Pharmaceuticals

ELAB

PMGC Holdings Inc.

Deeply overvalued

Healthcare

Price$3.13

Model IV$2.02

P/IV0.88

Premium +55% Return to IV: -35.4%

ELAN

Elanco Animal Health Inc

Deeply overvalued

Healthcare

Price$22.54

Model IV$5.01

P/IV4.76

Premium +350% Return to IV: -77.8%

Market implies +24.0%/yr vs model +3.0% · above model

ELDN

Eledon Pharmaceuticals, Inc.

Valuation N/A

Healthcare

Price$2.42

Model IV—

P/IV—

Limited data — see page

ELTX

Elicio Therapeutics, Inc.

Valuation N/A

Healthcare

Price$1.81

Model IV—

P/IV—

Market implies +28.2%/yr

ELVN

Enliven Therapeutics, Inc.

Valuation N/A

Healthcare

Price$40.63

Model IV—

P/IV—

Limited data — see page

ENLV

Enlivex Ltd.

Valuation N/A

Healthcare

Price$0.28

Model IV—

P/IV—

Limited data — see page

ENSC

Ensysce Biosciences, Inc.

Deeply undervalued

Healthcare

Price$0.46

Model IV$2.69

P/IV0.10

Discount 83% Return to IV: +487.9%

Market implies -40.6%/yr vs model +9.5% · below model

ENTA

ENANTA PHARMACEUTICALS INC

Valuation N/A

Healthcare

Price$12.10

Model IV—

P/IV—

Market implies +131.6%/yr

ENVB

Enveric Biosciences, Inc.

Valuation N/A

Healthcare

Price$1.52

Model IV—

P/IV—

Limited data — see page

EOLS

Evolus, Inc.

Deeply undervalued

Healthcare

Price$7.80

Model IV$12.33

P/IV0.53

Discount 37% Return to IV: +58.1%

Market implies -8.3%/yr vs model +31.4% · below model

EPRX

EUPRAXIA PHARMACEUTICALS INC.

Valuation N/A

Healthcare

Price$7.57

Model IV—

P/IV—

Limited data — see page

EQ

Equillium, Inc.

Valuation N/A

Healthcare

Price$1.44

Model IV—

P/IV—

Market implies +5.7%/yr

ERAS

Erasca, Inc.

Valuation N/A

Healthcare

Price$15.46

Model IV—

P/IV—

Limited data — see page

ERNA

Ernexa Therapeutics Inc.

Valuation N/A

Healthcare

Price$2.49

Model IV—

P/IV—

Market implies +28.2%/yr vs model +15.0% · above model

ERNAW

Ernexa Therapeutics Inc.

Valuation N/A

Healthcare

Price$0.03

Model IV—

P/IV—

Market implies -13.1%/yr

ESPR

Esperion Therapeutics, Inc.

Deeply undervalued

Healthcare

Price$3.18

Model IV$8.40

P/IV0.37

Discount 62% Return to IV: +164.1%

Market implies -12.4%/yr vs model +50.0% · below model

ETON

Eton Pharmaceuticals, Inc.

Deeply overvalued

Healthcare

Price$54.75

Model IV$30.36

P/IV1.00

Premium +80% Return to IV: -44.5%

Market implies +0.1%/yr vs model +38.3% · below model

EVMN

Evommune, Inc.

Deeply undervalued

Healthcare

Price$6.41

Model IV$10.58

P/IV2.19

Discount 39% Return to IV: +65.1%

Market implies -6.9%/yr vs model +50.0% · below model

EVO

Evotec SE

Deeply undervalued

Healthcare

Price$1.57

Model IV$2.97

P/IV0.53

Discount 47% Return to IV: +89.0%

Market implies -11.5%/yr vs model +10.8% · below model

EWTX

Edgewise Therapeutics, Inc.

Valuation N/A

Healthcare

Price$39.23

Model IV—

P/IV—

Limited data — see page

FBIO

Fortress Biotech, Inc.

Deeply overvalued

Healthcare

Price$2.09

Model IV$0.76

P/IV3.24

Premium +176% Return to IV: -63.8%

Market implies +13.1%/yr vs model +2.0% · above model

FBIOP

Fortress Biotech, Inc.

Valuation N/A

Healthcare

Price$17.78

Model IV—

P/IV—

Market implies +26.8%/yr

FBLG

FibroBiologics, Inc.

Valuation N/A

Healthcare

Price$1.11

Model IV—

P/IV—

Limited data — see page

FBRX

Forte Biosciences, Inc.

Valuation N/A

Healthcare

Price$76.99

Model IV—

P/IV—

Limited data — see page

FHTX

Foghorn Therapeutics Inc.

Fairly valued

Healthcare

Price$1.99

Model IV$1.81

P/IV2.34

Premium +10% Return to IV: -9.0%

Market implies +2.5%/yr vs model +50.0% · below model

FLNA

FILANA THERAPEUTICS, INC.

Valuation N/A

Healthcare

Price$0.81

Model IV—

P/IV—

Limited data — see page

FTLF

FITLIFE BRANDS, INC.

Deeply undervalued

Healthcare

Price$8.70

Model IV$17.77

P/IV0.52

Discount 51% Return to IV: +104.3%

Market implies -1.0%/yr vs model +13.7% · below model

FULC

Fulcrum Therapeutics, Inc.

Valuation N/A

Healthcare

Price$3.75

Model IV—

P/IV—

Limited data — see page

GALT

GALECTIN THERAPEUTICS INC

Valuation N/A

Healthcare

Price$3.64

Model IV—

P/IV—

Limited data — see page

GANX

Gain Therapeutics, Inc.

