Apr. 22 at 3:36 PM
$CMMB rNPV snapshot (no BTD, base case):
Stripping out hype and just running the numbers:
• PSC (P3): ~
$200–230M rNPV
• SSC (P2): ~
$30–40M
• Pipeline optionality: ~
$20–40M
👉 Total rNPV ≈ ~
$260–300M
Now adjust for reality:
Cash ~
$10M → they will need to raise or partner
Applying a 30–60% financing haircut:
👉 ~
$110–200M equity value
With ~7.5M shares:
👉 Implied value ≈
$15–25/share (pre-dilution equivalent)
This isn’t a science question, it’s a financing question.
Not financial advice.
