Therapeutic Discovery Platforms Sector Outlook — September 2026

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HEALTH CARE › PHARMACEUTICALS, BIOTECHNOLOGY AND LIFE SCIENCES › THERAPEUTIC DISCOVERY PLATFORMS

Therapeutic Discovery Platforms: Priced One by One

How the market is currently pricing platform reusability against single-asset dependency across the clinical-stage platform companies on this screen, and what the transaction record shows about who is buying.

September 2026 · Prepared by NeuraCap AI · Confidential

Market data as of 2026-09-28 · primary valuation basis EV / Revenue (CY2027E)

Therapeutic Discovery Platforms Coverage | September 2026 | Confidential | Not investment advice

Sources & methodology

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1. 01

   HEALTH CARE › PHARMACEUTICALS, BIOTECHNOLOGY AND LIFE SCIENCES › THERAPEUTIC DISCOVERY PLATFORMS

   Cover slide introducing the September 2026 outlook on Therapeutic Discovery Platforms.

   We open with the state of play across Therapeutic Discovery Platforms as of September 2026, priced primarily on EV / Revenue for CY2027E. This report shows why the market treats each platform in this segment on its own terms — so what follows is a name-by-name read, not a segment-wide multiple.

   Everything on this page

   HEALTH CARE › PHARMACEUTICALS, BIOTECHNOLOGY AND LIFE SCIENCES › THERAPEUTIC DISCOVERY PLATFORMS Therapeutic Discovery Platforms: Priced One by One How the market is currently pricing platform reusability against single-asset dependency across the clinical-stage platform companies on this screen, and what the transaction record shows about who is buying. September 2026 · Prepared by NeuraCap AI · Confidential Market data as of 2026-09-28 · primary valuation basis EV / Revenue (CY2027E) Therapeutic Discovery Platforms Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 1

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   CONTENTS

   What This Report Covers

   This page lists the five sections and the appendix the report runs through.

   We've built this report so the bottom line comes first — read section one alone and you have the whole story. From there we walk the landscape, the valuation work, the precedent deals, and what they mean for a platform owner's next planning cycle. So what: you can go as deep as the room needs, one section at a time.

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   CONTENTS What This Report Covers 01 The Bottom Line The Bottom Line on Therapeutic Discovery Platforms 02 The Landscape One Segment Label, Seven Platforms, Four Forward Prices 03 Valuation & Situations Forward Revenue Is the Yardstick This Market Is Read On 04 Precedent Transactions What Buyers Agreed to Pay for Platform Companies 05 Strategic Implications What This Pricing Means for a Platform Owner 06 Appendix Comparables Detail, Methodology, Sources and Assumptions Therapeutic Discovery Platforms Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 2

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   01 · THE BOTTOM LINE

   Therapeutic Discovery Platforms Sit in One Segment, and the Market Prices Each Platform Separately

   This page summarizes the report's core finding on one page: one segment, priced individually.

   Here's the headline: Therapeutic Discovery Platforms sit inside a single segment label, but the market is pricing each platform separately on EV / Revenue for CY2027E. Only 4 of the 7 companies on this page carry a forward multiple, and the sector median lands at 2.7x. So what: any conversation about this space has to start with the individual name, not the segment average.

