heres my quick calcs shares on issue : 312M Cash: $60M Phase 2...

heres my quick calcs

shares on issue : 312M
Cash: $60M

Phase 2 and 3 payments: 80M - discounted 50% over 24months - I assign present value at $20M
Regulatory filings $200M discounted by 50% over 36months - I assign present value at $30M
No value assigned to royalty payments from drug sales - too early to include IMO

In this scenario, I assume chesi revenues going forward will negate cash burn.

Also, I am assigning 0 value to LOX2 JV - obviously this could be worth the same as SSAO if not more.

Therefore,

110M / 312 M = 35c

Discount this another 10% for other unknowns = 32c valuation