Biotech Values

[Swick984]

The $60 million of EV did not include 1.7 million options with an average strike of ~$5.35 and did not include 600,000 penny warrants. So including those (1.7 million options with an intrinsic value of ~$3.65 = $6.2 million and 0.6 million penny warrants = $5.4 million). There are also 170,000 warrants with a strike above $13. So add another $12 million or so due to warrants and options. So an EV closer to $70-$75 million currently.

Appreciate the insight.