Biotechnology

ENGN

enGene Therapeutics Inc.

Valuation N/A

Healthcare

Price$1.78

Model IV—

P/IV—

Limited data — see page

ENGNW

enGene Therapeutics Inc.

Valuation N/A

Healthcare

Price$0.17

Model IV—

P/IV—

Limited data — see page

ENTX

Entera Bio Ltd.

Valuation N/A

Healthcare

Price$2.50

Model IV—

P/IV—

Market implies +128.4%/yr vs model +2.0% · above model

ESLA

Estrella Immunopharma, Inc.

Valuation N/A

Healthcare

Price$0.42

Model IV—

P/IV—

Limited data — see page

ESLAW

Estrella Immunopharma, Inc.

Valuation N/A

Healthcare

Price$0.05

Model IV—

P/IV—

Limited data — see page

EVAX

Evaxion A/S

Valuation N/A

Healthcare

Price$3.05

Model IV—

P/IV—

Market implies +61.1%/yr

EXEL

EXELIXIS, INC.

Deeply undervalued

Healthcare

Price$59.02

Model IV$88.60

P/IV0.57

Discount 33% Return to IV: +50.1%

Market implies +6.4%/yr vs model +15.2% · below model

EXOZ

EXOZYMES INC.

Valuation N/A

Healthcare

Price$5.27

Model IV—

P/IV—

Market implies +92.3%/yr vs model +15.0% · above model

FATE

FATE THERAPEUTICS INC

Valuation N/A

Healthcare

Price$2.13

Model IV—

P/IV—

Market implies +79.1%/yr

FDMT

4D Molecular Therapeutics, Inc.

Deeply overvalued

Healthcare

Price$12.70

Model IV$8.25

P/IV1.20

Premium +54% Return to IV: -35.0%

Market implies +4.9%/yr vs model +47.4% · below model

FENC

FENNEC PHARMACEUTICALS INC.

Valuation N/A

Healthcare

Price$10.63

Model IV—

P/IV—

Market implies +32.2%/yr vs model +15.0% · above model

GILD

GILEAD SCIENCES, INC.

Fairly valued

Healthcare

Price$147.10

Model IV$163.45

P/IV0.92

Discount 10% Return to IV: +11.1%

Market implies +4.8%/yr vs model +7.6% · in line

GLUE

Monte Rosa Therapeutics, Inc.

Valuation N/A

Healthcare

Price$10.32

Model IV—

P/IV—

Market implies +21.4%/yr vs model +15.0% · above model

GNTA

Genenta Science S.p.A.

Valuation N/A

Healthcare

Price$0.71

Model IV—

P/IV—

Limited data — see page

GRML

Greenland Mines Ltd

Valuation N/A

Healthcare

Price$5.88

Model IV—

P/IV—

Limited data — see page

GRMLW

Greenland Mines Ltd

Valuation N/A

Healthcare

Price$0.40

Model IV—

P/IV—

Limited data — see page

HALO

HALOZYME THERAPEUTICS, INC.

Deeply undervalued

Healthcare

Price$109.84

Model IV$316.93

P/IV0.21

Discount 65% Return to IV: +188.5%

Market implies +5.0%/yr vs model +25.0% · below model

HUMA

Humacyte, Inc.

Valuation N/A

Healthcare

Price$0.45

Model IV—

P/IV—

Market implies +52.3%/yr

HUMAW

HUMAW

Valuation N/A

Price$0.00

Model IV—

P/IV—

Limited data — see page

IBRX

ImmunityBio, Inc.

Valuation N/A

Healthcare

Price$9.91

Model IV—

P/IV—

Market implies +38.5%/yr

IKT

Inhibikase Therapeutics, Inc.

Valuation N/A

Healthcare

Price$1.91

Model IV—

P/IV—

Market implies +95.0%/yr

IMA

ImageneBio, Inc.

Valuation N/A

Healthcare

Price$4.26

Model IV—

P/IV—

Market implies +50.7%/yr vs model +2.0% · above model

IMCR

Immunocore Holdings plc

Deeply undervalued

Healthcare

Price$29.09

Model IV$57.34

P/IV0.55

Discount 49% Return to IV: +97.1%

Market implies -11.7%/yr vs model +50.0% · below model

IMTX

Immatics N.V.

Valuation N/A

Healthcare

Price$7.37

Model IV—

P/IV—

Limited data — see page

IMVT

Immunovant, Inc.

Valuation N/A

Healthcare

Price$30.26

Model IV—

P/IV—

Limited data — see page

INAB

IN8BIO, INC.

Valuation N/A

Healthcare

Price$1.38

Model IV—

P/IV—

Limited data — see page

INBX

Inhibrx Biosciences, Inc.

Valuation N/A

Healthcare

Price$92.76

Model IV—

P/IV—

Market implies +150.0%/yr vs model +2.0% · above model

INKT

MiNK Therapeutics, Inc.

Valuation N/A

Healthcare

Price$11.00

Model IV—

P/IV—

Limited data — see page

INMB

Inmune Bio, Inc.

Valuation N/A

Healthcare

Price$1.83

Model IV—

P/IV—

Market implies +119.4%/yr vs model +2.0% · above model

INTS

INTENSITY THERAPEUTICS, INC.

Valuation N/A

Healthcare

Price$3.68

Model IV—

P/IV—

Limited data — see page

IOVA

IOVANCE BIOTHERAPEUTICS, INC.

