I How relevant are accounting cash flows in private biotech companies?

In revenue-generating firms, decisions can often be guided by accounting metrics. For example, measures like ROIC or ROCE help assess performance.

But biotech is different. Many biotech companies don’t have revenues, so EBITDA, margins, and even the balance sheet don’t fully reflect the company’s value.

The key question: Can we present numbers in a way that gives investors a clearer picture of cash flows and the true health of a biotech company?

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