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   01 · THE BOTTOM LINE Therapeutic Discovery Platforms Sit in One Segment, and the Market Prices Each Platform Separately The full story on one page · figures on EV / Revenue (CY2027E), market data as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / Revenue on CY2027E consensus (4 of 7 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Qualitative characterisations are NeuraCap views. Therapeutic Discovery Platforms Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 3 1 Forward Revenue Is the Yardstick This Set Is Read On EV / Revenue on CY2027E is the lead convention here: with forward revenue growth in the middle of the range at 45%, a set priced on growth is read on revenue rather than on profit. The middle of the price range sits at 2.7x, and 4 of the 7 companies on the page carry a forward multiple. 2 Platform Breadth Sits Alongside the Top of the Range Denali Therapeutics Inc. (DNLI) holds the top of the range at 18.3x forward revenue, with Cellectis S.A. (CLLS) at the bottom at 0.8x. A forward multiple already credits forecast growth, so a premium that survives it is associated with durability rather than with one year's step-up. 3 Large Pharma Buyers Cluster Around Mechanisms, Sponsor Buyers Around Services Across the 9 transactions in this record, whole-company deals run up to $6.6B, where Johnson & Johnson took Momenta Pharmaceuticals, Inc. At the other end, Arlington Capital Partners took IPA Europe B.V., which reads as a sponsor positioned where cash generation is legible rather than where clinical risk sits. 4 Collaboration Economics Are the Revenue Quality You Control On the 4 companies carrying a forward growth estimate, the readings are far apart: Cellectis S.A. (CLLS) at 72% and Bicycle Therapeutics plc (BCYC) at -52%. Upfronts, option-to-license terms and the milestone and royalty stack are where revenue quality is shaped between clinical readouts. 2.7x Sector median EV/Revenue CY2027E consensus · EV/Revenue is the lens because only 1 of 7 names carry a meaningful forward EBITDA 18.3x Premium end EV/Revenue vs 0.8x at the discount end top quartile (n=1) against bottom quartile (n=1) on EV/Revenue — the spread the report explains 12 Transactions with disclosed terms 45 recorded in this tier · 3 told as case studies, the full list in the appendix

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   02

   This divider introduces the market map section covering seven platform companies.

   We're moving into the landscape section — one segment label, seven platforms, four forward prices, covering clinical-stage platforms with wholly owned pipelines. So what: the next few pages show exactly where the pricing starts to split inside that single label.

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   SECTION 02 02 THE LANDSCAPE One Segment Label, Seven Platforms, Four Forward Prices Clinical-stage platforms with wholly owned pipelines cover the whole screen. 02 of 06 Therapeutic Discovery Platforms Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 4

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   02 · MARKET MAP

   One Segment Label Covers the Screen; The Pricing Splits Inside It

   This page groups the seven approved companies by business segment and shows median EV/Revenue by group.

   We group all seven companies under one segment label, then show the median EV / Revenue for CY2027E within it. The label alone doesn't explain the pricing spread we see across names. So what: the segment tells you where a company sits on the map, not what it's worth — that comes next.

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   02 · MARKET MAP One Segment Label Covers the Screen; The Pricing Splits Inside It 7 approved companies grouped by business segment · median EV / Revenue (CY2027E) per group · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Segment grouping follows the platform's classification; group medians on rated names only. "Why it matters" lines are NeuraCap views. Therapeutic Discovery Platforms Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 5 CLINICAL-STAGE PLATFORM THERAPEUTICS WITH WHOLLY OWNED PIPELINES 7 cos median 2.7x Denali (DNLI) Benitec Biopharma (BNTC) Cellectis S.A. (CLLS) Caribou (CRBU) Bicycle (BCYC) Sangamo (SGMO) TScan Therapeutics (TCRX) Every company on this screen is grouped here, so the pricing question is settled inside the segment rather than between segments.

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   02 · LANDSCAPE

   The Segment Label Only Takes You so Far on Price — the Ranking Takes You Further

   This page ranks the approved universe by EV/Revenue (CY2027E) medians beyond the segment label.

   The segment label gets us only so far — the ranking on EV / Revenue for CY2027E takes the story further. We lay out what each company does and why it matters commercially, drawing on rated names only. So what: the ranking, not the label, is where the real differentiation in this market shows up.

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   02 · LANDSCAPE The Segment Label Only Takes You so Far on Price — the Ranking Takes You Further Segment view of the approved universe · EV / Revenue (CY2027E) medians on rated names · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. "What they do / why it matters" is a NeuraCap view. Full company-level detail in the appendix and companion tables. Therapeutic Discovery Platforms Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 6 Segment n Share of universe Median EV/Revenue Names to know What they do — and why it matters Clinical-stage platform therapeutics with wholly owned pipelines 7 100% 2.7x Denali Therapeutics Inc. (DNLI) · Benitec Biopharma Inc. (BNTC) · +5 more The whole screen, one label. Seven companies, 100% of the set, all running platforms with wholly owned pipelines and collaboration-led revenue. The middle of the segment sits at 2.7x forward revenue, with 4 of the 7 carrying a forward multiple. Because the label does not separate them, positioning is argued on candidate cadence, partner roster and retained downstream economics.