Valuation N/A

Healthcare

Price$1.62

Model IV—

P/IV—

Market implies +107.6%/yr vs model +15.0% · above model

GDTC

CytoMed Therapeutics Ltd

Valuation N/A

Healthcare

Price$0.94

Model IV—

P/IV—

Market implies +36.3%/yr

GELS

Gelteq Ltd

Valuation N/A

Healthcare

Price$0.55

Model IV—

P/IV—

Limited data — see page

GENB

Generate Biomedicines, Inc.

Valuation N/A

Healthcare

Price$13.99

Model IV—

P/IV—

Limited data — see page

GERN

GERON CORP

Valuation N/A

Healthcare

Price$1.22

Model IV—

P/IV—

Market implies +128.2%/yr

GHRS

GH Research PLC

Valuation N/A

Healthcare

Price$20.45

Model IV—

P/IV—

Limited data — see page

GLMD

Galmed Pharmaceuticals Ltd.

Valuation N/A

Healthcare

Price$3.62

Model IV—

P/IV—

Limited data — see page

GLSI

Greenwich LifeSciences, Inc.

Valuation N/A

Healthcare

Price$15.14

Model IV—

P/IV—

Limited data — see page

GMAB

GENMAB A/S

Valuation N/A

Healthcare

Price$36.05

Model IV—

P/IV—

Limited data — see page

GNLX

GENELUX Corp

Valuation N/A

Healthcare

Price$2.56

Model IV—

P/IV—

Market implies +150.0%/yr

GNPX

Genprex, Inc.

Valuation N/A

Healthcare

Price$2.75

Model IV—

P/IV—

Limited data — see page

GOSS

Gossamer Bio, Inc.

Valuation N/A

Healthcare

Price$9.88

Model IV—

P/IV—

Market implies +78.0%/yr vs model +15.0% · above model

GOVX

GeoVax Labs, Inc.

Deeply undervalued

Healthcare

Price$0.29

Model IV$7.53

P/IV0.05

Discount 96% Return to IV: +2,527.4%

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

GPCR

Structure Therapeutics Inc.

Valuation N/A

Healthcare

Price$25.67

Model IV—

P/IV—

Limited data — see page

GRCE

Grace Therapeutics, Inc.

Valuation N/A

Healthcare

Price$2.04

Model IV—

P/IV—

Market implies -19.6%/yr vs model +15.0% · below model

GRFS

Grifols SA

Deeply undervalued

Healthcare

Price$7.41

Model IV$17.86

P/IV0.40

Discount 59% Return to IV: +141.0%

Market implies -4.4%/yr vs model +8.9% · below model

GRI

GRI Bio, Inc.

Valuation N/A

Healthcare

Price$1.68

Model IV—

P/IV—

Limited data — see page

GSK

GSK plc

Deeply undervalued

Healthcare

Price$46.54

Model IV$101.16

P/IV0.49

Discount 54% Return to IV: +117.4%

Market implies -2.7%/yr vs model +8.8% · below model

GTBP

GT Biopharma, Inc.

Valuation N/A

Healthcare

Price$5.96

Model IV—

P/IV—

Limited data — see page

GYRE

GYRE THERAPEUTICS, INC.

Undervalued

Healthcare

Price$6.76

Model IV$8.43

P/IV0.88

Discount 20% Return to IV: +24.6%

Market implies -4.2%/yr vs model +50.0% · below model

HCM

HUTCHMED (China) Ltd

Valuation N/A

Healthcare

Price$13.67

Model IV—

P/IV—

Market implies +71.2%/yr

HCWB

HCW Biologics Inc.

Valuation N/A

Healthcare

Price$1.53

Model IV—

P/IV—

Market implies +24.1%/yr vs model +15.0% · above model

HELP

CYBIN INC.

Valuation N/A

Healthcare

Price$10.72

Model IV—

P/IV—

Limited data — see page

HIND

Vyome Holdings, Inc

Valuation N/A

Healthcare

Price$2.03

Model IV—

P/IV—

Market implies +45.7%/yr

HOTH

HOTH

Valuation N/A

Price$0.71

Model IV—

P/IV—

Limited data — see page

HOWL

Werewolf Therapeutics, Inc.

Valuation N/A

Healthcare

Price$0.91

Model IV—

P/IV—

Limited data — see page

HRMY

Harmony Biosciences Holdings, Inc.

Deeply undervalued

Healthcare

Price$39.60

Model IV$319.11

P/IV0.10

Discount 88% Return to IV: +705.8%

Market implies -8.4%/yr vs model +23.9% · below model

HROW

HARROW, INC.

Deeply overvalued

Healthcare

Price$30.52

Model IV$22.94

P/IV1.53

Premium +33% Return to IV: -24.8%

Market implies +22.3%/yr vs model +25.0% · in line

HRTX

HERON THERAPEUTICS, INC. /DE/

Deeply undervalued

Healthcare

Price$0.36

Model IV$0.83

P/IV0.35

Discount 57% Return to IV: +132.6%

Market implies -15.6%/yr vs model +15.7% · below model

HURA

TuHURA Biosciences, Inc./NV

Valuation N/A

Healthcare

Price$1.93

Model IV—

P/IV—

Limited data — see page

HYFT

MindWalk Holdings Corp.

Valuation N/A

Healthcare

Price$1.43

Model IV—

P/IV—

Market implies +30.3%/yr