The author states that the Roche payment would be (up to?) $30M, or about .15 per share, if Roche initiates a Phase 3 trial on EBI-031 by the end of 2026. Assuming the share structure has not changed since then (?) that would imply a CVR value of up to .15, would which then need to be discounted in two ways - the payment is not certain and might not occur until 27 months from now.