Pharmaceuticals

LIXT

LIXT

Valuation N/A

Price$3.66

Model IV—

P/IV—

Limited data — see page

LKFT

Lakefront Biotherapeutics NV

Deeply undervalued

Healthcare

Price$29.51

Model IV$144.45

P/IV0.21

Discount 80% Return to IV: +389.5%

Market implies -27.8%/yr vs model +45.9% · below model

LLY

ELI LILLY & Co

Deeply overvalued

Healthcare

Price$1,169.60

Model IV$375.66

P/IV3.15

Premium +211% Return to IV: -67.9%

Market implies +10.6%/yr vs model +23.2% · below model

LNAI

Lunai Bioworks Inc.

Valuation N/A

Healthcare

Price$1.12

Model IV—

P/IV—

Limited data — see page

LNTH

Lantheus Holdings, Inc.

Undervalued

Healthcare

Price$100.12

Model IV$124.02

P/IV0.81

Discount 19% Return to IV: +23.9%

Market implies +7.0%/yr vs model +12.5% · below model

LPCN

Lipocine Inc.

Valuation N/A

Healthcare

Price$1.93

Model IV—

P/IV—

Market implies +32.4%/yr vs model +2.0% · above model

LQDA

Liquidia Corp

Deeply overvalued

Healthcare

Price$28.02

Model IV$13.70

P/IV4.52

Premium +105% Return to IV: -51.1%

Market implies +8.9%/yr vs model +50.0% · below model

LRMR

Larimar Therapeutics, Inc.

Valuation N/A

Healthcare

Price$2.70

Model IV—

P/IV—

Limited data — see page

LSTA

LISATA THERAPEUTICS, INC.

Valuation N/A

Healthcare

Price$1.20

Model IV—

P/IV—

Market implies +44.1%/yr vs model +15.0% · above model

LTRN

Lantern Pharma Inc.

Valuation N/A

Healthcare

Price$0.83

Model IV—

P/IV—

Limited data — see page

LXRX

LEXICON PHARMACEUTICALS, INC.

Valuation N/A

Healthcare

Price$1.76

Model IV—

P/IV—

Market implies +42.0%/yr vs model +15.0% · above model

LYEL

Lyell Immunopharma, Inc.

Valuation N/A

Healthcare

Price$8.79

Model IV—

P/IV—

Market implies +132.9%/yr

MAIA

MAIA Biotechnology, Inc.

Valuation N/A

Healthcare

Price$1.15

Model IV—

P/IV—

Limited data — see page

MANE

Veradermics, Inc

Valuation N/A

Healthcare

Price$126.63

Model IV—

P/IV—

Limited data — see page

MBIO

MUSTANG BIO, INC.

Valuation N/A

Healthcare

Price$0.42

Model IV—

P/IV—

Limited data — see page

MBRX

Moleculin Biotech, Inc.

Valuation N/A

Healthcare

Price$0.42

Model IV—

P/IV—

Limited data — see page

MBX

MBX Biosciences, Inc.

Valuation N/A

Healthcare

Price$53.25

Model IV—

P/IV—

Limited data — see page

MCRB

Seres Therapeutics, Inc.

Valuation N/A

Healthcare

Price$2.63

Model IV—

P/IV—

Market implies +72.4%/yr vs model +2.0% · above model

MDCX

Medicus Pharma Ltd.

Valuation N/A

Healthcare

Price$0.10

Model IV—

P/IV—

Limited data — see page

MDCXW

Medicus Pharma Ltd.

Valuation N/A

Healthcare

Price$0.30

Model IV—

P/IV—

Limited data — see page

MDGL

MADRIGAL PHARMACEUTICALS, INC.

Valuation N/A

Healthcare

Price$476.91

Model IV—

P/IV—

Market implies +19.7%/yr vs model +15.0% · above model

MDWD

MediWound Ltd.

Valuation N/A

Healthcare

Price$12.42

Model IV—

P/IV—

Limited data — see page

MEHA

Functional Brands Inc.

Valuation N/A

Healthcare

Price$0.00

Model IV—

P/IV—

Market implies +0.0%/yr vs model +2.0% · in line

MENS

Jyong Biotech Ltd.

Valuation N/A

Healthcare

Price$2.10

Model IV—

P/IV—

Limited data — see page

MGNX

MACROGENICS INC

Overvalued

Healthcare

Price$3.55

Model IV$2.75

P/IV1.38

Premium +29% Return to IV: -22.7%

Market implies +1.4%/yr vs model +17.9% · below model

MIRA

MIRA PHARMACEUTICALS, INC.

Valuation N/A

Healthcare

Price$0.70

Model IV—

P/IV—

Limited data — see page

MIRM

Mirum Pharmaceuticals, Inc.

Undervalued

Healthcare

Price$81.35

Model IV$110.55

P/IV0.81

Discount 26% Return to IV: +35.9%

Market implies -6.8%/yr vs model +50.0% · below model

MIST

Milestone Pharmaceuticals Inc.

Valuation N/A

Healthcare

Price$0.71

Model IV—

P/IV—

Limited data — see page

MLTX

MoonLake Immunotherapeutics

Valuation N/A

Healthcare

Price$10.58

Model IV—

P/IV—

Limited data — see page

MLYS

Mineralys Therapeutics, Inc.

