BIOTECH COMPANY REVIEW WORKSHEET
Yenra | Updated September 16, 2026
Guide: https://yenra.com/biotech-stocks/

Purpose: organize public evidence and make assumptions visible. This is an
educational worksheet, not a security recommendation or a valuation model.
Save a separate dated copy for each company. Use consistent currency and units.

COMPANY AND SOURCES
Company / ticker / exchange:
Review date and time:
Currency and unit (for example, USD millions):
Latest annual filing URL and period:
Latest quarterly filing URL and period:
Subsequent material filings:
Trial identifier, registry URL and last update:
Results paper or presentation URL and date:

SCIENTIFIC EVIDENCE
Asset / indication / exact patient population:
Ownership or licensing obligations:
Trial phase and design:
Comparator and randomization:
Prespecified primary endpoint and assessment time:
Primary result, absolute values and confidence interval:
Safety, discontinuations, exclusions and missing follow-up:
Exploratory findings (keep separate from prespecified findings):
Unresolved question and next evidence milestone:
Dependence of other pipeline programs on the same molecule or mechanism:

CASH RUNWAY: SIMPLIFIED SCENARIOS
Balance-sheet date:
Cash resources included and reason:
Restricted or unavailable resources excluded and reason:
Debt payments, capital commitments or other adjustments:
Available resources after stated adjustments (C):
Historical cash used per quarter (B), shown as a positive amount:
Source of B and any unusual items:
If a cash-flow statement is cumulative year-to-date, derive a quarter by
subtracting the prior cumulative period. Do not substitute net loss for cash use.

If C and B use the same units and B is positive:
  Simplified quarters of runway = C / B
  Simplified months of runway = 3 x C / B
State assumptions about spending, revenue, financing and milestone receipts.
If cash use is zero or negative, this simple burn-rate calculation is unsuitable.

Base case C / B / estimated months:
Higher-spending case C / B / estimated months:
Management's stated runway and assumptions:
Why estimates differ:
Time to next milestone; financing margin needed before cash runs out:

FICTIONAL CHECK EXAMPLE (USD millions; constant spending; no new financing)
C = 180; B = 30 per quarter -> 6 quarters -> 18 months.
C = 180; B = 45 per quarter -> 4 quarters -> 12 months.
A milestone in 15 months lies inside the first estimate and beyond the second.
These simplified calculations omit changing cash flows and financing costs.

FINANCING AND OWNERSHIP
Share-count date and existing shares (S):
Proposed new shares (N), issuance price, fees and expected net proceeds:
Options, warrants, convertibles, preferred shares and relevant conditions:
If your own share count stays fixed and only N new ordinary shares are issued:
  Fraction of previous ownership percentage retained = S / (S + N)
  Proportional reduction = 1 - S / (S + N)
Fictional example: S = 100 million; N = 25 million -> 80% retained, 20% reduction.
New shares are 25% of the old count. That uses a different denominator.
The company receives cash; this arithmetic alone does not predict share price.

CONCLUSION
Strongest measured evidence:
Largest unresolved scientific risk:
Largest financing assumption:
Portfolio concentration and liquidity considerations:
What would change this assessment:
Next review trigger:

Source context:
SEC guide: https://www.sec.gov/answers/reada10k.htm
Filings: https://www.sec.gov/edgar/search/
Trial records: https://clinicaltrials.gov/
FDA clinical phases:
https://www.fda.gov/patients/drug-development-process/step-3-clinical-research

Keep observed facts, management projections and your own estimates separate.