitable royalty stream that would typically warrant a premium to median bio tech valuations

One of the preferred methods over PER is EV/Revenue Multiple. Note they've been at their lowest levels in recent years but typically have median around 15. Some of the top 25% of bios receive premium up to 60x this multiple.

To show the margin for safety here in terms of upside valuation I've assumed only 1% market share. This is an extremely unlikely scenario given it may become the front line treatment for OA once its approved by the FDA, even if this required post label P4 to confirm DM properties (which it now seems it may given the independently assessed "iPPS was associated with positive changes for several chondroprotective biomarkers")

So here goes: