Going out 2 years there's no dcf to calculate (i.e. no rev model because there is no market yet). So simply burn rate at a wag of $500k/qtr to get to a marketable product. Figure negligible rev over that period (sample quantities), add in dev costs, minimal COGS, salary+burden, royalties, fees, marketing, gen overhead, etc. Of course that assumes favorable terms for a company still very much in discovery phase. Modeling equity at a max of 50% to market seems fair value in my mind. JMO.
GLTA, be back next year.