Pharmaceuticals

CDT

CDT Equity Inc.

Valuation N/A

Healthcare

Price$0.80

Model IV—

P/IV—

Limited data — see page

CDTTW

CDT Equity Inc.

Valuation N/A

Healthcare

Price$0.01

Model IV—

P/IV—

Limited data — see page

CELU

Celularity Inc

Deeply overvalued

Healthcare

Price$1.46

Model IV$0.63

P/IV1.60

Premium +132% Return to IV: -56.8%

Market implies +6.6%/yr vs model +5.6% · in line

CELUW

CELUW

Valuation N/A

Price$0.00

Model IV—

P/IV—

Limited data — see page

CGC

Canopy Growth Corp

Deeply overvalued

Healthcare

Price$0.85

Model IV$0.22

P/IV4.33

Premium +279% Return to IV: -73.6%

Market implies +19.5%/yr vs model +2.0% · above model

CING

Cingulate Inc.

Valuation N/A

Healthcare

Price$4.88

Model IV—

P/IV—

Limited data — see page

CINGW

Cingulate Inc.

Valuation N/A

Healthcare

Price$0.01

Model IV—

P/IV—

Limited data — see page

CLDX

Celldex Therapeutics, Inc.

Valuation N/A

Healthcare

Price$29.30

Model IV—

P/IV—

Market implies +144.6%/yr vs model +2.0% · above model

CLNN

Clene Inc.

Valuation N/A

Healthcare

Price$3.88

Model IV—

P/IV—

Market implies +90.4%/yr

CLRB

Cellectar Biosciences, Inc.

Valuation N/A

Healthcare

Price$1.40

Model IV—

P/IV—

Limited data — see page

CLYM

Climb Bio, Inc.

Valuation N/A

Healthcare

Price$10.86

Model IV—

P/IV—

Limited data — see page

CMMB

Chemomab Therapeutics Ltd.

Valuation N/A

Healthcare

Price$1.39

Model IV—

P/IV—

Limited data — see page

CMND

Clearmind Medicine Inc.

Valuation N/A

Healthcare

Price$6.60

Model IV—

P/IV—

Limited data — see page

CMPS

COMPASS Pathways plc

Valuation N/A

Healthcare

Price$11.47

Model IV—

P/IV—

Limited data — see page

CNSP

CNS Pharmaceuticals, Inc.

Valuation N/A

Healthcare

Price$5.35

Model IV—

P/IV—

Limited data — see page

CNTA

Centessa Pharmaceuticals plc

Valuation N/A

Healthcare

Price$40.50

Model IV—

P/IV—

Market implies +83.7%/yr vs model +15.0% · above model

CNTB

Connect Biopharma Holdings Ltd

Valuation N/A

Healthcare

Price$0.88

Model IV—

P/IV—

Market implies +50.4%/yr vs model +15.0% · above model

CNTN

Canton Strategic Holdings, Inc.

Valuation N/A

Healthcare

Price$2.08

Model IV—

P/IV—

Limited data — see page

CNTX

Context Therapeutics Inc.

Valuation N/A

Healthcare

Price$0.30

Model IV—

P/IV—

Limited data — see page

COCP

Cocrystal Pharma, Inc.

Valuation N/A

Healthcare

Price$1.07

Model IV—

P/IV—

Limited data — see page

COGT

Cogent Biosciences, Inc.

Valuation N/A

Healthcare

Price$30.08

Model IV—

P/IV—

Limited data — see page

COLL

COLLEGIUM PHARMACEUTICAL, INC

Deeply undervalued

Healthcare

Price$22.11

Model IV$372.51

P/IV0.09

Discount 94% Return to IV: +1,584.8%

Market implies -19.9%/yr vs model +24.5% · below model

CORT

CORCEPT THERAPEUTICS INC

Valuation N/A

Healthcare

Price$118.54

Model IV—

P/IV—

Market implies +24.8%/yr

COYA

Coya Therapeutics, Inc.

Valuation N/A

Healthcare

Price$4.99

Model IV—

P/IV—

Market implies +25.3%/yr

CPHI

CHINA PHARMA HOLDINGS, INC.

Deeply overvalued

Healthcare

Price$0.96

Model IV$0.55

P/IV1.22

Premium +75% Return to IV: -43.0%

Market implies +10.4%/yr vs model +2.0% · above model

CPIX

CUMBERLAND PHARMACEUTICALS INC

Deeply overvalued

Healthcare

Price$6.98

Model IV$4.08

P/IV2.01

Premium +71% Return to IV: -41.5%

Market implies +12.3%/yr vs model +8.6% · above model

CPRX

CATALYST PHARMACEUTICALS, INC.

Deeply undervalued

Healthcare

Price$31.49

Model IV$82.62

P/IV0.38

Discount 62% Return to IV: +162.4%

Market implies +6.0%/yr vs model +25.0% · below model

CRBP

Corbus Pharmaceuticals Holdings, Inc.

Valuation N/A

Healthcare

Price$5.27

Model IV—

P/IV—

Market implies +53.8%/yr vs model +15.0% · above model

CRMD

CorMedix Inc.

Valuation N/A

Healthcare

Price$7.32

Model IV—

P/IV—

Market implies +89.3%/yr

CRNX

CRNX

Valuation N/A

Price$84.95

Model IV—

P/IV—

Limited data — see page

CRON

Cronos Group Inc.

