ISSUE 4 Pages 3600-3732 File in the binder in order of THE VALUE LINE issue number, removing previous issue bearing Investment Survey® the same number.

—Small and Mid-Cap www.valueline.com

Part 2 Ratings & Reports December 6, 2019

New Rank 1 Stocks: Especially Noteworthy: For this issue 4, we are initiating coverage of two Biotechnology companies (HOOKIPA Amer. Software; Pharma Inc. and Osmotica Pharmaceuticals plc). Amerisafe Inc.; Artesian Res. Corp.; Civista Bancshares; ConnectOne Bancorp; (Continued on page 3732) The First Bancorp; First Hawaiian; First Interstate; First of Page Page Page Long Island; 1st MEDICAL SERVICES bluebird bio ...... 3645 Melinta Therapeutics ...... 3692 Source Corp.; AAC Holdings, Inc...... 3601 Brickell Biotech ...... 3646 Millendo Therapeutics ...... 3693 Karyopharm Therap.; Acadia Healthcare Co...... 3602 CASI Pharma...... 3647 ★ Merrimack Pharma...... 3694 Mercantile Bank; ★ Addus HomeCare Corp...... 3603 Catalyst Biosciences ...... 3648 Molecular Templates ...... 3695 NBT Bancorp; Prosperity; Sykes American Renal ...... 3604 Cellular Biomedicine ...... 3649 Momenta Pharma...... 3696 Enterprises; TC American Shared Hospital ... 3605 Cerus Corp...... 3650 Neon Therapeutics ...... 3697 PipeLines; Territorial Capital Senior Living ...... 3606 ChemoCentryx, Inc...... 3651 ★ Neurocrine Biosciences ...... 3698 Bancorp ★ CorVel Corp...... 3607 Chimerix, Inc...... 3652 Newlink Genetics ...... 3699 Diversicare Healthcare ...... 3608 China Biologic Products ...... 3653 Osmotica Pharma...... 3700 ★ Ensign Group, Inc...... 3609 Cidara Therapeutics ...... 3654 ★ PTC Therapeutics ...... 3701 Interpace Biosciences ...... 3610 Clovis Oncology ...... 3655 Pacific Biosciences ...... 3702 ★ Joint Corp. (The) ...... 3611 Codexis, Inc...... 3656 Palatin Technologies ...... 3703 ★ LHC Group, Inc...... 3612 Compugen Ltd...... 3657 Paratek Pharma...... 3704 Magellan Health Services .... 3613 ★ Corcept Therapeutics ...... 3658 Pluristem Therapeutics ...... 3705 ★ Natera, Inc...... 3614 Corvus Pharmaceuticals ...... 3659 Progenics Pharma...... 3706 ★ National HealthCare ...... 3615 Curis, Inc...... 3660 Protalix BioTherapeutics ...... 3707 ★ NeoGenomics, Inc...... 3616 ★ Cytokinetics, Inc...... 3661 Puma Biotechnology ...... 3708 PetIQ, Inc...... 3617 CytRx Corp...... 3662 REGENXBIO, Inc...... 3709 Providence Service ...... 3618 Editas Medicine ...... 3663 Repligen Corp...... 3710 Psychemedics Corp...... 3619 ★ Eidos Therapeutics ...... 3664 Rocket Pharma...... 3711 R1 RCM, Inc...... 3620 Eiger Biopharma...... 3665 Sangamo Therapeutics ...... 3712 RadNet, Inc...... 3621 Emergent Biosolutions ...... 3666 Sarepta Therapeutics...... 3713 ★ US Physical Therapy ...... 3622 Enanta Pharma...... 3667 Seres Therapeutics ...... 3714 ★ Epizyme, Inc...... 3668 Sesen Bio, Inc...... 3715 BIOTECHNOLOGY Esperion Therapeutics ...... 3669 Spectrum Pharma...... 3716 ★ ANI Pharma...... 3623 FibroGen, Inc...... 3670 Stemline Therapeutics ...... 3717 In Two Parts: ★ Acadia Pharma...... 3624 Fortress Biotech, Inc...... 3671 ★ Sunesis Pharma...... 3718 Part 1 is the Summary & Index. Acceleron Pharma, Inc...... 3625 Geron Corp...... 3672 Surface Oncology ...... 3719 This is Part 2, Ratings & Reports. Volume XXV, Number 43. Acorda Therapeutics ...... 3626 Global Blood Therap...... 3673 Synthetic Biologics ...... 3720 Aduro BioTech, Inc...... 3627 Halozyme Therapeutics ...... 3674 Ultragenyx Pharma...... 3721 Published weekly by VALUE LINE PUBLISHING LLC Aevi Genomic Medicine ...... 3628 HOOKIPA Pharma, Inc...... 3675 VIVUS, Inc...... 3722 551 Fifth Avenue Agenus, Inc...... 3629 ★ Idera Pharmaceuticals...... 3676 Vanda Pharma...... 3723 New York, NY 10176. Aldeyra Therapeutics ...... 3630 Immunogen, Inc...... 3677 Vaxart, Inc...... 3724 © 2019 Value Line, Inc. All rights reserved. Alpine Immune ...... 3631 Immunomedics ...... 3678 ★ Verastem, Inc...... 3725 Factual material is obtained from sources be- Amicus Therapeutics ...... 3632 Innoviva, Inc...... 3679 ★ Vericel Corp...... 3726 lieved to be reliable and is provided without warranties of any kind. THE PUBLISHER IS Amyris, Inc...... 3633 Inovio Pharma...... 3680 ★ Verrica Pharma...... 3727 NOT RESPONSIBLE FOR ANY ERRORS ★★ Anika Therapeutics ...... 3634 Insmed, Inc...... 3681 XBiotech, Inc...... 3728 OR OMISSIONS HEREIN. This publication is strictly for each subscriber's own, non-com- Applied Genetic Tech...... 3635 Intrexon Corp...... 3682 Xencor, Inc...... 3729 mercial, internal use. No part of this publica- ★ Arena Pharmaceuticals ...... 3636 KalVista Pharma...... 3683 ★ XOMA Corp...... 3730 tion may be reproduced, resold, stored or transmitted in any printed, electronic or other Arrowhead Pharma...... 3637 Kezar Life Sciences ...... 3684 ZIOPHARM Oncology ...... 3731 form, or used for generating or marketing any ArQule, Inc...... 3638 Lexicon Pharma ...... 3685 printed or electronic publication, service or product. Officers, directors, employees of Atara Biotherapeutics ...... 3639 Ligand Pharma...... 3686 SUPPLEMENTARY REPORTS 3732 Value Line, Inc. ("VLI") and its affiliates and Athersys, Inc...... 3640 Liquidia Technologies ...... 3687 subsidiaries, and EULAV Asset Management ("EULAV"), may hold stocks that are reviewed Audentes Therapeutics ...... 3641 MacroGenics, Inc...... 3688 ★ ★ or recommended in this publication. Nothing Avid Bioservices ...... 3642 MannKind Corp...... 3689 ★★ Rank highest for Performance. herein should be construed as an offer to buy BioCryst Pharma ...... 3643 ★ Marinus Pharma...... 3690 ★ or sell securities or to give individual invest- Rank above average. ment advice. ★ BioDelivery Sciences ...... 3644 MediciNova, Inc...... 3691 December 6, 2019 THE VALUE LINE INVESTMENT SURVEY — SMALL and MID-CAP 3600

Ian Gendler, Executive Director of Research

Kevin O’Sullivan, Co-Managing Editor Ann-Marie Mendoza, Co-Managing Editor

Dominic Silva, Portfolio Manager Michael Lavery, Portfolio Manager

EQUITY DATA DIVISION INFORMATION TECHNOLOGY Curtis R. Clarke, Manager Hassan Davis, Executive Director, Administration Dana Jones, Senior Database Analyst Donna Webb, Supervisor of Production Control Marizol Polanco, Database Analyst Dennis Chung, Senior Tandem Developer Elizabeth Binyaminov, Research Assistant Ronald Kaufman, Fullfillment Manager Elizaveta Kalikova, Research Assistant Larry David, Supervisor, Operations Charles Pan, Research Assistant George Moy, Director, Internet Infrastructure & Networks Jemly Vander, Research Assistant Luba Yampolsky, Research Assistant EDITORIAL PRODUCTION LeShane W. Lilly, Production Manager Michael H. Manchess, Production Coordinator QUALITY CONTROL Warren Tabachnick, Production Editor Patrick G. O’Connor, Supervisor Frantz Goodridge, Research Assistant Clive Russell, Research Assistant

Howard Brecher, President & Publisher

INTRODUCTORY NOTES There are two basic differences between the Standard Edition and the Small and Mid-Cap: the Small and Mid-Cap has (1) no analyst commentary and (2) earnings estimates as available.A This tradeoff is in direct response to you, our subscribers, who requested expanded stock coverage at a reasonable cost. A key feature of the Small and Mid-Cap is the Performance Rank, which is adapted from the proven TimelinessTM Rank. Both ranks are designed to predict a stock’s relative price/performance for the next six to 12 months. The Performance Rank includes many statistical measures similar to those used in the Timeliness Ranking System. Please note that the SafetyTM Ranks of the stocks in the Small and Mid-Cap are lower than those of stocks in the Standard Edition, because the 1800 stocks in the Small and Mid-Cap are mostly smaller and more volatile and because company size is a factor in Financial Strength, which is a component of the Safety rating. However, by utilizing the Performance Rank in your decisions you may achieve higher reward for the higher risk over the long term.

Officers, directors, or employees of Value Line, Inc. and its affiliates and subsidiaries (“VLI”), and EULAV Asset Management (“EULAV”), may hold stocks that are reviewed or recommended in this publication. EULAV also manages investment companies and other accounts that use the rankings and recommendations in this publication as part of their investment strategies. These accounts, as well as the officers, directors, employees of VLI, may dispose of a security notwithstanding the fact that The Value Line Investment Survey–Small & Mid-Cap Edition (the “Survey”) ranks the issuer favorably; conversely, such accounts or persons may purchase or hold a security that is poorly ranked by the Survey. Some of the investment companies managed by EULAV only hold securities with a specified minimum Performance Rank by the Survey and dispose of those positions when the Performance Rank declines or is suspended. Subscribers to the Survey and its related publications as well as some institutional customers of VLI will have access to all updated Ranks in the Survey by 8:00 AM each Monday. At the same time, portfolio managers for EULAV will receive reports providing Performance Ranking information. EULAV’s portfolio managers also may have access to publicly available information that may ultimately result in or influence a change in rankings or recommendations, such as earnings releases, changes in market value or disclosure of corporate transactions. The investment companies or accounts may trade upon such information prior to a change in ranking. While the rankings in the Survey are intended to be predictive of future relative performance of an issuer’s securities, the Survey is not intended to constitute a recommendation of any specific security. Any investment decision with respect to any issuer covered by the Survey should be made as part of a diversified portfolio of equity securities and in light of an investor’s particular investment objectives and circumstances. Value Line, the Value Line logo, The Value Line Investment Survey, Timeliness, and Safety are trademarks of Value Line, Inc. *Value Line Arithmetic & Geometric Indices calculated by Thomson Reuters. Information supplied by Thomson Reuters.

Vol. XXV, Number 43, ISSUE 4. The Value Line Investment Survey—Small and Mid-Cap (ISSN 1080-7705) is published weekly by Value Line Publishing LLC, 551 Fifth Avenue, New York, NY 10176, and is accorded expeditious treatment prescribed for newspapers. Subscription rate for 52 issues in the United States and U.S. possessions is $249 or $10 per single issue. Foreign rates upon request. Periodicals postage paid at New York, NY and additional mailing offices. Canadian GST# 127621837.

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© 2019 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN OR ANY DAMAGES OR LOSSES ARISING FROM ANY USE OF THE INFORMATION To subscribe call 1-800-VALUELINE CONTAINED HEREIN. This publication is strictly for subscriber's own, non-commercial, internal use. No part of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. RECENT TRAILING RELATIVE DIV’D VALUE AAC HOLDINGS INC NYSE--AACH PRICE 0.60P/E RATIO NMF P/E RATIO NMFYLD Nil LINE 3601 RANKS 33.32 46.60 24.38 13.06 12.96 3.32 High 17.60 15.09 6.01 5.99 1.39 0.29 Low PERFORMANCE 3 Average LEGENDS 12 Mos Mov Avg 18 Technical 3 Average ....Rel Price Strength Shaded area indicates recession 13 SAFETY 5 Lowest 8 BETA 1.10 (1.00 = Market) 5 4 Financial Strength C 3

Price Stability 5 2

Price Growth Persistence 5 5900 Earnings Predictability 25 VOL. (thous.) © VALUE LINE PUBLISHING LLC 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020/2021 REVENUES PER SH ------6.22 9.30 11.82 13.31 12.04 -- ‘‘CASH FLOW’’ PER SH ------.57 .83 .72 .19 d1.52 -- EARNINGS PER SH ------.41 .48 d.03 d.73 d2.47 NA NA/NA DIV’DS DECL’D PER SH ------CAP’L SPENDING PER SH ------.73 2.26 1.58 1.38 .77 -- BOOK VALUE PER SH ------4.56 6.21 6.97 6.32 2.62 -- COMMON SHS OUTST’G (MILL) ------21.37 22.81 23.67 23.87 24.57 -- AVG ANN’L P/E RATIO ------62.7 61.2 ------NA NA/NA RELATIVE P/E RATIO ------3.31 3.15 ------AVG ANN’L DIV’D YIELD ------REVENUES ($MILL) -- -- 115.7 133.0 212.3 279.8 317.6 295.8 -- Bold figures OPERATING MARGIN -- -- 18.6% 22.7% 34.8% 23.9% 14.5% NMF -- are consensus DEPRECIATION ($MILL) -- -- 3.0 4.7 7.8 17.7 21.5 22.0 -- earnings NET PROFIT ($MILL) -- -- 2.5 7.5 11.2 d.6 d17.1 d59.4 -- estimates INCOME TAX RATE -- -- 32.4% 28.6% 36.4% ------and, using the NET PROFIT MARGIN -- -- 2.1% 5.7% 5.3% NMF NMF NMF -- recent prices, WORKING CAP’L ($MILL) -- -- 1.2 63.1 52.2 51.2 51.3 d297.5 -- P/E ratios. LONG-TERM DEBT ($MILL) -- -- 27.1 24.3 140.3 179.7 221.0 9.8 -- SHR. EQUITY ($MILL) -- -- 9.6 105.3 141.7 165.1 151.0 64.4 -- RETURN ON TOTAL CAP’L -- -- 8.6% 6.5% 4.6% 1.0% NMF NMF -- RETURN ON SHR. EQUITY -- -- 25.8% 7.2% 7.9% NMF NMF NMF -- RETAINED TO COM EQ -- -- 30.2% 7.2% 7.9% NMF NMF NMF -- ALL DIV’DS TO NET PROF ------7% ------Note: No analyst estimates available. ANNUAL RATES ASSETS ($mill.) 2017 2018 9/30/19 INDUSTRY: Medical Services of change (per share) 5 Yrs. 1 Yr. Cash Assets 13.8 5.4 1.5 Sales -- -9.5% Receivables 94.1 47.9 52.2 BUSINESS: AAC Holdings, Inc. provides inpatient sub- ‘‘Cash Flow’’ -- -- Inventory .0 .0 .0 stance abuse treatment services for individuals with drug Earnings -- -- Other 4.0 10.7 5.1 Dividends -- -- and alcohol addiction. Its therapy services include: motiva- Current Assets 111.9 64.0 58.8 Book Value -- -58.5% tional interviewing, cognitive behavioral therapy, rational Fiscal QUARTERLY SALES ($mill.) Full Property, Plant emotive behavior therapy, dialectical behavioral therapy, Year 1Q 2Q 3Q 4Q Year & Equip, at cost 201.8 232.6 - - solution-focused therapy, eye movement desensitization and Accum Depreciation 49.2 65.7 - - 12/31/17 73.0 78.1 80.4 86.1 317.6 Net Property 152.6 166.9 158.5 reprocessing, and systematic family intervention services. 12/31/18 81.2 88.1 69.1 57.4 295.8 Other 163.8 221.4 247.1 The company also performs drug testing and diagnostic 12/31/19 55.4 62.7 58.9 Total Assets 428.3 452.3 464.4 laboratory services; and provides physician services to its 12/31/20 clients. As of December 31, 2018, the company operated 11 LIABILITIES ($mill.) residential substance abuse treatment facilities throughout Fiscal EARNINGS PER SHARE Full Accts Payable 4.6 13.5 24.3 Year 1Q 2Q 3Q 4Q Year Debt Due 4.7 309.4 338.0 the US, focused on delivering clinical care and treatment 12/31/16 .02 .04 d.11 .02 d.03 Other 51.3 38.5 73.6 solutions across 1,080 residential beds, including 730 li- 12/31/17 d.03 .07 .03 d.80 d.73 Current Liab 60.6 361.4 435.9 censed detoxification beds, 24 standalone outpatient centers 12/31/18 .04 d.07 d.92 d1.52 d2.47 and four sober living facilities. In November 2019, AAC 12/31/19 d.90 d.66 d.52 Holdings finalized its agreement with senior secured lenders 12/31/20 LONG-TERM DEBT AND EQUITY and appointed three new independent board members. Has as of 9/30/19 Cal- QUARTERLY DIVIDENDS PAID Full 1900 employees. Chairman & C.E.O.: Michael T. Cart- endar 1Q 2Q 3Q 4Q Year Total Debt $345.1 mill. Due in 5 Yrs. NA wright Address: 200 Powell Place Second Floor, Brent- 2016 ------LT Debt $7.1 mill. wood, TN 37027 . Tel.: (615) 732-1231. Internet: Including Cap. Leases NA 2017 ------(33% of Cap’l) www.americanaddictioncenters.com. L.Y. 2018 ------Leases, Uncapitalized Annual rentals NA 2019 ------December 6, 2019 Pension Liability None in ’18 vs. None in ’17 INSTITUTIONAL DECISIONS TOTAL SHAREHOLDER RETURN 4Q’18 1Q’19 2Q’19 Pfd Stock None Pfd Div’d Paid None Dividends plus appreciation as of 10/31/2019 to Buy 30 18 22 Common Stock 25,157,712 shares 3 Mos. 6 Mos. 1 Yr. 3 Yrs. 5 Yrs. to Sell 45 33 34 (67% of Cap’l) Hld’s(000) 12044 11729 8397 -60.20% -75.78% -92.92% -97.62% -98.21% © 2019 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribe call 1-800-VALUELINE of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. RECENT TRAILING RELATIVE DIV’D VALUE ACADIA HEALTHCARE NDQ--ACHC PRICE 32.79P/E RATIO NMF P/E RATIO NMFYLD Nil LINE 3602 RANKS 24.83 49.14 66.88 85.62 65.89 54.34 45.35 35.15 High 13.08 22.64 38.76 54.41 32.54 26.92 24.27 25.13 Low Below PERFORMANCE 4 Average LEGENDS Below 12 Mos Mov Avg Technical 4 Average ....Rel Price Strength Shaded area indicates recession 50 SAFETY 3 Average

BETA 1.20 (1.00 = Market) 25

15 Financial Strength B 10 Price Stability 25

Price Growth Persistence 20 5 32600 Earnings Predictability 35 VOL. (thous.) © VALUE LINE PUBLISHING LLC 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020/2021 SALES PER SH -- 8.17 14.25 16.97 25.37 32.43 32.58 34.45 -- ‘‘CASH FLOW’’ PER SH -- .57 1.33 1.96 2.49 2.97 3.94 2.48 -- EARNINGS PER SH -- .53 .98 1.50 1.64 1.42 2.30 .67 2.01 A,B 2.33 C/NA DIV’DS DECL’D PER SH ------CAP’L SPENDING PER SH -- .55 1.54 2.30 3.90 3.55 3.15 3.91 -- BOOK VALUE PER SH -- 8.67 9.60 14.88 23.90 25.01 29.55 26.68 -- COMMON SHS OUTST’G (MILL) -- 49.89 50.07 59.21 70.75 86.69 87.06 87.44 -- AVG ANN’L P/E RATIO -- 36.0 35.9 33.5 42.3 36.4 18.2 56.0 16.3 14.1/NA RELATIVE P/E RATIO -- 2.31 2.02 1.77 2.18 1.99 .91 3.16 -- AVG ANN’L DIV’D YIELD ------SALES ($MILL) 221.4 407.5 713.4 1004.6 1794.5 2810.9 2836.3 3012.4 -- Bold figures OPERATING MARGIN 15.4% 19.3% 27.9% 20.4% 21.4% 20.6% 20.5% 19.0% -- are consensus DEPRECIATION ($MILL) 4.3 8.0 17.1 32.7 63.6 135.1 143.0 158.8 -- earnings NET PROFIT ($MILL) 8.7 20.5 49.3 83.2 112.4 122.4 199.8 58.2 -- estimates INCOME TAX RATE -- 37.6% 37.2% 34.0% 32.4% 43.1% 15.7% 69.4% -- and, using the NET PROFIT MARGIN 3.9% 5.0% 6.9% 8.3% 6.3% 4.4% 7.0% 1.9% -- recent prices, WORKING CAP’L ($MILL) 71.9 69.1 30.4 108.2 4.5 85.0 94.2 34.0 -- P/E ratios. LONG-TERM DEBT ($MILL) 270.7 465.6 601.9 1069.3 2195.4 3253.0 3205.1 3159.4 -- SHR. EQUITY ($MILL) 96.4 432.6 480.7 881.0 1691.1 2167.7 2572.9 2333.3 -- RETURN ON TOTAL CAP’L 3.6% 3.9% 6.2% 5.5% 4.3% 3.9% 5.0% 2.7% -- RETURN ON SHR. EQUITY 9.0% 4.7% 10.3% 9.4% 6.6% 5.6% 7.8% 2.5% -- RETAINED TO COM EQ 9.0% 4.7% 10.3% 9.4% 6.6% 5.6% 7.8% 2.5% -- ALL DIV’DS TO NET PROF ------ANo. of analysts changing earn. est. in last 25 days: 0 up, 5 down, consensus 5-year earnings growth 10.6% per year. BBased upon 6 analysts’ estimates. CBased upon 7 analysts’ estimates. ANNUAL RATES ASSETS ($mill.) 2017 2018 9/30/19 INDUSTRY: Medical Services of change (per share) 5 Yrs. 1 Yr. Cash Assets 67.3 50.5 92.9 Sales 24.0% 5.5% Receivables 296.9 318.1 350.2 BUSINESS: Acadia Healthcare Company, Inc. develops ‘‘Cash Flow’’ 27.0% -37.0% Inventory 4.8 5.1 .0 and operates inpatient psychiatric facilities, residential treat- Earnings 14.0% -71.0% Other 102.6 76.7 93.8 Dividends -- -- ment centers, group homes, substance abuse facilities and Current Assets 471.6 450.4 536.9 Book Value 24.5% -9.5% facilities providing outpatient behavioral healthcare services Fiscal QUARTERLY SALES ($mill.) Full Property, Plant to serve the needs of communities throughout the US, the Year 1Q 2Q 3Q 4Q Year & Equip, at cost 3395.5 3593.8 - - UK, and Puerto Rico. The company also provides other Accum Depreciation 347.4 486.0 - - 12/31/17 679.2 715.9 716.7 724.5 2836.3 Net Property 3048.1 3107.8 3131.4 services, such as education and children’s services for 12/31/18 742.3 765.7 760.9 743.5 3012.4 Other 2904.8 2614.3 3059.8 children and young people with special educational needs; 12/31/19 760.6 789.4 777.2 Total Assets 6424.5 6172.5 6728.1 adult and elderly care services; and care first services for 12/31/20 employees. Residential treatment centers treat patients with LIABILITIES ($mill.) behavioral disorders in a non-hospital setting. The facilities Fiscal EARNINGS PER SHARE Full Accts Payable 102.3 117.7 131.5 Year 1Q 2Q 3Q 4Q Year Debt Due 34.8 34.1 41.3 balance therapy activities with social, academic, and other 12/31/16 .31 .65 d.05 .51 1.42 Other 240.3 264.6 285.4 activities. At December 31, 2018, the company operated 583 12/31/17 .41 .57 .52 .80 2.30 Current Liab 377.4 416.4 458.2 behavioral healthcare facilities with approximately 18,100 12/31/18 .58 .67 .53 d1.11 .67 beds in 40 states, the UK and Puerto Rico. For the year 12/31/19 .34 .55 .48 .51 ending December 31, 2019, Acadia plans to add approxi- 12/31/20 .46 .65 LONG-TERM DEBT AND EQUITY mately 700 total beds exclusive of acquisitions. Has 28600 as of 9/30/19 Cal- QUARTERLY DIVIDENDS PAID Full employees. Chairman: Reeve B. Waud Address: 6100 endar 1Q 2Q 3Q 4Q Year Total Debt $3174.9 mill. Due in 5 Yrs. NA Tower Circle, Suite 1000, Franklin, TN 37067 . Tel.: (615) 2016 ------LT Debt $3133.6 mill. 861-6000. Internet: www.acadiahealthcare.com. Including Cap. Leases NA 2017 ------(56% of Cap’l) L.Y. 2018 ------Leases, Uncapitalized Annual rentals NA 2019 ------December 6, 2019 Pension Liability None in ’18 vs. None in ’17 INSTITUTIONAL DECISIONS TOTAL SHAREHOLDER RETURN 4Q’18 1Q’19 2Q’19 Pfd Stock None Pfd Div’d Paid None Dividends plus appreciation as of 10/31/2019 to Buy 118 150 115 Common Stock 87,655,556 shares 3 Mos. 6 Mos. 1 Yr. 3 Yrs. 5 Yrs. to Sell 147 107 120 (44% of Cap’l) Hld’s(000) 103455 111284 108640 -6.11% -6.34% -27.73% -16.60% -51.67% © 2019 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribe call 1-800-VALUELINE of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. RECENT TRAILING RELATIVE DIV’D VALUE ADDUS HOMECARE NDQ--ADUS PRICE 93.30P/E RATIO 62.2 P/E RATIO 3.48YLD Nil LINE 3603 RANKS 6.38 7.64 32.40 29.45 38.08 36.30 40.75 77.82 93.35 High 3.00 3.18 7.12 17.02 18.75 15.33 29.90 33.25 57.94 Low Above PERFORMANCE 2 Average LEGENDS 12 Mos Mov Avg Technical 3 Average ....Rel Price Strength Shaded area indicates recession 50 SAFETY 3 Average

BETA .80 (1.00 = Market) 25

15 Financial Strength B+ 10 Price Stability 25

Price Growth Persistence 85 5 2400 Earnings Predictability 55 VOL. (thous.) © VALUE LINE PUBLISHING LLC 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020/2021 SALES PER SH 25.40 22.66 24.53 28.63 30.32 34.76 36.60 39.47 -- ‘‘CASH FLOW’’ PER SH 1.11 1.10 1.23 1.44 1.46 1.64 1.75 2.03 -- EARNINGS PER SH .79 .86 1.01 1.08 1.02 1.05 1.02 1.40 2.05 A,B 2.74 C/NA DIV’DS DECL’D PER SH ------CAP’L SPENDING PER SH .05 .10 .08 .59 .20 .15 .31 .41 -- BOOK VALUE PER SH 8.04 8.76 10.50 11.71 12.76 13.79 15.05 20.99 -- COMMON SHS OUTST’G (MILL) 10.75 10.78 10.84 10.93 11.11 11.53 11.63 13.13 -- AVG ANN’L P/E RATIO 6.0 5.7 18.5 20.9 25.5 22.1 34.1 40.4 45.5 34.1/NA RELATIVE P/E RATIO .38 .37 1.04 1.10 1.31 1.21 1.71 2.28 -- AVG ANN’L DIV’D YIELD ------SALES ($MILL) 273.1 244.3 265.9 312.9 336.8 400.7 425.7 518.1 -- Bold figures OPERATING MARGIN 5.4% 7.2% 6.6% 7.0% 6.2% 5.6% 9.5% 6.5% -- are consensus DEPRECIATION ($MILL) 3.6 2.5 2.2 3.8 4.8 7.0 8.5 9.2 -- earnings NET PROFIT ($MILL) 8.4 9.3 11.2 12.0 11.4 11.9 11.9 17.4 -- estimates INCOME TAX RATE 27.0% 34.1% 25.5% 31.2% 25.7% 25.1% 39.5% 20.6% -- and, using the NET PROFIT MARGIN 3.1% 3.8% 4.2% 3.8% 3.4% 3.0% 2.8% 3.4% -- recent prices, WORKING CAP’L ($MILL) 45.6 48.6 44.9 54.2 60.4 81.4 98.9 124.0 -- P/E ratios. LONG-TERM DEBT ($MILL) 25.0 16.3 -- 2.7 1.9 22.5 39.9 17.2 -- SHR. EQUITY ($MILL) 86.4 94.4 113.9 128.0 141.7 158.9 175.1 275.5 -- RETURN ON TOTAL CAP’L 8.7% 9.2% 10.1% 9.4% 8.2% 7.2% 6.6% 6.8% -- RETURN ON SHR. EQUITY 9.7% 9.8% 9.8% 9.3% 8.0% 7.5% 6.8% 6.3% -- RETAINED TO COM EQ 9.7% 9.8% 9.8% 9.3% 8.0% 7.5% 6.8% 6.3% -- ALL DIV’DS TO NET PROF ------ANo. of analysts changing earn. est. in last 25 days: 3 up, 1 down, consensus 5-year earnings growth 15.5% per year. BBased upon 5 analysts’ estimates. CBased upon 5 analysts’ estimates. ANNUAL RATES ASSETS ($mill.) 2017 2018 9/30/19 INDUSTRY: Medical Services of change (per share) 5 Yrs. 1 Yr. Cash Assets 53.8 70.4 239.6 Sales 9.0% 8.0% Receivables 89.0 108.0 138.1 BUSINESS: Addus HomeCare Corp. provides compre- ‘‘Cash Flow’’ 9.5% 15.5% Inventory .0 .0 .0 hensive home and community-based services in the home, Earnings 5.5% 37.5% Other 8.3 7.1 8.8 Dividends -- -- and focuses on the dual eligible (Medicare/Medicaid) popu- Current Assets 151.1 185.5 386.5 Book Value 13.0% 39.5% lation. Its services include: personal care and assistance with Fiscal QUARTERLY SALES ($mill.) Full Property, Plant activities of daily living, and adult day care. Addus’ Year 1Q 2Q 3Q 4Q Year & Equip, at cost 12.3 16.8 - - consumers are primarily persons who are at risk of hospi- Accum Depreciation 4.8 6.1 - - 12/31/17 101.5 103.6 108.6 112.0 425.7 Net Property 7.5 10.7 11.5 talization or institutionalization, such as the elderly, chroni- 12/31/18 109.5 131.2 137.6 139.8 518.1 Other 108.5 159.2 221.1 cally ill, and disabled. The company’s payor clients include: 12/31/19 139.2 149.7 169.8 Total Assets 267.1 355.4 619.1 federal, state, and local governmental agencies, managed 12/31/20 care organizations, commercial insurers, and private indi- LIABILITIES ($mill.) viduals. Most of Addus’ services are provided pursuant to Fiscal EARNINGS PER SHARE Full Accts Payable 4.3 12.2 14.7 Year 1Q 2Q 3Q 4Q Year Debt Due 3.1 .1 1.0 agreements with state and local governmental social and 12/31/16 .01 .24 .15 .65 1.05 Other 44.8 49.2 60.6 aging service agencies. As of December 31, 2018, Addus 12/31/17 .25 .23 .29 .25 1.02 Current Liab 52.2 61.5 76.3 provided home and community-based services to over 12/31/18 .41 .36 .28 .35 1.40 39,000 consumers through 156 locations across 24 states. 12/31/19 .36 .41 .38 .59 For the years ended December 31, 2018, 2017 and 2016, the 12/31/20 .63 .71 LONG-TERM DEBT AND EQUITY company served approximately 57,000, 51,000 and 50,000 as of 9/30/19 Cal- QUARTERLY DIVIDENDS PAID Full discrete consumers, respectively. Has 4875 employees. endar 1Q 2Q 3Q 4Q Year Total Debt $60.2 mill. Due in 5 Yrs. NA C.E.O. & President: Dirk Allison Address: 6801 Gaylord 2016 ------LT Debt $59.3 mill. Parkway Suite 110, Frisco, TX 75034. Tel.: (469) 535-8200. Including Cap. Leases NA 2017 ------(11% of Cap’l) Internet: www.addus.com. L.Y. 2018 ------Leases, Uncapitalized Annual rentals NA 2019 ------December 6, 2019 Pension Liability None in ’18 vs. None in ’17 INSTITUTIONAL DECISIONS TOTAL SHAREHOLDER RETURN 4Q’18 1Q’19 2Q’19 Pfd Stock None Pfd Div’d Paid None Dividends plus appreciation as of 10/31/2019 to Buy 114 89 93 Common Stock 15,559,000 shares 3 Mos. 6 Mos. 1 Yr. 3 Yrs. 5 Yrs. to Sell 62 80 63 (89% of Cap’l) Hld’s(000) 13415 13048 13472 4.49% 24.02% 28.56% 232.85% 323.80% © 2019 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribe call 1-800-VALUELINE of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. RECENT TRAILING RELATIVE DIV’D VALUE AMERICAN RENAL ASSOC NYSE--ARA PRICE 9.53P/E RATIO NMF P/E RATIO NMFYLD Nil LINE 3604 RANKS 29.65 23.30 24.07 14.10 High 16.86 9.91 11.19 5.48 Low Below PERFORMANCE 4 Average LEGENDS 45 Below 12 Mos Mov Avg Technical 4 Average ....Rel Price Strength 30 Shaded area indicates recession 22.5 SAFETY 5 Lowest

