The current model INCLUDES the following assets and assumptions:
The current model is based on operating metrics, including:
The Heritage Business has an estimated value of $124.58 million, revised from a previous estimate of $85.8 million. The change reflects full-year 2026 revenue that's much higher than prior estimates. As ECO Synthesis begins contributing meaningful revenue this year, it will be more difficult to gauge the health of the legacy segment unless the company provides detailed financials.
The Heritage Business can return to growth beginning in 2028 if customer assets in pivotal studies earn approvals. Three such assets had data readouts in recent months with two claiming success, which leaves the pipeline with 11 more customer assets. Every approval represents a multi-year revenue stream.
The ECO Synthesis platform is valued at $197 million, revised from a previous estimate of $233 million. The revision more accurately reflects guidance for the GMP facility to be fully operational by the end of 2027 (later than expected). This component can become more valuable if ligation services ramp in 2026.
The current model EXCLUDES the following assets:
Research Notes
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