First and foremost, thank you to professor Damodaran (NYU, Stern school of Business) for putting up all his class materials on corporate finance and valuation. He is the source of my learning and inspiration.
Secondly, when valuing startup biotechs, I use projected cash flows (and probabilities of getting to those cash flows). I don’t use multiples simply because in this case they do not make sense to me.
Use my reports at your own discretion, they are free. I use these as my learning tool and take no responsibility for the calculations, assumptions and forward looking statements that are documented. Feel free to engage in constructive criticism — whatever doesn’t kill me makes me stronger — apparently, thanks Beyonce!