BETA 1.60 (1.00 = Market) 13 9 Financial Strength C 6

Price Stability 5 4 3 Price Growth Persistence NMF 4500 Earnings Predictability NMF VOL. (thous.) © VALUE LINE PUBLISHING LLC 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020/2021 REVENUES PER SH ------24.27 23.26 24.71 -- ‘‘CASH FLOW’’ PER SH ------1.33 1.33 .34 -- EARNINGS PER SH ------d.01 d.24 d.98 .03 A,B d.39 C/NA DIV’DS DECL’D PER SH ------CAP’L SPENDING PER SH ------1.99 1.13 1.38 -- BOOK VALUE PER SH ------d1.08 d1.76 d1.79 -- COMMON SHS OUTST’G (MILL) ------30.90 32.03 32.60 -- AVG ANN’L P/E RATIO ------NMF NMF/NA RELATIVE P/E RATIO ------AVG ANN’L DIV’D YIELD ------REVENUES ($MILL) ------653.0 749.8 745.1 805.8 -- Bold figures OPERATING MARGIN ------83.3% 22.3% 21.5% 11.9% -- are consensus DEPRECIATION ($MILL) ------34.7 33.9 37.6 39.8 -- earnings NET PROFIT ($MILL) ------18.8 7.1 4.9 d28.8 -- estimates INCOME TAX RATE ------11.7% 3.3% 9.8% 11.4% -- and, using the NET PROFIT MARGIN ------2.9% .9% .7% NMF -- recent prices, WORKING CAP’L ($MILL) ------96.3 56.6 30.7 d2.7 -- P/E ratios. LONG-TERM DEBT ($MILL) ------658.6 522.1 515.6 517.5 -- SHR. EQUITY ($MILL) ------d128.7 d33.5 d56.4 d58.5 -- RETURN ON TOTAL CAP’L ------7.8% 5.1% 4.2% NMF -- RETURN ON SHR. EQUITY ------RETAINED TO COM EQ ------ALL DIV’DS TO NET PROF ------NMF NMF -- ANo. of analysts changing earn. est. in last 25 days: 0 up, 0 down, consensus 5-year earnings growth not available. BBased upon one analyst’s estimate. CBased upon 2 analysts’ estimates. ANNUAL RATES ASSETS ($mill.) 2017 2018 9/30/19 INDUSTRY: Medical Services of change (per share) 5 Yrs. 1 Yr. Cash Assets 71.5 55.2 60.2 Sales -- 6.5% Receivables 79.7 99.5 103.4 BUSINESS: American Renal Associates Holdings, Inc. ‘‘Cash Flow’’ -- -74.5% Inventory 4.7 11.4 8.0 (ARA) provides kidney dialysis services for patients suffer- Earnings -- -- Other 31.7 28.8 40.8 Dividends -- -- ing from chronic kidney failure, also known as end stage Current Assets 187.6 194.9 212.4 Book Value -- -- renal disease. The company owns 100% of the membership Fiscal QUARTERLY SALES ($mill.) Full Property, Plant units of its subsidiary American Renal Holdings Intermedi- Year 1Q 2Q 3Q 4Q Year & Equip, at cost 335.9 380.0 - - ate Company, LLC. As of September 30, 2019, ARA owned Accum Depreciation 167.4 199.7 - - 12/31/17 177.0 186.0 187.7 194.4 745.1 Net Property 168.5 180.3 156.2 and operated 244 dialysis locations in 27 states and the 12/31/18 186.3 206.0 205.7 207.8 805.8 Other 608.1 610.6 749.4 District of Columbia serving more than 17,100 patients with 12/31/19 191.8 213.3 211.4 Total Assets 964.2 985.8 1118.0 end stage renal disease. The company operates principally 12/31/20 through a physician partnership model, in which it partners LIABILITIES ($mill.) with approximately 400 local nephrologists to develop, own Fiscal EARNINGS PER SHARE Full Accts Payable 33.4 59.1 58.1 Year 1Q 2Q 3Q 4Q Year Debt Due 44.5 42.9 41.4 and operate dialysis clinics. Each clinic is maintained as a 12/31/16 .16 .02 .16 d.35 d.01 Other 79.0 95.6 111.8 separate joint venture, or JV, in which the company has a 12/31/17 d.40 d.15 .24 .05 d.24 Current Liab 156.9 197.6 211.3 controlling interest. ARA’s Core Values emphasize taking 12/31/18 d.10 d.78 d.04 d.06 d.98 good care of patients, providing physicians with clinical 12/31/19 d.35 d.22 .11 d.09 autonomy and operational support, hiring and retaining the 12/31/20 d.27 d.04 LONG-TERM DEBT AND EQUITY best possible staff and providing comprehensive manage- as of 9/30/19 Cal- QUARTERLY DIVIDENDS PAID Full ment services. Has 4932 employees. Chairman & C.E.O.: endar 1Q 2Q 3Q 4Q Year Total Debt $593.4 mill. Due in 5 Yrs. NA Joseph A. Carlucci Address: 500 Cummings Center Suite 2016 ------LT Debt $552.0 mill. 6550, Beverly, MA 01915. Tel.: (978) 922-3080. Internet: Including Cap. Leases NA 2017 ------(116% of Cap’l) www.americanrenal.com. L.Y. 2018 ------Leases, Uncapitalized Annual rentals NA 2019 ------December 6, 2019 Pension Liability None in ’18 vs. None in ’17 INSTITUTIONAL DECISIONS TOTAL SHAREHOLDER RETURN 4Q’18 1Q’19 2Q’19 Pfd Stock None Pfd Div’d Paid None Dividends plus appreciation as of 10/31/2019 to Buy 39 25 43 Common Stock 32,559,776 shares 3 Mos. 6 Mos. 1 Yr. 3 Yrs. 5 Yrs. to Sell 38 51 30 (-16% of Cap’l) Hld’s(000) 30995 29203 27974 8.05% 20.93% -56.87% -52.89% -- © 2019 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribe call 1-800-VALUELINE of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. RECENT TRAILING RELATIVE DIV’D VALUE AMER. SHARED HOSP. AMEX--AMS PRICE 2.49P/E RATIO 20.7 P/E RATIO 1.16YLD Nil LINE 3605 RANKS 3.75 3.55 3.46 3.42 3.05 3.50 5.00 3.95 3.30 High 2.30 2.30 1.52 1.98 1.50 1.51 2.45 2.19 2.30 Low PERFORMANCE 3 Average LEGENDS 12 Mos Mov Avg Technical 3 Average ....Rel Price Strength 8 Shaded area indicates recession SAFETY 5 Lowest 5 4 BETA .75 (1.00 = Market) 3 2 Financial Strength C

Price Stability 15 1

Price Growth Persistence 15 375 Earnings Predictability 25 VOL. (thous.) © VALUE LINE PUBLISHING LLC 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020/2021 SALES PER SH 4.82 3.70 3.82 2.88 3.09 3.42 3.42 3.45 -- ‘‘CASH FLOW’’ PER SH 1.47 1.33 1.32 1.08 .87 1.33 1.52 1.37 -- EARNINGS PER SH .11 .01 d.07 d.11 d.28 .17 .33 .17 NA NA/NA DIV’DS DECL’D PER SH ------CAP’L SPENDING PER SH 1.22 1.44 .37 .97 .36 .29 .14 .28 -- BOOK VALUE PER SH 4.38 4.33 4.26 4.00 3.75 3.93 4.18 4.39 -- COMMON SHS OUTST’G (MILL) 4.61 4.61 4.61 5.36 5.36 5.47 5.71 5.71 -- AVG ANN’L P/E RATIO 27.6 NMF ------14.1 11.0 16.3 NA NA/NA RELATIVE P/E RATIO 1.73 NMF ------.77 .55 .92 -- AVG ANN’L DIV’D YIELD ------SALES ($MILL) 22.2 17.0 17.6 15.4 16.5 18.7 19.6 19.7 -- Bold figures OPERATING MARGIN 46.0% 52.7% 53.1% 52.1% 56.9% 60.5% 56.7% 52.3% -- are consensus DEPRECIATION ($MILL) 6.3 6.1 6.4 6.4 6.2 6.3 6.8 6.8 -- earnings NET PROFIT ($MILL) .5 .0 d.3 d.6 d1.5 .9 1.9 1.0 -- estimates INCOME TAX RATE 12.3% 11.6% -- NMF -- 29.5% -- 21.7% -- and, using the NET PROFIT MARGIN 2.3% .2% NMF NMF NMF 5.0% 9.8% 5.2% -- recent prices, WORKING CAP’L ($MILL) 7.7 6.3 d4.1 d2.0 d2.7 d.3 d.1 .5 -- P/E ratios. LONG-TERM DEBT ($MILL) 36.0 35.6 32.5 20.8 16.1 20.0 15.9 13.6 -- SHR. EQUITY ($MILL) 20.2 19.9 19.6 21.4 20.1 21.5 23.9 25.1 -- RETURN ON TOTAL CAP’L 3.0% 2.2% 1.5% 1.1% NMF 4.8% 7.4% 4.9% -- RETURN ON SHR. EQUITY 2.5% .2% NMF NMF NMF 4.3% 8.1% 4.1% -- RETAINED TO COM EQ 2.5% .2% NMF NMF NMF 4.3% 8.1% 4.1% -- ALL DIV’DS TO NET PROF ------Note: No analyst estimates available. ANNUAL RATES ASSETS ($mill.) 2017 2018 9/30/19 INDUSTRY: Medical Services of change (per share) 5 Yrs. 1 Yr. Cash Assets 2.2 1.4 1.3 Sales -3.5% 0.5% Receivables 5.0 5.5 6.5 BUSINESS: American Shared Hospital Services provides ‘‘Cash Flow’’ 0.5% -9.5% Inventory .0 .0 .0 turnkey technology solutions for advanced radiosurgical Earnings 68.0% -48.5% Other 1.7 3.0 2.4 Dividends -- -- and radiation therapy services. The company through its Current Assets 8.9 9.9 10.2 Book Value -0.5% 5.0% majority-owned subsidiary, GK Financing, LLC (GKF), Fiscal QUARTERLY SALES ($mill.) Full Property, Plant offered Gamma Knife units to 15 medical centers as of Year 1Q 2Q 3Q 4Q Year & Equip, at cost 100.2 100.7 - - September, 2018, in Arkansas, California, Florida, Illinois, Accum Depreciation 51.7 54.0 - - 12/31/17 4.9 4.9 4.7 5.1 19.6 Net Property 48.5 46.7 43.0 Massachusetts, Mississippi, Nevada, New Mexico, New 12/31/18 5.3 5.2 4.4 4.8 19.7 Other .8 .9 2.1 York, Oklahoma, Ohio, Oregon, Tennessee, Texas, and in 12/31/19 5.3 5.2 5.3 Total Assets 58.2 57.5 55.3 Peru. Gamma Knife radiosurgery equipment is a non- 12/31/20 invasive treatment for malignant and benign brain tumors, LIABILITIES ($mill.) vascular malformations, and trigeminal neuralgia (facial Fiscal EARNINGS PER SHARE Full Accts Payable .4 .4 1.1 Year 1Q 2Q 3Q 4Q Year Debt Due 7.3 6.5 5.6 pain). It also directly offers radiation therapy and related 12/31/16 .01 .02 .06 .08 .17 Other 1.3 2.6 2.1 equipment, including Intensity Modulated Radiation 12/31/17 .05 .02 .02 .24 .33 Current Liab 9.0 9.5 8.8 Therapy (IMRT), Image Guided Radiation Therapy (IGRT), 12/31/18 .06 .05 .03 .03 .17 a CT Simulator to the radiation therapy department at an 12/31/19 .05 .01 .03 existing Gamma Knife site in the US, as well as its 12/31/20 LONG-TERM DEBT AND EQUITY proprietary Operating Room for the 21st Century(SM) as of 9/30/19 Cal- QUARTERLY DIVIDENDS PAID Full concept. Has 12 employees. Chairman & C.E.O.: Ernest A. endar 1Q 2Q 3Q 4Q Year Total Debt $16.7 mill. Due in 5 Yrs. NA Bates Address: Two Embarcadero Center Suite 410, San 2016 ------LT Debt $11.1 mill. Francisco, CA 94111-4170. Tel.: (415) 788-5300. Internet: Including Cap. Leases NA 2017 ------(30% of Cap’l) www.ashs.com. L.Y. 2018 ------Leases, Uncapitalized Annual rentals NA 2019 ------December 6, 2019 Pension Liability None in ’18 vs. None in ’17 INSTITUTIONAL DECISIONS TOTAL SHAREHOLDER RETURN 4Q’18 1Q’19 2Q’19 Pfd Stock None Pfd Div’d Paid None Dividends plus appreciation as of 10/31/2019 to Buy 6 8 3 Common Stock 5,816,000 shares 3 Mos. 6 Mos. 1 Yr. 3 Yrs. 5 Yrs. to Sell 4 2 10 (70% of Cap’l) Hld’s(000) 811 667 637 -21.19% -14.70% -24.44% -20.67% 8.68% © 2019 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribe call 1-800-VALUELINE of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. RECENT TRAILING RELATIVE DIV’D VALUE CAPITAL SENIOR LVNG NYSE--CSU PRICE 3.69P/E RATIO NMF P/E RATIO NMFYLD Nil LINE 3606 RANKS 10.91 18.77 27.90 26.89 27.75 20.85 17.66 14.24 8.25 High 5.44 7.32 18.81 20.33 19.20 12.65 11.60 6.23 3.42 Low PERFORMANCE 3 Average LEGENDS 12 Mos Mov Avg 18 Technical 3 Average ....Rel Price Strength Shaded area indicates recession 13 SAFETY 5 Lowest 8 BETA 1.35 (1.00 = Market) 5 4 Financial Strength C 3

Price Stability 15 2

Price Growth Persistence 30 7700 Earnings Predictability 35 VOL. (thous.) © VALUE LINE PUBLISHING LLC 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020/2021 SALES PER SH 9.73 11.33 12.15 13.19 14.12 14.91 15.31 14.71 -- ‘‘CASH FLOW’’ PER SH .79 1.17 .93 .87 1.38 1.08 1.00 .56 -- EARNINGS PER SH .11 d.11 d.58 d.83 d.50 d.97 d1.22 d1.52 d1.46 A,B d1.59 C/NA DIV’DS DECL’D PER SH ------CAP’L SPENDING PER SH .39 .45 .47 .64 1.45 2.08 1.31 .70 -- BOOK VALUE PER SH 6.25 6.15 5.48 4.85 4.65 3.90 2.64 1.13 -- COMMON SHS OUTST’G (MILL) 27.07 27.41 28.85 29.10 29.19 30.01 30.51 31.27 -- AVG ANN’L P/E RATIO 73.1 ------NMF NMF/NA RELATIVE P/E RATIO 4.58 ------AVG ANN’L DIV’D YIELD ------SALES ($MILL) 263.5 310.5 350.4 383.9 412.2 447.4 467.0 460.0 -- Bold figures OPERATING MARGIN 16.6% 18.1% 18.5% 16.5% 19.9% 17.1% 19.0% 15.3% -- are consensus DEPRECIATION ($MILL) 18.3 35.1 43.2 49.5 54.4 60.4 66.2 62.8 -- earnings NET PROFIT ($MILL) 3.0 d3.1 d16.5 d24.1 d14.3 d28.0 d35.8 d45.4 -- estimates INCOME TAX RATE 45.2% ------and, using the NET PROFIT MARGIN 1.1% NMF NMF NMF NMF NMF NMF NMF -- recent prices, WORKING CAP’L ($MILL) 20.8 d5.8 d5.9 11.8 26.8 .6 d22.9 d11.5 -- P/E ratios. LONG-TERM DEBT ($MILL) 225.0 384.5 508.5 638.0 793.8 919.9 987.0 1005.1 -- SHR. EQUITY ($MILL) 169.1 168.6 158.0 141.2 135.7 116.9 80.4 35.3 -- RETURN ON TOTAL CAP’L 2.3% 1.0% NMF NMF .4% NMF NMF NMF -- RETURN ON SHR. EQUITY 1.8% NMF NMF NMF NMF NMF NMF NMF -- RETAINED TO COM EQ 1.8% NMF NMF NMF NMF NMF NMF NMF -- ALL DIV’DS TO NET PROF ------ANo. of analysts changing earn. est. in last 25 days: 0 up, 1 down, consensus 5-year earnings growth 2.9% per year. BBased upon one analyst’s estimate. CBased upon one analyst’s estimate. ANNUAL RATES ASSETS ($mill.) 2017 2018 9/30/19 INDUSTRY: Medical Services of change (per share) 5 Yrs. 1 Yr. Cash Assets 17.6 31.3 7.7 Sales 6.0% -4.0% Receivables 12.3 10.6 8.8 BUSINESS: Capital Senior Living Corp. owns, operates, ‘‘Cash Flow’’ -2.0% -44.0% Inventory .0 .0 .0 and manages senior living communities throughout the US. Earnings -- -- Other 34.1 31.6 56.0 Dividends -- -- As of December 31, 2018, it operated 129 senior living Current Assets 64.0 73.5 72.5 Book Value -15.5% -57.0% communities in geographically concentrated regions with an Fiscal QUARTERLY SALES ($mill.) Full Property, Plant aggregate capacity of approximately 16,500 residents, in- Year 1Q 2Q 3Q 4Q Year & Equip, at cost 1403.3 1425.2 - - cluding 83 senior housing communities which the company Accum Depreciation 303.5 366.2 - - 12/31/17 116.0 116.7 117.3 117.0 467.0 Net Property 1099.8 1059.0 978.2 owned and 46 senior housing communities the company 12/31/18 114.6 114.6 115.7 115.1 460.0 Other 18.9 16.6 243.5 leased. The company offers independent living services, 12/31/19 114.2 113.1 111.1 Total Assets 1182.7 1149.1 1294.2 including daily meals, transportation, social and recreational 12/31/20 activities, laundry, housekeeping, and staffing, as well as LIABILITIES ($mill.) access to health screenings, such as blood pressure checks; Fiscal EARNINGS PER SHARE Full Accts Payable 7.8 9.1 4.4 Year 1Q 2Q 3Q 4Q Year Debt Due 22.8 17.5 127.9 periodic special services, including influenza inoculations; 12/31/16 d.22 d.15 d.24 d.36 d.97 Other 56.4 58.4 97.0 dietary and similar programs; and ongoing exercise and 12/31/17 d.46 d.27 d.28 d.21 d1.22 Current Liab 87.0 85.0 229.3 fitness classes. It also provides ambulation, dressing, per- 12/31/18 d.24 d.30 d.37 d.61 d1.52 sonal hygiene, and monitoring with medications; support 12/31/19 d.43 d.41 d.68 d.41 services; restorative nursing and rehabilitation services, 12/31/20 d.45 d.42 LONG-TERM DEBT AND EQUITY including physical, occupational, speech, and medical social as of 9/30/19 Cal- QUARTERLY DIVIDENDS PAID Full services. Has 4541 employees. C.E.O. & President: Kim- endar 1Q 2Q 3Q 4Q Year Total Debt $974.6 mill. Due in 5 Yrs. NA berly S. Lody Address: 14160 Dallas Parkway Suite 300, 2016 ------LT Debt $846.7 mill. Dallas, TX 75254. Tel.: (972) 770-5600. Internet: Including Cap. Leases NA 2017 ------(100% of Cap’l) www.capitalsenior.com. L.Y. 2018 ------Leases, Uncapitalized Annual rentals NA 2019 ------December 6, 2019 Pension Liability None in ’18 vs. None in ’17 INSTITUTIONAL DECISIONS TOTAL SHAREHOLDER RETURN 4Q’18 1Q’19 2Q’19 Pfd Stock None Pfd Div’d Paid None Dividends plus appreciation as of 10/31/2019 to Buy 27 45 34 Common Stock 30,969,000 shares 3 Mos. 6 Mos. 1 Yr. 3 Yrs. 5 Yrs. to Sell 44 37 50 Hld’s(000) 25147 23606 22376 -23.03% -2.14% -54.33% -74.26% -81.73% © 2019 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribe call 1-800-VALUELINE of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. RECENT TRAILING RELATIVE DIV’D VALUE CORVEL CORP. NDQ--CRVL PRICE 81.57P/E RATIO 31.7 P/E RATIO 1.78YLD Nil LINE 3607 RANKS 27.32 27.12 48.61 53.35 46.20 53.19 61.20 70.73 89.31 High 19.02 19.73 21.28 28.08 29.27 31.00 36.00 46.45 60.54 Low Above PERFORMANCE 2 Average LEGENDS 12 Mos Mov Avg Technical 3 Average ....Rel Price Strength 2-for-1 split 6/13 50 Shaded area indicates recession SAFETY 3 Average

BETA .90 (1.00 = Market) 25

15 Financial Strength B++ 10 Price Stability 70

Price Growth Persistence 85 5 1200 Earnings Predictability 75 VOL. (thous.) © VALUE LINE PUBLISHING LLC 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020/2021 SALES PER SH 18.25 19.95 22.82 24.33 25.74 27.39 29.52 32.10 -- ‘‘CASH FLOW’’ PER SH 1.83 1.97 2.42 2.30 2.48 2.66 3.04 3.76 -- EARNINGS PER SH 1.14 1.19 1.61 1.37 1.43 1.51 1.87 2.46 NA NA/NA DIV’DS DECL’D PER SH ------CAP’L SPENDING PER SH 1.03 .69 .87 1.13 .86 1.64 1.46 .82 -- BOOK VALUE PER SH 4.88 5.18 6.03 6.32 6.75 7.32 9.05 10.50 -- COMMON SHS OUTST’G (MILL) 22.62 21.52 20.98 20.25 19.56 18.94 18.91 18.56 -- AVG ANN’L P/E RATIO 20.8 18.8 23.2 28.6 25.6 26.5 27.1 23.8 NA NA/NA RELATIVE P/E RATIO 1.30 1.21 1.30 1.51 1.32 1.45 1.36 1.34 -- AVG ANN’L DIV’D YIELD ------SALES ($MILL) 412.7 429.3 478.8 492.6 503.6 518.7 558.4 595.7 -- Bold figures OPERATING MARGIN 14.1% 13.9% 15.2% 12.9% 13.1% 13.2% 12.5% 14.2% -- are consensus DEPRECIATION ($MILL) 14.7 15.7 16.4 18.0 20.0 20.9 21.8 23.0 -- earnings NET PROFIT ($MILL) 26.6 26.7 34.4 28.6 28.5 29.5 35.7 46.7 -- estimates INCOME TAX RATE 38.9% 39.1% 39.1% 37.3% 38.1% 38.0% 25.5% 24.1% -- and, using the NET PROFIT MARGIN 6.4% 6.2% 7.2% 5.8% 5.7% 5.7% 6.4% 7.8% -- recent prices, WORKING CAP’L ($MILL) 36.5 40.1 49.2 45.1 42.7 38.8 65.3 98.6 -- P/E ratios. LONG-TERM DEBT ($MILL) ------SHR. EQUITY ($MILL) 110.4 111.4 126.5 127.9 131.9 138.6 171.2 194.8 -- RETURN ON TOTAL CAP’L 24.1% 24.0% 27.2% 22.3% 21.6% 21.3% 20.9% 24.0% -- RETURN ON SHR. EQUITY 24.1% 24.0% 27.2% 22.3% 21.6% 21.3% 20.9% 24.0% -- RETAINED TO COM EQ 24.1% 24.0% 27.2% 22.3% 21.6% 21.3% 20.9% 24.0% -- ALL DIV’DS TO NET PROF ------Note: No analyst estimates available. ANNUAL RATES ASSETS ($mill.) 2017 2018 9/30/19 INDUSTRY: Medical Services of change (per share) 5 Yrs. 1 Yr. Cash Assets 55.8 91.7 97.9 Sales 8.0% 8.5% Receivables 64.9 71.3 71.4 BUSINESS: CorVel Corp. provides medical cost contain- ‘‘Cash Flow’’ 8.5% 23.5% Inventory .0 .0 .0 ment and managed care services to manage the medical Earnings 8.0% 31.5% Other 42.6 52.5 49.8 Dividends -- -- costs of workers’ compensation and auto claims in the US. Current Assets 163.3 215.5 219.1 Book Value 11.0% 16.0% It offers network solutions, which include automated medi- Fiscal QUARTERLY SALES ($mill.) Full Property, Plant cal fee auditing, preferred provider services, retrospective Year 1Q 2Q 3Q 4Q Year & Equip, at cost 230.8 240.3 - - utilization review, independent medical examinations, and Accum Depreciation 161.4 178.3 - - 03/31/18 137.6 136.5 140.7 143.6 558.4 Net Property 69.4 62.0 72.3 inpatient bill review. The company also offers a range of 03/31/19 150.4 148.1 146.1 151.1 595.7 Other 41.3 40.5 135.4 patient management services, such as working on a one-on- 03/31/20 150.1 147.0 Total Assets 274.0 318.0 426.8 one basis with injured employees and their various health- 03/31/21 care professionals, employers, and insurance company ad- LIABILITIES ($mill.) justers, as well as processing of claims for self-insured Fiscal EARNINGS PER SHARE Full Accts Payable 11.8 9.9 16.1 Year 1Q 2Q 3Q 4Q Year Debt Due .0 .0 .0 payers to property and casualty insurance. In addition, it 03/31/17 .38 .35 .36 .42 1.51 Other 86.2 107.0 116.8 operates directed care networks that provide diagnostic 03/31/18 .46 .44 .50 .47 1.87 Current Liab 98.0 116.9 132.9 imaging, physical and occupational therapy, durable medi- 03/31/19 .62 .67 .54 .63 2.46 cal equipment, and transportation and translation services. 03/31/20 .71 .69 CorVel continues the development of its prospective claims 03/31/21 LONG-TERM DEBT AND EQUITY management platform, Care(MC) Edge(SM), with new as of 9/30/19 Cal- QUARTERLY DIVIDENDS PAID Full functionality deployed each quarter. Has 3904 employees. endar 1Q 2Q 3Q 4Q Year Total Debt None Due in 5 Yrs. None C.E.O. & President: Michael Combs Address: 2010 Main 2016 ------LT Debt None Street Suite 600, Irvine, CA 92614. Tel.: (949) 851-1473. Including Cap. Leases None 2017 ------Leases, Uncapitalized Annual rentals NA Internet: www.corvel.com. L.Y. 2018 ------2019 ------Pension Liability None in ’18 vs. None in ’17 December 6, 2019

INSTITUTIONAL DECISIONS Pfd Stock None Pfd Div’d Paid None TOTAL SHAREHOLDER RETURN 4Q’18 1Q’19 2Q’19 Dividends plus appreciation as of 10/31/2019 to Buy 71 82 84 Common Stock 18,364,000 shares (100% of Cap’l) 3 Mos. 6 Mos. 1 Yr. 3 Yrs. 5 Yrs. to Sell 51 50 56 Hld’s(000) 8692 8610 8865 -7.14% 10.19% 36.51% 129.00% 129.87% © 2019 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribe call 1-800-VALUELINE of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. RECENT TRAILING RELATIVE DIV’D VALUE DIVERSICARE HEALTH NDQ--DVCR PRICE 2.50P/E RATIO NMF P/E RATIO NMFYLD Nil LINE 3608 RANKS 7.60 7.54 5.91 13.32 17.15 12.82 12.25 10.42 5.41 High 4.97 4.01 4.45 4.61 6.45 6.41 8.40 2.14 1.16 Low PERFORMANCE 3 Average LEGENDS 12 Mos Mov Avg Technical 3 Average ....Rel Price Strength 8 Shaded area indicates recession SAFETY 5 Lowest 5 4 BETA .70 (1.00 = Market) 3 2 Financial Strength C

Price Stability 10 1

Price Growth Persistence 30 150 Earnings Predictability 15 VOL. (thous.) © VALUE LINE PUBLISHING LLC 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020/2021 SALES PER SH 53.99 51.96 46.41 55.91 61.71 66.98 89.05 86.43 -- ‘‘CASH FLOW’’ PER SH 1.36 .57 .33 1.35 1.64 1.23 .85 1.23 -- EARNINGS PER SH .23 d.63 d.84 .20 .44 d.07 d.86 d.50 NA NA/NA DIV’DS DECL’D PER SH .22 .28 .17 .22 .22 .22 .22 .17 -- CAP’L SPENDING PER SH 2.29 .82 .87 .89 2.48 2.13 2.86 1.32 -- BOOK VALUE PER SH 3.66 2.90 1.34 1.91 2.11 1.80 1.00 d.18 -- COMMON SHS OUTST’G (MILL) 5.83 5.93 6.08 6.16 6.28 6.36 6.46 6.52 -- AVG ANN’L P/E RATIO 26.6 -- -- 39.6 26.0 ------NA NA/NA RELATIVE P/E RATIO 1.67 -- -- 2.09 1.34 ------AVG ANN’L DIV’D YIELD 3.6% 4.8% 3.3% 2.8% 1.9% 2.4% 2.2% 2.5% -- SALES ($MILL) 314.7 308.1 281.9 344.2 387.6 426.1 574.8 563.5 -- Bold figures OPERATING MARGIN 7.1% 5.6% 3.9% 5.9% 6.0% 2.6% 3.1% 2.0% -- are consensus DEPRECIATION ($MILL) 6.6 7.0 7.0 7.1 7.5 8.3 10.9 11.2 -- earnings NET PROFIT ($MILL) 1.7 d3.3 d4.6 1.5 2.8 d.4 d5.4 d3.2 -- estimates INCOME TAX RATE 28.5% -- -- 37.1% 25.0% -- NMF -- -- and, using the NET PROFIT MARGIN .5% NMF NMF .4% .7% NMF NMF NMF -- recent prices, WORKING CAP’L ($MILL) 15.4 15.7 8.0 8.8 13.0 21.1 8.4 10.1 -- P/E ratios. LONG-TERM DEBT ($MILL) 28.8 28.0 48.8 42.6 54.3 72.1 74.6 61.0 -- SHR. EQUITY ($MILL) 26.2 22.1 13.0 11.8 13.3 11.4 6.5 d1.2 -- RETURN ON TOTAL CAP’L 5.2% NMF NMF 6.1% 7.1% 2.3% NMF .2% -- RETURN ON SHR. EQUITY 6.4% NMF NMF 12.5% 20.7% NMF NMF -- -- RETAINED TO COM EQ .3% NMF NMF NMF 10.6% NMF NMF -- -- ALL DIV’DS TO NET PROF 96% NMF NMF 105% 49% NMF NMF NMF -- Note: No analyst estimates available. ANNUAL RATES ASSETS ($mill.) 2017 2018 9/30/19 INDUSTRY: Medical Services of change (per share) 5 Yrs. 1 Yr. Cash Assets 3.5 2.7 3.9 Sales 9.5% -3.0% Receivables 64.9 66.3 62.0 BUSINESS: Diversicare Healthcare Services, Inc. pro- ‘‘Cash Flow’’ 8.0% 44.0% Inventory .0 .0 .0 vides long-term care services to nursing center patients in Earnings -- -- Other 4.3 11.5 8.7 Dividends -1.5% -25.0% Alabama, Florida, Indiana, Kansas, Kentucky, Missouri, Current Assets 72.7 80.5 74.6 Book Value -20.0% -- Ohio, Tennessee, and Texas. These centers provide health- Fiscal QUARTERLY SALES ($mill.) Full Property, Plant care services to their patients and residents that include: Year 1Q 2Q 3Q 4Q Year & Equip, at cost 147.5 138.5 - - nursing, personal care, and social services. Additionally, it Accum Depreciation 78.3 85.4 - - 12/31/17 141.5 142.6 146.4 144.3 574.8 Net Property 69.2 53.1 48.4 offers a variety of comprehensive rehabilitation services, as 12/31/18 141.3 141.1 141.4 139.7 563.5 Other 25.7 25.6 326.1 well as nutritional support services. As of June 30, 2019, the 12/31/19 134.4 135.4 118.6 Total Assets 167.6 159.2 449.1 company’s operations consisted of 72 nursing centers with 12/31/20 8,214 licensed nursing beds. It owns 15 and leases 57 of its LIABILITIES ($mill.) nursing centers. The nursing centers range in size from 48 to Fiscal EARNINGS PER SHARE Full Accts Payable 14.1 15.7 14.4 Year 1Q 2Q 3Q 4Q Year Debt Due 13.1 12.4 12.3 320 licensed nursing beds. The licensed nursing bed count 12/31/16 d.01 d.14 d.16 .24 d.07 Other 37.1 42.2 63.7 does not include 429 licensed assisted living and residential 12/31/17 .13 .06 d.09 d.96 d.86 Current Liab 64.3 70.3 90.4 beds. Diversicare has in place a Quality Assurance and 12/31/18 d.01 d.05 d.51 .07 d.50 Performance Improvement program, which is focused on 12/31/19 d.52 d3.80 d.30 monitoring and improving all aspects of the care provided in 12/31/20 LONG-TERM DEBT AND EQUITY a center by identifying outcomes and acting on areas of as of 9/30/19 Cal- QUARTERLY DIVIDENDS PAID Full improvement. Has 6000 employees. Chairman: Wallace E. endar 1Q 2Q 3Q 4Q Year Total Debt $75.5 mill. Due in 5 Yrs. NA Olson Address: 1621 Galleria Boulevard, Brentwood, TN 2016 .055 .055 .055 .055 .22 LT Debt $63.2 mill. 37027 . Tel.: (615) 771-7575. Internet: www.dvcr.com. Including Cap. Leases NA 2017 .055 .055 .055 .055 .22 NMF% of Cap’l L.Y. 2018 .055 .055 .055 .055 .22 Leases, Uncapitalized Annual rentals NA 2019 ------December 6, 2019 Pension Liability None in ’18 vs. None in ’17 INSTITUTIONAL DECISIONS TOTAL SHAREHOLDER RETURN 4Q’18 1Q’19 2Q’19 Pfd Stock None Pfd Div’d Paid None Dividends plus appreciation as of 10/31/2019 to Buy 8 6 3 Common Stock 6,675,000 shares 3 Mos. 6 Mos. 1 Yr. 3 Yrs. 5 Yrs. to Sell 3 4 7 NMF% of Cap’l Hld’s(000) 1200 1179 1074 -18.86% -26.16% -54.83% -76.86% -75.18% © 2019 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribe call 1-800-VALUELINE of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. RECENT TRAILING RELATIVE DIV’D VALUE ENSIGN GROUP INC. NDQ--ENSG PRICE 44.09P/E RATIO 22.5 P/E RATIO 1.26YLD 0.4% LINE 3609 RANKS 9.51 8.52 12.65 23.04 27.04 23.86 24.78 48.96 60.54 High 5.35 6.38 7.51 10.42 19.22 17.60 16.51 21.67 37.30 Low Above PERFORMANCE 2 Average LEGENDS 12 Mos Mov Avg Technical 3 Average ....Rel Price Strength 2-for-1 split 12/15 50 Shaded area indicates recession SAFETY 3 Average

