Attached is a calculation of MEIP's market cap using fully diluted shares O/S using the Treasury Stock Method (that assumes proceeds from the exercise of convertibles are used to buy shares in the open market) & enterprise valuation at $2.95/share. MEIP ended Q1 2020 with $94MM cash then secured a $100MM upfront payment in April 2020 from Kyowa Kirin. Hence with $194MM cash available versus an average of $11MM/$12MM in quarterly cash related operating expenses, it appears reasonable to conclude MEIP will not need a dilutive financing for years. Furthermore, Kyowa will fund US ME-401 development related expenses 50/50 with MEIP. Epizyme announced ~$180,000/year list pricing (~$14,000 28 day RX) for Tazemotostat (its 3rd line Follicular Lymphoma therapy). Should ME-401 be approved & obtain like pricing (b/c its the same indication) valuation should surge. At $2.50/share, MEIP's enterprise valuation would be ~$70MM. Hence the risk of material downside in share price appears remote.