Hi Hapman, I'm no accounting guru, so I'll try to be brief. Be...

Hi Hapman, I'm no accounting guru, so I'll try to be brief. Be mindful that Stocky can be fiesty because he cops plenty of grief on hc in between offering some interesting perspectives. Maybe your differences with Stocky simply comes down to the purpose of your profitability forecasts.

You'd appear to be forecasting a pure accounting metric to suit your purpose.

In fairness to Stocky, he's possibly calculating profitability to arrive at a valuation.

Since Barda revenue is actually just a grant that is used to cover costs of development and commercialisation activities, the Barda revenue isn't really part of a profit centre. To reach an accurate bottom line account profit, you would add back Barda revenue appropriately as you do, but excluding Barda revenue from a valuation model would also be appropriate for Stocky.