BETA 1.00 (1.00 = Market) 25

15 Financial Strength B+ 10 Price Stability 40

Price Growth Persistence 80 5 7200 Earnings Predictability 50 VOL. (thous.) © VALUE LINE PUBLISHING LLC 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020/2021 SALES PER SH 17.90 18.99 20.45 22.74 26.12 31.87 36.01 38.81 -- ‘‘CASH FLOW’’ PER SH 1.68 1.81 1.84 1.38 1.64 1.57 1.79 2.64 -- EARNINGS PER SH 1.11 1.15 1.06 .78 1.06 .83 .91 1.70 2.03 A,B 2.08 C/NA DIV’DS DECL’D PER SH .11 .15 .10 .14 .15 .16 .17 .18 -- CAP’L SPENDING PER SH 1.51 1.15 .67 1.36 1.17 1.27 1.11 1.05 -- BOOK VALUE PER SH 6.55 7.52 8.05 5.73 8.32 8.79 9.59 11.24 -- COMMON SHS OUTST’G (MILL) 42.36 43.44 44.23 45.18 51.37 51.92 51.36 52.58 -- AVG ANN’L P/E RATIO 12.0 12.0 17.5 24.6 21.7 25.1 22.8 20.2 21.7 21.2/NA RELATIVE P/E RATIO .75 .77 .98 1.30 1.12 1.37 1.14 1.14 -- AVG ANN’L DIV’D YIELD .8% 1.1% .5% .7% .7% .8% .8% .5% -- SALES ($MILL) 758.3 824.7 904.6 1027.4 1341.8 1654.9 1849.3 2040.7 -- Bold figures OPERATING MARGIN 15.0% 14.5% 13.8% 9.7% 9.1% 7.2% 7.5% 8.5% -- are consensus DEPRECIATION ($MILL) 23.3 28.5 33.9 26.4 28.7 38.7 44.5 46.7 -- earnings NET PROFIT ($MILL) 47.7 50.3 47.3 36.0 55.4 42.7 47.6 92.4 -- estimates INCOME TAX RATE 38.2% 37.3% 40.1% 44.3% 38.6% 38.9% 40.2% 19.8% -- and, using the NET PROFIT MARGIN 6.3% 6.1% 5.2% 3.5% 4.1% 2.6% 2.6% 4.5% -- recent prices, WORKING CAP’L ($MILL) 40.2 46.2 98.5 83.2 115.1 122.0 142.3 78.9 -- P/E ratios. LONG-TERM DEBT ($MILL) 183.7 203.4 251.9 68.3 99.1 275.5 303.0 233.1 -- SHR. EQUITY ($MILL) 277.5 326.5 356.1 258.9 427.3 456.5 492.4 590.9 -- RETURN ON TOTAL CAP’L 11.8% 10.7% 8.8% 13.0% 10.8% 6.3% 6.8% 12.1% -- RETURN ON SHR. EQUITY 17.2% 15.4% 13.3% 13.9% 13.0% 9.4% 9.7% 15.6% -- RETAINED TO COM EQ 15.5% 13.4% 12.1% 11.5% 11.2% 7.6% 7.9% 14.0% -- ALL DIV’DS TO NET PROF 10% 13% 9% 18% 14% 19% 18% 10% -- ANo. of analysts changing earn. est. in last 25 days: 0 up, 2 down, consensus 5-year earnings growth 15.0% per year. BBased upon 4 analysts’ estimates. CBased upon 3 analysts’ estimates. ANNUAL RATES ASSETS ($mill.) 2017 2018 9/30/19 INDUSTRY: Medical Services of change (per share) 5 Yrs. 1 Yr. Cash Assets 55.4 39.8 57.4 Sales 13.0% 8.0% Receivables 265.1 276.1 308.1 BUSINESS: The Ensign Group, Inc. provides skilled ‘‘Cash Flow’’ 2.5% 47.5% Inventory .0 .0 .0 nursing and assisted living services, physical, occupational Earnings 1.0% 87.0% Other 47.6 32.2 27.7 Dividends 7.0% 6.0% and speech therapies, home health and hospice services, and Current Assets 368.1 348.1 393.2 Book Value 6.0% 17.0% urgent care services. As of December 31, 2018, the com- Fiscal QUARTERLY SALES ($mill.) Full Property, Plant pany operated 244 facilities, 43 home health, hospice and Year 1Q 2Q 3Q 4Q Year & Equip, at cost 681.2 801.6 - - home care agencies and other ancillary operations in Ari- Accum Depreciation 144.1 182.7 - - 12/31/17 441.7 448.3 471.6 487.7 1849.3 Net Property 537.1 618.9 708.2 zona, California, Colorado, Idaho, Iowa, Kansas, Nebraska, 12/31/18 492.1 496.4 514.4 537.8 2040.7 Other 197.2 215.0 1258.1 Nevada, Oregon, South Carolina, Texas, Utah, Washington, 12/31/19 549.2 575.7 600.5 Total Assets 1102.4 1182.0 2359.5 Wisconsin, and Wyoming. Of the 244 facilities, the com- 12/31/20 pany owned 72 and operated an additional 172 facilities LIABILITIES ($mill.) under long-term lease arrangements, and have options to Fiscal EARNINGS PER SHARE Full Accts Payable 39.0 44.2 40.0 Year 1Q 2Q 3Q 4Q Year Debt Due 9.9 10.1 10.2 purchase 12 of those 172 facilities. The Ensign Group’s 12/31/16 .28 .22 .18 .15 .83 Other 176.9 214.9 304.4 home health and hospice business provides home health, 12/31/17 .19 .23 .27 .22 .91 Current Liab 225.8 269.2 354.6 hospice and home care services from 54 agencies across 12 12/31/18 .43 .41 .38 .48 1.70 states. In November 2019, the company acquired the real 12/31/19 .49 .51 .48 .51 estate and operations of three skilled nursing operations 12/31/20 .51 .51 LONG-TERM DEBT AND EQUITY across Texas. Has 23463 employees. Chairman: Roy E. as of 9/30/19 Cal- QUARTERLY DIVIDENDS PAID Full Christensen Address: 29222 Rancho Viejo Road Suite 127, endar 1Q 2Q 3Q 4Q Year Total Debt $275.9 mill. Due in 5 Yrs. NA San Juan Capist, CA 92675. Tel.: (949) 487-9500. Internet: 2016 .04 .04 .04 .04 .16 LT Debt $265.7 mill. www.ensigngroup.net. Including Cap. Leases NA 2017 .043 .043 .043 .043 .17 (28% of Cap’l) L.Y. 2018 .045 .045 .045 .045 .18 Leases, Uncapitalized Annual rentals NA 2019 .048 .048 .048 .048 December 6, 2019 Pension Liability None in ’18 vs. None in ’17 INSTITUTIONAL DECISIONS TOTAL SHAREHOLDER RETURN 4Q’18 1Q’19 2Q’19 Pfd Stock None Pfd Div’d Paid None Dividends plus appreciation as of 10/31/2019 to Buy 143 142 133 Common Stock 53,367,000 shares 3 Mos. 6 Mos. 1 Yr. 3 Yrs. 5 Yrs. to Sell 95 126 123 (72% of Cap’l) Hld’s(000) 44322 42943 44123 -29.82% -17.84% 14.53% 132.96% 125.34% © 2019 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribe call 1-800-VALUELINE of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. RECENT TRAILING RELATIVE DIV’D VALUE INTERPACE BIOSCIENCE NDQ--IDXG PRICE 0.47P/E RATIO NMF P/E RATIO NMFYLD Nil LINE 3610 RANKS 113.50 88.80 82.50 62.50 27.40 19.80 14.25 1.78 1.12 High 52.70 58.40 38.20 13.40 4.22 0.70 0.72 0.76 0.46 Low PERFORMANCE 3 Average LEGENDS Above 12 Mos Mov Avg 18 Technical 2 Average ....Rel Price Strength 1-for-10 Rev split 12/16 13 Shaded area indicates recession SAFETY 5 Lowest 8 BETA 1.40 (1.00 = Market) 5 4 Financial Strength C++ 3

Price Stability 5 2

Price Growth Persistence 5 22600 Earnings Predictability 5 VOL. (thous.) © VALUE LINE PUBLISHING LLC 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020/2021 SALES PER SH 106.67 84.79 99.44 78.08 5.34 6.02 .57 .76 -- ‘‘CASH FLOW’’ PER SH 1.46 d.15 d2.04 d4.56 d8.98 d.80 d.23 d.32 -- EARNINGS PER SH d.60 d1.50 d3.10 d6.30 d13.50 d3.42 d.63 d.43 d.44 A,B d.14 C/NA DIV’DS DECL’D PER SH ------CAP’L SPENDING PER SH .23 .74 1.20 7.39 .20 -- .00 .02 -- BOOK VALUE PER SH 40.37 23.81 21.41 13.10 7.38 3.00 1.43 1.15 -- COMMON SHS OUTST’G (MILL) 1.47 1.50 1.52 1.54 1.77 2.18 27.84 28.69 -- AVG ANN’L P/E RATIO ------NMF NMF/NA RELATIVE P/E RATIO ------AVG ANN’L DIV’D YIELD ------SALES ($MILL) 157.3 126.9 150.8 119.9 9.4 13.1 15.9 21.9 -- Bold figures OPERATING MARGIN .8% .6% NMF NMF NMF NMF NMF NMF -- are consensus DEPRECIATION ($MILL) 3.0 1.7 1.4 2.4 5.0 4.5 3.7 3.1 -- earnings NET PROFIT ($MILL) d.9 d2.0 d4.5 d9.4 d20.9 d6.2 d10.0 d12.2 -- estimates INCOME TAX RATE ------and, using the NET PROFIT MARGIN NMF NMF NMF NMF NMF NMF NMF NMF -- recent prices, WORKING CAP’L ($MILL) 34.3 35.2 31.3 11.3 d4.2 d12.0 11.7 9.2 -- P/E ratios. LONG-TERM DEBT ($MILL) ------27.2 7.2 7.9 ------SHR. EQUITY ($MILL) 59.5 35.6 32.5 20.1 13.0 6.5 39.9 32.9 -- RETURN ON TOTAL CAP’L NMF NMF NMF NMF NMF NMF NMF NMF -- RETURN ON SHR. EQUITY NMF NMF NMF NMF NMF NMF NMF NMF -- RETAINED TO COM EQ NMF NMF NMF NMF NMF NMF NMF NMF -- ALL DIV’DS TO NET PROF ------ANo. of analysts changing earn. est. in last 25 days: 0 up, 2 down, consensus 5-year earnings growth not available. BBased upon 2 analysts’ estimates. CBased upon 2 analysts’ estimates. ANNUAL RATES ASSETS ($mill.) 2017 2018 9/30/19 INDUSTRY: Medical Services of change (per share) 5 Yrs. 1 Yr. Cash Assets 15.2 6.1 2.4 Sales -52.0% 33.5% Receivables 3.4 9.5 14.7 BUSINESS: Interpace Biosciences, Inc. develops and ‘‘Cash Flow’’ -- -- Inventory .0 .0 .0 commercializes molecular diagnostic tests, leveraging the Earnings -- -- Other 1.2 2.1 3.5 Dividends -- -- latest technology and personalized medicine for better Current Assets 19.8 17.7 20.6 Book Value -42.0% -20.0% patient diagnosis and management. It has three commercial- Fiscal QUARTERLY SALES ($mill.) Full Property, Plant ized molecular tests: PancraGen(R) for the diagnosis and Year 1Q 2Q 3Q 4Q Year & Equip, at cost 1.8 2.2 - - prognosis of pancreatic cancer from pancreatic cysts; Thy- Accum Depreciation 1.1 1.4 - - 12/31/17 3.5 3.8 4.2 4.4 15.9 Net Property .7 .8 7.0 GenX, for the diagnosis of thyroid cancer from thyroid 12/31/18 4.8 5.5 5.8 5.8 21.9 Other 33.1 29.9 47.1 nodules utilizing a next-generation sequencing assay; and 12/31/19 6.0 6.3 7.7 Total Assets 53.6 48.4 74.7 ThyraMIR, for the diagnosis of thyroid cancer from thyroid 12/31/20 nodules utilizing a proprietary gene expression assay. Its LIABILITIES ($mill.) mission is to provide personalized medicine through mo- Fiscal EARNINGS PER SHARE Full Accts Payable .4 1.1 5.0 Year 1Q 2Q 3Q 4Q Year Debt Due .0 .0 .0 lecular diagnostics and innovation to advance patient care. 12/31/16 d2.30 d1.90 d3.10 3.88 d3.42 Other 7.7 7.4 12.3 In September 2019, Interpace contracted with three inde- 12/31/17 .65 d.45 d.15 d.68 d.63 Current Liab 8.1 8.5 17.3 pendent Blue Cross Blue Shield plans totaling nearly five 12/31/18 d.10 d.07 d.11 d.15 d.43 million covered lives. In October 2019, the company closed 12/31/19 d.10 d.14 d.19 d.08 on a $13 million convertible preferred stock investment by 12/31/20 d.05 d.04 LONG-TERM DEBT AND EQUITY Ampersand Capital Partners. Has 89 employees. C.E.O. & as of 9/30/19 Cal- QUARTERLY DIVIDENDS PAID Full President: Jack E. Stover Address: Morris Corporate Center endar 1Q 2Q 3Q 4Q Year Total Debt $3.8 mill. Due in 5 Yrs. NA 1, Bui 300 Interpace Pkwy, Parsippany, NJ 07054. Tel.: 2016 ------LT Debt $3.8 mill. (844) 405-9655. Internet: www.interpacediagnostics.com. Including Cap. Leases NA 2017 ------(9% of Cap’l) L.Y. 2018 ------Leases, Uncapitalized Annual rentals NA 2019 ------December 6, 2019 Pension Liability None in ’18 vs. None in ’17 INSTITUTIONAL DECISIONS TOTAL SHAREHOLDER RETURN 4Q’18 1Q’19 2Q’19 Pfd Stock None Pfd Div’d Paid None Dividends plus appreciation as of 10/31/2019 to Buy 10 11 11 Common Stock 38,196,038 shares 3 Mos. 6 Mos. 1 Yr. 3 Yrs. 5 Yrs. to Sell 8 6 5 (91% of Cap’l) Hld’s(000) 4685 8688 7252 -11.49% 5.48% -44.20% -39.84% -95.77% © 2019 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribe call 1-800-VALUELINE of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. RECENT TRAILING RELATIVE DIV’D VALUE THE JOINT CORP. NDQ--JYNT PRICE 19.08P/E RATIO 95.4 P/E RATIO 5.33YLD Nil LINE 3611 RANKS 7.20 12.99 5.89 6.00 9.64 21.75 High 6.00 4.95 1.85 2.48 4.67 7.88 Low Above PERFORMANCE 2 Average LEGENDS Above 12 Mos Mov Avg 18 Technical 2 Average ....Rel Price Strength Shaded area indicates recession Below 13 SAFETY 4 Average 8 BETA .90 (1.00 = Market) 5 4 Financial Strength B 3

Price Stability 10 2

Price Growth Persistence 55 1800 Earnings Predictability 35 VOL. (thous.) © VALUE LINE PUBLISHING LLC 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020/2021 REVENUES PER SH ------.71 1.10 1.58 1.85 2.31 -- ‘‘CASH FLOW’’ PER SH ------d.29 d.60 d.79 d.09 .13 -- EARNINGS PER SH ------d.56 d.88 d1.02 d.25 .02 .21 A,B .37 C/NA DIV’DS DECL’D PER SH ------CAP’L SPENDING PER SH ------.07 .32 .12 .03 .08 -- BOOK VALUE PER SH ------1.62 1.65 .53 .36 .17 -- COMMON SHS OUTST’G (MILL) ------9.66 12.54 13.02 13.59 13.74 -- AVG ANN’L P/E RATIO ------NMF 90.9 51.6/NA RELATIVE P/E RATIO ------NMF -- AVG ANN’L DIV’D YIELD ------REVENUES ($MILL) -- -- 5.8 6.9 13.8 20.5 25.2 31.8 -- Bold figures OPERATING MARGIN -- -- 5.9% NMF NMF NMF NMF 7.4% -- are consensus DEPRECIATION ($MILL) -- -- .1 .2 1.3 2.6 2.0 1.6 -- earnings NET PROFIT ($MILL) -- -- .2 d3.0 d8.8 d12.9 d3.3 .3 -- estimates INCOME TAX RATE -- -- 61.8% ------and, using the NET PROFIT MARGIN -- -- 2.7% NMF NMF NMF NMF .8% -- recent prices, WORKING CAP’L ($MILL) -- -- 2.1 19.1 11.5 d.2 1.7 3.0 -- P/E ratios. LONG-TERM DEBT ($MILL) ------.1 -- 1.0 -- -- SHR. EQUITY ($MILL) -- -- d1.2 15.6 20.7 6.9 4.9 2.4 -- RETURN ON TOTAL CAP’L ------NMF NMF NMF NMF 10.7% -- RETURN ON SHR. EQUITY ------NMF NMF NMF NMF 10.7% -- RETAINED TO COM EQ ------NMF NMF NMF NMF 10.7% -- ALL DIV’DS TO NET PROF ------ANo. of analysts changing earn. est. in last 25 days: 0 up, 0 down, consensus 5-year earnings growth not available. BBased upon 3 analysts’ estimates. CBased upon 2 analysts’ estimates. ANNUAL RATES ASSETS ($mill.) 2017 2018 9/30/19 INDUSTRY: Medical Services of change (per share) 5 Yrs. 1 Yr. Cash Assets 4.2 8.7 7.8 Sales -- 25.0% Receivables 1.3 1.4 1.5 BUSINESS: The Joint Corp. is an emerging growth ‘‘Cash Flow’’ -- -- Inventory .0 .0 .0 company that is reinventing chiropractic by making quality Earnings -- -- Other 1.2 1.6 2.0 Dividends -- -- care convenient and affordable for patients seeking pain Current Assets 6.7 11.7 11.3 Book Value -- -52.5% relief and ongoing wellness. As of June 30, 2019, the Fiscal QUARTERLY SALES ($mill.) Full Property, Plant company had 468 clinics in operation, with an additional Year 1Q 2Q 3Q 4Q Year & Equip, at cost 7.7 8.6 - - 176 franchise licenses sold but not yet developed across its Accum Depreciation 3.9 4.9 - - 12/31/17 5.8 6.0 6.5 6.9 25.2 Net Property 3.8 3.7 5.7 network, and 28 letters-of-intent for future clinic licenses. In 12/31/18 7.1 7.5 8.1 9.1 31.8 Other 6.4 8.1 24.8 the year ended December 31, 2018, Joint’s system regis- 12/31/19 10.7 11.2 12.7 Total Assets 16.9 23.5 41.8 tered over six million patient visits. The Joint’s patients 12/31/20 arrive at its clinics without appointments at times conve- LIABILITIES ($mill.) nient to their schedules. Once a patient has joined the Fiscal EARNINGS PER SHARE Full Accts Payable 1.1 1.3 1.7 Year 1Q 2Q 3Q 4Q Year Debt Due .1 1.1 1.0 company’s system, they simply swipe their membership 12/31/16 d.28 d.26 d.21 d.27 d1.02 Other 3.8 6.3 - - card at a card reader at the reception desk to announce their 12/31/17 d.12 d.08 d.03 d.02 d.25 Current Liab 5.0 8.7 13.4 arrival. In October 2019, the company announced a new 12/31/18 d.03 -- d.01 .06 .02 brand campaign focusing on pain relief and highlighting 12/31/19 .07 .03 .04 .08 real patients, as well as their chiropractic care stories. Has 12/31/20 .08 .08 LONG-TERM DEBT AND EQUITY 138 employees. C.E.O. & President: Peter D. Holt Address: as of 9/30/19 Cal- QUARTERLY DIVIDENDS PAID Full 16767 N. Perimeter Drive Suite 240, Scottsdale, AZ 85260. endar 1Q 2Q 3Q 4Q Year Total Debt $1.1 mill. Due in 5 Yrs. NA Tel.: (480) 245-5960. Internet: www.thejoint.com. 2016 ------LT Debt $.0 mill. Including Cap. Leases NA 2017 ------(1% of Cap’l) L.Y. 2018 ------Leases, Uncapitalized Annual rentals NA 2019 ------December 6, 2019 Pension Liability None in ’18 vs. None in ’17 INSTITUTIONAL DECISIONS TOTAL SHAREHOLDER RETURN 4Q’18 1Q’19 2Q’19 Pfd Stock None Pfd Div’d Paid None Dividends plus appreciation as of 10/31/2019 to Buy 18 42 52 Common Stock 13,879,000 shares 3 Mos. 6 Mos. 1 Yr. 3 Yrs. 5 Yrs. to Sell 24 18 29 (99% of Cap’l) Hld’s(000) 6840 7161 8697 3.19% 7.98% 152.58% 668.95% -- © 2019 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribe call 1-800-VALUELINE of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. RECENT TRAILING RELATIVE DIV’D VALUE LHC GROUP NDQ--LHCG PRICE 136.09P/E RATIO 45.1 P/E RATIO 2.52YLD Nil LINE 3612 RANKS 31.69 22.21 26.90 31.95 51.83 46.73 76.14 107.51 136.67 High 12.34 12.53 19.06 19.69 27.51 32.04 44.04 58.65 88.84 Low Above PERFORMANCE 2 Average LEGENDS 180 12 Mos Mov Avg Technical 3 Average ....Rel Price Strength Shaded area indicates recession 90 SAFETY 3 Average

BETA .90 (1.00 = Market) 45

27 Financial Strength B++ 18 Price Stability 40

Price Growth Persistence 60 9 6000 Earnings Predictability 70 VOL. (thous.) © VALUE LINE PUBLISHING LLC 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020/2021 SALES PER SH 34.64 37.67 38.48 42.45 46.79 51.98 60.40 59.00 -- ‘‘CASH FLOW’’ PER SH 2.00 2.08 1.79 1.82 2.54 2.77 3.58 2.61 -- EARNINGS PER SH 1.57 1.53 1.30 1.26 1.84 2.07 2.79 2.29 4.46 A,B 4.73 C/NA DIV’DS DECL’D PER SH ------CAP’L SPENDING PER SH .43 .50 .49 .47 .76 .91 .57 1.08 -- BOOK VALUE PER SH 14.41 15.84 17.13 18.44 20.32 22.45 25.29 42.93 -- COMMON SHS OUTST’G (MILL) 18.30 16.93 17.11 17.28 17.45 17.60 17.75 30.68 -- AVG ANN’L P/E RATIO 14.4 11.5 17.1 18.5 21.2 19.1 21.3 35.9 30.5 28.8/NA RELATIVE P/E RATIO .90 .74 .96 .98 1.09 1.04 1.07 2.03 -- AVG ANN’L DIV’D YIELD ------SALES ($MILL) 633.9 637.6 658.3 733.6 816.4 914.8 1072.1 1810.0 -- Bold figures OPERATING MARGIN 10.4% 9.7% 8.4% 8.0% 12.1% 10.8% 9.2% 7.3% -- are consensus DEPRECIATION ($MILL) 7.5 7.8 8.3 9.6 12.0 12.2 13.4 16.4 -- earnings NET PROFIT ($MILL) 29.1 27.4 22.3 21.8 32.3 36.6 50.1 63.6 -- estimates INCOME TAX RATE 34.9% 33.1% 35.2% 33.5% 35.4% 32.6% 15.3% 22.1% -- and, using the NET PROFIT MARGIN 4.6% 4.3% 3.4% 3.0% 4.0% 4.0% 4.7% 3.5% -- recent prices, WORKING CAP’L ($MILL) 80.8 65.5 69.9 74.6 68.6 69.2 98.7 160.8 -- P/E ratios. LONG-TERM DEBT ($MILL) 34.8 19.5 23.0 60.8 98.5 87.5 144.0 235.9 -- SHR. EQUITY ($MILL) 263.7 268.2 293.0 318.6 354.6 395.1 448.9 1316.9 -- RETURN ON TOTAL CAP’L 9.9% 9.8% 7.4% 6.1% 7.4% 7.9% 8.8% 4.4% -- RETURN ON SHR. EQUITY 11.0% 10.2% 7.6% 6.9% 9.1% 9.3% 11.2% 4.8% -- RETAINED TO COM EQ 11.0% 10.2% 7.6% 6.9% 9.1% 9.3% 11.2% 4.8% -- ALL DIV’DS TO NET PROF ------ANo. of analysts changing earn. est. in last 25 days: 0 up, 6 down, consensus 5-year earnings growth 14.0% per year. BBased upon 7 analysts’ estimates. CBased upon 7 analysts’ estimates. ANNUAL RATES ASSETS ($mill.) 2017 2018 9/30/19 INDUSTRY: Medical Services of change (per share) 5 Yrs. 1 Yr. Cash Assets 2.8 49.4 29.3 Sales 9.0% -2.5% Receivables 161.9 252.6 288.1 BUSINESS: LHC Group, Inc. provides post-acute health- ‘‘Cash Flow’’ 9.0% -27.0% Inventory .0 .0 .0 care services, primarily to Medicare beneficiaries in the US. Earnings 10.0% -18.0% Other 36.3 64.9 55.6 Dividends -- -- Through its home health services segment, it offers skilled Current Assets 201.0 366.9 373.0 Book Value 14.0% 70.0% nursing, medically oriented social services, and physical, Fiscal QUARTERLY SALES ($mill.) Full Property, Plant occupational, and speech therapy. The hospice services Year 1Q 2Q 3Q 4Q Year & Equip, at cost 90.0 134.8 - - segment provides pain and symptom management, emo- Accum Depreciation 43.5 55.2 - - 12/31/17 246.6 260.2 272.9 292.4 1072.1 Net Property 46.5 79.6 84.3 tional and spiritual support, and inpatient and respite care. 12/31/18 291.1 502.1 507.0 509.8 1810.0 Other 546.2 1482.2 1640.6 Through the community-based services segment, its ser- 12/31/19 502.6 517.8 528.5 Total Assets 793.7 1928.7 2097.9 vices are performed by paraprofessional personnel, and 12/31/20 include assistance to the elderly, chronically ill, and dis- LIABILITIES ($mill.) abled patients. As of September 30, 2019, LHC operated Fiscal EARNINGS PER SHARE Full Accts Payable 39.8 77.1 76.5 Year 1Q 2Q 3Q 4Q Year Debt Due .3 7.8 .0 809 service providers in 35 states within the continental US 12/31/16 .44 .54 .54 .55 2.07 Other 62.2 121.2 167.9 and the District of Columbia. In November 2019, LHC 12/31/17 .53 .63 .61 1.02 2.79 Current Liab 102.3 206.1 244.4 Group and LifePoint Health expanded its joint venture 12/31/18 .28 .55 .68 .66 2.29 partnership in three states. Also in November 2019, the 12/31/19 .60 .80 .96 1.15 company announced that Mohammad Ali will join the 12/31/20 1.00 1.15 LONG-TERM DEBT AND EQUITY company, effective December 2, 2019, as chief information as of 9/30/19 Cal- QUARTERLY DIVIDENDS PAID Full officer (CIO). Has 14598 employees. Chairman & C.E.O.: endar 1Q 2Q 3Q 4Q Year Total Debt $232.0 mill. Due in 5 Yrs. NA Keith G. Myers Address: 901 Hugh Wallis Road South, 2016 ------LT Debt $232.0 mill. Lafayette, LA 70508. Tel.: (337) 233-1307. Internet: Including Cap. Leases NA 2017 ------(14% of Cap’l) www.lhcgroup.com. L.Y. 2018 ------Leases, Uncapitalized Annual rentals NA 2019 ------December 6, 2019 Pension Liability None in ’18 vs. None in ’17 INSTITUTIONAL DECISIONS TOTAL SHAREHOLDER RETURN 4Q’18 1Q’19 2Q’19 Pfd Stock None Pfd Div’d Paid None Dividends plus appreciation as of 10/31/2019 to Buy 127 135 131 Common Stock 30,798,000 shares 3 Mos. 6 Mos. 1 Yr. 3 Yrs. 5 Yrs. to Sell 121 122 125 (86% of Cap’l) Hld’s(000) 28772 28791 29124 -12.33% -0.13% 21.37% 223.81% 355.73% © 2019 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribe call 1-800-VALUELINE of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. RECENT TRAILING RELATIVE DIV’D VALUE MAGELLAN HEALTH NDQ--MGLN PRICE 79.33P/E RATIO NMF P/E RATIO NMFYLD Nil LINE 3613 RANKS 56.76 56.58 62.00 63.81 73.00 77.35 99.80 112.25 80.18 High 41.10 40.24 46.00 52.37 45.40 49.50 64.05 51.88 53.26 Low PERFORMANCE 3 Average LEGENDS 100 Below 12 Mos Mov Avg Technical 4 Average ....Rel Price Strength 80 Shaded area indicates recession SAFETY 3 Average 50

BETA 1.00 (1.00 = Market) 30

Financial Strength B 15

Price Stability 35 8 Price Growth Persistence 40 5800 Earnings Predictability 30 VOL. (thous.) © VALUE LINE PUBLISHING LLC 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020/2021 SALES PER SH 103.02 117.26 128.42 139.60 186.19 205.68 241.24 305.58 -- ‘‘CASH FLOW’’ PER SH 6.93 7.73 7.14 6.33 5.73 7.82 9.50 6.61 -- EARNINGS PER SH 4.17 5.42 4.53 2.90 1.21 3.22 4.51 .97 3.58 A,B 4.80 C/NA DIV’DS DECL’D PER SH ------CAP’L SPENDING PER SH 2.00 2.54 2.34 2.31 2.90 2.59 2.36 2.85 -- BOOK VALUE PER SH 31.11 37.19 41.88 42.09 43.18 46.76 52.74 53.70 -- COMMON SHS OUTST’G (MILL) 27.17 27.35 27.62 26.94 24.69 23.52 24.20 23.94 -- AVG ANN’L P/E RATIO 12.0 8.9 12.3 20.3 50.7 19.5 17.2 86.9 22.2 16.5/NA RELATIVE P/E RATIO .75 .57 .69 1.07 2.61 1.06 .86 4.90 -- AVG ANN’L DIV’D YIELD ------SALES ($MILL) 2799.4 3207.4 3546.3 3760.1 4597.4 4836.9 5838.6 7314.2 -- Bold figures OPERATING MARGIN 9.0% 7.8% 6.7% 5.7% 21.9% 5.4% 4.7% 2.7% -- are consensus DEPRECIATION ($MILL) 58.6 60.5 72.0 91.1 110.0 106.1 119.6 134.0 -- earnings NET PROFIT ($MILL) 129.6 151.0 125.3 79.4 31.4 77.9 110.2 24.2 -- estimates INCOME TAX RATE 33.4% 20.0% 24.2% 37.0% 59.6% 47.9% 18.5% 44.0% -- and, using the NET PROFIT MARGIN 4.6% 4.7% 3.5% 2.1% .7% 1.6% 1.9% .3% -- recent prices, WORKING CAP’L ($MILL) 363.1 478.2 513.1 581.8 373.5 226.4 591.1 648.3 -- P/E ratios. LONG-TERM DEBT ($MILL) -- -- 23.7 255.7 238.3 214.7 740.9 728.6 -- SHR. EQUITY ($MILL) 845.3 1017.3 1156.5 1133.6 1066.2 1099.7 1276.5 1285.3 -- RETURN ON TOTAL CAP’L 15.5% 15.0% 10.7% 6.0% 2.7% 6.3% 6.1% 2.1% -- RETURN ON SHR. EQUITY 15.3% 14.8% 10.8% 7.0% 2.9% 7.1% 8.6% 1.9% -- RETAINED TO COM EQ 15.3% 14.8% 10.8% 7.0% 2.9% 7.1% 8.6% 1.9% -- ALL DIV’DS TO NET PROF ------ANo. of analysts changing earn. est. in last 25 days: 0 up, 1 down, consensus 5-year earnings growth 22.9% per year. BBased upon 3 analysts’ estimates. CBased upon 2 analysts’ estimates. ANNUAL RATES ASSETS ($mill.) 2017 2018 9/30/19 INDUSTRY: Medical Services of change (per share) 5 Yrs. 1 Yr. Cash Assets 709.3 654.9 712.8 Sales 16.5% 26.5% Receivables 660.8 756.1 812.7 BUSINESS: Magellan Health Services, Inc. is engaged in ‘‘Cash Flow’’ 2.0% -30.5% Inventory 40.9 40.8 48.4 the healthcare management business. Its coordination and Earnings -9.0% -78.5% Other 72.4 95.4 87.1 Dividends -- -- management of physical and behavioral healthcare includes Current Assets 1483.4 1547.2 1661.0 Book Value 7.0% 2.0% services such as outpatient programs, intermediate care Fiscal QUARTERLY SALES ($mill.) Full Property, Plant programs, inpatient treatment, and crisis intervention pro- Year 1Q 2Q 3Q 4Q Year & Equip, at cost 753.7 799.3 - - vided through its network of medical and behavioral health Accum Depreciation 595.1 648.6 - - 12/31/17 1305 1419 1419 1694 5838.6 Net Property 158.6 150.7 141.5 professionals, hospitals, and ancillary service providers. The 12/31/18 1805 1810 1853 1844 7314.2 Other 1315.2 1281.2 1339.2 integrated management of physical and behavioral health- 12/31/19 1739 1788 1235 Total Assets 2957.2 2979.1 3141.7 care includes full-service health plans for the holistic 12/31/20 management of special populations. The Specialty Solutions LIABILITIES ($mill.) segment generally reflects the management of the delivery Fiscal EARNINGS PER SHARE Full Accts Payable 74.3 72.1 92.4 Year 1Q 2Q 3Q 4Q Year Debt Due 112.8 24.3 3.5 of diagnostic imaging to ensure that such services are 12/31/16 .54 .16 1.06 1.50 3.22 Other 705.2 802.5 882.5 clinically appropriate and cost effective. The Pharmacy 12/31/17 .74 .23 1.32 2.17 4.51 Current Liab 892.3 898.9 978.4 Management segment comprises products and solutions that 12/31/18 .45 .53 1.09 d1.16 .97 provide clinical and financial management of drugs paid 12/31/19 .02 .56 1.09 .96 under medical and pharmacy benefit programs. In October 12/31/20 .62 1.28 LONG-TERM DEBT AND EQUITY 2019, Magellan appointed Kenneth J. Fasola as CEO. He as of 9/30/19 Cal- QUARTERLY DIVIDENDS PAID Full succeeded Barry M. Smith. Has 10500 employees. Chair- endar 1Q 2Q 3Q 4Q Year Total Debt $698.7 mill. Due in 5 Yrs. NA man & C.E.O.: Barry M. Smith Address: 4800 Scottsdale 2016 ------LT Debt $695.2 mill. Rd, Suite 4400, Scottsdale, AZ 85251. Tel.: (602) 572-6050. Including Cap. Leases NA 2017 ------(34% of Cap’l) Internet: www.magellanhealth.com. L.Y. 2018 ------Leases, Uncapitalized Annual rentals NA 2019 ------December 6, 2019 Pension Liability None in ’18 vs. None in ’17 INSTITUTIONAL DECISIONS TOTAL SHAREHOLDER RETURN 4Q’18 1Q’19 2Q’19 Pfd Stock None Pfd Div’d Paid None Dividends plus appreciation as of 10/31/2019 to Buy 85 99 99 Common Stock 24,469,000 shares 3 Mos. 6 Mos. 1 Yr. 3 Yrs. 5 Yrs. to Sell 120 94 97 (66% of Cap’l) Hld’s(000) 23195 23713 24165 -7.73% -7.29% -0.25% 26.14% 7.24% © 2019 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribe call 1-800-VALUELINE of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. RECENT TRAILING RELATIVE DIV’D VALUE NATERA, INC. NDQ--NTRA PRICE 39.45P/E RATIO NMF P/E RATIO NMFYLD Nil LINE 3614 RANKS 24.36 13.80 14.76 29.62 40.92 High 7.74 6.52 7.35 8.60 11.08 Low Above PERFORMANCE 2 Average LEGENDS 45 12 Mos Mov Avg Technical 3 Average ....Rel Price Strength 30 Shaded area indicates recession Below 22.5 SAFETY 4 Average

BETA 1.20 (1.00 = Market) 13 9 Financial Strength B 6

Price Stability 5 4 3 Price Growth Persistence NMF 11100 Earnings Predictability NMF VOL. (thous.) © VALUE LINE PUBLISHING LLC 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020/2021 REVENUES PER SH ------3.78 4.12 3.90 4.15 -- ‘‘CASH FLOW’’ PER SH ------d1.28 d1.67 d2.37 d1.94 -- EARNINGS PER SH ------d2.68 d1.86 d2.56 d2.22 d2.15 A,B d1.84 C/NA DIV’DS DECL’D PER SH ------CAP’L SPENDING PER SH ------.16 .44 .18 .06 -- BOOK VALUE PER SH ------3.67 2.02 d.19 .52 -- COMMON SHS OUTST’G (MILL) ------50.35 52.67 54.04 62.08 -- AVG ANN’L P/E RATIO ------NMF NMF/NA RELATIVE P/E RATIO ------AVG ANN’L DIV’D YIELD ------REVENUES ($MILL) -- -- 55.2 159.3 190.4 217.1 210.9 257.7 -- Bold figures OPERATING MARGIN -- -- NMF 3.6% NMF NMF NMF NMF -- are consensus DEPRECIATION ($MILL) -- -- 2.5 5.1 5.8 7.6 8.0 7.7 -- earnings NET PROFIT ($MILL) -- -- d37.1 d5.2 d70.3 d95.8 d136.3 d128.2 -- estimates INCOME TAX RATE ------and, using the NET PROFIT MARGIN -- -- NMF NMF NMF NMF NMF NMF -- recent prices, WORKING CAP’L ($MILL) -- -- 25.5 76.6 170.2 77.7 39.3 126.5 -- P/E ratios. LONG-TERM DEBT ($MILL) -- -- 22.5 24.5 -- -- 73.1 73.4 -- SHR. EQUITY ($MILL) -- -- 13.7 69.3 184.8 106.5 d10.4 32.2 -- RETURN ON TOTAL CAP’L -- -- NMF NMF NMF NMF NMF NMF -- RETURN ON SHR. EQUITY -- -- NMF NMF NMF NMF -- NMF -- RETAINED TO COM EQ ------NMF NMF -- NMF -- ALL DIV’DS TO NET PROF ------ANo. of analysts changing earn. est. in last 25 days: 0 up, 3 down, consensus 5-year earnings growth not available. BBased upon 3 analysts’ estimates. CBased upon 3 analysts’ estimates. ANNUAL RATES ASSETS ($mill.) 2017 2018 9/30/19 INDUSTRY: Medical Services of change (per share) 5 Yrs. 1 Yr. Cash Assets 118.9 158.5 238.3 Sales -- 6.5% Receivables 8.3 62.2 58.9 BUSINESS: Natera, Inc. is a genetic testing company that ‘‘Cash Flow’’ -- -- Inventory 9.0 13.6 12.5 develops and commercializes non-invasive methods for Earnings -- -- Other 8.6 6.2 14.0 Dividends -- -- analyzing DNA. The company operates a CAP-accredited Current Assets 144.8 240.5 323.7 Book Value -- -- laboratory certified under the Clinical Laboratory Improve- Fiscal QUARTERLY SALES ($mill.) Full Property, Plant ment Amendments in San Carlos, CA, and it currently offers Year 1Q 2Q 3Q 4Q Year & Equip, at cost 56.7 58.6 - - a host of proprietary genetic testing services primarily to Accum Depreciation 27.0 34.3 - - 12/31/17 46.9 53.6 56.7 53.7 210.9 Net Property 29.7 24.3 19.0 OB/GYN physicians and fertility centers, as well as to 12/31/18 62.3 63.1 65.3 67.0 257.7 Other 4.3 3.4 37.6 genetic laboratories through its cloud-based Constellation 12/31/19 66.8 74.4 77.9 Total Assets 178.8 268.2 380.3 software system. Tests include: the Spectrum pre- 12/31/20 implantation genetic test for embryo selection during IVF; LIABILITIES ($mill.) the Anora miscarriage test to understand the genetic causes Fiscal EARNINGS PER SHARE Full Accts Payable 8.5 14.6 9.2 Year 1Q 2Q 3Q 4Q Year Debt Due 50.1 50.2 50.1 of a pregnancy loss; the Horizon carrier screen to detect 12/31/16 d.18 d.46 d.50 d.72 d1.86 Other 46.9 49.2 78.7 inherited mutations; and the Panorama non-invasive prena- 12/31/17 d.70 d.52 d.51 d.87 d2.56 Current Liab 105.5 114.0 138.0 tal test to screen for common chromosomal anomalies in a 12/31/18 d.60 d.62 d.49 d.51 d2.22 fetus as early as nine weeks of gestation. In October 2019, 12/31/19 d.54 d.48 d.33 d.60 Natera priced its underwritten public offering of 5,714,286 12/31/20 d.57 d.57 LONG-TERM DEBT AND EQUITY shares of its common stock at a price to the public of $35.00 as of 9/30/19 Cal- QUARTERLY DIVIDENDS PAID Full per share. Has 975 employees. C.E.O. & President: Steve endar 1Q 2Q 3Q 4Q Year Total Debt $123.7 mill. Due in 5 Yrs. NA Chapman Address: 201 Industrial Road, Suite 410, San 2016 ------LT Debt $73.6 mill. Carlos, CA 94070. Tel.: (650) 249-9090. Internet: www.nat- Including Cap. Leases NA 2017 ------(46% of Cap’l) era.com. L.Y. 2018 ------Leases, Uncapitalized Annual rentals NA 2019 ------December 6, 2019 Pension Liability None in ’18 vs. None in ’17 INSTITUTIONAL DECISIONS TOTAL SHAREHOLDER RETURN 4Q’18 1Q’19 2Q’19 Pfd Stock None Pfd Div’d Paid None Dividends plus appreciation as of 10/31/2019 to Buy 65 70 93 Common Stock 70,850,000 shares 3 Mos. 6 Mos. 1 Yr. 3 Yrs. 5 Yrs. to Sell 74 51 54 (54% of Cap’l) Hld’s(000) 55668 55728 67486 39.67% 101.57% 75.41% 354.25% -- © 2019 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribe call 1-800-VALUELINE of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. RECENT TRAILING RELATIVE DIV’D VALUE NATL HEALTHCARE AMEX--NHC PRICE 86.97P/E RATIO 18.3 P/E RATIO 1.03YLD 2.4% LINE 3615 RANKS 53.08 49.68 56.69 64.66 69.40 78.99 77.01 84.90 89.54 High 29.97 40.55 44.68 49.06 58.98 57.16 57.73 57.00 70.89 Low Above PERFORMANCE 2 Average LEGENDS 12 Mos Mov Avg Technical 3 Average ....Rel Price Strength Shaded area indicates recession Above 50 SAFETY 2 Average