Valuation N/A

Healthcare

Price$13.31

Model IV—

P/IV—

Market implies -50.0%/yr vs model +15.0% · below model

IPHA

Innate Pharma SA

Valuation N/A

Healthcare

Price$1.48

Model IV—

P/IV—

Limited data — see page

IPSC

Century Therapeutics, Inc.

Deeply overvalued

Healthcare

Price$1.46

Model IV$0.79

P/IV2.23

Premium +85% Return to IV: -45.9%

Market implies +11.3%/yr vs model +15.0% · below model

IVVD

Invivyd, Inc.

Valuation N/A

Healthcare

Price$0.70

Model IV—

P/IV—

Market implies +19.9%/yr vs model +15.0% · above model

JSPR

Jasper Therapeutics, Inc.

Valuation N/A

Healthcare

Price$0.56

Model IV—

P/IV—

Limited data — see page

JSPRW

Jasper Therapeutics, Inc.

Valuation N/A

Healthcare

Price$0.00

Model IV—

P/IV—

Limited data — see page

KLRS

Kalaris Therapeutics, Inc.

Valuation N/A

Healthcare

Price$2.50

Model IV—

P/IV—

Limited data — see page

KOD

Kodiak Sciences Inc.

Valuation N/A

Healthcare

Price$94.26

Model IV—

P/IV—

Limited data — see page

KRYS

Krystal Biotech, Inc.

Deeply overvalued

Healthcare

Price$327.30

Model IV$234.34

P/IV1.32

Premium +40% Return to IV: -28.4%

Market implies +23.3%/yr vs model +25.0% · in line

KYMR

Kymera Therapeutics, Inc.

Valuation N/A

Healthcare

Price$109.30

Model IV—

P/IV—

Market implies +92.1%/yr vs model +2.0% · above model

KYTX

Kyverna Therapeutics, Inc.

Valuation N/A

Healthcare

Price$6.18

Model IV—

P/IV—

Limited data — see page

LCTX

Lineage Cell Therapeutics, Inc.

Valuation N/A

Healthcare

Price$1.03

Model IV—

P/IV—

Market implies +28.5%/yr vs model +35.3% · below model

LENZ

LENZ Therapeutics, Inc.

Deeply overvalued

Healthcare

Price$3.53

Model IV$0.66

P/IV5.67

Premium +432% Return to IV: -81.2%

Market implies +21.2%/yr vs model +15.0% · above model

LIMN

Liminatus Pharma, Inc.

Valuation N/A

Healthcare

Price$3.69

Model IV—

P/IV—

Limited data — see page

LIMNW

Liminatus Pharma, Inc.

Valuation N/A

Healthcare

Price$0.05

Model IV—

P/IV—

Limited data — see page

LONA

LeonaBio, Inc.

Valuation N/A

Healthcare

Price$5.75

Model IV—

P/IV—

Limited data — see page

LXEO

Lexeo Therapeutics, Inc.

Valuation N/A

Healthcare

Price$3.21

Model IV—

P/IV—

Market implies +76.1%/yr

MAZE

Maze Therapeutics, Inc.

Valuation N/A

Healthcare

Price$25.88

Model IV—

P/IV—

Market implies +20.4%/yr

MESO

MESOBLAST LTD

Valuation N/A

Healthcare

Price$13.75

Model IV—

P/IV—

Market implies +56.4%/yr

MGTX

MeiraGTx Holdings plc

Valuation N/A

Healthcare

Price$10.50

Model IV—

P/IV—

Market implies +37.8%/yr vs model +21.2% · above model

MGX

Metagenomi Therapeutics, Inc.

Valuation N/A

Healthcare

Price$0.99

Model IV—

P/IV—

Market implies +17.0%/yr

MOLN

MOLECULAR PARTNERS AG

Valuation N/A

Healthcare

Price$3.81

Model IV—

P/IV—

Market implies +38.4%/yr

MRNA

Moderna, Inc.

Valuation N/A

Healthcare

Price$197.00

Model IV—

P/IV—

Market implies +79.0%/yr vs model +2.0% · above model

NBIX

NEUROCRINE BIOSCIENCES INC

Deeply undervalued

Healthcare

Price$141.25

Model IV$244.63

P/IV0.65

Discount 42% Return to IV: +73.2%

Market implies +8.8%/yr vs model +21.2% · below model

NMRA

Neumora Therapeutics, Inc.

Valuation N/A

Healthcare

Price$0.48

Model IV—

P/IV—

Limited data — see page

NVAX

NOVAVAX INC

Valuation N/A

Healthcare

Price$11.01

Model IV—

P/IV—

Market implies +24.8%/yr

OCGN

Ocugen, Inc.

Valuation N/A

Healthcare

Price$0.98

Model IV—

P/IV—

Market implies +70.1%/yr vs model +15.0% · above model

ODTX

Odyssey Therapeutics, Inc.

Valuation N/A

Healthcare

Price$18.12

Model IV—

P/IV—

Limited data — see page

OKYO

OKYO Pharma Ltd

Valuation N/A

Healthcare

Price$1.39

Model IV—

P/IV—

Limited data — see page

OTLK

Outlook Therapeutics, Inc.

Valuation N/A

Healthcare

Price$0.56

Model IV—

P/IV—

Market implies +39.8%/yr vs model +15.0% · above model