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   03

   This divider introduces the valuation section built on forward revenue as the yardstick.

   We turn now to valuation — EV / Revenue on CY2027E is the yardstick this market is read on, with four of the seven companies carrying a forward multiple. So what: the next pages show exactly where those four sit, and how far apart they are.

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   SECTION 03 03 VALUATION & SITUATIONS Forward Revenue Is the Yardstick This Market Is Read On EV / Revenue on CY2027E across the 7 companies on the page, 4 of them carrying a forward multiple. 03 of 06 Therapeutic Discovery Platforms Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 7

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   03 · PUBLIC MARKET VALUATION

   Four Platforms Carry a Forward Price, and They Sit Far Apart

   This page ranks the four rated companies by EV/Revenue (CY2027E), sorted descending, against a 2.7x sector median.

   Four platforms carry a forward price here, and they sit far apart: Denali Therapeutics Inc. (DNLI) tops the range at 18.3x, against a sector median of 2.7x, with Cellectis S.A. (CLLS) at the bottom at 0.8x. We use EV / Revenue as the lens because only one of the seven names carries a meaningful forward EBITDA. So what: this spread is the clearest evidence that the market prices each platform on its own terms, not as a segment.

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   03 · PUBLIC MARKET VALUATION Four Platforms Carry a Forward Price, and They Sit Far Apart EV / Revenue (CY2027E) · all 4 rated companies, sorted descending · sector median 2.7x · EV/Revenue is the lens because only 1 of 7 names carry a meaningful forward EBITDA · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / Revenue on CY2027E consensus (4 of 7 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Tier zones are NeuraCap groupings cut at the rated set's quartiles; every multiple quoted on this page is a median on the same EV / Revenue (CY2027E) basis. Panel commentary is a NeuraCap view. Therapeutic Discovery Platforms Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 8 PREMIUM · median 18.3x CORE · median 2.7x DISCOUNT · median 0.8x Sector median 2.7x WHAT SEPARATES THE TWO ENDS The two ends of the range. Denali Therapeutics Inc. (DNLI) holds the top of the range at 18.3x forward revenue; Cellectis S.A. (CLLS) sits at the bottom at 0.8x. In this sector the premium end sits alongside evidence of platform reusability — repeat development candidates rather than one lead asset — and the forward lens has already credited the growth inside the estimate. Two names hold the middle. Benitec Biopharma Inc. (BNTC) and Caribou Biosciences, Inc. (CRBU) sit between the two ends, in the band the chart marks as Core. For companies in that band the argument is usually made on proof of mechanism and on how many partners have come back for a second target. Three of seven carry no price. Bicycle Therapeutics plc (BCYC), Sangamo Therapeutics, Inc. (SGMO) and TScan Therapeutics, Inc. (TCRX) appear on the page without a forward multiple. Their positioning is argued on the translational package, the partner roster and runway to the next readout rather than on a ranked multiple.

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   03 · VALUATION DRIVERS

   Price Here Sits Alongside Candidate Cadence, Partner Behaviour and Runway

   This page splits EV/Revenue (CY2027E) medians by revenue-growth and EBITDA-margin cohorts.

   We cut the rated names by revenue-growth cohort and by EBITDA-margin cohort, split at each cohort's covered median. This lets us test whether price sits alongside candidate cadence, partner behaviour, and runway rather than in isolation. So what: the association we see between cohort and price shapes where the next capital-allocation conversation should start — not a claim of cause, but a pattern worth acting on.

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   03 · VALUATION DRIVERS Price Here Sits Alongside Candidate Cadence, Partner Behaviour and Runway Median EV / Revenue (CY2027E) by revenue-growth cohort and by EBITDA-margin cohort (each split at its covered median) · rated names with estimates · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Cohort medians on rated names with the required estimates (faster n=0; slower n=0; higher-margin n=0; lower-margin n=0). Driver readings are NeuraCap views on the supplied data — association, not causation. Therapeutic Discovery Platforms Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 9 Forward Growth Estimates in This Set Do Not Point the Same Way On the 4 companies carrying a forward growth estimate, the readings run from clearly negative to strongly positive. Caribou Biosciences, Inc. (CRBU) sits at 17% and TScan Therapeutics, Inc. (TCRX) at -1%, between the two ends of that group. A forward revenue lens reads those estimates directly, so an estimate that rests on a single contract behaves differently from one built on several partners. Revenue Here Is Upfronts, Milestones and Royalties What shows up as revenue in this set is collaboration economics: upfront payments, research funding, option exercises and the milestone and royalty stack. Two companies can report the same number with very different durability behind it. Repeat-partner rate and how much downstream economics were retained are what separate the two cases. Runway to the Next Catalyst Is Associated with the Terms on Offer Financing position is part of how this cohort transacts. A company funded through its next biomarker readout negotiates option-to-license terms from a different footing than one financing into the readout. This is an association visible in how deals in the sector are customarily structured, not a measured relationship in this screen. Foundational Intellectual Property Is Often In-Licensed, Not Owned In several modalities the underlying claims sit upstream with universities and institutes, carrying diligence obligations, field carve-outs and reversion rights. Composition-of-matter term and freedom to operate bound the realisable royalty window. These are standard gating items in diligence and they shape what a buyer will underwrite.

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    03 · SITUATION MAP

    Value Here Is Concentrated at the Top of the Price Ranking, and the Margin Question Stays Open

    This page maps rated companies by EV/Revenue versus the sector median and EBITDA margin versus the covered median.

    We cut the set on EV / Revenue against the 2.7x sector median, mapped against EBITDA margin against the covered median. Value here concentrates at the top of the price ranking, while the margin question stays open for names without a second measure. So what: this is a map of situations, not a recommendation — it tells you where to look next, not what to do.

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    03 · SITUATION MAP Value Here Is Concentrated at the Top of the Price Ranking, and the Margin Question Stays Open Cut on EV / Revenue vs the sector median (2.7x) (rows) and EBITDA margin vs the covered median (n/a) (columns) · 4 rated names without the second measure are not mapped · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Situation boundaries are the cohort's own medians (Directional, NeuraCap view). This page characterises situations; it does not recommend buying or selling any security. Therapeutic Discovery Platforms Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 10 Priced up, with Margin Support Above-median multiple · above-median EBITDA margin 0 names No rated names sit in this cell as of the analysis date. Priced up, Investing Through the P&L Above-median multiple · below-median EBITDA margin 0 names No rated names sit in this cell as of the analysis date. Cash-Generative, Priced Below the Middle Below-median multiple · above-median EBITDA margin 0 names No rated names sit in this cell as of the analysis date. Below the Middle on Both Lines Below-median multiple · below-median EBITDA margin 0 names No rated names sit in this cell as of the analysis date.

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    03 · THE AGENDA

    The Capital Allocation Decisions Behind the Next Planning Cycle

    This page frames the capital-allocation questions an owner or acquirer should resolve next.

    We frame the questions an owner or acquirer in this space should be resolving now, grounded in the cohort data from the prior pages. These are observations on where capital allocation decisions sit, not directives. So what: use this agenda to structure the next planning-cycle discussion internally.

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    03 · THE AGENDA The Capital Allocation Decisions Behind the Next Planning Cycle NeuraCap view · framed as the questions an owner or acquirer should resolve · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All content on this page is Directional — NeuraCap advisory judgment grounded in the cohort data shown earlier. It does not constitute investment advice. Therapeutic Discovery Platforms Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 11 Fund the Second Development Candidate, or Concentrate Behind the Lead The top of the forward range in this set is held by a company with breadth across clinical-stage programs. Decide whether the next research dollar buys a second nominated candidate from the same platform or deepens the lead program's translational package. What changes the answer: A second development candidate nominated from the platform inside the planning year. Decide How Much Downstream Economics You Keep Option-to-license structures convert research into non-dilutive funding, but they move royalties and profit shares to the partner at the point where optionality is highest. Set a rule for which targets are partnered and which stay wholly owned before the next term sheet arrives. What changes the answer: A partner requesting broader territory or field rights on a nominated target. Match Runway to the Readout, Not to the Fiscal Calendar Financing position shapes the terms a company can hold out for in this sector. Work back from the next biomarker readout and size the cash to clear it, so negotiation is not happening while the overhang is visible to the counterparty. What changes the answer: A readout date slipping past the point the current cash covers. Test Freedom to Operate on In-Licensed Foundational Rights Where foundational claims sit upstream with a university or institute, diligence obligations, field carve-outs and reversion terms shape what a counterparty will underwrite. Resolve chain of title and composition-of-matter term before they become a gating item in someone else's diligence. What changes the answer: A diligence or reversion clause upstream becoming contested.

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    This divider introduces the precedent transactions section covering nine recorded deals.

    We turn now to the deal record — nine recorded transactions between December 2019 and August 2025, with strategics and sponsors both active. So what: the next pages show what buyers have actually agreed to pay for platform companies in this space.

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    SECTION 04 04 PRECEDENT TRANSACTIONS What Buyers Agreed to Pay for Platform Companies Nine recorded transactions from December 2019 to August 2025, with strategics and sponsors both active. 04 of 06 Therapeutic Discovery Platforms Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 12

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    04 · DEAL CASE STUDIES

    What Buyers Agreed to Pay for Discovery Platforms Since 2019

    This page walks through three of the transactions with disclosed terms as case studies, out of the fuller precedent list.

    We highlight three transactions with disclosed terms as case studies, with multiples on LTM financials at announcement. At the top end, Johnson & Johnson's acquisition of Momenta Pharmaceuticals, Inc. reached $6.6B; at the smaller end, Arlington Capital Partners took IPA Europe B.V. So what: these two data points bracket where large pharma and sponsor buyers each sit in this market — mechanism scale on one side, contracted cash generation on the other.

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    04 · DEAL CASE STUDIES What Buyers Agreed to Pay for Discovery Platforms Since 2019 3 of 12 transactions with disclosed terms, told as case studies · multiples on LTM financials at announcement where disclosed · the complete list is in the appendix · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 42 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 33 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. "Why the deal happened" is a NeuraCap read of the recorded evidence. Therapeutic Discovery Platforms Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 13 Feb-2022 $207M Dynamics Special Purpose Corp. Senti Biosciences took a route to public capital through Dynamics Special Purpose Corp. at $207M. EV / LTM revenue 82.3x EV / LTM EBITDA n/a WHY THE DEAL HAPPENED A special purpose vehicle combining with a cell-therapy platform company suggests a financing route: the vehicle brings cash and a listing, the target brings the programs and the platform. For a company whose value sits in future development candidates rather than current revenue, this is a way to fund the next clinical steps without a partner taking downstream economics. HOW THE TARGET WAS VALUED The transaction was recorded at $207M enterprise value and 82.3x EV / Revenue, on value as recorded in the filing. That multiple sits well above the forward multiples the public companies on this screen carry, which is what happens when the revenue base is early collaboration income. Aug-2025 $85M AstraZeneca Treasury Limited AstraZeneca Treasury Limited completed the purchase of China operations at $85M. EV / LTM revenue n/a EV / LTM EBITDA n/a WHY THE DEAL HAPPENED A large pharmaceutical buyer taking a regional operating base suggests a footprint and capability purchase rather than a pipeline purchase. The scale of the transaction points to an addition to existing infrastructure, which is the kind of asset a buyer with global development and regulatory capability can absorb quickly. HOW THE TARGET WAS VALUED Recorded at $85M enterprise value and completed in August 2025. Set against the whole-company transactions in this record, such as the $4.3B recorded for Biohaven Ltd., it sits at the small end of the range. Aug-2025 $12M Arlington Capital Partners Arlington Capital Partners completed the purchase of IPA Europe B.V. at $12M. EV / LTM revenue n/a EV / LTM EBITDA n/a WHY THE DEAL HAPPENED A financial sponsor buying a European discovery-services business fits the pattern of sponsor activity in this sector: it transacts where revenue is contracted and cash generation is legible, rather than where value rests on a binary clinical readout. The logic reads as building a services platform that sells into drug developers. HOW THE TARGET WAS VALUED The transaction is recorded at $12M enterprise value and completed in August 2025. It sits at the small end of this record, consistent with a services-edge asset rather than a clinical-stage pipeline.

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    05

    This divider introduces the strategic implications section on candidate cadence, partner economics and runway.

    We close the analytical work by turning to what this pricing means for a platform owner — candidate cadence, partner economics, and runway are the levers management actually holds. So what: the next page turns the data into a set of operating priorities.

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    SECTION 05 05 STRATEGIC IMPLICATIONS What This Pricing Means for a Platform Owner Candidate cadence, partner economics and runway are the levers management actually holds. 05 of 06 Therapeutic Discovery Platforms Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 14

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    05 · STRATEGIC IMPLICATIONS

    Higher Multiples Sit with Revenue Quality and Runway — Build Both over the Next Two Planning Cycles

    This page argues that higher multiples sit with revenue quality and runway, framed as questions for the next twelve months.

    Our view: higher multiples in this set sit alongside revenue quality and runway, and both are buildable over the next two planning cycles. We frame this as the questions the data puts on the table for the next twelve months, not as a settled conclusion. So what: candidate cadence and partnering terms are the levers a management team controls directly, right now.

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    05 · STRATEGIC IMPLICATIONS Higher Multiples Sit with Revenue Quality and Runway — Build Both over the Next Two Planning Cycles NeuraCap view · the questions this data puts on the table for the next twelve months Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. This page is Directional — NeuraCap views drawn from the analysis in this report. Observations, not recommendations. Therapeutic Discovery Platforms Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 15 FOR OWNERS Breadth of the Clinical Pipeline Sits Alongside the Top of the Range In this set the top of the forward range is held by a company running multiple clinical-stage programs, while companies dependent on a single lead sit lower. The operating move is candidate cadence: how many development candidates the platform nominates a year, and how many partners come back for a second target. FOR BOARDS Revenue Quality Is Set in the Partnering Terms, Not in the Headline Total Announced collaboration totals bundle upfront, research funding, milestones and royalties. What the market reads on a forward revenue lens is the committed and recurring portion. Decide, target by target, how much of the milestone and royalty stack the company keeps before agreeing the next structure. FOR PARTNERING TEAMS Buyer Behaviour Splits by What the Buyer Already Owns In this record, large pharmaceutical and specialty buyers took whole companies with mechanisms they can scale, while a sponsor took a services asset at the smaller end. Pitch each counterparty group on what it is set up to absorb: development and regulatory reach on one side, contracted revenue on the other.

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    This divider introduces the appendix covering the full comparables universe, methodology, and sources.

    We close with the full universe, the methodology, and the sources behind every figure in the body. So what: any figure you want to trace back to its filing or estimate is here.

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    SECTION 06 06 APPENDIX The Full Universe, Methodology and Sources Comparables detail behind every figure in the body, the valuation basis, and where each underlying disclosure lives. 06 of 06 Therapeutic Discovery Platforms Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 16

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    06 · PUBLIC COMPARABLES (1 OF 1)

    Public Comparables on EV / Revenue (CY2027E), Grouped by Valuation Tier

    This page lists all rated public comparables on EV/Revenue (CY2027E), grouped by valuation tier.

    We show all four rated companies here, shaded against the 2.7x sector median, with three additional names carrying no eligible EV / Revenue multiple. Tickers link back to the underlying source. So what: this is the complete rated set behind every multiple quoted earlier in the report.