BETA .75 (1.00 = Market) 25

15 Financial Strength B++ 10 Price Stability 95

Price Growth Persistence 60 5 900 Earnings Predictability 65 VOL. (thous.) © VALUE LINE PUBLISHING LLC 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020/2021 SALES PER SH 55.90 53.84 56.04 61.80 60.44 57.33 63.57 64.26 -- ‘‘CASH FLOW’’ PER SH 6.09 5.59 6.00 5.61 5.42 5.54 6.50 6.61 -- EARNINGS PER SH 3.90 3.49 3.87 3.14 3.20 3.32 3.69 3.87 NA NA/NA DIV’DS DECL’D PER SH 1.18 1.20 1.26 1.34 1.48 1.75 1.89 1.98 -- CAP’L SPENDING PER SH 1.71 1.56 3.09 3.78 3.89 3.87 2.13 1.95 -- BOOK VALUE PER SH 31.87 34.58 36.75 39.95 42.06 41.43 46.20 48.07 -- COMMON SHS OUTST’G (MILL) 13.84 14.14 14.08 14.10 15.00 16.16 15.21 15.26 -- AVG ANN’L P/E RATIO 11.0 13.0 12.5 17.8 19.9 19.6 18.6 18.0 NA NA/NA RELATIVE P/E RATIO .69 .83 .70 .94 1.03 1.07 .93 1.02 -- AVG ANN’L DIV’D YIELD 2.8% 2.6% 2.6% 2.4% 2.3% 2.7% 2.8% 2.8% -- SALES ($MILL) 773.5 761.3 789.0 871.7 906.6 926.6 967.0 980.4 -- Bold figures OPERATING MARGIN 39.4% 38.7% 37.5% 36.9% 36.8% 36.4% 36.7% 10.5% -- are consensus DEPRECIATION ($MILL) 28.9 29.8 28.5 34.4 37.1 39.0 42.7 41.9 -- earnings NET PROFIT ($MILL) 64.1 58.0 64.6 53.4 53.1 50.5 56.2 59.0 -- estimates INCOME TAX RATE 34.5% 36.5% 36.8% 37.4% 37.7% 37.0% 25.3% 21.6% -- and, using the NET PROFIT MARGIN 8.3% 7.6% 8.2% 6.1% 5.9% 5.5% 5.8% 6.0% -- recent prices, WORKING CAP’L ($MILL) 146.3 188.5 186.5 138.9 128.2 140.0 174.2 164.1 -- P/E ratios. LONG-TERM DEBT ($MILL) 10.0 10.0 10.0 43.5 150.2 146.8 123.1 74.1 -- SHR. EQUITY ($MILL) 611.7 659.7 688.1 734.1 631.0 669.6 702.7 733.3 -- RETURN ON TOTAL CAP’L 10.3% 8.7% 9.3% 7.0% 7.0% 6.4% 7.1% 7.6% -- RETURN ON SHR. EQUITY 10.5% 8.8% 9.4% 7.3% 8.4% 7.5% 8.0% 8.0% -- RETAINED TO COM EQ 8.9% 6.7% 10.2% 4.6% 3.7% 3.7% 4.0% 4.0% -- ALL DIV’DS TO NET PROF 38% 44% 19% 51% 57% 51% 50% 51% -- Note: No analyst estimates available. ANNUAL RATES ASSETS ($mill.) 2017 2018 9/30/19 INDUSTRY: Medical Services of change (per share) 5 Yrs. 1 Yr. Cash Assets 225.6 212.1 215.6 Sales 2.0% 1.0% Receivables 86.8 97.3 92.0 BUSINESS: National HealthCare Corp. (NHC) is a lead- ‘‘Cash Flow’’ 1.0% 1.5% Inventory (FIFO) 7.2 7.5 7.8 ing provider of senior healthcare services. The company’s Earnings -0.5% 5.0% Other 9.7 5.1 35.8 Dividends 9.0% 5.0% principal business is the operation of skilled nursing facili- Current Assets 329.3 322.0 351.2 Book Value 5.5% 4.0% ties, assisted living facilities, independent living facilities Fiscal QUARTERLY SALES ($mill.) Full Property, Plant and homecare programs. Its business activities include: Year 1Q 2Q 3Q 4Q Year & Equip, at cost 958.8 979.1 - - providing sub–acute and post–acute skilled nursing care, Accum Depreciation 409.5 444.4 - - 12/31/17 239.2 239.5 242.0 246.3 967.0 Net Property 549.3 534.7 539.6 intermediate nursing care, rehabilitative care, memory and 12/31/18 243.0 242.2 246.3 248.9 980.4 Other 217.9 224.3 416.4 Alzheimer’s care, senior living services, and home health 12/31/19 248.3 247.2 247.1 Total Assets 1096.5 1081.0 1307.2 care services. As of June 30, 2019, NHC operates 75 skilled 12/31/20 nursing facilities with a total of 9,510 licensed beds, 26 LIABILITIES ($mill.) assisted living facilities, five independent living facilities, Fiscal EARNINGS PER SHARE Full Accts Payable 16.0 19.8 18.7 Year 1Q 2Q 3Q 4Q Year Debt Due 3.7 3.9 4.1 one behavioral health hospital, and 36 homecare programs. 12/31/16 .91 .77 .73 .91 3.32 Other 135.4 134.2 158.3 It also has a non controlling ownership interest in a hospice 12/31/17 .83 .70 .75 1.41 3.69 Current Liab 155.1 157.9 181.1 care business that services NHC owned skilled nursing 12/31/18 d.18 1.47 1.39 1.19 3.87 facilities and others. In addition, it provides insurance 12/31/19 1.39 .89 1.27 services, management and accounting services. In Novem- 12/31/20 LONG-TERM DEBT AND EQUITY ber 2019, NHC declared a quarterly dividend of $0.52 per as of 9/30/19 Cal- QUARTERLY DIVIDENDS PAID Full common share. Has 14891 employees. C.E.O.: Stephen F. endar 1Q 2Q 3Q 4Q Year Total Debt $50.1 mill. Due in 5 Yrs. NA Flatt Address: 100 E. Vine Street, Murfreesboro, TN 37130. 2016 .40 .40 .45 .45 1.70 LT Debt $46.0 mill. Tel.: (615) 890-2020. Internet: www.nhccare.com. Including Cap. Leases NA 2017 .45 .45 .48 .48 1.86 (6% of Cap’l) L.Y. 2018 .48 .48 .50 .50 1.96 Leases, Uncapitalized Annual rentals NA 2019 .50 .50 .52 .52 December 6, 2019 Pension Liability None in ’18 vs. None in ’17 INSTITUTIONAL DECISIONS TOTAL SHAREHOLDER RETURN 4Q’18 1Q’19 2Q’19 Pfd Stock None Pfd Div’d Paid None Dividends plus appreciation as of 10/31/2019 to Buy 68 65 76 Common Stock 15,318,790 shares 3 Mos. 6 Mos. 1 Yr. 3 Yrs. 5 Yrs. to Sell 52 52 45 (94% of Cap’l) Hld’s(000) 6182 6369 6269 -5.59% 10.35% 6.02% 37.83% 55.45% © 2019 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribe call 1-800-VALUELINE of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. RECENT TRAILING RELATIVE DIV’D VALUE NEOGENOMICS, INC. NDQ--NEO PRICE 25.69P/E RATIO NMF P/E RATIO NMFYLD Nil LINE 3616 RANKS 1.84 3.20 4.20 6.10 8.48 9.88 11.63 19.04 26.89 High 0.65 1.40 2.05 2.95 3.33 5.49 7.12 7.08 12.04 Low Above PERFORMANCE 2 Average LEGENDS 45 Above 12 Mos Mov Avg Technical 2 Average ....Rel Price Strength 30 Shaded area indicates recession 22.5 SAFETY 3 Average

BETA 1.05 (1.00 = Market) 13 9 Financial Strength B+ 6

Price Stability 25 4 3 Price Growth Persistence 90 15400 Earnings Predictability 30 VOL. (thous.) © VALUE LINE PUBLISHING LLC 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020/2021 SALES PER SH 1.00 1.32 1.35 1.45 1.32 3.11 3.21 2.93 -- ‘‘CASH FLOW’’ PER SH .02 .09 .13 .11 d1.39 .07 d.36 .26 -- EARNINGS PER SH d.03 .00 .04 .02 d.04 d.36 d.14 .07 .19 A,B .29 C/NA DIV’DS DECL’D PER SH ------CAP’L SPENDING PER SH .02 .06 .04 .06 .03 .10 .17 .15 -- BOOK VALUE PER SH .14 .20 .44 1.00 1.69 2.08 1.91 3.39 -- COMMON SHS OUTST’G (MILL) 43.42 45.28 49.12 60.24 75.82 78.57 80.46 94.47 -- AVG ANN’L P/E RATIO -- NMF 83.5 NMF ------NMF NMF 88.6/NA RELATIVE P/E RATIO -- NMF 4.70 NMF ------NMF -- AVG ANN’L DIV’D YIELD ------SALES ($MILL) 43.5 59.9 66.5 87.1 99.8 244.1 258.6 276.7 -- Bold figures OPERATING MARGIN 3.9% 8.4% 11.1% 9.0% 1.5% 13.4% 10.2% 11.7% -- are consensus DEPRECIATION ($MILL) 2.1 3.8 4.2 5.6 7.1 26.7 23.0 22.3 -- earnings NET PROFIT ($MILL) d1.2 .1 2.0 1.1 d2.5 d3.5 d.8 2.6 -- estimates INCOME TAX RATE -- -- 7.3% 12.2% ------31.0% -- and, using the NET PROFIT MARGIN NMF .1% 3.1% 1.3% NMF NMF NMF 1.0% -- recent prices, WORKING CAP’L ($MILL) 1.8 .8 13.2 44.1 58.9 40.7 49.9 42.8 -- P/E ratios. LONG-TERM DEBT ($MILL) 2.6 3.1 3.3 5.3 57.4 97.4 96.4 98.1 -- SHR. EQUITY ($MILL) 5.9 9.2 21.7 60.4 238.1 186.6 205.5 320.4 -- RETURN ON TOTAL CAP’L NMF 2.3% 10.1% 2.4% NMF .5% .6% 1.4% -- RETURN ON SHR. EQUITY NMF .7% 9.4% 1.9% NMF NMF NMF .8% -- RETAINED TO COM EQ NMF .7% 9.4% 1.9% NMF NMF NMF .8% -- ALL DIV’DS TO NET PROF ------ANo. of analysts changing earn. est. in last 25 days: 2 up, 0 down, consensus 5-year earnings growth not available. BBased upon 4 analysts’ estimates. CBased upon 4 analysts’ estimates. ANNUAL RATES ASSETS ($mill.) 2017 2018 9/30/19 INDUSTRY: Medical Services of change (per share) 5 Yrs. 1 Yr. Cash Assets 12.8 9.8 178.9 Sales 20.5% -9.0% Receivables 60.4 76.9 91.1 BUSINESS: NeoGenomics, Inc. is a CLIA-certified clini- ‘‘Cash Flow’’ -- -- Inventory 7.5 8.7 12.6 cal laboratory that specializes in cancer genetics diagnostic Earnings -- -- Other 4.3 8.3 9.4 Dividends -- -- testing. The company’s testing services include: cytogenet- Current Assets 85.0 103.7 292.0 Book Value 56.5% 77.0% ics, the study of normal and abnormal chromosomes and Fiscal QUARTERLY SALES ($mill.) Full Property, Plant their relationship to disease; fluorescence in-situ hybridiza- Year 1Q 2Q 3Q 4Q Year & Equip, at cost 77.0 111.0 - - tion, a branch of cancer genetics that focuses on detecting Accum Depreciation 40.5 50.1 - - 12/31/17 61.7 66.1 63.1 67.7 258.6 Net Property 36.5 60.9 62.5 and locating the presence or absence of specific DNA 12/31/18 63.4 67.7 69.1 76.5 276.7 Other 221.8 340.4 356.7 sequences and genes on chromosomes; flow cytometry, a 12/31/19 95.6 101.7 104.7 Total Assets 343.3 505.0 711.2 rapid way to measure the characteristics of cell populations; 12/31/20 immunohistochemistry refers to the process of localizing LIABILITIES ($mill.) proteins in cells of a tissue section and relies on the Fiscal EARNINGS PER SHARE Full Accts Payable 10.5 17.8 18.0 Year 1Q 2Q 3Q 4Q Year Debt Due 9.0 14.2 12.0 principle of antibodies binding specifically to antigens in 12/31/16 d.07 d.07 d.07 d.15 d.36 Other 15.6 28.9 38.9 biological tissues; anatomic pathology; and molecular ge- 12/31/17 d.04 d.03 d.10 .03 d.14 Current Liab 35.1 60.9 68.9 netic testing, a cancer diagnostic tool focusing on the 12/31/18 d.02 .07 .02 -- .07 analysis of DNA and RNA. The company has two primary 12/31/19 d.03 .02 .02 .05 types of customers, Clinical and Pharma. In 2018, its 12/31/20 .05 .07 LONG-TERM DEBT AND EQUITY Clinical Services segment accounted for 87% of consoli- as of 9/30/19 Cal- QUARTERLY DIVIDENDS PAID Full dated revenues. Has 1500 employees. Chairman & C.E.O.: endar 1Q 2Q 3Q 4Q Year Total Debt $109.0 mill. Due in 5 Yrs. NA Douglas M. VanOort Address: 12701 Commonwealth Drive 2016 ------LT Debt $97.0 mill. Suite 9, Fort Myers, FL 33913. Tel.: (239) 768-0600. Including Cap. Leases NA 2017 ------(16% of Cap’l) Internet: www.neogenomics.com. L.Y. 2018 ------Leases, Uncapitalized Annual rentals NA 2019 ------December 6, 2019 Pension Liability None in ’18 vs. None in ’17 INSTITUTIONAL DECISIONS TOTAL SHAREHOLDER RETURN 4Q’18 1Q’19 2Q’19 Pfd Stock None Pfd Div’d Paid None Dividends plus appreciation as of 10/31/2019 to Buy 130 144 152 Common Stock 104,145,895 shares 3 Mos. 6 Mos. 1 Yr. 3 Yrs. 5 Yrs. to Sell 77 114 89 (84% of Cap’l) Hld’s(000) 73049 80452 89404 -5.91% 10.08% 24.35% 184.49% 305.84% © 2019 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribe call 1-800-VALUELINE of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. RECENT TRAILING RELATIVE DIV’D VALUE PETIQ, INC. NDQ--PETQ PRICE 23.09P/E RATIO NMF P/E RATIO NMFYLD Nil LINE 3617 RANKS 28.23 43.93 36.00 High 17.03 17.56 21.28 Low PERFORMANCE 5 Lowest LEGENDS 45 Below 12 Mos Mov Avg Technical 4 Average ....Rel Price Strength 30 Shaded area indicates recession Below 22.5 SAFETY 4 Average

BETA 1.30 (1.00 = Market) 13 9 Financial Strength B 6

Price Stability 10 4 3 Price Growth Persistence NMF 10600 Earnings Predictability NMF VOL. (thous.) © VALUE LINE PUBLISHING LLC 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020/2021 REVENUES PER SH ------12.41 18.77 -- ‘‘CASH FLOW’’ PER SH ------.01 .49 -- EARNINGS PER SH ------d.26 .07 .98 A,B 1.36 C/NA DIV’DS DECL’D PER SH ------CAP’L SPENDING PER SH ------.25 -- BOOK VALUE PER SH ------3.10 9.11 -- COMMON SHS OUTST’G (MILL) ------21.49 28.17 -- AVG ANN’L P/E RATIO ------NMF 23.6 17.0/NA RELATIVE P/E RATIO ------NMF -- AVG ANN’L DIV’D YIELD ------REVENUES ($MILL) ------200.2 266.7 528.6 -- Bold figures OPERATING MARGIN ------2.4% 6.3% 4.4% -- are consensus DEPRECIATION ($MILL) ------4.1 3.6 12.5 -- earnings NET PROFIT ($MILL) ------d3.4 d3.5 1.4 -- estimates INCOME TAX RATE ------33.7% 18.1% -- and, using the NET PROFIT MARGIN ------NMF NMF .3% -- recent prices, WORKING CAP’L ($MILL) ------43.4 90.7 143.5 -- P/E ratios. LONG-TERM DEBT ($MILL) ------25.6 17.6 109.7 -- SHR. EQUITY ($MILL) ------41.0 66.7 256.5 -- RETURN ON TOTAL CAP’L ------NMF NMF 1.5% -- RETURN ON SHR. EQUITY ------NMF NMF .5% -- RETAINED TO COM EQ ------NMF NMF .5% -- ALL DIV’DS TO NET PROF ------ANo. of analysts changing earn. est. in last 25 days: 0 up, 3 down, consensus 5-year earnings growth 25.0% per year. BBased upon 4 analysts’ estimates. CBased upon 4 analysts’ estimates. ANNUAL RATES ASSETS ($mill.) 2017 2018 9/30/19 INDUSTRY: Medical Services of change (per share) 5 Yrs. 1 Yr. Cash Assets 37.9 66.4 10.5 Sales -- 51.0% Receivables 22.1 45.1 98.8 BUSINESS: PetIQ, Inc. is a distributor and manufacturer ‘‘Cash Flow’’ -- NMF Inventory 44.1 92.1 98.0 of veterinarian-grade pet Rx medications, OTC flea and tick Earnings -- -- Other 4.8 4.1 6.1 Dividends -- -- preventatives, and health and wellness products for dogs Current Assets 108.9 207.7 213.4 Book Value -- 193.5% and cats. The company enables its customers to offer pet Fiscal QUARTERLY SALES ($mill.) Full Property, Plant owners choice, affordability, and convenience on products Year 1Q 2Q 3Q 4Q Year & Equip, at cost 22.4 40.4 - - from national brands as well as its proprietary value- Accum Depreciation 7.4 13.1 - - 12/31/17 67.0 87.2 60.6 51.9 266.7 Net Property 15.0 27.3 45.8 branded alternatives. The company’s national service plat- 12/31/18 115.1 171.1 131.4 111.0 528.6 Other 16.9 260.4 430.9 form, VIP Petcare, operates retail partner locations provid- 12/31/19 126.1 220.6 186.0 Total Assets 140.8 495.4 690.1 ing cost effective and convenient veterinary wellness 12/31/20 services. PetIQ’s product portfolio spans a wide range of LIABILITIES ($mill.) veterinarian-grade Rx medications and OTC medications as Fiscal EARNINGS PER SHARE Full Accts Payable 14.2 54.8 58.7 Year 1Q 2Q 3Q 4Q Year Debt Due .2 2.3 3.5 well as other health and wellness products. PetIQ’s distrib- 12/31/16 ------Other 3.8 7.1 17.6 uted brands include: Heartgard, Rimadyl, Vetmedin, and 12/31/17 -- -- d.02 d.24 d.26 Current Liab 18.2 64.2 79.8 Frontline. The company has over 60,000 points of distribu- 12/31/18 d.14 .16 .13 d.08 .07 tion across retail and e-commerce channels. PetIQ, Inc. was 12/31/19 .07 .17 d.26 .09 founded in 2010 and is headquartered in Eagle, Idaho. Has 12/31/20 .16 .52 LONG-TERM DEBT AND EQUITY 1452 employees. Chairman & C.E.O.: McCord Christensen as of 9/30/19 Cal- QUARTERLY DIVIDENDS PAID Full Address: 923 S. Bridgeway Pl., Eagle, ID 83616. Tel.: (208) endar 1Q 2Q 3Q 4Q Year Total Debt $260.1 mill. Due in 5 Yrs. NA 939-8900. Internet: www.petiq.com. 2016 ------LT Debt $256.6 mill. Including Cap. Leases NA 2017 ------(47% of Cap’l) L.Y. 2018 ------Leases, Uncapitalized Annual rentals NA 2019 ------December 6, 2019 Pension Liability None in ’18 vs. None in ’17 INSTITUTIONAL DECISIONS TOTAL SHAREHOLDER RETURN 4Q’18 1Q’19 2Q’19 Pfd Stock None Pfd Div’d Paid None Dividends plus appreciation as of 10/31/2019 to Buy 94 82 87 Common Stock 28,259,000 shares 3 Mos. 6 Mos. 1 Yr. 3 Yrs. 5 Yrs. to Sell 74 68 62 (53% of Cap’l) Hld’s(000) 23772 25938 26004 -27.80% -10.01% -21.92% -- -- © 2019 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribe call 1-800-VALUELINE of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. RECENT TRAILING RELATIVE DIV’D VALUE PROVIDENCE SERVICE NDQ--PRSC PRICE 60.71P/E RATIO 38.2 P/E RATIO 2.14YLD Nil LINE 3618 RANKS 18.00 16.99 31.31 49.41 56.92 55.28 60.95 83.90 74.73 High 8.34 9.56 15.86 23.91 36.03 34.89 35.65 55.17 46.53 Low PERFORMANCE 3 Average LEGENDS 12 Mos Mov Avg Technical 3 Average ....Rel Price Strength Shaded area indicates recession 50 SAFETY 3 Average

BETA .90 (1.00 = Market) 25

15 Financial Strength B+ 10 Price Stability 50

Price Growth Persistence 80 5 2000 Earnings Predictability 5 VOL. (thous.) © VALUE LINE PUBLISHING LLC 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020/2021 SALES PER SH 72.55 86.01 83.03 93.41 110.88 114.11 121.67 108.07 -- ‘‘CASH FLOW’’ PER SH 2.35 1.83 2.54 3.14 2.51 2.90 6.15 3.61 -- EARNINGS PER SH 1.27 .64 1.41 1.35 d1.45 d.52 3.50 1.30 NA NA/NA DIV’DS DECL’D PER SH ------CAP’L SPENDING PER SH .87 .74 .75 1.47 2.29 2.98 1.49 1.37 -- BOOK VALUE PER SH 7.85 8.69 10.63 13.96 19.00 21.69 25.34 24.27 -- COMMON SHS OUTST’G (MILL) 13.00 12.86 13.52 15.86 15.29 13.84 13.35 12.82 -- AVG ANN’L P/E RATIO 10.4 21.2 17.2 27.6 -- -- 13.9 53.0 NA NA/NA RELATIVE P/E RATIO .65 1.36 .97 1.46 -- -- .70 2.99 -- AVG ANN’L DIV’D YIELD ------SALES ($MILL) 943.0 1105.9 1122.7 1481.2 1695.4 1578.9 1623.9 1385.0 -- Bold figures OPERATING MARGIN 5.3% 3.8% 4.8% 5.3% 5.0% 4.9% 3.9% 4.8% -- are consensus DEPRECIATION ($MILL) 13.7 15.0 14.9 29.5 60.3 47.7 27.2 27.7 -- earnings NET PROFIT ($MILL) 16.9 8.5 19.4 20.3 d18.1 d3.2 59.4 23.0 -- estimates INCOME TAX RATE 37.0% 49.2% 37.7% 27.0% -- NMF 6.9% 24.1% -- and, using the NET PROFIT MARGIN 1.8% .8% 1.7% 1.4% NMF NMF 3.7% 1.7% -- recent prices, WORKING CAP’L ($MILL) 51.2 43.6 37.6 35.2 24.4 67.6 69.4 68.1 -- P/E ratios. LONG-TERM DEBT ($MILL) 140.5 116.0 75.3 484.5 272.5 1.9 .6 .4 -- SHR. EQUITY ($MILL) 102.1 111.7 143.7 221.4 368.2 377.7 415.7 388.4 -- RETURN ON TOTAL CAP’L 9.1% 5.4% 10.6% 3.9% NMF NMF 14.4% 6.1% -- RETURN ON SHR. EQUITY 16.6% 7.6% 13.5% 9.2% NMF NMF 14.3% 5.9% -- RETAINED TO COM EQ 16.6% 7.6% 13.5% 9.2% NMF NMF 16.2% 6.0% -- ALL DIV’DS TO NET PROF ------NMF NMF 7% 19% -- Note: No analyst estimates available. ANNUAL RATES ASSETS ($mill.) 2017 2018 9/30/19 INDUSTRY: Medical Services of change (per share) 5 Yrs. 1 Yr. Cash Assets 95.3 5.7 40.6 Sales 7.5% -11.0% Receivables 158.9 147.8 198.2 BUSINESS: The Providence Service Corp. provides and ‘‘Cash Flow’’ 13.5% -41.5% Inventory .0 .0 .0 manages health and human services. Its Non-Emergency Earnings 5.0% -63.0% Other 42.1 57.5 16.1 Dividends -- -- Transportation Services segment manages transportation Current Assets 296.3 211.0 254.9 Book Value 21.5% -4.0% networks and arranges for client transportation to Fiscal QUARTERLY SALES ($mill.) Full Property, Plant healthcare-related facilities and services for state or regional Year 1Q 2Q 3Q 4Q Year & Equip, at cost 110.4 68.2 - - Medicaid agencies, and managed care organizations. In the Accum Depreciation 60.0 45.2 - - 12/31/17 399.5 408.0 409.5 406.9 1623.9 Net Property 50.4 23.0 22.0 Human Services segment, counselors, social workers, and 12/31/18 336.7 343.7 343.8 360.8 1385.0 Other 357.4 338.2 343.6 behavioral health professionals’ work are eligible for gov- 12/31/19 367.8 363.9 393.4 Total Assets 704.1 572.2 620.5 ernment assistance due to income level and disabilities. The 12/31/20 Workforce Development Services segment provides out- LIABILITIES ($mill.) sourced employability and legal offender rehabilitation case Fiscal EARNINGS PER SHARE Full Accts Payable 15.4 8.8 7.6 Year 1Q 2Q 3Q 4Q Year Debt Due 2.4 .7 .3 management services. The Health Assessment Services 12/31/16 .07 .21 d.05 d.75 d.52 Other 209.1 133.4 157.9 segment provides comprehensive health assessments for 12/31/17 .03 .19 .88 2.40 3.50 Current Liab 226.9 142.9 165.8 members enrolled in Medicare Advantage health plans. It 12/31/18 .29 d.45 .04 1.42 1.30 also holds a minority interest in Matrix Medical Network, 12/31/19 .02 d.35 .50 which provides an array of assessment and care manage- 12/31/20 LONG-TERM DEBT AND EQUITY ment services to individuals that improve health outcomes as of 9/30/19 Cal- QUARTERLY DIVIDENDS PAID Full and health plan financial performance. Has 4000 employ- endar 1Q 2Q 3Q 4Q Year Total Debt $.4 mill. Due in 5 Yrs. NA ees. Chairman: Christopher S. Shackelton Address: 1275 2016 ------LT Debt $.1 mill. Peachtree Street, Sixth F NA, Atlanta, GA 30309. Tel.: Including Cap. Leases NA 2017 ------Leases, Uncapitalized Annual rentals NA (404) 888-5800. Internet: www.prscholdings.com. L.Y. 2018 ------2019 ------Pension Liability None in ’18 vs. None in ’17 December 6, 2019

INSTITUTIONAL DECISIONS Pfd Stock None Pfd Div’d Paid None TOTAL SHAREHOLDER RETURN 4Q’18 1Q’19 2Q’19 Dividends plus appreciation as of 10/31/2019 to Buy 65 73 77 Common Stock 12,887,000 shares (100% of Cap’l) 3 Mos. 6 Mos. 1 Yr. 3 Yrs. 5 Yrs. to Sell 84 72 66 Hld’s(000) 12399 13129 13262 14.59% -3.71% -3.36% 57.82% 44.57% © 2019 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribe call 1-800-VALUELINE of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. RECENT TRAILING RELATIVE DIV’D VALUE PSYCHEMEDICS AMEX--PMD PRICE 9.17P/E RATIO 17.3 P/E RATIO 0.97YLD 7.9% LINE 3619 RANKS 11.12 12.49 14.90 18.76 17.83 26.00 27.99 22.88 19.64 High 6.85 9.11 10.55 12.42 9.50 7.76 13.81 13.94 7.12 Low PERFORMANCE 5 Lowest LEGENDS 45 Below 12 Mos Mov Avg Technical 4 Average ....Rel Price Strength 30 Shaded area indicates recession Below 22.5 SAFETY 4 Average

BETA .80 (1.00 = Market) 13 9 Financial Strength C++ 6

Price Stability 20 4 3 Price Growth Persistence 50 650 Earnings Predictability 35 VOL. (thous.) © VALUE LINE PUBLISHING LLC 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020/2021 SALES PER SH 4.60 4.78 4.49 5.43 4.97 7.14 7.23 7.75 -- ‘‘CASH FLOW’’ PER SH .74 .68 .78 .79 .60 1.64 1.63 1.39 -- EARNINGS PER SH .67 .57 .72 .60 .28 1.22 1.10 .83 NA NA/NA DIV’DS DECL’D PER SH .48 .60 .60 .60 .60 .60 .60 .69 -- CAP’L SPENDING PER SH .26 .42 .26 1.41 .32 .37 .22 .22 -- BOOK VALUE PER SH 2.11 2.13 2.05 2.39 2.15 2.86 3.39 3.40 -- COMMON SHS OUTST’G (MILL) 5.24 5.27 5.98 5.38 5.42 5.46 5.49 5.51 -- AVG ANN’L P/E RATIO 13.5 18.5 17.2 25.1 47.9 13.5 19.0 23.4 NA NA/NA RELATIVE P/E RATIO .85 1.19 .97 1.33 2.47 .74 .95 1.32 -- AVG ANN’L DIV’D YIELD 5.3% 5.7% 4.9% 4.0% 4.5% 3.6% 2.9% 3.5% -- SALES ($MILL) 24.1 25.2 26.9 29.2 27.0 39.0 39.7 42.7 -- Bold figures OPERATING MARGIN 25.6% 21.9% 24.5% 19.6% 11.9% 31.8% 27.6% 25.0% -- are consensus DEPRECIATION ($MILL) .4 .6 .9 1.1 1.7 2.3 2.8 3.1 -- earnings NET PROFIT ($MILL) 3.5 3.0 3.8 3.2 1.5 6.7 6.1 4.6 -- estimates INCOME TAX RATE 39.9% 39.7% 34.3% 30.7% -- 33.1% 25.1% 40.1% -- and, using the NET PROFIT MARGIN 14.5% 11.8% 14.2% 11.0% 5.6% 17.1% 15.4% 10.7% -- recent prices, WORKING CAP’L ($MILL) 9.2 7.5 7.0 7.0 4.9 6.4 9.7 9.8 -- P/E ratios. LONG-TERM DEBT ($MILL) ------4.9 4.3 2.2 2.4 1.2 -- SHR. EQUITY ($MILL) 11.0 11.2 12.3 12.8 11.7 15.6 18.6 18.7 -- RETURN ON TOTAL CAP’L 31.6% 26.6% 31.0% 18.1% 9.5% 37.4% 29.1% 23.0% -- RETURN ON SHR. EQUITY 31.6% 26.6% 31.0% 25.0% 12.9% 42.8% 32.9% 24.5% -- RETAINED TO COM EQ 8.9% NMF 5.1% -- NMF 21.9% 15.2% 4.2% -- ALL DIV’DS TO NET PROF 72% 106% 83% 100% NMF 49% 54% 83% -- Note: No analyst estimates available. ANNUAL RATES ASSETS ($mill.) 2017 2018 9/30/19 INDUSTRY: Medical Services of change (per share) 5 Yrs. 1 Yr. Cash Assets 8.2 8.0 6.5 Sales 10.0% 7.0% Receivables 4.5 4.8 5.2 BUSINESS: Psychemedics Corp. provides testing ser- ‘‘Cash Flow’’ 16.0% -14.5% Inventory .0 .0 .0 vices for the detection of drugs of abuse through the Earnings 10.0% -24.5% Other 1.2 1.1 1.8 Dividends 2.5% 15.0% analysis of hair samples. Its customized proprietary enzyme Current Assets 13.9 13.9 13.5 Book Value 9.0% 0.5% immunoassay procedures to drug test hair samples differ Fiscal QUARTERLY SALES ($mill.) Full Property, Plant from the more commonly used immunoassay procedures Year 1Q 2Q 3Q 4Q Year & Equip, at cost 23.5 23.5 - - employed to test urine samples. Its tests provide quantitative Accum Depreciation 11.7 13.3 - - 12/31/17 10.2 9.7 10.0 9.8 39.7 Net Property 11.8 10.2 9.1 information that can indicate the approximate amount of 12/31/18 10.9 10.8 11.1 9.9 42.7 Other .8 .9 4.2 drug ingested as well as historical data, which can show a 12/31/19 9.8 9.3 9.9 Total Assets 26.5 25.0 26.8 pattern of individual drug use over a longer period of time. 12/31/20 This information is useful to employers, physicians, treat- LIABILITIES ($mill.) ment professionals, law enforcement agencies, school ad- Fiscal EARNINGS PER SHARE Full Accts Payable .4 .7 .4 Year 1Q 2Q 3Q 4Q Year Debt Due 1.0 .4 .4 ministrators, and parents concerned about their children’s 12/31/16 -- .30 .49 .43 1.22 Other 2.8 3.0 3.9 drug use. The company provides screening and confirma- 12/31/17 .27 .16 .25 .42 1.10 Current Liab 4.2 4.1 4.7 tion by mass spectrometry using industry-accepted practices 12/31/18 .23 .21 .23 .16 .83 for cocaine, marijuana, PCP, amphetamines, and opiates. 12/31/19 .11 .14 .12 Psychemedics also offers a personal drug testing service, 12/31/20 LONG-TERM DEBT AND EQUITY known as PDT-90, for parents concerned about drug use by as of 9/30/19 Cal- QUARTERLY DIVIDENDS PAID Full their children. Has 250 employees. Chairman, C.E.O. & endar 1Q 2Q 3Q 4Q Year Total Debt $1.3 mill. Due in 5 Yrs. NA President: Raymond C. Kubacki Jr Address: 289 Great 2016 .15 .15 .15 .15 .60 LT Debt $.9 mill. Road, Acton, MA 01720. Tel.: (978) 206-8220. Internet: Including Cap. Leases NA 2017 .15 .15 .15 .15 .60 (5% of Cap’l) www.psychemedics.com. L.Y. 2018 .15 .18 .18 .18 .69 Leases, Uncapitalized Annual rentals NA 2019 .18 .18 .18 .18 December 6, 2019 Pension Liability None in ’18 vs. None in ’17 INSTITUTIONAL DECISIONS TOTAL SHAREHOLDER RETURN 4Q’18 1Q’19 2Q’19 Pfd Stock None Pfd Div’d Paid None Dividends plus appreciation as of 10/31/2019 to Buy 18 15 19 Common Stock 6,185,000 shares 3 Mos. 6 Mos. 1 Yr. 3 Yrs. 5 Yrs. to Sell 25 24 22 (95% of Cap’l) Hld’s(000) 3083 3174 2896 9.29% -12.80% -41.46% -53.57% -17.41% © 2019 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribe call 1-800-VALUELINE of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. RECENT TRAILING RELATIVE DIV’D VALUE R1 RCM, INC. NYSE--RCM PRICE 12.70P/E RATIO NMF P/E RATIO NMFYLD Nil LINE 3620 RANKS 32.82 28.46 13.54 9.82 6.90 3.23 4.64 11.00 13.06 High 16.00 7.75 7.98 6.40 1.77 1.47 2.02 3.97 7.46 Low PERFORMANCE 3 Average LEGENDS 12 Mos Mov Avg 18 Technical 3 Average ....Rel Price Strength Shaded area indicates recession Below 13 SAFETY 4 Average 8 BETA .75 (1.00 = Market) 5 4 Financial Strength B 3

