Hi Krispi,
This was shared in another forum and I think it will help with learning to value drug companies. Be aware, It's very long! But also very informative!
https://www.google.com/url?sa=t&source=web&rct=j&url=https://researchbank.swinburne.edu.au/file/0a7ee27f-bef3-4a7c-b32d-87e2c3df372f/1/peter_molloy_thesis.pdf&ved=2ahUKEwibtsT7_u7nAhXT73MBHRt4C7wQFjAAegQIAhAB&usg=AOvVaw3IlTbkJcYcupdTz4hTEUGn
XanaHES and its implications for Actinogen, page-9
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