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    06 · PUBLIC COMPARABLES (1 OF 1) Public Comparables on EV / Revenue (CY2027E), Grouped by Valuation Tier Teal shading marks a EV/Revenue above the sector median (2.7x); amber marks below · 4 rated companies; 3 not rated (no eligible EV/Revenue) · tickers link to the underlying source · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All 4 rated rows are in this appendix and in the companion workbook, which carries the complete field set. Names without an eligible multiple are listed in the companion workbook. Therapeutic Discovery Platforms Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 17 Company Ticker Segment EV EV/Revenue (CY2027E) Rev growth EBITDA margin Rule of 40 PREMIUM — ≥7.9x · median 18.3x · 1 companies Denali Therapeutics Inc. DNLI Clinical-stage platform therapeutics with wholly owned… $2.4B 18.3x n/a n/a n/a CORE — 0.9x–7.9x · median 2.7x · 2 companies Benitec Biopharma Inc. BNTC Clinical-stage platform therapeutics with wholly owned… $160M 4.4x n/a n/a n/a Caribou Biosciences, Inc. CRBU Clinical-stage platform therapeutics with wholly owned… $29M 1.0x 17% n/a n/a DISCOUNT — <0.9x · median 0.8x · 1 companies Cellectis S.A. CLLS Clinical-stage platform therapeutics with wholly owned… $72M 0.8x 72% n/a n/a

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    06 · PRECEDENT TRANSACTIONS (1 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    This page lists precedent transactions with disclosed terms, newest first, part one of two.

    We list every transaction with disclosed terms here, newest first, with multiples on LTM financials at announcement where disclosed. Deal values link to the underlying filing. So what: this is the primary evidence behind the deal patterns we described earlier in the report.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (1 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 12 transactions with disclosed terms in this tier (45 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 42 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 33 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. Therapeutic Discovery Platforms Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 18 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Aug-2025 AstraZeneca Treasury Limited → China operations $85M n/a n/a AstraZeneca Treasury Limited acquired China operations in August 2025 at $85M enterprise value, recorded as completed. A purchase of this size reads as regional footprint rather than a whole-platform acquisition. Aug-2025 Arlington Capital Partners → IPA Europe B.V. $12M n/a n/a Arlington Capital Partners completed the purchase of IPA Europe B.V. in August 2025 at $12M enterprise value. Financial sponsors in this sector are most active where cash generation is legible, which is the discovery-services and platform-licensing edge. Mar-2024 n/a → Biohaven Ltd. $4.3B n/a n/a Biohaven Ltd. was recorded at $4.3B enterprise value in March 2024, with the counterparty listed as n/a and the status announced. Value is shown as recorded in the filing. Feb-2022 Dynamics Special Purpose Corp. → Senti Biosciences, Inc. $207M 82.3x n/a Dynamics Special Purpose Corp. and Senti Biosciences, Inc. were announced in February 2022 at $207M enterprise value and 82.3x EV / Revenue. The revenue base behind that multiple is early collaboration income rather than product sales. Feb-2022 Novo Nordisk A/S → Dicerna Pharmaceuticals n/a 14.2x n/a Novo Nordisk A/S and Dicerna Pharmaceuticals was announced in February 2022 at 14.2x EV / Revenue. A buyer of this type already carries the development, regulatory and commercial infrastructure a platform company lacks. Apr-2021 Roivant Sciences Ltd. → Silicon Therapeutics LLC $5.0B 0.7x 8.8x Roivant Sciences Ltd. and Silicon Therapeutics LLC was recorded at $5.0B enterprise value, 0.7x EV / Revenue and 8.8x EV / EBITDA in April 2021, with the status recorded as terminated. Announced terms are not realised terms. Nov-2020 PerkinElmer, Inc. → Horizon Discovery Group plc n/a 5.2x n/a PerkinElmer, Inc. and Horizon Discovery Group plc was announced in November 2020 at 5.2x EV / Revenue. Buyers of research tools are pricing a revenue stream they can apply across an existing customer base. Aug-2020 Johnson & Johnson → Momenta Pharmaceuticals, Inc. $6.6B 0.7x 8.8x Johnson & Johnson completed the acquisition of Momenta Pharmaceuticals, Inc. in August 2020 at $6.6B enterprise value, 0.7x EV / Revenue and 8.8x EV / EBITDA. Value is shown as recorded in the filing. Dec-2019 Sanofi S.A. → Synthorx, Inc. n/a 1.6x n/a Sanofi S.A. and Synthorx, Inc. was announced in December 2019 at 1.6x EV / Revenue. The fit reads as a specialist biology capability moving to a buyer with late-stage development reach.

