RXRX_valuation.xlsx

	A	B	C	D	E	F	G	H	I	J	K	L	M	N	O
1		2023	2024	2025	2026	2027	2028	2029	2030	2031	2032	2033
2	partners	50	100	150	150	300	350	400	400	450	500	500		tax	discount
3	REC-994	-	-	-	-	100	300	400	500	550	500	500		0.1	0.1
4	REC-4881	-	-	-	-	100	200	300	350	350	300	300	Note that REC-994 and REC-4881 are already risk-adjusted using probability of success = 30%
5	total risk-adj revenue	50	50	100	100	500	850	1100	1250	1350	1300	1300
6	costs	300	350	350	400	450	485	510	525	535	530	530
7	earnings	-250	-300	-300	-300	50	365	590	725	815	770	770
8		0	1	2	3	4	5	6	7	8	9	10
9	NPV	-250	-272.7272727	-247.9338843	-225.3944403	34.15067277	226.6362829	333.0396187	372.0396357	380.2035149	326.5551661	296.8683329
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11	NPV sum	973.4376267
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13	PV of terminal value	296.8683329	(approximation)
14
15	total PV	1270.30596
16	cash	550
17	shares out	180
18
19	price/share	10.11281089
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