Valuation N/A

Healthcare

Price$22.38

Model IV—

P/IV—

Limited data — see page

MNKD

MANNKIND CORP

Deeply undervalued

Healthcare

Price$3.42

Model IV$8.03

P/IV0.42

Discount 57% Return to IV: +134.7%

Market implies -14.8%/yr vs model +46.7% · below model

MNOV

MEDICINOVA INC

Valuation N/A

Healthcare

Price$1.54

Model IV—

P/IV—

Market implies +73.2%/yr

MNPR

Monopar Therapeutics

Valuation N/A

Healthcare

Price$83.98

Model IV—

P/IV—

Limited data — see page

MPLT

MapLight Therapeutics, Inc.

Valuation N/A

Healthcare

Price$9.15

Model IV—

P/IV—

Limited data — see page

MREO

Mereo BioPharma Group plc

Valuation N/A

Healthcare

Price$0.38

Model IV—

P/IV—

Market implies +90.9%/yr

MRK

Merck & Co., Inc.

Fairly valued

Healthcare

Price$142.38

Model IV$127.41

P/IV1.17

Premium +12% Return to IV: -10.5%

Market implies +8.8%/yr vs model +9.3% · in line

MRKR

Marker Therapeutics, Inc.

Deeply overvalued

Healthcare

Price$0.95

Model IV$0.56

P/IV2.79

Premium +69% Return to IV: -40.8%

Market implies +1.6%/yr vs model +30.0% · below model

MRVI

MARAVAI LIFESCIENCES HOLDINGS, INC.

Valuation N/A

Healthcare

Price$7.21

Model IV—

P/IV—

Market implies +35.8%/yr

MSLE

Satellos Bioscience Inc.

Valuation N/A

Healthcare

Price$7.35

Model IV—

P/IV—

Limited data — see page

MTEX

MANNATECH INC

Deeply undervalued

Healthcare

Price$7.86

Model IV$38.59

P/IV0.20

Discount 80% Return to IV: +390.9%

Market implies -34.0%/yr vs model +2.0% · below model

MTNB

Matinas BioPharma Holdings, Inc.

Valuation N/A

Healthcare

Price$2.83

Model IV—

P/IV—

Market implies +30.4%/yr

MTVA

MetaVia Inc.

Valuation N/A

Healthcare

Price$1.34

Model IV—

P/IV—

Limited data — see page

MYGN

MYRIAD GENETICS INC

Deeply undervalued

Healthcare

Price$4.20

Model IV$9.25

P/IV0.43

Discount 55% Return to IV: +120.3%

Market implies -12.9%/yr vs model +4.5% · below model

NAGE

Niagen Bioscience, Inc.

Deeply overvalued

Healthcare

Price$2.66

Model IV$1.72

P/IV2.24

Premium +55% Return to IV: -35.3%

Market implies +17.2%/yr vs model +15.4% · in line

NAII

NATURAL ALTERNATIVES INTERNATIONAL INC

Deeply undervalued

Healthcare

Price$1.15

Model IV$1.97

P/IV0.94

Discount 42% Return to IV: +72.3%

Market implies -8.8%/yr vs model +4.7% · below model

NAMS

NewAmsterdam Pharma Co N.V.

Valuation N/A

Healthcare

Price$21.26

Model IV—

P/IV—

Market implies +62.3%/yr

NAMSW

NewAmsterdam Pharma Co N.V.

Valuation N/A

Healthcare

Price$11.00

Model IV—

P/IV—

Market implies +41.5%/yr

NATR

NATURES SUNSHINE PRODUCTS INC

Deeply undervalued

Healthcare

Price$12.57

Model IV$34.14

P/IV0.62

Discount 63% Return to IV: +171.6%

Market implies -7.6%/yr vs model +6.8% · below model

NBP

NovaBridge Biosciences

Valuation N/A

Healthcare

Price$1.37

Model IV—

P/IV—

Market implies +86.0%/yr vs model +15.0% · above model

NBTX

Nanobiotix S.A.

Valuation N/A

Healthcare

Price$22.90

Model IV—

P/IV—

Market implies +150.0%/yr

NCEL

NewcelX Ltd.

Valuation N/A

Healthcare

Price$3.11

Model IV—

P/IV—

Limited data — see page

NCNA

NuCana plc

Valuation N/A

Healthcare

Price$1.13

Model IV—

P/IV—

Limited data — see page

NEOG

NEOGEN CORP

Deeply overvalued

Healthcare

Price$11.71

Model IV$7.79

P/IV1.74

Premium +50% Return to IV: -33.5%

Market implies +6.2%/yr vs model +13.4% · below model

NERV

Minerva Neurosciences, Inc.

Valuation N/A

Healthcare

Price$3.22

Model IV—

P/IV—

Limited data — see page

NEUP

Neuphoria Therapeutics Inc.

Deeply undervalued

Healthcare

Price$3.35

Model IV$16.13

P/IV0.33

Discount 79% Return to IV: +381.6%

Market implies -34.1%/yr vs model +15.0% · below model

NGEN

NERVGEN PHARMA CORP.

Valuation N/A

Healthcare

Price$1.75

Model IV—

P/IV—

Limited data — see page

NGNE

Neurogene Inc.

Valuation N/A

Healthcare

Price$26.50

Model IV—

P/IV—

Market implies +99.0%/yr vs model +15.0% · above model

NKTR

NEKTAR THERAPEUTICS

Valuation N/A

Healthcare

Price$40.80

Model IV—

P/IV—

Market implies +85.4%/yr vs model +2.0% · above model

NKTX

Nkarta, Inc.

Valuation N/A

Healthcare

Price$2.22

Model IV—

P/IV—

Limited data — see page

NNNN

Anbio Biotechnology

Valuation N/A

Healthcare

Price$4.62

Model IV—

P/IV—

Market implies +43.0%/yr