19. 19
    06 · PRECEDENT TRANSACTIONS (2 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    This page continues the full list of precedent transactions with disclosed terms, newest first.

    We continue the same list here, completing the record of transactions with disclosed terms, still ordered newest first. Deal values here link back to the underlying filing just as on the prior page. So what: between these two pages, every disclosed deal we cite anywhere in this report is fully sourced.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (2 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 12 transactions with disclosed terms in this tier (45 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 42 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 33 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. Therapeutic Discovery Platforms Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 19 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Dec-2019 Merck & Co., Inc. → ArQule, Inc. n/a 1.4x n/a Aug-2019 Tonix Pharmaceuticals Holding Corp. → TRImaran Pharma, Inc. $0M n/a n/a Value shown as recorded in the filing; deal value unit unresolved. Feb-2019 Merck (NYSE: MRK) → Immune Design Corp. n/a 0.7x n/a Value shown as recorded in the filing; deal value unit unresolved.

20. 20
    06 · METHODOLOGY

    Sources, Assumptions and Data Quality

    This page explains the sources, assumptions, and data-quality treatment behind the report.

    We set out how this report was built — what was included, what was excluded, and where every underlying disclosure lives. Every figure in this report links to the record it was taken from, or the appendix names its source where it doesn't. So what: this is where to check any number in this deck against its original filing or estimate.

    Everything on this page

    06 · METHODOLOGY Sources, Assumptions and Data Quality How this report was built, what was excluded, and where every underlying disclosure lives · as of 2026-09-28 Every figure in this report links to the record it was taken from. Where a figure has no link, the appendix names its source and the basis on which it was read. Therapeutic Discovery Platforms Coverage | September 2026 | Confidential | Not investment advice 20 VALUATION BASIS Primary valuation basis: EV / Revenue on CY2027E consensus (4 of 7 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). EV / Revenue on CY2027E is the lead convention: it is the sector-appropriate prior for Therapeutic Discovery Platforms and it clears the coverage gate with 7 of 7 companies (100%). No secondary cross-check clears its own gate. A revenue lens is used rather than a profit multiple because the cohort's median forward revenue growth is 45%, and a set priced on growth is read on revenue. DATA QUALITY & EXCLUSIONS 42 records were excluded or quarantined by the platform's validation gates (unit errors, implausible ratios, ineligible securities and classification failures); the full ledger ships in the companion tables and never feeds a statistic in this report. DEFINITIVE VS DIRECTIONAL Definitive content is disclosed or consensus data passed through stated arithmetic. Directional content — tier boundaries, situation cuts, "why it matters" commentary, the agenda pages — is NeuraCap analyst judgment and is labeled as such where it appears. WHAT THIS REPORT IS NOT This report characterises a sector. It does not recommend buying, selling or holding any security, and no statement in it should be read as investment advice or a price target. WHERE THE DATA LIVES 256 registered source documents stand behind the figures in this report. Metric hyperlinks throughout the deck open the specific filing or data record; by publisher: sec.gov (255) · home.treasury.gov (1). The companion workbook beside this deck carries the complete source index.

21. 21

    One Segment Label Here, Seven Platforms, and Four Forward Prices That Sit Far Apart.

    This closing slide restates the report's core finding: one segment, seven platforms, four forward prices far apart.

    One segment label here, seven platforms, and four forward prices that sit far apart. The companion tables carry the full universe, the exclusion ledger, and the complete source index for any figure you want to trace.

    Everything on this page

    One Segment Label Here, Seven Platforms, and Four Forward Prices That Sit Far Apart. NeuraCap AI — Therapeutic Discovery Platforms Coverage September 2026 · Prepared by NeuraCap AI · Confidential Therapeutic Discovery Platforms Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 21

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