Price Stability 5 2

Price Growth Persistence 20 16500 Earnings Predictability 10 VOL. (thous.) © VALUE LINE PUBLISHING LLC 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020/2021 SALES PER SH 8.37 .76 5.28 2.20 1.09 5.56 4.31 7.86 -- ‘‘CASH FLOW’’ PER SH .38 d1.19 1.43 d.77 d.70 1.76 d.41 d.22 -- EARNINGS PER SH .29 d1.21 1.34 d.83 d.87 .65 d.75 d.60 .00 A,B .54 C/NA DIV’DS DECL’D PER SH ------CAP’L SPENDING PER SH .08 .11 .02 .06 .20 .12 .32 .30 -- BOOK VALUE PER SH 2.41 d2.47 d.90 d1.49 d1.98 d.52 d.09 .06 -- COMMON SHS OUTST’G (MILL) 98.69 95.67 95.55 95.63 107.72 106.66 104.41 110.54 -- AVG ANN’L P/E RATIO 83.7 -- 7.6 -- -- 3.5 ------23.5/NA RELATIVE P/E RATIO 5.24 -- .43 -- -- .19 ------AVG ANN’L DIV’D YIELD ------SALES ($MILL) 826.3 72.3 504.8 210.1 117.2 592.6 449.8 868.5 -- Bold figures OPERATING MARGIN 6.8% NMF 48.5% NMF NMF 52.0% NMF 4.6% -- are consensus DEPRECIATION ($MILL) 8.3 6.4 6.8 6.0 8.5 10.2 16.3 40.3 -- earnings NET PROFIT ($MILL) 29.2 d119.7 130.1 d79.6 d84.3 177.1 d58.8 d45.3 -- estimates INCOME TAX RATE 39.4% -- 36.4% -- -- 40.6% ------and, using the NET PROFIT MARGIN 3.5% NMF 25.8% NMF NMF 29.9% NMF NMF -- recent prices, WORKING CAP’L ($MILL) 190.7 d230.7 d17.7 d32.7 d105.9 69.5 112.4 .6 -- P/E ratios. LONG-TERM DEBT ($MILL) ------356.0 -- SHR. EQUITY ($MILL) 238.1 d236.2 d85.6 d142.2 d213.3 159.3 222.7 214.7 -- RETURN ON TOTAL CAP’L 12.2% ------111.2% NMF NMF -- RETURN ON SHR. EQUITY 12.2% ------111.2% NMF NMF -- RETAINED TO COM EQ 12.2% ------NMF -- ALL DIV’DS TO NET PROF ------ANo. of analysts changing earn. est. in last 25 days: 0 up, 2 down, consensus 5-year earnings growth not available. BBased upon 2 analysts’ estimates. CBased upon 2 analysts’ estimates. ANNUAL RATES ASSETS ($mill.) 2017 2018 9/30/19 INDUSTRY: Medical Services of change (per share) 5 Yrs. 1 Yr. Cash Assets 164.9 62.8 55.6 Sales 4.0% 82.5% Receivables 23.6 97.4 85.4 BUSINESS: R1 RCM, Inc. provides revenue cycle man- ‘‘Cash Flow’’ -- -- Inventory .0 .0 .0 agement (RCM) and physician advisory solutions for hos- Earnings -- -- Other 13.8 36.6 49.1 Dividends -- -- pitals and healthcare providers in the US. The company Current Assets 202.3 196.8 190.1 Book Value -- -- offers RCM services to help healthcare providers to more Fiscal QUARTERLY SALES ($mill.) Full Property, Plant efficiently manage their revenue cycles. This encompasses Year 1Q 2Q 3Q 4Q Year & Equip, at cost 102.9 176.7 - - patient registration, insurance and benefit verification, Accum Depreciation 54.6 81.5 - - 12/31/17 86.9 99.4 123.2 140.3 449.8 Net Property 48.3 95.2 114.8 medical treatment documentation and coding, bill prepara- 12/31/18 147.3 207.9 250.4 262.9 868.5 Other 85.4 515.5 596.4 tion and collections from patients and payers. The company 12/31/19 275.9 295.0 301.2 Total Assets 336.0 807.5 901.3 assists its RCM customers in increasing the portion of the 12/31/20 maximum potential services revenue they receive while LIABILITIES ($mill.) simultaneously reducing their revenue cycle operating costs. Fiscal EARNINGS PER SHARE Full Accts Payable 7.2 9.9 24.7 Year 1Q 2Q 3Q 4Q Year Debt Due .0 2.7 16.3 R1 RCM’s customers typically are single or multi-hospital 12/31/16 .85 d.45 .18 .05 .65 Other 82.7 183.6 162.1 healthcare systems, including faith-based healthcare sys- 12/31/17 d.12 d.11 d.08 d.44 d.75 Current Liab 89.9 196.2 203.1 tems, community healthcare systems, academic medical 12/31/18 d.26 d.07 d.17 d.10 d.60 centers, and physician practice groups. In June 2019, R1 12/31/19 d.04 d.09 .01 .08 hosted the grand opening of the new Salt Lake City 12/31/20 .14 .16 LONG-TERM DEBT AND EQUITY Technology and Innovation Center in collaboration with as of 9/30/19 Cal- QUARTERLY DIVIDENDS PAID Full Intermountain Healthcare. Has 16500 employees. C.E.O. & endar 1Q 2Q 3Q 4Q Year Total Debt $367.9 mill. Due in 5 Yrs. NA President: Joseph Flanagan Address: 401 North Michigan 2016 ------LT Debt $351.6 mill. Avenue Suite 2700, IL 60611. Tel.: (312) 324-7820. Inter- Including Cap. Leases NA 2017 ------(60% of Cap’l) net: www.r1rcm.com. L.Y. 2018 ------Leases, Uncapitalized Annual rentals NA 2019 ------December 6, 2019 Pension Liability None in ’18 vs. None in ’17 INSTITUTIONAL DECISIONS TOTAL SHAREHOLDER RETURN 4Q’18 1Q’19 2Q’19 Pfd Stock None Pfd Div’d Paid None Dividends plus appreciation as of 10/31/2019 to Buy 76 82 86 Common Stock 112,865,000 shares 3 Mos. 6 Mos. 1 Yr. 3 Yrs. 5 Yrs. to Sell 41 58 63 (40% of Cap’l) Hld’s(000) 72873 77652 80792 -15.50% 1.53% 25.50% 344.77% 47.64% © 2019 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribe call 1-800-VALUELINE of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. RECENT TRAILING RELATIVE DIV’D VALUE RADNET INC. NDQ--RDNT PRICE 18.42P/E RATIO 27.5 P/E RATIO 1.54YLD Nil LINE 3621 RANKS 5.19 3.64 3.35 10.35 9.40 7.98 11.90 16.54 19.05 High 1.94 1.87 1.51 1.50 5.19 4.66 5.25 9.65 9.97 Low PERFORMANCE 3 Average LEGENDS 12 Mos Mov Avg 18 Technical 3 Average ....Rel Price Strength Shaded area indicates recession Below 13 SAFETY 4 Average 8 BETA 1.20 (1.00 = Market) 5 4 Financial Strength C++ 3

Price Stability 25 2

Price Growth Persistence 75 6100 Earnings Predictability 20 VOL. (thous.) © VALUE LINE PUBLISHING LLC 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020/2021 SALES PER SH 16.56 16.79 17.54 16.76 17.49 18.99 19.32 19.91 -- ‘‘CASH FLOW’’ PER SH 1.73 1.60 1.49 1.63 1.59 1.69 1.47 2.23 -- EARNINGS PER SH .19 .09 .01 .24 .17 .15 .00 .66 .21 A,B .56 C/NA DIV’DS DECL’D PER SH ------CAP’L SPENDING PER SH 1.14 1.15 1.21 .97 2.89 1.41 1.86 2.97 -- BOOK VALUE PER SH d1.89 d.07 .00 .13 .70 1.04 1.29 2.60 -- COMMON SHS OUTST’G (MILL) 37.43 38.54 40.09 42.83 46.28 46.58 47.72 48.98 -- AVG ANN’L P/E RATIO 17.2 29.8 NMF 23.9 41.9 39.7 NMF 19.7 87.7 32.9/NA RELATIVE P/E RATIO 1.08 1.91 NMF 1.26 2.16 2.17 NMF 1.11 -- AVG ANN’L DIV’D YIELD ------SALES ($MILL) 619.8 647.2 703.0 717.6 809.6 884.5 922.2 975.1 -- Bold figures OPERATING MARGIN 17.3% 16.1% 14.8% 11.9% 13.2% 12.9% 13.4% 11.4% -- are consensus DEPRECIATION ($MILL) 57.5 57.7 58.9 59.3 66.0 71.7 70.3 76.8 -- earnings NET PROFIT ($MILL) 7.2 3.8 .8 10.4 7.7 7.2 .1 32.2 -- estimates INCOME TAX RATE 27.9% -- 73.4% 38.9% 41.0% 35.6% NMF 1.0% -- and, using the NET PROFIT MARGIN 1.2% .6% .1% 1.5% 1.0% .8% .0% 3.3% -- recent prices, WORKING CAP’L ($MILL) 29.9 37.3 57.9 58.7 72.8 62.6 43.8 d30.8 -- P/E ratios. LONG-TERM DEBT ($MILL) 545.4 573.8 575.4 572.5 607.6 612.2 575.0 633.0 -- SHR. EQUITY ($MILL) d70.8 d2.6 d.1 5.4 32.6 48.5 61.6 127.2 -- RETURN ON TOTAL CAP’L 6.2% 5.1% 3.7% 5.5% 4.5% 4.4% 3.2% 7.1% -- RETURN ON SHR. EQUITY ------194.1% 23.7% 14.9% .1% 25.4% -- RETAINED TO COM EQ ------194.1% 23.7% 14.9% .1% 25.4% -- ALL DIV’DS TO NET PROF ------ANo. of analysts changing earn. est. in last 25 days: 0 up, 1 down, consensus 5-year earnings growth 7.5% per year. BBased upon one analyst’s estimate. CBased upon 2 analysts’ estimates. ANNUAL RATES ASSETS ($mill.) 2017 2018 9/30/19 INDUSTRY: Medical Services of change (per share) 5 Yrs. 1 Yr. Cash Assets 51.3 10.4 37.7 Sales 2.5% 3.0% Receivables 155.5 148.9 150.7 BUSINESS: RadNet, Inc. provides outpatient diagnostic ‘‘Cash Flow’’ 2.5% 51.0% Inventory .0 .0 .0 imaging services. At September 30, 2019, the company Earnings 23.0% -- Other 28.6 49.4 51.3 Dividends -- -- operated directly or indirectly through joint ventures with Current Assets 235.4 208.7 239.7 Book Value -- 101.5% hospitals, 340 centers in California, Delaware, Florida, Fiscal QUARTERLY SALES ($mill.) Full Property, Plant Maryland, New Jersey, and New York. Its centers provide Year 1Q 2Q 3Q 4Q Year & Equip, at cost 773.8 909.2 - - physicians with imaging capabilities to facilitate the diag- Accum Depreciation 529.5 563.5 - - 12/31/17 229.0 230.0 227.6 235.6 922.2 Net Property 244.3 345.7 352.3 nosis and treatment of diseases and disorders and may 12/31/18 231.4 244.4 242.1 257.2 975.1 Other 389.3 554.9 1025.9 reduce unnecessary invasive procedures. RadNet’s services 12/31/19 242.7 289.1 292.7 Total Assets 869.0 1109.3 1617.9 include: magnetic resonance imaging (MRI), computed 12/31/20 tomography (CT), positron emission tomography (PET), LIABILITIES ($mill.) nuclear medicine, mammography, ultrasound, diagnostic Fiscal EARNINGS PER SHARE Full Accts Payable 28.5 68.0 175.9 Year 1Q 2Q 3Q 4Q Year Debt Due 34.1 39.3 43.8 radiology (X-ray), fluoroscopy and other related proce- 12/31/16 d.05 .08 .04 .08 .15 Other 129.0 132.2 89.8 dures. In addition to its imaging services, RadNet’s subsid- 12/31/17 d.03 .11 .07 d.15 -- Current Liab 191.6 239.5 309.5 iary, eRAD, Inc., develops and sells computerized systems 12/31/18 d.14 .11 .10 .59 .66 for the imaging industry. Another subsidiary, Imaging On 12/31/19 d.08 .10 .06 .16 Call, LLC, provides teleradiology services for remote inter- 12/31/20 .03 .15 LONG-TERM DEBT AND EQUITY pretation of images on behalf of radiology groups, hospitals as of 9/30/19 Cal- QUARTERLY DIVIDENDS PAID Full and imaging center customers. Has 5706 employees. C.E.O. endar 1Q 2Q 3Q 4Q Year Total Debt $710.5 mill. Due in 5 Yrs. NA & President: Howard G. Berger Address: 1510 Cotner Ave, 2016 ------LT Debt $666.6 mill. Los Angeles, CA 90025. Tel.: (310) 478-7808. Internet: Including Cap. Leases NA 2017 ------(83% of Cap’l) www.radnet.com. L.Y. 2018 ------Leases, Uncapitalized Annual rentals NA 2019 ------December 6, 2019 Pension Liability None in ’18 vs. None in ’17 INSTITUTIONAL DECISIONS TOTAL SHAREHOLDER RETURN 4Q’18 1Q’19 2Q’19 Pfd Stock None Pfd Div’d Paid None Dividends plus appreciation as of 10/31/2019 to Buy 66 56 65 Common Stock 50,254,000 shares 3 Mos. 6 Mos. 1 Yr. 3 Yrs. 5 Yrs. to Sell 62 69 66 (17% of Cap’l) Hld’s(000) 31055 32056 31169 6.04% 28.98% 5.54% 124.75% 67.96% © 2019 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribe call 1-800-VALUELINE of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. RECENT TRAILING RELATIVE DIV’D VALUE U.S. PHYSICAL NYSE--USPH PRICE 114.95P/E RATIO 50.9 P/E RATIO 2.84YLD 1.0% LINE 3622 RANKS 26.23 28.40 35.84 44.00 56.37 72.65 78.00 129.65 148.48 High 16.58 18.51 22.80 29.56 38.17 45.62 56.50 71.70 99.01 Low Above PERFORMANCE 2 Average LEGENDS 180 Above 12 Mos Mov Avg Technical 2 Average ....Rel Price Strength Shaded area indicates recession 90 SAFETY 3 Average

BETA .90 (1.00 = Market) 45

27 Financial Strength B++ 18 Price Stability 70

Price Growth Persistence 95 9 1900 Earnings Predictability 80 VOL. (thous.) © VALUE LINE PUBLISHING LLC 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020/2021 SALES PER SH 20.25 21.16 21.82 24.86 26.67 28.48 32.87 35.79 -- ‘‘CASH FLOW’’ PER SH 2.26 1.95 1.92 2.25 2.43 2.34 2.54 3.52 -- EARNINGS PER SH 1.75 1.51 1.45 1.62 1.77 1.64 1.76 1.31 2.86 A,B 3.15 C/NA DIV’DS DECL’D PER SH .32 .36 .40 .48 .60 .68 .80 .92 -- CAP’L SPENDING PER SH .28 .36 .38 .42 .50 .66 .56 .57 -- BOOK VALUE PER SH 9.15 9.85 10.60 11.92 13.11 14.98 16.27 17.03 -- COMMON SHS OUTST’G (MILL) 11.70 11.92 12.10 12.27 12.42 12.52 12.60 12.68 -- AVG ANN’L P/E RATIO 12.1 16.1 19.8 21.7 27.2 35.1 37.5 75.0 40.2 36.5/NA RELATIVE P/E RATIO .76 1.03 1.11 1.15 1.40 1.92 1.88 4.23 -- AVG ANN’L DIV’D YIELD 1.5% 1.5% 1.4% 1.4% 1.2% 1.2% 1.2% .9% -- SALES ($MILL) 237.0 252.1 264.1 305.1 331.3 356.5 414.1 453.9 -- Bold figures OPERATING MARGIN 17.5% 17.2% 16.9% 17.3% 16.7% 16.4% 15.6% 15.4% -- are consensus DEPRECIATION ($MILL) 5.4 5.3 5.6 6.7 8.0 8.8 9.7 9.8 -- earnings NET PROFIT ($MILL) 21.0 17.9 17.7 20.9 22.3 20.6 22.3 34.9 -- estimates INCOME TAX RATE 27.1% 29.6% 32.0% 31.9% 31.6% 31.1% 17.9% 18.9% -- and, using the NET PROFIT MARGIN 8.8% 7.1% 6.7% 6.8% 6.7% 5.8% 5.4% 7.7% -- recent prices, WORKING CAP’L ($MILL) 29.4 29.0 26.5 29.4 41.2 41.4 37.5 37.2 -- P/E ratios. LONG-TERM DEBT ($MILL) 23.8 17.6 40.7 34.7 48.3 50.6 56.7 38.4 -- SHR. EQUITY ($MILL) 107.0 117.3 128.3 146.3 162.8 187.5 204.9 215.9 -- RETURN ON TOTAL CAP’L 16.2% 13.5% 10.7% 11.8% 10.8% 11.0% 12.5% 14.1% -- RETURN ON SHR. EQUITY 19.6% 15.3% 13.8% 14.3% 13.7% 11.0% 10.9% 16.1% -- RETAINED TO COM EQ 16.1% 11.6% 10.0% 10.2% 9.1% 6.4% 6.0% 10.7% -- ALL DIV’DS TO NET PROF 18% 24% 27% 28% 33% 41% 45% 33% -- ANo. of analysts changing earn. est. in last 25 days: 0 up, 3 down, consensus 5-year earnings growth 12.3% per year. BBased upon 3 analysts’ estimates. CBased upon 3 analysts’ estimates. ANNUAL RATES ASSETS ($mill.) 2017 2018 9/30/19 INDUSTRY: Medical Services of change (per share) 5 Yrs. 1 Yr. Cash Assets 21.9 23.4 27.9 Sales 9.0% 9.0% Receivables 44.7 44.8 57.6 BUSINESS: U.S. Physical Therapy, Inc. operates outpa- ‘‘Cash Flow’’ 6.5% 38.5% Inventory .0 .0 .0 tient physical therapy clinics in the US. Its clinics provide Earnings -- -25.5% Other 10.5 11.0 7.0 Dividends 17.5% 15.0% pre- and post-operative care and treatment for orthopedic- Current Assets 77.1 79.2 92.5 Book Value 10.5% 4.5% related disorders, sports-related injuries, preventative care, Fiscal QUARTERLY SALES ($mill.) Full Property, Plant rehabilitation of injured workers, and neurological-related Year 1Q 2Q 3Q 4Q Year & Equip, at cost 80.9 84.3 - - injuries. The company operates through subsidiary clinic Accum Depreciation 60.5 64.1 - - 12/31/17 97.6 104.3 103.0 109.2 414.1 Net Property 20.4 20.2 21.4 partnerships in which it generally owns a 1% general 12/31/18 108.4 115.1 113.1 117.3 453.9 Other 321.5 343.8 451.3 partnership interest and a 49% to 99% limited partnership 12/31/19 116.2 126.4 117.2 Total Assets 419.0 443.2 565.2 interest and the managing therapist(s) of the clinics owns 12/31/20 the remaining limited partnership interest. U.S. Physical LIABILITIES ($mill.) Therapy also provides onsite workforce performance ser- Fiscal EARNINGS PER SHARE Full Accts Payable 2.2 2.0 2.9 Year 1Q 2Q 3Q 4Q Year Debt Due 4.0 1.4 .7 vices for clients’ employees including injury prevention, 12/31/16 .36 .48 .38 .42 1.64 Other 33.4 38.5 59.2 rehabilitation, ergonomic assessments and performance op- 12/31/17 .39 .39 .41 .57 1.76 Current Liab 39.6 41.9 62.8 timization. As of June 30, 2019, it operated 564 clinics in 41 12/31/18 .27 .48 .13 .43 1.31 states, as well as the industrial injury prevention business. In 12/31/19 .39 .78 .66 .68 October 2019, the company completed the acquisition of an 12/31/20 .70 .89 LONG-TERM DEBT AND EQUITY 11-clinic physical therapy practice for approximately $12.3 as of 9/30/19 Cal- QUARTERLY DIVIDENDS PAID Full million. Has 3100 employees. C.E.O. & President: Christo- endar 1Q 2Q 3Q 4Q Year Total Debt $56.0 mill. Due in 5 Yrs. NA pher J. Reading Address: 1300 W. Sam Houston Parkway S. 2016 -- .34 .17 .17 .68 LT Debt $55.3 mill. Suite 300, Houston, TX 77042. Tel.: (713) 297-7000. Including Cap. Leases NA 2017 -- .20 .40 .20 .80 (19% of Cap’l) Internet: www.usph.com. L.Y. 2018 -- .46 .23 .23 .92 Leases, Uncapitalized Annual rentals NA 2019 -- .54 .30 December 6, 2019 Pension Liability None in ’18 vs. None in ’17 INSTITUTIONAL DECISIONS TOTAL SHAREHOLDER RETURN 4Q’18 1Q’19 2Q’19 Pfd Stock None Pfd Div’d Paid None Dividends plus appreciation as of 10/31/2019 to Buy 102 114 105 Common Stock 12,774,000 shares 3 Mos. 6 Mos. 1 Yr. 3 Yrs. 5 Yrs. to Sell 92 78 90 (81% of Cap’l) Hld’s(000) 13042 13183 13367 9.84% 22.00% 32.78% 156.63% 246.73% © 2019 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribe call 1-800-VALUELINE of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. RECENT TRAILING RELATIVE DIV’D VALUE ANI PHARMACEUTICALS NDQ--ANIP PRICE 59.27P/E RATIO 43.9 P/E RATIO 2.46YLD Nil LINE 3623 RANKS 144.75 44.29 23.00 61.43 73.54 70.92 74.70 73.49 85.38 High 13.68 6.48 4.80 18.52 36.15 26.80 42.23 36.92 44.40 Low Above PERFORMANCE 2 Average LEGENDS 12 Mos Mov Avg Technical 3 Average ....Rel Price Strength 1-for-6 Rev split 6/12 50 Below 1-for-6 Rev split 7/13 SAFETY 4 Average Shaded area indicates recession

BETA 1.30 (1.00 = Market) 25

15 Financial Strength B 10 Price Stability 15

Price Growth Persistence 35 5 3300 Earnings Predictability 15 VOL. (thous.) © VALUE LINE PUBLISHING LLC 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020/2021 SALES PER SH .14 .57 3.13 4.91 6.64 11.09 15.17 16.99 -- ‘‘CASH FLOW’’ PER SH d16.85 d6.74 .13 2.86 1.94 2.89 2.96 4.86 -- EARNINGS PER SH d18.73 d7.62 d.96 2.59 1.32 .34 d.09 1.30 4.58 A,B 5.04 C/NA DIV’DS DECL’D PER SH ------CAP’L SPENDING PER SH .24 .15 .02 .10 .19 .39 .89 .48 -- BOOK VALUE PER SH 12.38 6.92 4.26 12.28 13.92 14.62 14.99 16.63 -- COMMON SHS OUTST’G (MILL) 3.06 4.07 9.62 11.39 11.50 11.60 11.66 11.86 -- AVG ANN’L P/E RATIO ------12.8 41.4 NMF -- 45.8 12.9 11.8/NA RELATIVE P/E RATIO ------.68 2.13 NMF -- 2.58 -- AVG ANN’L DIV’D YIELD ------SALES ($MILL) .4 2.3 30.1 56.0 76.3 128.6 176.8 201.6 -- Bold figures OPERATING MARGIN NMF NMF 6.7% 42.7% 51.9% 43.8% 36.7% 38.5% -- are consensus DEPRECIATION ($MILL) .1 .3 1.1 3.9 6.9 29.6 35.6 42.2 -- earnings NET PROFIT ($MILL) d51.6 d27.7 .1 28.7 15.4 3.9 d1.1 15.5 -- estimates INCOME TAX RATE -- -- 15.9% -- 29.3% 54.7% NMF 22.7% -- and, using the NET PROFIT MARGIN NMF NMF .4% 51.4% 20.1% 3.1% NMF 7.7% -- recent prices, WORKING CAP’L ($MILL) 50.8 24.6 24.2 190.3 180.8 71.0 92.4 d12.7 -- P/E ratios. LONG-TERM DEBT ($MILL) 17.3 -- -- 110.7 113.4 120.6 198.2 67.3 -- SHR. EQUITY ($MILL) 37.8 28.2 41.0 139.8 160.1 169.6 174.8 197.3 -- RETURN ON TOTAL CAP’L NMF NMF .3% 11.6% 7.6% 3.3% 1.4% 8.8% -- RETURN ON SHR. EQUITY NMF NMF .3% 20.6% 9.6% 2.3% NMF 7.9% -- RETAINED TO COM EQ NMF NMF .3% 20.6% 9.6% 2.3% NMF 7.9% -- ALL DIV’DS TO NET PROF ------ANo. of analysts changing earn. est. in last 25 days: 0 up, 1 down, consensus 5-year earnings growth not available. BBased upon 2 analysts’ estimates. CBased upon one analyst’s estimate. ANNUAL RATES ASSETS ($mill.) 2017 2018 9/30/19 INDUSTRY: Biotechnology of change (per share) 5 Yrs. 1 Yr. Cash Assets 31.1 43.0 59.7 Sales 62.5% 12.0% Receivables 58.8 64.8 70.7 BUSINESS: ANI Pharmaceuticals, Inc. markets branded ‘‘Cash Flow’’ -- 64.5% Inventory 37.7 40.5 46.2 and generic prescription pharmaceuticals. Its targeted areas Earnings -- -- Other 4.0 4.6 5.8 Dividends -- -- of product development include: narcotics, oncolytics (anti- Current Assets 131.6 152.9 182.4 Book Value 14.5% 11.0% cancers), hormones and steroids, and complex formulations Fiscal QUARTERLY SALES ($mill.) Full Property, Plant involving extended release and combination products. Year 1Q 2Q 3Q 4Q Year & Equip, at cost 27.0 46.5 - - ANI’s three facilities, two in Baudette, MN, and one in Accum Depreciation 6.6 8.4 - - 12/31/17 36.6 44.7 48.2 47.3 176.8 Net Property 20.4 38.1 39.8 Oakville, Canada are capable of producing oral solid dose 12/31/18 46.5 47.3 50.7 57.1 201.6 Other 260.1 239.6 234.6 products, as well as semi-solids, liquids and topicals, 12/31/19 52.9 54.4 51.3 Total Assets 412.1 430.6 456.8 controlled substances, and potent products that must be 12/31/20 manufactured in a fully-contained environment. ANI mar- LIABILITIES ($mill.) kets its products through retail pharmacy chains, wholesal- Fiscal EARNINGS PER SHARE Full Accts Payable 3.6 8.9 11.0 Year 1Q 2Q 3Q 4Q Year Debt Due 3.4 115.7 121.7 ers, distributors and mail order pharmacies, and group 12/31/16 .11 .10 .22 d.09 .34 Other 32.2 40.9 38.0 purchasing organizations. Its strategy is to use its assets to 12/31/17 .11 .23 .40 d.83 d.09 Current Liab 39.2 165.5 170.7 develop, acquire, manufacture, and market branded and 12/31/18 .19 .23 .42 .46 1.30 generic specialty prescription pharmaceuticals. Its products 12/31/19 .04 .53 .32 1.02 are sold by CVS, Rite Aid, and Walgreens. In October 2019, 12/31/20 1.02 1.18 LONG-TERM DEBT AND EQUITY ANI announced plans to launch Bretylium Tosylate Injec- as of 9/30/19 Cal- QUARTERLY DIVIDENDS PAID Full tion. Has 299 employees. C.E.O. & President: Arthur S. endar 1Q 2Q 3Q 4Q Year Total Debt $186.6 mill. Due in 5 Yrs. NA Przybyl Address: 210 Main Street West, Baudette, MN 2016 ------LT Debt $64.9 mill. 56623. Tel.: (218) 634-3500. Internet: www.anipharmaceu- Including Cap. Leases NA 2017 ------(23% of Cap’l) ticals.com. L.Y. 2018 ------Leases, Uncapitalized Annual rentals NA 2019 ------December 6, 2019 Pension Liability None in ’18 vs. None in ’17 INSTITUTIONAL DECISIONS TOTAL SHAREHOLDER RETURN 4Q’18 1Q’19 2Q’19 Pfd Stock None Pfd Div’d Paid None Dividends plus appreciation as of 10/31/2019 to Buy 73 95 103 Common Stock 12,077,000 shares 3 Mos. 6 Mos. 1 Yr. 3 Yrs. 5 Yrs. to Sell 88 69 65 (77% of Cap’l) Hld’s(000) 7152 7793 8708 -7.66% 10.05% 60.95% 30.84% 130.01% © 2019 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribe call 1-800-VALUELINE of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. RECENT TRAILING RELATIVE DIV’D VALUE ACADIA PHARMA. NDQ--ACAD PRICE 47.76P/E RATIO NMF P/E RATIO NMFYLD Nil LINE 3624 RANKS 3.30 6.53 29.73 33.49 51.99 42.49 41.20 32.99 48.27 High 0.90 1.07 4.60 15.64 29.45 16.64 25.06 12.77 15.73 Low Above PERFORMANCE 2 Average LEGENDS 45 Above 12 Mos Mov Avg Technical 2 Average ....Rel Price Strength 30 Shaded area indicates recession Below 22.5 SAFETY 4 Average

BETA 1.45 (1.00 = Market) 13 9 Financial Strength B+ 6

Price Stability 5 4 3 Price Growth Persistence 60 -10736 Earnings Predictability 50 VOL. (thous.) © VALUE LINE PUBLISHING LLC 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020/2021 SALES PER SH .04 .07 .01 .00 .00 .14 1.00 1.56 -- ‘‘CASH FLOW’’ PER SH d.43 d.28 d.42 d.92 d1.61 d2.22 d2.31 d1.69 -- EARNINGS PER SH d.44 d.38 d.44 d.95 d1.63 d2.34 d2.36 d1.94 d1.62 A,B d1.25 C/NA DIV’DS DECL’D PER SH ------CAP’L SPENDING PER SH .00 -- .01 .00 .02 .01 .01 .02 -- BOOK VALUE PER SH .44 1.40 2.00 3.09 1.96 4.27 2.70 3.33 -- COMMON SHS OUTST’G (MILL) 52.90 73.33 91.10 100.05 101.94 121.37 124.41 143.85 -- AVG ANN’L P/E RATIO ------NMF NMF/NA RELATIVE P/E RATIO ------AVG ANN’L DIV’D YIELD ------SALES ($MILL) 2.1 4.9 1.1 .1 .1 17.3 124.9 223.8 -- Bold figures OPERATING MARGIN NMF NMF NMF NMF NMF NMF NMF NMF -- are consensus DEPRECIATION ($MILL) .3 .1 .1 .2 .6 1.8 2.4 2.4 -- earnings NET PROFIT ($MILL) d22.8 d20.9 d37.9 d92.5 d164.4 d271.4 d289.4 d245.2 -- estimates INCOME TAX RATE ------and, using the NET PROFIT MARGIN NMF NMF NMF NMF NMF NMF NMF NMF -- recent prices, WORKING CAP’L ($MILL) 25.8 102.6 181.4 308.8 197.1 505.3 324.5 466.5 -- P/E ratios. LONG-TERM DEBT ($MILL) ------SHR. EQUITY ($MILL) 23.4 102.6 182.1 309.5 199.8 518.4 335.3 479.1 -- RETURN ON TOTAL CAP’L NMF NMF NMF NMF NMF NMF NMF NMF -- RETURN ON SHR. EQUITY NMF NMF NMF NMF NMF NMF NMF NMF -- RETAINED TO COM EQ NMF NMF NMF NMF NMF NMF NMF NMF -- ALL DIV’DS TO NET PROF ------ANo. of analysts changing earn. est. in last 25 days: 2 up, 1 down, consensus 5-year earnings growth not available. BBased upon 9 analysts’ estimates. CBased upon 7 analysts’ estimates. ANNUAL RATES ASSETS ($mill.) 2017 2018 9/30/19 INDUSTRY: Biotechnology of change (per share) 5 Yrs. 1 Yr. Cash Assets 341.3 473.5 683.9 Sales 87.0% 55.0% Receivables 17.3 26.1 30.8 BUSINESS: Acadia Pharmaceuticals, Inc. focuses on the ‘‘Cash Flow’’ -- -- Inventory 5.3 4.1 4.9 development and commercialization of innovative medi- Earnings -- -- Other 9.6 22.4 22.7 Dividends -- -- cines to address unmet medical needs in neurological and Current Assets 373.5 526.1 742.3 Book Value 22.0% 23.5% related central nervous system disorders. ACADIA has a Fiscal QUARTERLY SALES ($mill.) Full Property, Plant pipeline of product candidates led by NUPLAZID (pima- Year 1Q 2Q 3Q 4Q Year & Equip, at cost 6.9 7.5 - - vanserin), for which it has reported positive Phase III trial Accum Depreciation 4.2 4.2 - - 12/31/17 15.3 30.5 35.6 43.5 124.9 Net Property 2.7 3.3 3.3 results in Parkinson’s disease psychosis and has the poten- 12/31/18 48.8 57.1 58.3 59.6 223.8 Other 8.3 10.8 20.0 tial to be the first drug approved in the US for this disorder. 12/31/19 63.0 83.2 94.6 Total Assets 384.5 540.2 765.6 NUPLAZID is administered orally once-a-day. Pimavan- 12/31/20 serin is also in Phase II development for Alzheimer’s LIABILITIES ($mill.) disease psychosis and completed a Phase II trial in schizo- Fiscal EARNINGS PER SHARE Full Accts Payable 8.8 3.2 3.4 Year 1Q 2Q 3Q 4Q Year Debt Due .0 .0 .0 phrenia. It also has clinical-stage programs for chronic pain 12/31/16 d.45 d.63 d.61 d.65 d2.34 Other 40.2 56.4 64.3 and glaucoma in collaboration with Allergan, Inc. In addi- 12/31/17 d.73 d.55 d.53 d.55 d2.36 Current Liab 49.0 59.6 67.7 tion, ACADIA has ongoing clinical development efforts in 12/31/18 d.43 d.51 d.50 d.50 d1.94 additional areas with significant unmet need, including 12/31/19 d.59 d.38 d.29 d.37 dementia-related psychosis, schizophrenia inadequate re- 12/31/20 d.37 d.33 LONG-TERM DEBT AND EQUITY sponse, schizophrenia-negative symptoms, major depres- as of 9/30/19 Cal- QUARTERLY DIVIDENDS PAID Full sive disorder, and Rett syndrome. Has 430 employees. endar 1Q 2Q 3Q 4Q Year Total Debt None Due in 5 Yrs. None C.E.O.: Steve Davis Address: 3611 Valley Centre Dr Suite 2016 ------LT Debt None 300, San Diego, CA 92130. Tel.: (858) 558-2871. Internet: Including Cap. Leases None 2017 ------Leases, Uncapitalized Annual rentals NA www.acadia-pharm.com. L.Y. 2018 ------2019 ------Pension Liability None in ’18 vs. None in ’17 December 6, 2019

INSTITUTIONAL DECISIONS Pfd Stock None Pfd Div’d Paid None TOTAL SHAREHOLDER RETURN 4Q’18 1Q’19 2Q’19 Dividends plus appreciation as of 10/31/2019 to Buy 101 108 85 Common Stock 143,853,597 shares (100% of Cap’l) 3 Mos. 6 Mos. 1 Yr. 3 Yrs. 5 Yrs. to Sell 88 85 107 Hld’s(000) 138652 134587 142269 72.54% 76.34% 117.71% 81.94% 53.10% © 2019 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribe call 1-800-VALUELINE of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. RECENT TRAILING RELATIVE DIV’D VALUE ACCELERON PHARMA NDQ--XLRN PRICE 47.08P/E RATIO NMF P/E RATIO NMFYLD Nil LINE 3625 RANKS 40.02 57.89 50.86 48.05 43.68 59.59 48.57 High 16.78 23.61 20.00 22.67 23.07 32.53 37.01 Low PERFORMANCE 3 Average LEGENDS 12 Mos Mov Avg Technical 3 Average ....Rel Price Strength Shaded area indicates recession Below 50 SAFETY 4 Average

BETA 1.25 (1.00 = Market) 25

15 Financial Strength B+ 10 Price Stability 10

Price Growth Persistence 45 5 10000 Earnings Predictability 40 VOL. (thous.) © VALUE LINE PUBLISHING LLC 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020/2021 SALES PER SH -- -- 2.02 .45 .54 .73 .30 .30 -- ‘‘CASH FLOW’’ PER SH -- -- d.74 d1.39 d1.88 d1.45 d2.33 d2.49 -- EARNINGS PER SH -- -- d4.15 d1.47 d1.92 d1.52 d2.68 d2.59 d2.22 A,B d2.11 C/NA DIV’DS DECL’D PER SH ------CAP’L SPENDING PER SH -- -- .01 .02 .03 .09 .10 .06 -- BOOK VALUE PER SH -- -- 2.04 4.82 3.28 5.90 8.07 6.31 -- COMMON SHS OUTST’G (MILL) -- -- 28.35 32.43 33.31 38.25 45.26 46.26 -- AVG ANN’L P/E RATIO ------NMF NMF/NA RELATIVE P/E RATIO ------AVG ANN’L DIV’D YIELD ------SALES ($MILL) -- 15.3 57.2 14.6 18.1 27.8 13.5 14.0 -- Bold figures OPERATING MARGIN -- NMF 13.7% NMF NMF NMF NMF NMF -- are consensus DEPRECIATION ($MILL) -- 1.3 .9 1.1 1.2 1.7 2.8 3.7 -- earnings NET PROFIT ($MILL) -- d32.6 d21.9 d46.3 d63.9 d57.0 d108.5 d118.9 -- estimates INCOME TAX RATE ------and, using the NET PROFIT MARGIN -- NMF NMF NMF NMF NMF NMF NMF -- recent prices, WORKING CAP’L ($MILL) -- 5.1 91.8 173.0 96.4 130.6 268.4 287.1 -- P/E ratios. LONG-TERM DEBT ($MILL) -- 16.5 ------SHR. EQUITY ($MILL) -- d20.9 57.8 156.3 109.3 225.6 365.2 292.0 -- RETURN ON TOTAL CAP’L -- -- NMF NMF NMF NMF NMF NMF -- RETURN ON SHR. EQUITY -- -- NMF NMF NMF NMF NMF NMF -- RETAINED TO COM EQ -- -- NMF NMF NMF NMF NMF NMF -- ALL DIV’DS TO NET PROF ------ANo. of analysts changing earn. est. in last 25 days: 3 up, 2 down, consensus 5-year earnings growth not available. BBased upon 7 analysts’ estimates. CBased upon 6 analysts’ estimates. ANNUAL RATES ASSETS ($mill.) 2017 2018 9/30/19 INDUSTRY: Biotechnology of change (per share) 5 Yrs. 1 Yr. Cash Assets 277.2 291.3 426.1 Sales -26.0% 1.5% Receivables 3.6 7.0 6.9 BUSINESS: Acceleron Pharma, Inc. develops novel pro- ‘‘Cash Flow’’ -- -- Inventory .0 .0 .0 tein therapeutics for cancer and rare diseases. It focuses on Earnings -- -- Other 4.4 7.7 10.5 Dividends -- -- the biology of the Transforming Growth Factor-Beta Current Assets 285.2 306.0 443.5 Book Value 27.0% -22.0% (TGF-B) protein superfamily, a large and diverse group of Fiscal QUARTERLY SALES ($mill.) Full Property, Plant molecules that are key regulators in the growth and repair of Year 1Q 2Q 3Q 4Q Year & Equip, at cost 31.4 35.1 - - tissues throughout the human body. It has three internally Accum Depreciation 24.4 28.0 - - 12/31/17 3.7 3.1 3.0 3.7 13.5 Net Property 7.0 7.1 6.9 discovered protein therapeutic candidates. The two most 12/31/18 3.2 3.7 3.3 3.8 14.0 Other 97.0 1.7 69.3 advanced candidates, sotatercept and luspatercept (also 12/31/19 2.8 27.7 4.2 Total Assets 389.2 314.8 519.7 known as ACE-536), promote red blood cell production 12/31/20 through a novel mechanism. The third clinical stage candi- LIABILITIES ($mill.) date, dalantercept, is designed to inhibit blood vessel Fiscal EARNINGS PER SHARE Full Accts Payable 1.1 .4 1.9 Year 1Q 2Q 3Q 4Q Year Debt Due .0 .0 .0 formation through a mechanism that is distinct from the 12/31/16 .13 d.59 d.55 d.51 d1.52 Other 15.6 18.5 29.7 dominant class of cancer drugs that inhibit blood vessel 12/31/17 d.66 d.77 d.65 d.62 d2.68 Current Liab 16.7 18.9 31.6 formation, the vascular endothelial growth factor (VEGF) 12/31/18 d.58 d.63 d.63 d.75 d2.59 pathway inhibitors. In September 2019, Acceleron an- 12/31/19 d.74 d.34 d.86 d.30 nounced topline results from the Phase II trial of ACE-083 12/31/20 d.78 d.61 LONG-TERM DEBT AND EQUITY in patients with Facioscapulohumeral Muscular Dystrophy. as of 9/30/19 Cal- QUARTERLY DIVIDENDS PAID Full Has 173 employees. C.E.O. & President: Habib J. Dable endar 1Q 2Q 3Q 4Q Year Total Debt None Due in 5 Yrs. None Address: 128 Sidney Street, Cambridge, MA 02139. Tel.: 2016 ------LT Debt None (617) 649-9200. Internet: www.acceleronpharma.com. Including Cap. Leases None 2017 ------Leases, Uncapitalized Annual rentals NA L.Y. 2018 ------2019 ------Pension Liability None in ’18 vs. None in ’17 December 6, 2019

INSTITUTIONAL DECISIONS Pfd Stock None Pfd Div’d Paid None TOTAL SHAREHOLDER RETURN 4Q’18 1Q’19 2Q’19 Dividends plus appreciation as of 10/31/2019 to Buy 77 101 82 Common Stock 53,027,000 shares (100% of Cap’l) 3 Mos. 6 Mos. 1 Yr. 3 Yrs. 5 Yrs. to Sell 85 63 72 Hld’s(000) 44125 48755 47664 2.77% 10.16% -11.62% 60.08% 21.34% © 2019 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribe call 1-800-VALUELINE of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. RECENT TRAILING RELATIVE DIV’D VALUE ACORDA THERAPEUTICS NDQ--ACOR PRICE 1.90P/E RATIO NMF P/E RATIO NMFYLD Nil LINE 3626 RANKS 33.48 27.74 40.87 41.65 45.45 42.67 33.00 36.35 17.57 High 18.36 21.04 24.48 27.51 25.50 16.40 13.60 12.86 1.49 Low PERFORMANCE 3 Average LEGENDS 45 12 Mos Mov Avg Technical 3 Average ....Rel Price Strength 30 Shaded area indicates recession 22.5 SAFETY 5 Lowest

BETA 1.35 (1.00 = Market) 13 9 Financial Strength C++ 6

Price Stability 5 4 3 Price Growth Persistence 10 23400 Earnings Predictability 10 VOL. (thous.) © VALUE LINE PUBLISHING LLC 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020/2021 SALES PER SH 7.43 7.68 8.23 9.59 11.46 11.37 12.67 9.94 -- ‘‘CASH FLOW’’ PER SH .90 .70 .57 .77 .88 d.29 d.16 .95 -- EARNINGS PER SH .76 .78 .39 .56 .25 d.76 d.67 .71 d2.90 A,B d1.77 C/NA DIV’DS DECL’D PER SH ------CAP’L SPENDING PER SH .06 .26 .10 .12 .14 .14 .29 .70 -- BOOK VALUE PER SH 5.22 9.70 10.77 12.90 14.03 14.54 11.20 12.91 -- COMMON SHS OUTST’G (MILL) 39.32 39.80 40.90 41.88 42.99 45.68 46.43 47.42 -- AVG ANN’L P/E RATIO 33.1 31.6 85.0 60.2 NMF -- -- 33.0 NMF NMF/NA RELATIVE P/E RATIO 2.07 2.03 4.78 3.18 NMF -- -- 1.86 -- AVG ANN’L DIV’D YIELD ------SALES ($MILL) 292.2 305.8 336.4 401.5 492.7 519.6 588.3 471.4 -- Bold figures OPERATING MARGIN 13.6% 9.9% 11.1% 13.5% 14.6% NMF 21.8% 22.3% -- are consensus DEPRECIATION ($MILL) 4.6 4.7 7.0 8.5 27.0 21.6 23.2 11.5 -- earnings NET PROFIT ($MILL) 30.6 23.1 16.4 23.6 11.1 d34.6 d30.5 33.7 -- estimates INCOME TAX RATE 4.4% 4.9% 43.0% 36.4% 42.9% -- NMF -- -- and, using the NET PROFIT MARGIN 10.5% 7.5% 4.9% 5.9% 2.2% NMF NMF 7.1% -- recent prices, WORKING CAP’L ($MILL) 273.6 234.2 270.7 294.7 360.7 124.8 297.7 387.8 -- P/E ratios. LONG-TERM DEBT ($MILL) 5.2 4.2 3.2 289.9 296.6 299.4 334.5 343.1 -- SHR. EQUITY ($MILL) 205.2 385.9 440.4 540.3 603.0 664.2 520.0 612.0 -- RETURN ON TOTAL CAP’L 15.4% 6.2% 4.0% 3.4% 2.1% NMF NMF 4.7% -- RETURN ON SHR. EQUITY 14.9% 6.0% 3.7% 4.4% 1.8% NMF NMF 5.5% -- RETAINED TO COM EQ 14.9% 6.0% 3.7% 4.4% 1.8% NMF NMF 5.5% -- ALL DIV’DS TO NET PROF ------ANo. of analysts changing earn. est. in last 25 days: 1 up, 0 down, consensus 5-year earnings growth not available. BBased upon 4 analysts’ estimates. CBased upon 4 analysts’ estimates. ANNUAL RATES ASSETS ($mill.) 2017 2018 9/30/19 INDUSTRY: Biotechnology of change (per share) 5 Yrs. 1 Yr. Cash Assets 307.1 445.6 253.2 Sales 8.0% -21.5% Receivables 81.4 23.4 17.6 BUSINESS: Acorda Therapeutics, Inc. develops therapies ‘‘Cash Flow’’ -- -- Inventory 37.5 29.0 27.4 to restore function and improve the lives of people with Earnings -- -- Other 15.7 30.1 16.1 Dividends -- -- neurological disorders. The company is engaged in the Current Assets 441.7 528.1 314.3 Book Value 8.5% 15.0% commercial sales of INBRIJA, a prescription medicine used Fiscal QUARTERLY SALES ($mill.) Full Property, Plant for the return of Parkinson’s symptoms (known as OFF Year 1Q 2Q 3Q 4Q Year & Equip, at cost 86.7 117.4 - - episodes) in adults treated with carbidopa-levodopa medi- Accum Depreciation 50.0 56.9 - - 12/31/17 119.4 139.4 141.1 188.4 588.3 Net Property 36.7 60.5 130.6 cines. INBRIJA utilizes Acorda’s innovative ARCUS(R) 12/31/18 106.2 153.3 142.8 69.1 471.4 Other 719.6 711.1 435.0 pulmonary delivery system, a technology platform designed 12/31/19 44.1 50.1 47.7 Total Assets 1198.0 1299.7 879.9 to deliver medication through inhalation. Acorda also mar- 12/31/20 kets the branded AMPYRA(R) Extended Release Tablets, LIABILITIES ($mill.) 10 mg. In October 2019, Acorda announced a corporate Fiscal EARNINGS PER SHARE Full Accts Payable 27.4 48.9 26.8 Year 1Q 2Q 3Q 4Q Year Debt Due .0 5.5 12.2 restructuring to reduce costs and focus its resources on the 12/31/16 d.01 d.40 d.28 d.07 d.76 Other 116.6 85.9 53.0 launch of INBRIJA. As part of this restructuring, the 12/31/17 d.41 d.18 .01 d.09 d.67 Current Liab 144.0 140.3 92.0 company reduced headcount by approximately 25% through 12/31/18 d.18 .98 d.29 .20 .71 a reduction in force. In November 2019, Acorda announced 12/31/19 d1.00 d.58 d.93 d.65 that Jane Wasman, president, will resign from the company 12/31/20 d.78 d.70 LONG-TERM DEBT AND EQUITY effective at the end of this year. She will serve as a as of 9/30/19 Cal- QUARTERLY DIVIDENDS PAID Full consultant to Acorda following her departure. Has 474 endar 1Q 2Q 3Q 4Q Year Total Debt $363.1 mill. Due in 5 Yrs. NA employees. C.E.O. & President: Ron Cohen Address: 420 2016 ------LT Debt $350.9 mill. Saw Mill River Road, Ardsley, NY 10502. Tel.: (914) Including Cap. Leases NA 2017 ------(56% of Cap’l) 347-4300. Internet: www.acorda.com. L.Y. 2018 ------Leases, Uncapitalized Annual rentals NA 2019 ------December 6, 2019 Pension Liability None in ’18 vs. None in ’17 INSTITUTIONAL DECISIONS TOTAL SHAREHOLDER RETURN 4Q’18 1Q’19 2Q’19 Pfd Stock None Pfd Div’d Paid None Dividends plus appreciation as of 10/31/2019 to Buy 91 109 98 Common Stock 47,511,000 shares 3 Mos. 6 Mos. 1 Yr. 3 Yrs. 5 Yrs. to Sell 79 65 78 (44% of Cap’l) Hld’s(000) 52770 56557 58580 -76.19% -84.21% -91.37% -90.68% -95.26% © 2019 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribe call 1-800-VALUELINE of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. RECENT TRAILING RELATIVE DIV’D VALUE ADURO BIOTECH, INC. NDQ--ADRO PRICE 1.12P/E RATIO NMF P/E RATIO NMFYLD Nil LINE 3627 RANKS 49.25 27.38 14.05 9.92 4.59 High 16.28 7.26 6.01 2.34 0.90 Low PERFORMANCE 3 Average LEGENDS 45 12 Mos Mov Avg Technical 3 Average ....Rel Price Strength 30 Shaded area indicates recession Below 22.5 SAFETY 4 Average

BETA 1.40 (1.00 = Market) 13 9 Financial Strength B 6

Price Stability 5 4 3 Price Growth Persistence NMF 13300 Earnings Predictability NMF VOL. (thous.) © VALUE LINE PUBLISHING LLC 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020/2021 SALES PER SH ------1.15 .75 .22 .19 -- ‘‘CASH FLOW’’ PER SH ------d.20 d1.30 d1.13 d1.14 -- EARNINGS PER SH ------d.30 d1.40 d1.26 d1.21 d.99 A,B d.79 C/NA DIV’DS DECL’D PER SH ------CAP’L SPENDING PER SH ------.03 .35 .07 .03 -- BOOK VALUE PER SH ------4.11 3.35 3.05 1.70 -- COMMON SHS OUTST’G (MILL) ------63.59 67.92 77.74 79.57 -- AVG ANN’L P/E RATIO ------NMF NMF/NA RELATIVE P/E RATIO ------AVG ANN’L DIV’D YIELD ------SALES ($MILL) -- -- .8 13.4 73.0 50.7 17.2 15.1 -- Bold figures OPERATING MARGIN -- -- NMF NMF NMF NMF NMF NMF -- are consensus DEPRECIATION ($MILL) -- -- .1 .2 .6 2.6 4.0 5.0 -- earnings NET PROFIT ($MILL) -- -- d16.1 d20.6 d13.1 d91.2 d91.9 d95.4 -- estimates INCOME TAX RATE ------and, using the NET PROFIT MARGIN -- -- NMF NMF NMF NMF NMF NMF -- recent prices, WORKING CAP’L ($MILL) -- -- d5.0 81.0 393.4 324.2 308.7 252.5 -- P/E ratios. LONG-TERM DEBT ($MILL) -- -- 1.4 ------SHR. EQUITY ($MILL) -- -- d6.5 78.8 261.6 227.2 237.5 135.3 -- RETURN ON TOTAL CAP’L ------NMF NMF NMF NMF NMF -- RETURN ON SHR. EQUITY ------NMF NMF NMF NMF NMF -- RETAINED TO COM EQ ------NMF NMF NMF NMF NMF -- ALL DIV’DS TO NET PROF ------ANo. of analysts changing earn. est. in last 25 days: 2 up, 0 down, consensus 5-year earnings growth not available. BBased upon 5 analysts’ estimates. CBased upon 5 analysts’ estimates. ANNUAL RATES ASSETS ($mill.) 2017 2018 9/30/19 INDUSTRY: Biotechnology of change (per share) 5 Yrs. 1 Yr. Cash Assets 326.1 266.4 231.8 Sales -- -14.5% Receivables 1.0 12.0 .2 BUSINESS: Aduro Biotech, Inc. is focused on the devel- ‘‘Cash Flow’’ -- -- Inventory .0 .0 .0 opment of technology platforms designed to stimulate Earnings -- -- Other 23.0 4.6 3.8 Dividends -- -- robust and durable immune responses against cancer. Its Current Assets 350.1 283.0 235.8 Book Value -- -44.5% pipeline of immuno-oncology product candidates is derived Fiscal QUARTERLY SALES ($mill.) Full Property, Plant from: Live, Attenuated, Double-Deleted (LADD) Listeria Year 1Q 2Q 3Q 4Q Year & Equip, at cost 38.2 40.6 - - monocytogenes and cyclic dinucleotides (CDNs). Its lead Accum Depreciation 7.1 11.4 - - 12/31/17 3.7 5.9 3.8 3.8 17.2 Net Property 31.1 29.2 25.5 LADD product candidate, CRS-207, is being developed in 12/31/18 6.6 2.6 3.1 2.8 15.1 Other 63.9 45.3 52.0 metastatic pancreatic cancer and malignant pleural meso- 12/31/19 3.9 4.9 4.8 Total Assets 445.1 357.5 313.3 thelioma. Its lead immuno-oncology regimen of CRS-207 12/31/20 and GVAX Pancreas was granted breakthrough therapy LIABILITIES ($mill.) designation by the US FDA and it obtained orphan drug Fiscal EARNINGS PER SHARE Full Accts Payable 1.2 1.5 1.6 Year 1Q 2Q 3Q 4Q Year Debt Due .0 .0 .0 designations from the FDA for CRS-207 and GVAX Pan- 12/31/16 d.45 .03 d.54 d.44 d1.40 Other 40.2 29.0 30.9 creas for the treatment of pancreatic cancer and for CRS- 12/31/17 d.32 d.27 d.33 d.34 d1.26 Current Liab 41.4 30.5 32.5 207 for the treatment of mesothelioma. Aduro is collaborat- 12/31/18 d.28 d.31 d.29 d.33 d1.21 ing with a number of leading global pharmaceutical 12/31/19 d.29 d.23 d.26 d.21 companies. In October 2019, the company announced two 12/31/20 d.23 d.24 LONG-TERM DEBT AND EQUITY abstracts accepted for presentation at the Society for Immu- as of 9/30/19 Cal- QUARTERLY DIVIDENDS PAID Full notherapy of Cancer 34th Annual Meeting (SITC 2019). endar 1Q 2Q 3Q 4Q Year Total Debt None Due in 5 Yrs. None Has 152 employees. Chairman, C.E.O. & President: Ste- 2016 ------LT Debt None phen T. Isaacs Address: 740 Heinz Avenue, Berkeley, CA Including Cap. Leases None 2017 ------Leases, Uncapitalized Annual rentals NA 94710. Tel.: (510) 848-4400. Internet: www.aduro.com.L.Y. 2018 ------2019 ------Pension Liability None in ’18 vs. None in ’17 December 6, 2019

INSTITUTIONAL DECISIONS Pfd Stock None Pfd Div’d Paid None TOTAL SHAREHOLDER RETURN 4Q’18 1Q’19 2Q’19 Dividends plus appreciation as of 10/31/2019 to Buy 47 61 55 Common Stock 80,514,000 shares (100% of Cap’l) 3 Mos. 6 Mos. 1 Yr. 3 Yrs. 5 Yrs. to Sell 39 25 37 Hld’s(000) 37754 35265 36375 -13.64% -72.13% -73.11% -89.40% -- © 2019 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribe call 1-800-VALUELINE of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. RECENT TRAILING RELATIVE DIV’D VALUE AEVI GENOMIC MED. NDQ--GNMX PRICE 0.12P/E RATIO NMF P/E RATIO NMFYLD Nil LINE 3628 RANKS 5.50 16.43 8.19 9.00 10.25 6.89 6.18 2.65 1.10 High 2.08 2.49 3.50 3.68 5.00 3.09 0.98 0.59 0.10 Low PERFORMANCE 3 Average LEGENDS 12 Mos Mov Avg Technical 3 Average ....Rel Price Strength 8 Shaded area indicates recession SAFETY 5 Lowest 5 4 BETA .50 (1.00 = Market) 3 2 Financial Strength C+

Price Stability 5 1

Price Growth Persistence 10 16700 Earnings Predictability 50 VOL. (thous.) © VALUE LINE PUBLISHING LLC 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020/2021 SALES PER SH ------‘‘CASH FLOW’’ PER SH d.83 d1.22 d.92 d.73 d1.15 d1.12 d.58 d.47 -- EARNINGS PER SH d.96 d1.37 d1.06 d1.00 d1.45 d1.19 d.83 d.50 NA NA/NA DIV’DS DECL’D PER SH ------CAP’L SPENDING PER SH .03 .01 .01 .01 .01 .01 .00 -- -- BOOK VALUE PER SH .31 .16 1.00 1.20 1.53 .94 .52 .12 -- COMMON SHS OUTST’G (MILL) 9.67 12.22 18.44 24.79 32.86 37.10 59.33 64.77 -- AVG ANN’L P/E RATIO ------NA NA/NA RELATIVE P/E RATIO ------AVG ANN’L DIV’D YIELD ------SALES ($MILL) ------Bold figures OPERATING MARGIN ------are consensus DEPRECIATION ($MILL) .1 .1 .2 .2 .2 .3 .1 .1 -- earnings NET PROFIT ($MILL) d8.1 d15.1 d17.1 d18.4 d38.0 d41.9 d34.7 d30.8 -- estimates INCOME TAX RATE ------and, using the NET PROFIT MARGIN ------recent prices, WORKING CAP’L ($MILL) 4.0 4.6 19.6 30.0 49.9 34.6 30.5 7.9 -- P/E ratios. LONG-TERM DEBT ($MILL) ------SHR. EQUITY ($MILL) 3.0 1.9 18.4 29.7 50.4 35.0 30.6 7.9 -- RETURN ON TOTAL CAP’L NMF NMF NMF NMF NMF NMF NMF NMF -- RETURN ON SHR. EQUITY NMF NMF NMF NMF NMF NMF NMF NMF -- RETAINED TO COM EQ NMF NMF NMF NMF NMF NMF NMF NMF -- ALL DIV’DS TO NET PROF ------Note: No analyst estimates available. ANNUAL RATES ASSETS ($mill.) 2017 2018 9/30/19 INDUSTRY: Biotechnology of change (per share) 5 Yrs. 1 Yr. Cash Assets 33.7 12.1 2.4 Sales -- -- Receivables .0 .0 .0 BUSINESS: Aevi Genomic Medicine, Inc. is a clinical ‘‘Cash Flow’’ -- -- Inventory .0 .0 .0 stage biopharmaceutical company with an emphasis on Earnings -- -- Other .9 .1 .4 Dividends -- -- identifying the genetic drivers of disease and applying this Current Assets 34.6 12.2 2.8 Book Value 1.5% -76.5% understanding to the pursuit of differentiated novel thera- Fiscal QUARTERLY SALES ($mill.) Full Property, Plant pies for pediatric onset, life-altering diseases, including rare Year 1Q 2Q 3Q 4Q Year & Equip, at cost .2 .2 - - and orphan diseases. The company’s lead program, AEVI- Accum Depreciation .1 .2 - - 12/31/17 ------Net Property .1 .0 .0 001, is an oral, non-stimulant glutamatergic neuromodula- 12/31/18 ------Other .1 .1 .0 tor, which is currently being studied in its Phase II/III 12/31/19 ------Total Assets 34.8 12.3 2.8 SAGA trial, for a genetically defined subset of adolescent 12/31/20 Attention Deficit Hyperactivity Disorder, ADHD, patients LIABILITIES ($mill.) with specific mutations in their mGluR gene network. Aevi Fiscal EARNINGS PER SHARE Full Accts Payable .9 1.6 4.3 Year 1Q 2Q 3Q 4Q Year Debt Due .0 .0 .0 is also studying AEVI-001 in patients with 22q Deletion 12/31/16 d.34 d.35 d.29 d.23 d1.19 Other 3.2 2.7 .0 Syndrome, or 22q DS, a rare genetic pediatric disorder. 12/31/17 d.29 d.22 d.23 d.13 d.83 Current Liab 4.1 4.3 4.3 Furthermore, the company plans to initiate signal finding 12/31/18 d.15 d.13 d.12 d.10 d.50 studies of AEVI-001 in Autism Spectrum Disorders, ASD, 12/31/19 d.07 d.06 d.06 and Pediatric Generalized Anxiety Disorder, PGAD, pa- 12/31/20 LONG-TERM DEBT AND EQUITY tients. In October 2019, Aevi Genomic received positive as of 9/30/19 Cal- QUARTERLY DIVIDENDS PAID Full Nasdaq listing determination. Has 14 employees. Chairman: endar 1Q 2Q 3Q 4Q Year Total Debt None Due in 5 Yrs. None Sol J. Barer Address: 435 Devon Park Drive Suite 715, 2016 ------LT Debt None Wayne, PA 19087. Tel.: (610) 254-4201. Internet: Including Cap. Leases None 2017 ------Leases, Uncapitalized Annual rentals NA www.aevigenomics.com. L.Y. 2018 ------2019 ------Pension Liability None in ’18 vs. None in ’17 December 6, 2019

INSTITUTIONAL DECISIONS Pfd Stock None Pfd Div’d Paid None TOTAL SHAREHOLDER RETURN 4Q’18 1Q’19 2Q’19 Dividends plus appreciation as of 10/31/2019 to Buy 10 8 7 Common Stock 64,766,882 shares NMF% of Cap’l 3 Mos. 6 Mos. 1 Yr. 3 Yrs. 5 Yrs. to Sell 18 18 10 Hld’s(000) 12420 4112 4701 -23.53% -56.67% -89.17% -97.30% -97.30% © 2019 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribe call 1-800-VALUELINE of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. RECENT TRAILING RELATIVE DIV’D VALUE AGENUS INC. NDQ--AGEN PRICE 4.06P/E RATIO NMF P/E RATIO NMFYLD Nil LINE 3629 RANKS 6.96 7.41 5.40 5.27 10.16 7.49 5.45 6.19 4.57 High 1.92 2.00 2.40 2.27 3.75 2.61 3.20 1.54 2.14 Low PERFORMANCE 3 Average LEGENDS Below 12 Mos Mov Avg Technical 4 Average ....Rel Price Strength 8 1-for-6 Rev split 10/11 Below Shaded area indicates recession SAFETY 4 Average 5 4 BETA 1.55 (1.00 = Market) 3 2 Financial Strength B

Price Stability 5 1

Price Growth Persistence 10 -31036 Earnings Predictability 40 VOL. (thous.) © VALUE LINE PUBLISHING LLC 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020/2021 SALES PER SH .13 .65 .08 .11 .29 .26 .42 .31 -- ‘‘CASH FLOW’’ PER SH d1.02 d.42 d.81 d.55 d.99 d1.76 d1.45 d1.20 -- EARNINGS PER SH d1.21 d.51 d1.12 d.57 d1.13 d1.46 d1.23 d1.34 d.97 A,B d1.37 C/NA DIV’DS DECL’D PER SH ------CAP’L SPENDING PER SH .00 .00 .02 .05 .04 .14 .03 .03 -- BOOK VALUE PER SH d2.72 d2.24 d1.01 .37 .82 d.82 d1.07 d1.44 -- COMMON SHS OUTST’G (MILL) 21.49 24.60 36.35 62.72 86.39 87.80 101.71 120.00 -- AVG ANN’L P/E RATIO ------NMF NMF/NA RELATIVE P/E RATIO ------AVG ANN’L DIV’D YIELD ------SALES ($MILL) 2.8 16.0 3.0 7.0 24.8 22.6 42.9 36.8 -- Bold figures OPERATING MARGIN NMF NMF NMF NMF NMF NMF NMF NMF -- are consensus DEPRECIATION ($MILL) 2.3 1.6 .6 1.6 2.0 4.9 6.0 6.3 -- earnings NET PROFIT ($MILL) d23.3 d11.3 d30.1 d35.8 d87.9 d127.0 d120.7 d148.9 -- estimates INCOME TAX RATE ------and, using the NET PROFIT MARGIN NMF NMF NMF NMF NMF NMF NMF NMF -- recent prices, WORKING CAP’L ($MILL) 7.2 17.8 17.9 33.5 155.2 50.4 17.2 6.7 -- P/E ratios. LONG-TERM DEBT ($MILL) 32.7 35.7 5.3 4.8 114.3 130.5 142.4 13.2 -- SHR. EQUITY ($MILL) d26.4 d23.2 d4.5 23.0 70.7 d39.1 d75.8 d132.6 -- RETURN ON TOTAL CAP’L NMF NMF NMF NMF NMF NMF NMF -- -- RETURN ON SHR. EQUITY ------NMF NMF ------RETAINED TO COM EQ ------NMF NMF ------ALL DIV’DS TO NET PROF NMF NMF -- NMF ------ANo. of analysts changing earn. est. in last 25 days: 1 up, 0 down, consensus 5-year earnings growth not available. BBased upon 3 analysts’ estimates. CBased upon 3 analysts’ estimates. ANNUAL RATES ASSETS ($mill.) 2017 2018 9/30/19 INDUSTRY: Biotechnology of change (per share) 5 Yrs. 1 Yr. Cash Assets 60.2 53.1 93.3 Sales 2.5% -27.5% Receivables 1.1 .9 2.3 BUSINESS: Agenus, Inc. develops new treatments that ‘‘Cash Flow’’ -- -- Inventory .1 .1 .1 engage the body’s immune system to benefit patients Earnings -- -- Other 12.2 20.7 11.5 Dividends -- -- suffering from cancer. The company’s immunotherapy pipe- Current Assets 73.6 74.8 107.2 Book Value -- -- line features vaccines, adjuvants, immunomodulatory and Fiscal QUARTERLY SALES ($mill.) Full Property, Plant tumor microenvironment modifying antibodies, including Year 1Q 2Q 3Q 4Q Year & Equip, at cost 60.2 63.2 - - its proprietary lead antibodies, AGEN1884 (an anti- Accum Depreciation 34.0 38.1 - - 12/31/17 27.0 4.2 3.4 8.3 42.9 Net Property 26.2 25.1 25.0 CTLA-4 of the same IgG1 subclass as Yervoy®), and 12/31/18 1.7 15.9 12.8 6.4 36.8 Other 38.6 36.5 42.6 AGEN2034 (an anti-PD-1 antibody). These proprietary 12/31/19 79.9 15.7 19.9 Total Assets 138.4 136.4 174.8 antibodies bind to validated targets—CTLA-4 and PD-1— 12/31/20 and are Agenus’ most advanced clinical stage combination LIABILITIES ($mill.) agents with registrational potential in cervical cancer. It is Fiscal EARNINGS PER SHARE Full Accts Payable 8.1 13.6 16.4 Year 1Q 2Q 3Q 4Q Year Debt Due 20.6 .1 13.8 aiming to develop, register and launch these products with 12/31/16 d.36 d.33 d.47 d.30 d1.46 Other 27.7 54.4 102.7 a first potential biologics license application filing as early 12/31/17 d.19 d.32 d.37 d.35 d1.23 Current Liab 56.4 68.1 132.9 as 2020 for AGEN2034 monotherapy and combination 12/31/18 d.41 d.24 d.29 d.40 d1.34 therapy with AGEN1884 in second line cervical cancer. In 12/31/19 .12 d.38 d.33 d.39 November 2019, Agenus received $10 million from UroGen 12/31/20 d.38 d.39 LONG-TERM DEBT AND EQUITY Pharma for rights to Zalifrelimab (CTLA-4) for intravesical as of 9/30/19 Cal- QUARTERLY DIVIDENDS PAID Full treatment of urinary tract cancers. Has 294 employees. endar 1Q 2Q 3Q 4Q Year Total Debt $13.8 mill. Due in 5 Yrs. NA Chairman & C.E.O.: Garo H. Armen Address: 3 Forbes 2016 ------LT Debt None Road, Lexington, MA 02421. Tel.: (781) 674-4400. Internet: Including Cap. Leases NA 2017 ------NMF% of Cap’l www.agenusbio.com. L.Y. 2018 ------Leases, Uncapitalized Annual rentals NA 2019 ------December 6, 2019 Pension Liability None in ’18 vs. None in ’17 INSTITUTIONAL DECISIONS TOTAL SHAREHOLDER RETURN 4Q’18 1Q’19 2Q’19 Pfd Stock None Pfd Div’d Paid None Dividends plus appreciation as of 10/31/2019 to Buy 45 52 62 Common Stock 137,357,000 shares 3 Mos. 6 Mos. 1 Yr. 3 Yrs. 5 Yrs. to Sell 42 34 25 NMF% of Cap’l Hld’s(000) 38120 44409 49733 7.47% 0.78% 62.89% -34.76% -13.09% © 2019 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribe call 1-800-VALUELINE of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. RECENT TRAILING RELATIVE DIV’D VALUE ALDEYRA THERAPEUTICS NDQ--ALDX PRICE 6.69P/E RATIO NMF P/E RATIO NMFYLD Nil LINE 3630 RANKS 11.99 13.50 8.19 11.90 16.70 12.79 High 3.00 4.84 3.39 3.80 6.25 4.31 Low Below PERFORMANCE 4 Average LEGENDS 12 Mos Mov Avg 18 Technical 5 Lowest ....Rel Price Strength Shaded area indicates recession Below 13 SAFETY 4 Average 8 BETA 1.20 (1.00 = Market) 5 4 Financial Strength B 3

Price Stability 5 2

Price Growth Persistence 30 6200 Earnings Predictability 55 VOL. (thous.) © VALUE LINE PUBLISHING LLC 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020/2021 REVENUES PER SH ------‘‘CASH FLOW’’ PER SH ------d.93 d1.24 d1.46 d1.17 d1.48 -- EARNINGS PER SH ------d3.09 d1.40 d1.65 d1.40 d1.79 d2.33 A,B d2.37 C/NA DIV’DS DECL’D PER SH ------CAP’L SPENDING PER SH ------.00 .01 .00 .00 .01 -- BOOK VALUE PER SH ------1.13 2.56 1.72 2.07 3.30 -- COMMON SHS OUTST’G (MILL) ------5.57 9.71 12.58 19.14 26.24 -- AVG ANN’L P/E RATIO ------NMF NMF/NA RELATIVE P/E RATIO ------AVG ANN’L DIV’D YIELD ------REVENUES ($MILL) ------Bold figures OPERATING MARGIN ------are consensus DEPRECIATION ($MILL) ------.0 .0 .3 .0 .1 -- earnings NET PROFIT ($MILL) ------d5.2 d12.1 d18.7 d22.3 d38.9 -- estimates INCOME TAX RATE ------and, using the NET PROFIT MARGIN ------recent prices, WORKING CAP’L ($MILL) ------7.5 26.0 22.8 40.6 86.3 -- P/E ratios. LONG-TERM DEBT ($MILL) ------1.2 1.2 1.2 1.2 -- -- SHR. EQUITY ($MILL) ------6.3 24.9 21.7 39.6 86.6 -- RETURN ON TOTAL CAP’L ------NMF NMF NMF NMF NMF -- RETURN ON SHR. EQUITY ------NMF NMF NMF NMF NMF -- RETAINED TO COM EQ ------NMF NMF NMF NMF NMF -- ALL DIV’DS TO NET PROF ------ANo. of analysts changing earn. est. in last 25 days: 0 up, 2 down, consensus 5-year earnings growth not available. BBased upon 3 analysts’ estimates. CBased upon 2 analysts’ estimates. ANNUAL RATES ASSETS ($mill.) 2017 2018 9/30/19 INDUSTRY: Biotechnology of change (per share) 5 Yrs. 1 Yr. Cash Assets 42.9 93.6 76.2 Sales -- -- Receivables .0 .0 .0 BUSINESS: Aldeyra Therapeutics, Inc. develops medi- ‘‘Cash Flow’’ -- -- Inventory .0 .0 .0 cines to improve the lives of patients with immune- Earnings -- -- Other 1.1 1.2 .8 Dividends -- -- mediated diseases. The company’s lead product candidate, Current Assets 44.0 94.8 77.0 Book Value -- 59.5% reproxalap, is a first-in-class treatment in late-stage devel- Fiscal QUARTERLY SALES ($mill.) Full Property, Plant opment for dry eye disease, allergic conjunctivitis, nonin- Year 1Q 2Q 3Q 4Q Year & Equip, at cost - - .2 - - fectious anterior uveitis, and Sjogren-Larsson Syndrome. It Accum Depreciation - - .0 - - 12/31/17 ------Net Property .0 .2 .2 is also developing other product candidates for autoimmune 12/31/18 ------Other .2 .1 .2 disease, post-transplant lymphoproliferative disease, retinal 12/31/19 ------Total Assets 44.2 95.1 77.4 disease, metabolic disease, and cancer. The company’s 12/31/20 product development pipeline is focused on immune- LIABILITIES ($mill.) mediated ocular diseases and select systemic diseases, and Fiscal EARNINGS PER SHARE Full Accts Payable 1.0 3.1 .6 Year 1Q 2Q 3Q 4Q Year Debt Due .1 .0 .0 encompasses three distinct biological mechanisms of ac- 12/31/16 d.51 d.41 d.38 d.35 d1.65 Other 2.3 5.4 11.5 tions: Reactive Aldehyde Species (RASP) inhibition, Dihy- 12/31/17 d.37 d.35 d.32 d.36 d1.40 Current Liab 3.4 8.5 12.1 drofolate Reductase (DHFR) inhibition, and Heat Shock 12/31/18 d.42 d.46 d.52 d.39 d1.79 Protein 90 (Hsp90) inhibition. Its lead product candidate 12/31/19 d.58 d.49 d.69 d.68 reproxalap is a RASP inhibitor. Aldeyra has a partnership 12/31/20 LONG-TERM DEBT AND EQUITY with Janssen, a Johnson & Johnson company, to develop as of 9/30/19 Cal- QUARTERLY DIVIDENDS PAID Full RASP inhibitors for systemic inflammatory diseases. Has endar 1Q 2Q 3Q 4Q Year Total Debt $14.4 mill. Due in 5 Yrs. NA 19 employees. C.E.O. & President: Todd C. Brady Address: 2016 ------LT Debt $14.4 mill. 131 Hartwell Avenue, Suite 320, Lexington, MA 02421. Including Cap. Leases NA 2017 ------(22% of Cap’l) Tel.: (781) 761-4904. Internet: www.aldeyra.com. L.Y. 2018 ------Leases, Uncapitalized Annual rentals NA 2019 ------December 6, 2019 Pension Liability None in ’18 vs. None in ’17 INSTITUTIONAL DECISIONS TOTAL SHAREHOLDER RETURN 4Q’18 1Q’19 2Q’19 Pfd Stock None Pfd Div’d Paid None Dividends plus appreciation as of 10/31/2019 to Buy 45 48 48 Common Stock 27,152,000 shares 3 Mos. 6 Mos. 1 Yr. 3 Yrs. 5 Yrs. to Sell 43 32 32 (78% of Cap’l) Hld’s(000) 17347 16461 17054 2.01% -32.41% -48.10% 6.48% -18.99% © 2019 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribe call 1-800-VALUELINE of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. RECENT TRAILING RELATIVE DIV’D VALUE ALPINE IMMUNE SCI. NDQ--ALPN PRICE 2.90P/E RATIO NMF P/E RATIO NMFYLD Nil LINE 3631 RANKS 81.72 37.40 14.52 11.74 8.24 High 28.20 8.00 7.20 3.66 2.25 Low PERFORMANCE 3 Average LEGENDS 45 12 Mos Mov Avg Technical 3 Average ....Rel Price Strength 30 1-for-4 Rev split 7/17 Below Shaded area indicates recession 22.5 SAFETY 4 Average

BETA .95 (1.00 = Market) 13 9 Financial Strength C++ 6

Price Stability 5 4 3 Price Growth Persistence NMF 850 Earnings Predictability NMF VOL. (thous.) © VALUE LINE PUBLISHING LLC 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020/2021 REVENUES PER SH ------.13 .05 -- ‘‘CASH FLOW’’ PER SH ------d5.89 d8.05 d1.02 d2.61 -- EARNINGS PER SH ------d9.72 d8.12 d2.22 d2.63 d2.54 A,B d2.34 C/NA DIV’DS DECL’D PER SH ------CAP’L SPENDING PER SH ------.05 .03 .04 .04 -- BOOK VALUE PER SH ------21.60 14.25 5.71 3.22 -- COMMON SHS OUTST’G (MILL) ------3.87 3.89 13.83 13.85 -- AVG ANN’L P/E RATIO ------NMF NMF/NA RELATIVE P/E RATIO ------AVG ANN’L DIV’D YIELD ------REVENUES ($MILL) ------1.7 .7 -- Bold figures OPERATING MARGIN ------NMF NMF -- are consensus DEPRECIATION ($MILL) ------.1 .1 .2 .4 -- earnings NET PROFIT ($MILL) ------d22.8 d31.5 d14.4 d36.5 -- estimates INCOME TAX RATE ------and, using the NET PROFIT MARGIN ------NMF NMF -- recent prices, WORKING CAP’L ($MILL) ------83.3 55.2 80.7 45.5 -- P/E ratios. LONG-TERM DEBT ($MILL) ------4.0 2.2 -- SHR. EQUITY ($MILL) ------83.5 55.4 78.9 44.6 -- RETURN ON TOTAL CAP’L ------NMF NMF NMF NMF -- RETURN ON SHR. EQUITY ------NMF NMF NMF NMF -- RETAINED TO COM EQ ------NMF NMF NMF NMF -- ALL DIV’DS TO NET PROF ------ANo. of analysts changing earn. est. in last 25 days: 2 up, 0 down, consensus 5-year earnings growth not available. BBased upon 4 analysts’ estimates. CBased upon 3 analysts’ estimates. ANNUAL RATES ASSETS ($mill.) 2017 2018 9/30/19 INDUSTRY: Biotechnology of change (per share) 5 Yrs. 1 Yr. Cash Assets 81.2 52.3 46.6 Sales -- -59.0% Receivables .0 .0 .0 BUSINESS: Alpine Immune Sciences, Inc. focuses on ‘‘Cash Flow’’ -- -- Inventory .0 .0 .0 developing treatments for autoimmune/inflammatory dis- Earnings -- -- Other 1.3 1.2 5.9 Dividends -- -- eases and cancer. The company’s proprietary scientific Current Assets 82.5 53.5 52.5 Book Value -- -43.5% platform uses a process known as directed evolution to Fiscal QUARTERLY SALES ($mill.) Full Property, Plant convert native immune system proteins from the Immuno- Year 1Q 2Q 3Q 4Q Year & Equip, at cost 1.4 1.9 - - globulin Super Family, or IgSF, into multi-targeted thera- Accum Depreciation .3 .7 - - 12/31/17 .7 .8 .1 .1 1.7 Net Property 1.1 1.2 1.2 peutics potentially capable of modulating the human im- 12/31/18 .3 .4 -- -- .7 Other 1.6 .2 11.0 mune system. Alpine’s lead program is ALPN-101, a dual 12/31/19 -- .6 .3 Total Assets 85.2 54.9 64.7 ICOS and CD28 antagonist intended for the treatment of 12/31/20 autoimmune and inflammatory diseases. Preclinical data LIABILITIES ($mill.) have demonstrated potential efficacy in models of graft Fiscal EARNINGS PER SHARE Full Accts Payable .2 1.7 5.8 Year 1Q 2Q 3Q 4Q Year Debt Due 1.0 2.0 .0 versus host disease, or GvHD, arthritis, inflammatory bowel 12/31/16 d2.00 d2.20 d1.92 d2.00 d8.12 Other .7 4.4 7.9 disease, and multiple sclerosis. Its second program is 12/31/17 d1.40 d.96 d.20 d.33 d2.22 Current Liab 1.9 8.1 13.7 ALPN-202, a dual PD-L1/CTLA-4 antagonist with PD-L1 12/31/18 d.38 d.57 d.88 d.80 d2.63 dependent CD28 costimulation intended for the treatment of 12/31/19 d.70 d.64 d.62 d.55 cancer. Preclinical data have demonstrated potential effi- 12/31/20 d.53 d.55 LONG-TERM DEBT AND EQUITY cacy in tumor models with an immune stimulatory profile. as of 9/30/19 Cal- QUARTERLY DIVIDENDS PAID Full Has 48 employees. Chairman & C.E.O.: Mitchell Gold endar 1Q 2Q 3Q 4Q Year Total Debt $4.9 mill. Due in 5 Yrs. NA Address: 201 Elliott Avenue West, Suite 230, Seattle, WA 2016 ------LT Debt $4.9 mill. 98119. Tel.: (206) 788-4545. Internet: www.alpineimmune- Including Cap. Leases NA 2017 ------(12% of Cap’l) sciences.com. L.Y. 2018 ------Leases, Uncapitalized Annual rentals NA 2019 ------December 6, 2019 Pension Liability None in ’18 vs. None in ’17 INSTITUTIONAL DECISIONS TOTAL SHAREHOLDER RETURN 4Q’18 1Q’19 2Q’19 Pfd Stock None Pfd Div’d Paid None Dividends plus appreciation as of 10/31/2019 to Buy 6 10 9 Common Stock 18,587,768 shares 3 Mos. 6 Mos. 1 Yr. 3 Yrs. 5 Yrs. to Sell 9 11 9 (88% of Cap’l) Hld’s(000) 7450 8735 8711 -21.23% -47.48% -27.86% -85.92% -- © 2019 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribe call 1-800-VALUELINE of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. RECENT TRAILING RELATIVE DIV’D VALUE AMICUS THERAPEUTICS NDQ--FOLD PRICE 10.17P/E RATIO NMF P/E RATIO NMFYLD Nil LINE 3632 RANKS 8.12 7.29 4.27 8.79 18.83 9.83 16.60 17.62 14.61 High 2.10 2.47 1.90 1.77 5.69 4.41 4.95 8.27 7.11 Low Below PERFORMANCE 4 Average LEGENDS 12 Mos Mov Avg 18 Technical 5 Lowest ....Rel Price Strength Shaded area indicates recession Below 13 SAFETY 4 Average 8 BETA 1.20 (1.00 = Market) 5 4 Financial Strength B+ 3

Price Stability 5 2

Price Growth Persistence 60 16564 Earnings Predictability 30 VOL. (thous.) © VALUE LINE PUBLISHING LLC 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020/2021 SALES PER SH .62 .37 .01 .01 -- .03 .22 .48 -- ‘‘CASH FLOW’’ PER SH d1.24 d.95 d1.14 d.70 d1.04 d1.38 d.30 d1.82 -- EARNINGS PER SH d1.28 d1.07 d1.13 d.93 d1.20 d1.49 d.34 d1.88 d1.27 A,B d.87 C/NA DIV’DS DECL’D PER SH ------CAP’L SPENDING PER SH .04 .09 .01 .00 .04 .04 .03 .03 -- BOOK VALUE PER SH .85 1.39 .92 1.28 2.78 2.52 2.11 1.81 -- COMMON SHS OUTST’G (MILL) 34.65 49.63 49.63 95.56 125.03 142.69 166.99 189.38 -- AVG ANN’L P/E RATIO ------NMF NMF/NA RELATIVE P/E RATIO ------AVG ANN’L DIV’D YIELD ------SALES ($MILL) 21.4 18.4 .4 1.2 -- 5.0 36.9 91.2 -- Bold figures OPERATING MARGIN NMF NMF NMF NMF -- NMF NMF NMF -- are consensus DEPRECIATION ($MILL) 1.6 1.7 1.7 1.5 1.8 3.2 3.6 4.2 -- earnings NET PROFIT ($MILL) d44.4 d48.8 d58.3 d68.8 d132.1 d200.0 d52.9 d349.0 -- estimates INCOME TAX RATE ------and, using the NET PROFIT MARGIN NMF NMF NMF NMF -- NMF NMF NMF -- recent prices, WORKING CAP’L ($MILL) 47.4 95.4 77.8 134.4 143.0 229.1 322.0 465.0 -- P/E ratios. LONG-TERM DEBT ($MILL) -- .3 14.2 10.5 232.7 368.1 181.2 321.7 -- SHR. EQUITY ($MILL) 29.6 69.2 45.8 122.2 347.8 360.2 352.9 342.9 -- RETURN ON TOTAL CAP’L NMF NMF NMF NMF NMF NMF NMF NMF -- RETURN ON SHR. EQUITY NMF NMF NMF NMF NMF NMF NMF NMF -- RETAINED TO COM EQ NMF NMF NMF NMF NMF NMF NMF NMF -- ALL DIV’DS TO NET PROF ------ANo. of analysts changing earn. est. in last 25 days: 4 up, 0 down, consensus 5-year earnings growth not available. BBased upon 8 analysts’ estimates. CBased upon 7 analysts’ estimates. ANNUAL RATES ASSETS ($mill.) 2017 2018 9/30/19 INDUSTRY: Biotechnology of change (per share) 5 Yrs. 1 Yr. Cash Assets 358.6 504.2 514.2 Sales -6.0% 118.0% Receivables 9.5 22.0 33.7 BUSINESS: Amicus Therapeutics, Inc. develops novel ‘‘Cash Flow’’ -- -- Inventory 4.6 8.4 9.2 high-quality medicines for people living with rare metabolic Earnings -- -- Other 19.3 16.5 19.6 Dividends -- -- diseases. The foundation of the company’s portfolio is Current Assets 392.0 551.1 576.7 Book Value 15.5% -14.5% Galafold(R) (migalastat), an approved oral precision medi- Fiscal QUARTERLY SALES ($mill.) Full Property, Plant cine for people living with Fabry disease. Its lead biologics Year 1Q 2Q 3Q 4Q Year & Equip, at cost 21.6 27.0 - - program is Amicus Therapeutics GAA (AT-GAA), a novel, Accum Depreciation 12.5 15.6 - - 12/31/17 4.2 7.2 10.9 14.6 36.9 Net Property 9.1 11.4 34.7 clinical-stage, potential treatment paradigm for Pompe dis- 12/31/18 16.7 21.3 20.6 32.6 91.2 Other 225.9 227.5 270.9 ease. In June 2019, Amicus closed an offering of 18,720,930 12/31/19 34.0 44.1 46.8 Total Assets 627.0 790.0 882.3 shares of its common stock, including 2,441,860 shares sold 12/31/20 pursuant to the underwriters’ full exercise of their option to LIABILITIES ($mill.) purchase additional shares, at $10.75 per share. In October Fiscal EARNINGS PER SHARE Full Accts Payable 7.9 6.6 81.5 Year 1Q 2Q 3Q 4Q Year Debt Due .0 .0 .0 2019, the company announced additional positive data in 12/31/16 d.35 d.40 d.33 d.41 d1.49 Other 62.1 79.5 11.6 Pompe disease phase I/II study of AT-GAA at the 24th 12/31/17 d.39 d.34 .20 .19 d.34 Current Liab 70.0 86.1 93.1 International Annual Congress of the World Muscle Society. 12/31/18 d.28 d.33 d.84 d.43 d1.88 Patients treated with AT-GAA for 24 months showed 12/31/19 d.56 d.36 d.24 d.28 persistent and durable effects on six-minute walk test 12/31/20 d.25 d.24 LONG-TERM DEBT AND EQUITY (6MWT) distance and other measures of motor function and as of 9/30/19 Cal- QUARTERLY DIVIDENDS PAID Full muscle strength. Has 508 employees. Chairman & C.E.O.: endar 1Q 2Q 3Q 4Q Year Total Debt $149.3 mill. Due in 5 Yrs. NA John F. Crowley Address: 1 Cedar Brook Drive, Cranbury, 2016 ------LT Debt $149.3 mill. NJ 08512. Tel.: (609) 662-2000. Internet: www.amicusrx- Including Cap. Leases NA 2017 ------(21% of Cap’l) .com. L.Y. 2018 ------Leases, Uncapitalized Annual rentals NA 2019 ------December 6, 2019 Pension Liability None in ’18 vs. None in ’17 INSTITUTIONAL DECISIONS TOTAL SHAREHOLDER RETURN 4Q’18 1Q’19 2Q’19 Pfd Stock None Pfd Div’d Paid None Dividends plus appreciation as of 10/31/2019 to Buy 95 110 130 Common Stock 254,772,000 shares 3 Mos. 6 Mos. 1 Yr. 3 Yrs. 5 Yrs. to Sell 93 82 74 (79% of Cap’l) Hld’s(000) 232467 249070 270788 -32.02% -36.81% -24.60% 22.17% 45.34% © 2019 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribe call 1-800-VALUELINE of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. RECENT TRAILING RELATIVE DIV’D VALUE AMYRIS INC. NDQ--AMRS PRICE 3.90P/E RATIO NMF P/E RATIO NMFYLD Nil LINE 3633 RANKS 509.60 184.26 91.60 82.01 46.63 26.09 12.44 9.28 6.06 High 148.43 23.54 32.53 28.79 21.89 4.69 1.86 2.92 1.87 Low PERFORMANCE 3 Average LEGENDS 45 12 Mos Mov Avg Technical 3 Average ....Rel Price Strength 30 6.6% Rev split 6/17 Below Shaded area indicates recession 22.5 SAFETY 4 Average

BETA 1.40 (1.00 = Market) 13 9 Financial Strength C++ 6

Price Stability 5 4 3 Price Growth Persistence 5 -27936 Earnings Predictability 40 VOL. (thous.) © VALUE LINE PUBLISHING LLC 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020/2021 SALES PER SH 47.98 16.08 8.04 8.19 2.48 3.68 3.14 .83 -- ‘‘CASH FLOW’’ PER SH d54.77 d31.56 d37.00 3.27 d14.91 d4.70 d1.82 d2.94 -- EARNINGS PER SH d59.82 d42.13 d40.96 d13.49 d26.24 d6.60 d2.89 d3.69 d2.30 A,B d.27 C/NA DIV’DS DECL’D PER SH ------CAP’L SPENDING PER SH 26.74 12.41 1.58 .95 .24 .05 .10 .16 -- BOOK VALUE PER SH 52.57 14.64 d26.45 d23.55 d11.50 d9.81 d4.77 d2.78 -- COMMON SHS OUTST’G (MILL) 3.06 4.58 5.11 5.28 13.75 18.28 45.64 76.57 -- AVG ANN’L P/E RATIO ------NMF NMF/NA RELATIVE P/E RATIO ------AVG ANN’L DIV’D YIELD ------SALES ($MILL) 147.0 73.7 41.1 43.3 34.2 67.2 143.4 63.6 -- Bold figures OPERATING MARGIN NMF NMF NMF NMF NMF NMF NMF NMF -- are consensus DEPRECIATION ($MILL) 11.1 14.7 16.6 15.0 12.9 11.4 11.4 4.9 -- earnings NET PROFIT ($MILL) d178.9 d159.3 d205.8 2.3 d218.0 d97.3 d72.3 d230.2 -- estimates INCOME TAX RATE ------8.9% ------and, using the NET PROFIT MARGIN NMF NMF NMF 5.3% NMF NMF NMF NMF -- recent prices, WORKING CAP’L ($MILL) 47.2 3.7 d.4 33.6 d41.1 d50.8 d2.6 d119.5 -- P/E ratios. LONG-TERM DEBT ($MILL) 15.9 102.1 146.0 215.6 118.7 168.2 108.7 62.2 -- SHR. EQUITY ($MILL) 161.1 67.1 d135.3 d124.5 d158.1 d179.4 d195.6 d212.8 -- RETURN ON TOTAL CAP’L NMF NMF NMF 18.6% ------RETURN ON SHR. EQUITY NMF NMF ------RETAINED TO COM EQ NMF NMF ------ALL DIV’DS TO NET PROF ------ANo. of analysts changing earn. est. in last 25 days: 0 up, 1 down, consensus 5-year earnings growth not available. BBased upon one analyst’s estimate. CBased upon one analyst’s estimate. ANNUAL RATES ASSETS ($mill.) 2017 2018 9/30/19 INDUSTRY: Biotechnology of change (per share) 5 Yrs. 1 Yr. Cash Assets 57.1 45.4 1.6 Sales -36.0% -73.5% Receivables 33.6 25.4 20.8 BUSINESS: Amyris, Inc. is the integrated renewable ‘‘Cash Flow’’ -- -- Inventory 5.4 9.7 15.9 products company that applies its innovative bioscience Earnings -- -- Other 8.5 11.7 16.9 Dividends -- -- solutions to convert plant sugars into hydrocarbon mol- Current Assets 104.6 92.2 55.2 Book Value -- -- ecules and produce specialty ingredients and consumer Fiscal QUARTERLY SALES ($mill.) Full Property, Plant products. As previously announced, in May 14, 2019, the Year 1Q 2Q 3Q 4Q Year & Equip, at cost 119.7 98.4 - - company determined that it will restate its financial state- Accum Depreciation 105.8 78.6 - - 12/31/17 13.0 25.7 24.2 80.5 143.4 Net Property 13.9 19.8 24.4 ments for the quarterly and year-to-date periods ended 12/31/18 17.9 15.0 14.3 16.4 63.6 Other 33.0 15.9 48.5 March 31, 2018, June 30, 2018, September 30, 2018, and 12/31/19 14.4 62.7 35.0 Total Assets 151.5 127.9 128.1 for the year ended December 31, 2017. In July 2019, Amyris 12/31/20 dismissed KPMG as its independent registered public ac- LIABILITIES ($mill.) counting firm for the years ended December 31, 2018 and Fiscal EARNINGS PER SHARE Full Accts Payable 15.9 26.8 24.9 Year 1Q 2Q 3Q 4Q Year Debt Due 56.9 147.7 65.5 2017; accepted the resignation of BDO USA, LLP as the 12/31/16 d1.80 d.90 d1.20 d2.70 d6.60 Other 34.3 37.2 68.6 independent registered public accounting firm for the year 12/31/17 d1.93 d.44 d1.14 d.06 d2.89 Current Liab 107.1 211.7 159.0 ended December 31, 2019; appointed Macias Gini & 12/31/18 d1.67 d.24 d1.26 d.63 d3.69 O’Connell LLP as the independent registered public ac- 12/31/19 d.82 d.76 d.51 d.20 counting firm for years ended December 31, 2019 and 2018; 12/31/20 LONG-TERM DEBT AND EQUITY and appointed BDO as the independent registered public as of 9/30/19 Cal- QUARTERLY DIVIDENDS PAID Full accounting firm for the year ended December 31, 2017. Has endar 1Q 2Q 3Q 4Q Year Total Debt $191.0 mill. Due in 5 Yrs. NA 503 employees. C.E.O. & President: John G. Melo Address: 2016 ------LT Debt $125.5 mill. 5885 Hollis Street Suite 100, Emeryville, CA 94608. Tel.: Including Cap. Leases NA 2017 ------NMF% of Cap’l (510) 450-0761. Internet: www.amyris.com. L.Y. 2018 ------Leases, Uncapitalized Annual rentals NA 2019 ------December 6, 2019 Pension Liability None in ’18 vs. None in ’17 INSTITUTIONAL DECISIONS TOTAL SHAREHOLDER RETURN 4Q’18 1Q’19 2Q’19 Pfd Stock None Pfd Div’d Paid None Dividends plus appreciation as of 10/31/2019 to Buy 53 52 48 Common Stock 103,400,000 shares 3 Mos. 6 Mos. 1 Yr. 3 Yrs. 5 Yrs. to Sell 37 31 37 NMF% of Cap’l Hld’s(000) 28243 26154 30508 7.12% -26.12% -55.57% -77.50% -92.33% © 2019 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribe call 1-800-VALUELINE of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. RECENT TRAILING RELATIVE DIV’D VALUE ANIKA THERAPEUTICS NDQ--ANIK PRICE 58.37P/E RATIO 27.0 P/E RATIO 1.51YLD Nil LINE 3634 RANKS 11.67 17.70 38.68 52.49 45.35 54.96 60.29 69.81 75.71 High 5.24 9.00 10.00 28.79 30.93 35.07 41.64 28.54 29.01 Low PERFORMANCE 1 Highest LEGENDS 12 Mos Mov Avg Technical 1 Highest ....Rel Price Strength Shaded area indicates recession 50 SAFETY 3 Average

BETA 1.05 (1.00 = Market) 25

15 Financial Strength B+ 10 Price Stability 25

Price Growth Persistence 70 5 3600 Earnings Predictability 45 VOL. (thous.) © VALUE LINE PUBLISHING LLC 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020/2021 SALES PER SH 4.93 5.38 5.33 7.11 6.18 7.07 7.72 7.43 -- ‘‘CASH FLOW’’ PER SH .95 1.23 1.80 2.90 2.30 2.48 2.46 1.73 -- EARNINGS PER SH .62 .82 1.39 2.51 2.01 2.15 2.11 1.27 2.03 A,B 1.62 C/NA DIV’DS DECL’D PER SH ------CAP’L SPENDING PER SH .11 .11 .03 .10 .61 .96 .61 .33 -- BOOK VALUE PER SH 7.22 8.21 9.63 11.99 14.02 15.23 17.94 18.55 -- COMMON SHS OUTST’G (MILL) 13.13 13.26 14.09 14.85 15.04 14.63 14.69 14.21 -- AVG ANN’L P/E RATIO 12.1 15.4 14.6 16.3 18.5 21.3 23.9 34.1 28.8 36.0/NA RELATIVE P/E RATIO .76 .99 .82 .86 .95 1.16 1.20 1.92 -- AVG ANN’L DIV’D YIELD ------SALES ($MILL) 64.8 71.4 75.1 105.6 93.0 103.4 113.4 105.6 -- Bold figures OPERATING MARGIN 27.7% 37.5% 49.4% 62.6% 55.8% 52.6% 44.1% 26.2% -- are consensus DEPRECIATION ($MILL) 4.0 4.5 4.8 4.7 3.8 3.7 4.3 5.9 -- earnings NET PROFIT ($MILL) 8.5 11.8 20.6 38.3 30.8 32.6 31.8 18.7 -- estimates INCOME TAX RATE 38.6% 39.8% 36.7% 37.7% 36.3% 36.0% 31.1% 19.3% -- and, using the NET PROFIT MARGIN 13.1% 16.5% 27.4% 36.3% 33.1% 31.5% 28.1% 17.7% -- recent prices, WORKING CAP’L ($MILL) 49.6 62.9 85.3 133.0 159.1 161.6 193.2 191.6 -- P/E ratios. LONG-TERM DEBT ($MILL) 9.6 8.0 ------SHR. EQUITY ($MILL) 94.8 108.9 135.6 178.1 210.8 222.8 263.5 263.6 -- RETURN ON TOTAL CAP’L 8.2% 10.1% 15.2% 21.5% 14.6% 14.6% 12.1% 7.1% -- RETURN ON SHR. EQUITY 8.9% 10.8% 15.2% 21.5% 14.6% 14.6% 12.1% 7.1% -- RETAINED TO COM EQ 8.9% 10.8% 15.2% 21.5% 14.6% 14.6% 12.1% 7.1% -- ALL DIV’DS TO NET PROF ------ANo. of analysts changing earn. est. in last 25 days: 2 up, 0 down, consensus 5-year earnings growth 10.0% per year. BBased upon 3 analysts’ estimates. CBased upon 2 analysts’ estimates. ANNUAL RATES ASSETS ($mill.) 2017 2018 9/30/19 INDUSTRY: Biotechnology of change (per share) 5 Yrs. 1 Yr. Cash Assets 157.3 159.0 173.2 Sales 7.5% -4.0% Receivables 23.8 20.8 23.9 BUSINESS: Anika Therapeutics, Inc. is a global, inte- ‘‘Cash Flow’’ 11.0% -29.5% Inventory 22.0 21.3 25.2 grated orthopedic medicines company committed to im- Earnings 14.5% -40.0% Other 3.2 1.8 1.5 Dividends -- -- proving the lives of patients with degenerative orthopedic Current Assets 206.3 202.9 223.8 Book Value 15.5% 3.5% diseases and traumatic conditions with clinically meaning- Fiscal QUARTERLY SALES ($mill.) Full Property, Plant ful therapies along the continuum of care. It manufactures Year 1Q 2Q 3Q 4Q Year & Equip, at cost 76.4 78.2 - - and commercializes products based on its proprietary hy- Accum Depreciation 20.2 24.1 - - 12/31/17 23.4 33.5 27.2 29.3 113.4 Net Property 56.2 54.1 51.8 aluronic acid (HA) technology. Its orthopedic medicine 12/31/18 21.3 30.5 26.8 27.0 105.6 Other 20.1 22.0 44.0 portfolio includes: ORTHOVISC(R), MONOVISC(R), and 12/31/19 24.7 30.4 29.7 Total Assets 282.6 279.0 319.6 CINGAL(R), which alleviate pain and restore joint function 12/31/20 by replenishing depleted HA, and HYALOFAST(R), a solid LIABILITIES ($mill.) HA-based scaffold to aid cartilage repair and regeneration. Fiscal EARNINGS PER SHARE Full Accts Payable 6.7 3.1 2.7 Year 1Q 2Q 3Q 4Q Year Debt Due .0 .0 .0 Anika’s therapeutic offerings consist of products in the 12/31/16 .45 .57 .59 .54 2.15 Other 6.4 8.2 8.5 following areas: Orthobiologics, Dermal, Surgical, and 12/31/17 .36 .76 .46 .53 2.11 Current Liab 13.1 11.3 11.2 Other, which includes its ophthalmic and veterinary prod- 12/31/18 d.46 .68 .53 .54 1.27 ucts. It also offers products made from HA based on two 12/31/19 .31 .67 .64 .41 other technologies: HYAFF (a solid form of HA) and ACP 12/31/20 .29 .52 LONG-TERM DEBT AND EQUITY gel. The company has more than two decades of global as of 9/30/19 Cal- QUARTERLY DIVIDENDS PAID Full expertise commercializing more than 20 products. Has 133 endar 1Q 2Q 3Q 4Q Year Total Debt None Due in 5 Yrs. None employees. C.E.O. & President: Joseph G. Darling Address: 2016 ------LT Debt None 32 Wiggins Avenue, Bedford, MA 01730. Tel.: (781) 457- Including Cap. Leases None 2017 ------Leases, Uncapitalized Annual rentals NA 9000. Internet: www.anikatherapeutics.com. L.Y. 2018 ------2019 ------Pension Liability None in ’18 vs. None in ’17 December 6, 2019

INSTITUTIONAL DECISIONS Pfd Stock None Pfd Div’d Paid None TOTAL SHAREHOLDER RETURN 4Q’18 1Q’19 2Q’19 Dividends plus appreciation as of 10/31/2019 to Buy 65 94 88 Common Stock 14,269,000 shares (100% of Cap’l) 3 Mos. 6 Mos. 1 Yr. 3 Yrs. 5 Yrs. to Sell 92 55 72 Hld’s(000) 12658 13373 14240 27.77% 121.00% 96.84% 58.68% 75.36% © 2019 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribe call 1-800-VALUELINE of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. RECENT TRAILING RELATIVE DIV’D VALUE APPLIED GENETIC NDQ--AGTC PRICE 2.80P/E RATIO NMF P/E RATIO NMFYLD Nil LINE 3635 RANKS 34.37 25.42 20.13 10.15 7.50 4.95 High 11.10 10.89 6.35 3.25 2.26 2.39 Low PERFORMANCE 3 Average LEGENDS 12 Mos Mov Avg 18 Technical 3 Average ....Rel Price Strength Shaded area indicates recession Below 13 SAFETY 4 Average 8 BETA 1.80 (1.00 = Market) 5 4 Financial Strength C++ 3

