Marker Therapeutics Inc (MRKR)

[Phantom Lord]

I'm not a huge fan of speculating that far out. Too many factors to take into account. If everything falls into place and data continues to impress I would then compare it to the acquisitions of Kite & Juno. Kite went for ~$12B and Juno went for ~10B (Celgene paid $9B but they already owned roughly 10% of Juno prior to that so I just gave the same valuation to their already owned shares to come up with $10B). If efficacy remains on par with currently existing CAR-T therapies then no reason we couldn't be worth, at least, the $12B that Kite was bought for. That's barring any change to the landscape of cell therapy which there is no way for us to know at this point in time how that might change.

The game changer here is that the toxicity of CAR-T therapies is damn near non-existent in our therapy. That should be worth something if it remains true throughout the trials. What is that worth? I can't say for sure so I'm just going to stick with the $12B valuation for now.

The current fully diluted share count is ~68.5M. If this number were to remain unchanged (it won't) then the price per share at a $12B valuation would be ~$175.

This is obviously assuming a lot of things that we have no way of knowing how they might turn out. I can almost guarantee our fully diluted share count will be higher 5 years from now. It's too far out to take any of these calculations seriously.

For now I am sticking to my valuation of ~$1B by Q2 of next year. I'm looking for $15-$20 a share. By then we should have more information regarding the cell therapy trials and more data might start pouring in to push us even higher.

Either way, I'm looking forward to next year.