Deeply overvalued

Healthcare

Price$3.22

Model IV$2.46

P/IV1.15

Premium +31% Return to IV: -23.5%

Market implies -6.3%/yr vs model +22.8% · below model

CRVO

CervoMed Inc.

Valuation N/A

Healthcare

Price$3.28

Model IV—

P/IV—

Market implies +24.2%/yr

CRVS

Corvus Pharmaceuticals, Inc.

Valuation N/A

Healthcare

Price$10.21

Model IV—

P/IV—

Limited data — see page

CTMX

CytomX Therapeutics, Inc.

Valuation N/A

Healthcare

Price$2.47

Model IV—

P/IV—

Market implies +17.4%/yr vs model +19.5% · in line

CTNM

Contineum Therapeutics, Inc.

Valuation N/A

Healthcare

Price$13.18

Model IV—

P/IV—

Market implies +21.6%/yr

CTOR

CITIUS ONCOLOGY, INC.

Valuation N/A

Healthcare

Price$0.84

Model IV—

P/IV—

Limited data — see page

CTXR

Citius Pharmaceuticals, Inc.

Valuation N/A

Healthcare

Price$0.49

Model IV—

P/IV—

Market implies +51.6%/yr

CUE

Cue Biopharma, Inc.

Valuation N/A

Healthcare

Price$22.33

Model IV—

P/IV—

Market implies +86.5%/yr vs model +16.4% · above model

CURX

Curanex Pharmaceuticals Inc

Valuation N/A

Healthcare

Price$4.76

Model IV—

P/IV—

Limited data — see page

CVKD

Cadrenal Therapeutics, Inc.

Valuation N/A

Healthcare

Price$0.93

Model IV—

P/IV—

Limited data — see page

CYCN

Cyclerion Therapeutics, Inc.

Valuation N/A

Healthcare

Price$23.52

Model IV—

P/IV—

Market implies +106.3%/yr vs model +2.0% · above model

CYDY

CytoDyn Inc.

Valuation N/A

Healthcare

Price$0.20

Model IV—

P/IV—

Market implies +93.8%/yr vs model +15.0% · above model

CYPH

CYPHERPUNK TECHNOLOGIES INC.

Valuation N/A

Healthcare

Price$2.81

Model IV—

P/IV—

Market implies +64.2%/yr

CYRX

Cryoport, Inc.

Valuation N/A

Healthcare

Price$16.90

Model IV—

P/IV—

Market implies +49.0%/yr vs model +2.0% · above model

CYTK

CYTOKINETICS INC

Deeply undervalued

Healthcare

Price$62.01

Model IV$1,068.82

P/IV0.07

Discount 94% Return to IV: +1,623.6%

Market implies -50.0%/yr vs model +5.7% · below model

DARE

Dare Bioscience, Inc.

Valuation N/A

Healthcare

Price$0.77

Model IV—

P/IV—

Market implies +16.0%/yr

DCOY

Decoy Therapeutics Inc.

Valuation N/A

Healthcare

Price$1.52

Model IV—

P/IV—

Market implies +150.0%/yr

DERM

Journey Medical Corp

Valuation N/A

Healthcare

Price$5.95

Model IV—

P/IV—

Market implies +25.0%/yr

DFTX

Definium Therapeutics, Inc.

Valuation N/A

Healthcare

Price$34.18

Model IV—

P/IV—

Limited data — see page

DMAC

DiaMedica Therapeutics Inc.

Valuation N/A

Healthcare

Price$8.01

Model IV—

P/IV—

Limited data — see page

DMRA

Damora Therapeutics, Inc.

Valuation N/A

Healthcare

Price$20.56

Model IV—

P/IV—

Limited data — see page

DNTH

Dianthus Therapeutics, Inc. /DE/

Valuation N/A

Healthcare

Price$82.43

Model IV—

P/IV—

Market implies +107.8%/yr

DRMA

Dermata Therapeutics, Inc.

Valuation N/A

Healthcare

Price$1.07

Model IV—

P/IV—

Limited data — see page

DRMAW

DRMAW

Valuation N/A

Price$0.00

Model IV—

P/IV—

Limited data — see page

DRUG

BRIGHT MINDS BIOSCIENCES INC.

Valuation N/A

Healthcare

Price$52.00

Model IV—

P/IV—

Limited data — see page

DSGN

Design Therapeutics, Inc.

Valuation N/A

Healthcare

Price$11.49

Model IV—

P/IV—

Limited data — see page

DWTX

Dogwood Therapeutics, Inc.

Valuation N/A

Healthcare

Price$1.41

Model IV—

P/IV—

Limited data — see page

DYN

Dyne Therapeutics, Inc.

Valuation N/A

Healthcare

Price$16.37

Model IV—

P/IV—

Limited data — see page

EBS

Emergent BioSolutions Inc.

Deeply undervalued

Healthcare

Price$6.81

Model IV$22.34

P/IV0.41

Discount 70% Return to IV: +228.0%

Market implies -19.9%/yr vs model +2.0% · below model

EDSA

Edesa Biotech, Inc.

Valuation N/A

Healthcare

Price$3.66

Model IV—

P/IV—

Limited data — see page