Price Stability 5 2

Price Growth Persistence 5 3500 Earnings Predictability 10 VOL. (thous.) © VALUE LINE PUBLISHING LLC 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020/2021 REVENUES PER SH ------.08 .14 2.62 2.18 1.33 2.29 ‘‘CASH FLOW’’ PER SH ------d1.11 d1.45 d.05 .07 d1.11 d.04 EARNINGS PER SH ------d4.46 d1.50 d.08 .02 d1.18 d.11 d2.43 A,B/d2.16 C DIV’DS DECL’D PER SH ------CAP’L SPENDING PER SH ------.01 .01 .14 .04 .04 .01 BOOK VALUE PER SH ------5.32 5.19 6.06 6.38 5.47 4.32 COMMON SHS OUTST’G (MILL) ------14.08 16.48 18.05 18.09 18.13 18.21 AVG ANN’L P/E RATIO ------NMF -- -- NMF/NMF RELATIVE P/E RATIO ------NMF -- -- AVG ANN’L DIV’D YIELD ------REVENUES ($MILL) -- -- .9 1.1 2.4 47.4 39.5 24.2 41.7 Bold figures OPERATING MARGIN -- -- NMF NMF NMF NMF 7.1% NMF NMF are consensus DEPRECIATION ($MILL) -- -- .3 .3 .4 .6 .9 1.2 1.3 earnings NET PROFIT ($MILL) -- -- d3.8 d15.9 d24.3 d1.4 .4 d21.3 d2.0 estimates INCOME TAX RATE ------NMF -- -- and, using the NET PROFIT MARGIN -- -- NMF NMF NMF NMF 1.0% NMF NMF recent prices, WORKING CAP’L ($MILL) -- -- 32.8 72.9 59.5 47.9 102.0 94.7 74.9 P/E ratios. LONG-TERM DEBT ($MILL) ------SHR. EQUITY ($MILL) -- -- 34.8 74.9 85.5 109.3 115.3 99.2 78.7 RETURN ON TOTAL CAP’L -- -- NMF NMF NMF NMF .4% NMF NMF RETURN ON SHR. EQUITY -- -- NMF NMF NMF NMF .4% NMF NMF RETAINED TO COM EQ -- -- NMF NMF NMF NMF .4% NMF NMF ALL DIV’DS TO NET PROF ------ANo. of analysts changing earn. est. in last 25 days: 0 up, 2 down, consensus 5-year earnings growth not available. BBased upon 4 analysts’ estimates. CBased upon 3 analysts’ estimates. ANNUAL RATES ASSETS ($mill.) 2018 2019 9/30/19 INDUSTRY: Biotechnology of change (per share) 5 Yrs. 1 Yr. Cash Assets 104.9 82.0 71.1 Sales 89.0% 71.5% Receivables .0 .0 .0 BUSINESS: Applied Genetic Technologies Corp. (AGTC) ‘‘Cash Flow’’ -- -- Inventory .0 .0 .0 develops transformational genetic therapies for patients Earnings -- -- Other 4.2 2.3 2.1 Dividends -- -- suffering from rare and debilitating diseases by using a Current Assets 109.1 84.3 73.2 Book Value 0.5% -21.0% proprietary gene therapy platform. Its initial focus is in the Fiscal QUARTERLY SALES ($mill.) Full Property, Plant field of ophthalmology, where it has active clinical trials in Year 1Q 2Q 3Q 4Q Year & Equip, at cost 7.8 8.1 - - X-linked retinitis pigmentosa (XLRP), achromatopsia Accum Depreciation 2.5 3.7 - - 06/30/17 11.8 11.0 8.4 8.3 39.5 Net Property 5.3 4.4 4.1 (ACHM CNGB3 & ACHM CNGA3), and X-linked retino- 06/30/18 10.3 4.9 3.6 5.4 24.2 Other 4.1 3.5 7.3 schisis (XLRS). In addition, AGTC has preclinical pro- 06/30/19 14.1 5.9 21.3 .4 41.7 Total Assets 118.5 92.2 84.6 grams in optogenetics, adrenoleukodystrophy (ALD), which 06/30/20 -- is a disease of the CNS and otology. The clinical-stage LIABILITIES ($mill.) XLRS and XLRP programs, the discovery program in ALD Fiscal EARNINGS PER SHARE Full Accts Payable .9 1.3 1.3 Year 1Q 2Q 3Q 4Q Year Debt Due .0 .0 .0 and two additional ophthalmology programs are being 06/30/16 d.51 .17 .11 .15 d.08 Other 13.5 8.1 7.9 developed in collaboration with Biogen, and the optogenet- 06/30/17 .17 .10 d.07 d.18 .02 Current Liab 14.4 9.4 9.2 ics program is being developed in collaboration with Bionic 06/30/18 d.08 d.29 d.45 d.36 d1.18 Sight. AGTC also has a significant intellectual property 06/30/19 .07 d.23 .63 d.58 d.11 portfolio and extensive expertise in the design of gene 06/30/20 d.64 d.66 d.55 d.56 LONG-TERM DEBT AND EQUITY therapy products and expertise in the formulation, manufac- as of 9/30/19 Cal- QUARTERLY DIVIDENDS PAID Full ture, and physical delivery of gene therapy products. Has 85 endar 1Q 2Q 3Q 4Q Year Total Debt $.1 mill. Due in 5 Yrs. NA employees. C.E.O. & President: Susan B. Washer Address: 2016 ------LT Debt $.1 mill. 14193 NW 119th Terrace Suite 10, Alachua, FL 32615. Tel.: Including Cap. Leases NA 2017 ------Leases, Uncapitalized Annual rentals NA (386) 462-2204. Internet: www.agtc.com. L.Y. 2018 ------2019 ------Pension Liability None in ’19 vs. None in ’18 December 6, 2019

INSTITUTIONAL DECISIONS Pfd Stock None Pfd Div’d Paid None TOTAL SHAREHOLDER RETURN 4Q’18 1Q’19 2Q’19 Dividends plus appreciation as of 10/31/2019 to Buy 20 16 18 Common Stock 18,218,000 shares (100% of Cap’l) 3 Mos. 6 Mos. 1 Yr. 3 Yrs. 5 Yrs. to Sell 33 31 18 Hld’s(000) 7816 7317 6960 -21.50% -32.21% -51.75% -57.62% -84.93% © 2019 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribe call 1-800-VALUELINE of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. RECENT TRAILING RELATIVE DIV’D VALUE ARENA PHARMA NDQ--ARNA PRICE 49.19P/E RATIO 4.6 P/E RATIO 0.26YLD Nil LINE 3636 RANKS 26.17 135.00 110.00 79.70 62.80 21.60 35.09 50.05 64.48 High 12.10 15.10 40.50 32.60 16.00 13.00 11.30 30.00 38.18 Low Above PERFORMANCE 2 Average LEGENDS Above 12 Mos Mov Avg Technical 2 Average ....Rel Price Strength 1-for-10 Rev split 6/17 50 Below Shaded area indicates recession SAFETY 4 Average

BETA 1.25 (1.00 = Market) 25

15 Financial Strength B+ 10 Price Stability 5

Price Growth Persistence 25 5 24000 Earnings Predictability 10 VOL. (thous.) © VALUE LINE PUBLISHING LLC 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020/2021 SALES PER SH .87 1.27 3.72 1.68 1.58 5.09 .54 .36 -- ‘‘CASH FLOW’’ PER SH d6.72 d3.51 d.53 d4.60 d4.03 d.54 d1.99 d.50 -- EARNINGS PER SH d8.00 d4.50 d.90 d5.10 d4.50 d.90 d2.51 d.61 8.16 A,B d6.56 C/NA DIV’DS DECL’D PER SH ------CAP’L SPENDING PER SH .04 .08 .42 .40 .45 .04 .00 .01 -- BOOK VALUE PER SH .72 4.54 4.20 2.15 2.20 1.64 5.27 12.27 -- COMMON SHS OUTST’G (MILL) 14.61 21.75 21.88 22.03 24.29 24.34 39.28 49.42 -- AVG ANN’L P/E RATIO ------6.0 NMF/NA RELATIVE P/E RATIO ------AVG ANN’L DIV’D YIELD ------SALES ($MILL) 12.7 27.6 81.4 37.0 38.3 124.0 21.3 18.0 -- Bold figures OPERATING MARGIN NMF NMF NMF NMF NMF 16.5% NMF NMF -- are consensus DEPRECIATION ($MILL) 11.1 9.1 7.7 8.7 10.2 9.5 4.3 3.9 -- earnings NET PROFIT ($MILL) d109.2 d85.5 d19.4 d110.1 d108.0 d22.5 d82.6 d28.6 -- estimates INCOME TAX RATE ------and, using the NET PROFIT MARGIN NMF NMF NMF NMF NMF NMF NMF NMF -- recent prices, WORKING CAP’L ($MILL) 45.9 141.3 178.1 114.5 124.9 56.0 209.0 430.8 -- P/E ratios. LONG-TERM DEBT ($MILL) 89.2 72.8 70.7 68.2 65.3 61.7 57.7 49.4 -- SHR. EQUITY ($MILL) 10.6 98.6 91.9 47.3 53.5 39.9 207.1 606.3 -- RETURN ON TOTAL CAP’L NMF NMF NMF NMF NMF NMF NMF NMF -- RETURN ON SHR. EQUITY NMF NMF NMF NMF NMF NMF NMF NMF -- RETAINED TO COM EQ NMF NMF NMF NMF NMF NMF NMF NMF -- ALL DIV’DS TO NET PROF ------ANo. of analysts changing earn. est. in last 25 days: 0 up, 2 down, consensus 5-year earnings growth not available. BBased upon 4 analysts’ estimates. CBased upon 3 analysts’ estimates. ANNUAL RATES ASSETS ($mill.) 2017 2018 9/30/19 INDUSTRY: Biotechnology of change (per share) 5 Yrs. 1 Yr. Cash Assets 247.1 445.6 170.9 Sales 0.5% -33.0% Receivables 15.2 5.1 1.7 BUSINESS: Arena Pharmaceuticals, Inc. is focused on ‘‘Cash Flow’’ -- -- Inventory 6.9 .0 .0 delivering novel, transformational medicines with opti- Earnings -- -- Other 12.1 10.0 633.8 Dividends -- -- mized pharmacology and pharmacokinetics to patients glob- Current Assets 281.3 460.7 806.4 Book Value 15.0% 132.5% ally. Its proprietary, internally-developed pipeline includes Fiscal QUARTERLY SALES ($mill.) Full Property, Plant multiple assets with broad clinical utility. The company’s Year 1Q 2Q 3Q 4Q Year & Equip, at cost 88.2 69.5 - - most advanced investigational clinical programs are: Etrasi- Accum Depreciation 58.1 46.4 - - 12/31/17 1.7 1.9 2.4 15.3 21.3 Net Property 30.1 23.1 23.7 mod, which is being evaluated in late-stage clinical pro- 12/31/18 1.8 4.0 3.6 8.6 18.0 Other 27.9 203.1 411.9 grams for the treatment of ulcerative colitis and Crohn’s 12/31/19 801.1 1.0 -- Total Assets 339.3 686.9 1242.0 disease, as well as progressing programs for atopic derma- 12/31/20 titis and other indications; and Olorinab, in evaluations in a LIABILITIES ($mill.) Phase II trial for the treatment of gastrointestinal pain Fiscal EARNINGS PER SHARE Full Accts Payable 1.6 6.2 4.1 Year 1Q 2Q 3Q 4Q Year Debt Due 4.0 3.3 3.7 associated with irritable bowel syndrome, as well as pro- 12/31/16 d.90 d1.10 d.50 1.60 d.90 Other 66.7 20.4 29.0 gressing in other visceral pain conditions. Arena continues 12/31/17 d.90 d.77 d.54 d.30 d2.51 Current Liab 72.3 29.9 36.8 to assess other earlier research and development stage drug 12/31/18 d.78 d.65 d.70 1.39 d.61 candidates, including APD418, a potential first-in-class 12/31/19 12.10 d1.24 d1.46 d1.61 calcium-independent myofilament derepressor, in a pre- 12/31/20 d1.61 d1.66 LONG-TERM DEBT AND EQUITY clinical program for the treatment of decompensated heart as of 9/30/19 Cal- QUARTERLY DIVIDENDS PAID Full failure. Has 194 employees. C.E.O. & President: Amit D. endar 1Q 2Q 3Q 4Q Year Total Debt $50.3 mill. Due in 5 Yrs. NA Munshi Address: 6154 Nancy Ridge Drive, San Diego, CA 2016 ------LT Debt $46.6 mill. 92121. Tel.: (858) 453-7200. Internet: www.arenapharm- Including Cap. Leases NA 2017 ------(4% of Cap’l) .com. E.B. 2018 ------Leases, Uncapitalized Annual rentals NA 2019 ------December 6, 2019 Pension Liability None in ’18 vs. None in ’17 INSTITUTIONAL DECISIONS TOTAL SHAREHOLDER RETURN 4Q’18 1Q’19 2Q’19 Pfd Stock None Pfd Div’d Paid None Dividends plus appreciation as of 10/31/2019 to Buy 97 91 122 Common Stock 50,107,145 shares 3 Mos. 6 Mos. 1 Yr. 3 Yrs. 5 Yrs. to Sell 73 80 70 (96% of Cap’l) Hld’s(000) 39608 41222 41425 -22.27% 6.49% 36.62% 229.19% 11.74% © 2019 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribe call 1-800-VALUELINE of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. RECENT TRAILING RELATIVE DIV’D VALUE ARROWHEAD PHARMA. NDQ--ARWR PRICE 56.99P/E RATIO 82.6 P/E RATIO 4.62YLD Nil LINE 3637 RANKS 11.90 7.31 11.12 27.63 9.36 8.22 4.54 22.39 59.72 High 3.12 1.85 1.65 4.95 4.35 1.20 1.42 3.57 11.67 Low PERFORMANCE 3 Average LEGENDS 45 12 Mos Mov Avg Technical 3 Average ....Rel Price Strength 30 1-for-10 Rev split 11/11 Below Shaded area indicates recession 22.5 SAFETY 4 Average

BETA 1.30 (1.00 = Market) 13 9 Financial Strength B+ 6

Price Stability 5 4 3 Price Growth Persistence 35 -23036 Earnings Predictability 25 VOL. (thous.) © VALUE LINE PUBLISHING LLC 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020/2021 SALES PER SH .03 .01 .01 .00 .01 .00 .42 .18 -- ‘‘CASH FLOW’’ PER SH d1.04 d1.43 d.66 d.85 d1.50 d1.13 d.40 d.56 -- EARNINGS PER SH d1.30 d1.90 d.97 d1.02 d1.60 d1.34 d.47 d.65 .69 d.31 A,B/NA DIV’DS DECL’D PER SH ------CAP’L SPENDING PER SH .00 .04 .01 .03 .03 .06 .11 .02 -- BOOK VALUE PER SH 1.48 .74 .85 3.05 1.85 1.37 1.09 1.08 -- COMMON SHS OUTST’G (MILL) 8.64 13.58 32.49 54.66 59.55 69.75 74.79 88.51 -- AVG ANN’L P/E RATIO ------82.6 NMF/NA RELATIVE P/E RATIO ------AVG ANN’L DIV’D YIELD ------SALES ($MILL) .3 .1 .3 .2 .4 .2 31.4 16.1 -- Bold figures OPERATING MARGIN NMF NMF NMF NMF NMF NMF NMF NMF -- are consensus DEPRECIATION ($MILL) .3 1.7 1.8 1.3 2.3 3.3 4.7 4.7 -- earnings NET PROFIT ($MILL) d9.3 d21.1 d23.1 d48.0 d91.9 d81.7 d34.4 d54.5 -- estimates INCOME TAX RATE ------and, using the NET PROFIT MARGIN NMF NMF NMF NMF NMF NMF NMF NMF -- recent prices, WORKING CAP’L ($MILL) 7.3 1.3 20.1 142.9 87.0 64.9 49.2 66.4 -- P/E ratios. LONG-TERM DEBT ($MILL) .6 2.1 1.1 .8 .5 2.5 2.3 2.1 -- SHR. EQUITY ($MILL) 12.8 10.0 27.5 166.5 110.2 95.6 81.4 95.8 -- RETURN ON TOTAL CAP’L NMF NMF NMF NMF NMF NMF NMF NMF -- RETURN ON SHR. EQUITY NMF NMF NMF NMF NMF NMF NMF NMF -- RETAINED TO COM EQ NMF NMF NMF NMF NMF NMF NMF NMF -- ALL DIV’DS TO NET PROF ------ANo. of analysts changing earn. est. in last 25 days: 0 up, 0 down, consensus 5-year earnings growth not available. BBased upon 5 analysts’ estimates. ANNUAL RATES ASSETS ($mill.) 2017 2018 6/30/19 INDUSTRY: Biotechnology of change (per share) 5 Yrs. 1 Yr. Cash Assets 65.6 76.5 188.3 Sales 62.0% -56.5% Receivables .1 .3 2.0 BUSINESS: Arrowhead Pharmaceuticals, Inc. develops ‘‘Cash Flow’’ -- -- Inventory .0 .0 .0 medicines that treat intractable diseases by silencing the Earnings -- -- Other 2.2 2.0 54.2 Dividends -- -- genes that cause them. Using a broad portfolio of RNA Current Assets 67.9 78.8 244.5 Book Value 3.0% -0.5% chemistries and efficient modes of delivery, its therapies Fiscal QUARTERLY SALES ($mill.) Full Property, Plant trigger the RNA interference mechanism to induce rapid, Year 1Q 2Q 3Q 4Q Year & Equip, at cost 22.6 23.7 - - deep, and durable knockdown of target genes. The compa- Accum Depreciation 7.1 9.8 - - 09/30/17 4.4 9.0 9.3 8.7 31.4 Net Property 15.5 13.9 17.1 ny’s pipeline includes: ARO-AAT for liver disease associ- 09/30/18 3.5 .6 .7 11.3 16.1 Other 20.6 18.9 75.2 ated with alpha-1 antitrypsin deficiency; ARO-APOC3 for 09/30/19 34.7 48.1 42.7 43.3 168.8 Total Assets 104.0 111.6 336.8 hypertriglyceridemia; ARO-ANG3 for dyslipidemia; ARO- 09/30/20 ENaC for cystic fibrosis; and ARO-HIF2 for renal cell LIABILITIES ($mill.) carcinoma. ARO-LPA (AMG 890) for cardiovascular dis- Fiscal EARNINGS PER SHARE Full Accts Payable 4.1 2.8 4.6 Year 1Q 2Q 3Q 4Q Year Debt Due .2 .2 .0 ease was out-licensed to Amgen Inc. in 2016. ARO-AMG1 09/30/16 d.33 d.35 d.32 d.34 d1.34 Other 14.4 9.4 82.5 for an undisclosed genetically validated cardiovascular 09/30/17 d.18 d.08 d.07 d.14 d.47 Current Liab 18.7 12.4 87.1 target is under a license and collaboration agreement with 09/30/18 d.18 d.18 d.18 d.11 d.65 Amgen, Inc. JNJ-3989 (formerly ARO-HBV) for chronic 09/30/19 .12 .24 .21 .12 .69 hepatitis B virus was out-licensed to Janssen in 2018. 09/30/20 d.17 d.18 d.18 LONG-TERM DEBT AND EQUITY During fiscal 2019, the company continued to develop its as of 6/30/19 Cal- QUARTERLY DIVIDENDS PAID Full pipeline and partnered candidates. Has 95 employees. endar 1Q 2Q 3Q 4Q Year Total Debt None Due in 5 Yrs. None C.E.O. & President: Christopher Anzalone Address: 225 S. 2016 ------LT Debt None Lake Avenue Suite 1050, Pasadena, CA 91101. Tel.: (626) Including Cap. Leases None 2017 ------Leases, Uncapitalized Annual rentals NA 304-3400. Internet: www.arrowheadpharma.com. E.B. 2018 ------2019 ------Pension Liability None in ’18 vs. None in ’17 December 6, 2019

INSTITUTIONAL DECISIONS Pfd Stock None Pfd Div’d Paid None TOTAL SHAREHOLDER RETURN 4Q’18 1Q’19 2Q’19 Dividends plus appreciation as of 10/31/2019 to Buy 101 89 135 Common Stock 95,208,000 shares (100% of Cap’l) 3 Mos. 6 Mos. 1 Yr. 3 Yrs. 5 Yrs. to Sell 67 75 76 Hld’s(000) 58846 59076 76341 37.82% 122.75% 214.86% 590.52% 514.26% © 2019 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribe call 1-800-VALUELINE of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. RECENT TRAILING RELATIVE DIV’D VALUE ARQULE INC. NDQ--ARQL PRICE 8.98P/E RATIO NMF P/E RATIO NMFYLD Nil LINE 3638 RANKS 7.83 8.32 3.18 2.92 2.65 2.19 1.70 7.21 11.11 High 3.98 1.98 1.91 1.04 1.05 1.20 0.92 1.46 2.70 Low PERFORMANCE 3 Average LEGENDS 12 Mos Mov Avg Technical 3 Average ....Rel Price Strength 8 Shaded area indicates recession Below SAFETY 4 Average 5 4 BETA .80 (1.00 = Market) 3 2 Financial Strength B

Price Stability 5 1

Price Growth Persistence 25 26000 Earnings Predictability 35 VOL. (thous.) © VALUE LINE PUBLISHING LLC 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020/2021 SALES PER SH .88 .58 .25 .18 .18 .07 -- .24 -- ‘‘CASH FLOW’’ PER SH d.18 d.16 d.38 d.36 d.21 d.32 d.33 d.14 -- EARNINGS PER SH d.20 d.18 d.39 d.37 d.22 d.33 d.39 d.16 d.37 A,B d.38 C/NA DIV’DS DECL’D PER SH ------CAP’L SPENDING PER SH .01 .00 -- -- .01 .00 ------BOOK VALUE PER SH .55 1.30 .97 .65 .46 .33 .16 .72 -- COMMON SHS OUTST’G (MILL) 53.83 62.40 62.74 62.82 62.94 71.15 87.11 109.00 -- AVG ANN’L P/E RATIO ------NMF NMF/NA RELATIVE P/E RATIO ------AVG ANN’L DIV’D YIELD ------SALES ($MILL) 47.3 36.4 15.9 11.3 11.2 4.7 -- 25.8 -- Bold figures OPERATING MARGIN NMF NMF NMF NMF NMF NMF -- NMF -- are consensus DEPRECIATION ($MILL) 1.1 1.1 .9 .6 .4 .1 .1 .0 -- earnings NET PROFIT ($MILL) d10.8 d10.9 d24.6 d23.4 d13.8 d22.7 d29.2 d15.5 -- estimates INCOME TAX RATE ------and, using the NET PROFIT MARGIN NMF NMF NMF NMF NMF NMF -- NMF -- recent prices, WORKING CAP’L ($MILL) 23.3 52.9 53.8 42.8 28.7 23.3 38.8 91.8 -- P/E ratios. LONG-TERM DEBT ($MILL) ------14.6 13.1 -- SHR. EQUITY ($MILL) 29.7 81.0 60.6 40.5 29.2 23.7 23.0 79.0 -- RETURN ON TOTAL CAP’L NMF NMF NMF NMF NMF NMF NMF NMF -- RETURN ON SHR. EQUITY NMF NMF NMF NMF NMF NMF NMF NMF -- RETAINED TO COM EQ NMF NMF NMF NMF NMF NMF NMF NMF -- ALL DIV’DS TO NET PROF ------ANo. of analysts changing earn. est. in last 25 days: 1 up, 2 down, consensus 5-year earnings growth not available. BBased upon 5 analysts’ estimates. CBased upon 4 analysts’ estimates. ANNUAL RATES ASSETS ($mill.) 2017 2018 9/30/19 INDUSTRY: Biotechnology of change (per share) 5 Yrs. 1 Yr. Cash Assets 48.0 99.6 125.2 Sales -29.5% -- Receivables .0 6.0 .9 BUSINESS: ArQule, Inc. is engaged in the research and ‘‘Cash Flow’’ -- -- Inventory .0 .0 .0 development of innovative therapeutics to treat cancers and Earnings -- -- Other .6 .8 1.9 Dividends -- -- rare diseases. Its clinical pipeline includes: ARQ 531, a Current Assets 48.6 106.4 128.0 Book Value -15.5% 345.0% potent and reversible dual inhibitor of both wild type and Fiscal QUARTERLY SALES ($mill.) Full Property, Plant C481S-mutant Bruton’s tyrosine kinase that is in Phase I/II Year 1Q 2Q 3Q 4Q Year & Equip, at cost 4.7 4.4 - - clinical development for B-cell malignancies refractory to Accum Depreciation 4.6 4.3 - - 12/31/17 ------Net Property .1 .1 .5 other therapeutic options; Miransertib (ARQ 092), an in- 12/31/18 4.2 13.7 5.0 2.9 25.8 Other .2 .2 51.8 hibitor of protein kinase B (AKT), a serine/threonine kinase 12/31/19 1.3 .3 .2 Total Assets 48.9 106.7 180.3 that is in a trial for the treatment of Proteus syndrome and 12/31/20 PIK3CA-Related Overgrowth Syndromes; ARQ 751, an LIABILITIES ($mill.) inhibitor of AKT that is in Phase I clinical development for Fiscal EARNINGS PER SHARE Full Accts Payable .5 1.3 .8 Year 1Q 2Q 3Q 4Q Year Debt Due .0 1.7 5.0 solid tumors harboring AKT, phosphoinositide 3-kinase 12/31/16 d.08 d.07 d.08 d.10 d.33 Other 9.3 11.6 9.7 (PI3K) or phosphatase and tensin homolog loss mutations; 12/31/17 d.11 d.10 d.09 d.09 d.39 Current Liab 9.8 14.6 15.5 and Derazantinib (ARQ 087) is a multi-kinase inhibitor 12/31/18 d.08 .05 d.05 d.08 d.16 designed to inhibit the fibroblast growth factor receptor 12/31/19 d.09 d.08 d.09 d.10 (FGFR) family of kinases that is in a registrational clinical 12/31/20 d.12 d.10 LONG-TERM DEBT AND EQUITY trial in intrahepatic cholangiocarcinoma (iCCA) in patients as of 9/30/19 Cal- QUARTERLY DIVIDENDS PAID Full with FGFR2 fusions. Has 36 employees. C.E.O.: Paolo endar 1Q 2Q 3Q 4Q Year Total Debt $14.6 mill. Due in 5 Yrs. NA Pucci Address: One Wall Street, Burlington, MA 01803. 2016 ------LT Debt $9.6 mill. Tel.: (781) 994-0300. Internet: www.arqule.com. Including Cap. Leases NA 2017 ------(6% of Cap’l) E.B. 2018 ------Leases, Uncapitalized Annual rentals NA 2019 ------December 6, 2019 Pension Liability None in ’18 vs. None in ’17 INSTITUTIONAL DECISIONS TOTAL SHAREHOLDER RETURN 4Q’18 1Q’19 2Q’19 Pfd Stock None Pfd Div’d Paid None Dividends plus appreciation as of 10/31/2019 to Buy 63 61 116 Common Stock 120,661,000 shares 3 Mos. 6 Mos. 1 Yr. 3 Yrs. 5 Yrs. to Sell 58 51 51 (94% of Cap’l) Hld’s(000) 79878 78932 103435 0.20% 69.35% 161.24% 654.48% 779.13% © 2019 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribe call 1-800-VALUELINE of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. RECENT TRAILING RELATIVE DIV’D VALUE ATARA BIOTHERAPEUTIC NDQ--ATRA PRICE 14.01P/E RATIO NMF P/E RATIO NMFYLD Nil LINE 3639 RANKS 35.45 65.56 26.00 23.00 54.45 41.97 High 9.66 17.20 12.45 11.80 16.60 10.38 Low Below PERFORMANCE 4 Average LEGENDS 12 Mos Mov Avg Technical 5 Lowest ....Rel Price Strength Shaded area indicates recession Below 50 SAFETY 4 Average

BETA 1.70 (1.00 = Market) 25

15 Financial Strength B+ 10 Price Stability 5

Price Growth Persistence 30 5 13400 Earnings Predictability NMF VOL. (thous.) © VALUE LINE PUBLISHING LLC 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020/2021 SALES PER SH ------‘‘CASH FLOW’’ PER SH ------d1.42 d1.89 d2.63 d3.83 d4.94 -- EARNINGS PER SH ------d5.62 d2.24 d2.75 d4.00 d5.27 d5.45 A,B d4.76 C/NA DIV’DS DECL’D PER SH ------CAP’L SPENDING PER SH ------.00 .01 .10 .66 .78 -- BOOK VALUE PER SH ------5.24 11.07 8.77 5.79 7.37 -- COMMON SHS OUTST’G (MILL) ------19.69 28.46 28.93 30.73 45.95 -- AVG ANN’L P/E RATIO ------NMF NMF/NA RELATIVE P/E RATIO ------AVG ANN’L DIV’D YIELD ------SALES ($MILL) ------Bold figures OPERATING MARGIN ------are consensus DEPRECIATION ($MILL) ------.0 3.5 3.0 1.7 3.7 -- earnings NET PROFIT ($MILL) ------d28.0 d57.2 d79.0 d119.5 d230.7 -- estimates INCOME TAX RATE ------and, using the NET PROFIT MARGIN ------recent prices, WORKING CAP’L ($MILL) ------103.3 314.9 250.9 144.5 281.5 -- P/E ratios. LONG-TERM DEBT ($MILL) ------SHR. EQUITY ($MILL) ------103.2 315.1 253.7 177.9 338.9 -- RETURN ON TOTAL CAP’L ------NMF NMF NMF NMF NMF -- RETURN ON SHR. EQUITY ------NMF NMF NMF NMF NMF -- RETAINED TO COM EQ ------NMF NMF NMF NMF NMF -- ALL DIV’DS TO NET PROF ------ANo. of analysts changing earn. est. in last 25 days: 5 up, 0 down, consensus 5-year earnings growth not available. BBased upon 5 analysts’ estimates. CBased upon 5 analysts’ estimates. ANNUAL RATES ASSETS ($mill.) 2017 2018 9/30/19 INDUSTRY: Biotechnology of change (per share) 5 Yrs. 1 Yr. Cash Assets 166.3 309.6 282.9 Sales -- -- Receivables .0 .0 .0 BUSINESS: Atara Biotherapeutics, Inc. is an off-the- ‘‘Cash Flow’’ -- -- Inventory .0 .0 .0 shelf, allogeneic T-cell immunotherapy company that is Earnings -- -- Other 5.9 11.9 10.5 Dividends -- -- developing novel treatments for patients with cancer, auto- Current Assets 172.2 321.5 293.4 Book Value -- 27.5% immune, and viral diseases. Its pipeline includes: Tab- Fiscal QUARTERLY SALES ($mill.) Full Property, Plant cel(R), its most advanced T-cell immunotherapy, tab-cel(R), Year 1Q 2Q 3Q 4Q Year & Equip, at cost 45.5 73.7 - - currently in Phase III development for patients with Accum Depreciation 1.4 5.1 - - 12/31/17 ------Net Property 44.1 68.6 55.7 Epstein-Barr virus (EBV) associated post-transplant lym- 12/31/18 ------Other 1.5 1.7 15.7 phoproliferative disease, or EBV+ PTLD, who have failed 12/31/19 ------Total Assets 217.8 391.8 364.8 rituximab or rituximab plus chemotherapy, as well as other 12/31/20 EBV-associated hematologic malignancies and solid tu- LIABILITIES ($mill.) mors; ATA188, T-cell immunotherapy targeting EBV anti- Fiscal EARNINGS PER SHARE Full Accts Payable 14.7 3.7 5.2 Year 1Q 2Q 3Q 4Q Year Debt Due .0 .0 .0 gens believed to be important for the potential treatment of 12/31/16 d.58 d.66 d.88 d.63 d2.75 Other 12.9 36.3 25.5 progressive multiple sclerosis; ATA2271/ATA3271, CAR T 12/31/17 d.89 d.94 d1.02 d1.15 d4.00 Current Liab 27.6 40.0 30.7 immunotherapy targeting mesothelin, with autologous to 12/31/18 d1.05 d1.15 d1.29 d1.75 d5.27 allogeneic development planned; and ATA3219, allogeneic 12/31/19 d1.44 d1.60 d1.31 d1.29 CAR T targeting CD19 as proof-of-concept for next gen- 12/31/20 d1.32 d1.29 LONG-TERM DEBT AND EQUITY eration technologies and EBV T-cell CAR T platform. Has as of 9/30/19 Cal- QUARTERLY DIVIDENDS PAID Full 311 employees. C.E.O. & President: Isaac Ciechanover endar 1Q 2Q 3Q 4Q Year Total Debt None Due in 5 Yrs. None Address: 611 Gateway Blvd., Suite 900 South San Fran- 2016 ------LT Debt None cisco, CA 94080. Tel.: (650) 278-8930. Internet: www.at- Including Cap. Leases None 2017 ------Leases, Uncapitalized Annual rentals NA arabio.com. E.B. 2018 ------2019 ------Pension Liability None in ’18 vs. None in ’17 December 6, 2019

INSTITUTIONAL DECISIONS Pfd Stock None Pfd Div’d Paid None TOTAL SHAREHOLDER RETURN 4Q’18 1Q’19 2Q’19 Dividends plus appreciation as of 10/31/2019 to Buy 60 68 76 Common Stock 54,125,000 shares (100% of Cap’l) 3 Mos. 6 Mos. 1 Yr. 3 Yrs. 5 Yrs. to Sell 54 56 50 Hld’s(000) 47657 48214 49530 -23.48% -67.50% -68.04% -14.69% -43.07% © 2019 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribe call 1-800-VALUELINE of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. RECENT TRAILING RELATIVE DIV’D VALUE ATHERSYS, INC. NDQ--ATHX PRICE 1.34P/E RATIO NMF P/E RATIO NMFYLD Nil LINE 3640 RANKS 3.10 2.33 2.52 4.33 3.43 2.90 2.63 3.09 2.03 High 1.00 0.95 1.07 1.08 0.90 0.98 1.02 1.29 1.20 Low PERFORMANCE 3 Average LEGENDS 12 Mos Mov Avg Technical 3 Average ....Rel Price Strength 8 Shaded area indicates recession Below SAFETY 4 Average 5 4 BETA 1.05 (1.00 = Market) 3 2 Financial Strength B

Price Stability 5 1

Price Growth Persistence 10 19500 Earnings Predictability 30 VOL. (thous.) © VALUE LINE PUBLISHING LLC 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020/2021 SALES PER SH .42 .16 .03 .02 .14 .20 .03 .17 -- ‘‘CASH FLOW’’ PER SH d.55 d.27 d.43 d.28 d.19 d.17 d.26 d.16 -- EARNINGS PER SH d.59 d.45 d.53 d.31 d.20 d.18 d.29 d.18 d.31 A,B d.31 C/NA DIV’DS DECL’D PER SH ------CAP’L SPENDING PER SH .02 .01 .01 .00 .00 .02 .00 .01 -- BOOK VALUE PER SH .30 .38 .28 .27 .24 .13 .19 .30 -- COMMON SHS OUTST’G (MILL) 24.49 53.06 70.68 77.71 83.72 86.63 122.08 144.29 -- AVG ANN’L P/E RATIO ------NMF NMF/NA RELATIVE P/E RATIO ------AVG ANN’L DIV’D YIELD ------SALES ($MILL) 10.3 8.7 2.4 1.6 12.0 17.3 3.7 24.3 -- Bold figures OPERATING MARGIN NMF NMF NMF NMF NMF NMF NMF NMF -- are consensus DEPRECIATION ($MILL) .3 .3 .3 .4 .3 .4 .7 .9 -- earnings NET PROFIT ($MILL) d13.7 d14.7 d30.7 d22.1 d16.4 d15.3 d32.2 d24.3 -- estimates INCOME TAX RATE ------and, using the NET PROFIT MARGIN NMF NMF NMF NMF NMF NMF NMF NMF -- recent prices, WORKING CAP’L ($MILL) 7.0 21.8 28.5 22.6 19.0 9.4 21.1 42.3 -- P/E ratios. LONG-TERM DEBT ($MILL) -- .2 .2 .2 ------SHR. EQUITY ($MILL) 7.3 20.2 19.8 20.9 19.7 11.2 23.4 43.1 -- RETURN ON TOTAL CAP’L NMF NMF NMF NMF NMF NMF NMF NMF -- RETURN ON SHR. EQUITY NMF NMF NMF NMF NMF NMF NMF NMF -- RETAINED TO COM EQ NMF NMF NMF NMF NMF NMF NMF NMF -- ALL DIV’DS TO NET PROF ------ANo. of analysts changing earn. est. in last 25 days: 0 up, 0 down, consensus 5-year earnings growth not available. BBased upon one analyst’s estimate. CBased upon one analyst’s estimate. ANNUAL RATES ASSETS ($mill.) 2017 2018 9/30/19 INDUSTRY: Biotechnology of change (per share) 5 Yrs. 1 Yr. Cash Assets 29.3 51.1 40.4 Sales -8.5% 454.0% Receivables .7 5.0 1.4 BUSINESS: Athersys, Inc. is focused primarily in the ‘‘Cash Flow’’ -- -- Inventory .0 .0 .0 field of regenerative medicine. The company’s Multi- Earnings -- -- Other 1.2 1.7 .7 Dividends -- -- Stem(R) cell therapy, a patented and proprietary allogeneic Current Assets 31.2 57.8 42.5 Book Value -8.5% 56.0% stem cell product, is its lead platform product and is Fiscal QUARTERLY SALES ($mill.) Full Property, Plant currently in clinical development in several areas, the most Year 1Q 2Q 3Q 4Q Year & Equip, at cost 9.7 11.3 - - advanced of which is an ongoing Phase III clinical trial for Accum Depreciation 7.5 8.3 - - 12/31/17 1.4 .7 .4 1.2 3.7 Net Property 2.2 3.0 2.9 treatment of ischemic stroke (referred to as MASTERS-2). 12/31/18 1.1 19.4 2.3 1.5 24.3 Other .2 .9 2.0 In addition, HEALIOS K.K. has an ongoing clinical trial, 12/31/19 1.4 4.3 d.4 Total Assets 33.6 61.7 47.4 TREASURE, evaluating the safety and efficacy of Multi- 12/31/20 Stem cell therapy for the treatment of ischemic stroke in LIABILITIES ($mill.) Japan. It has an exploratory clinical study of the intravenous Fiscal EARNINGS PER SHARE Full Accts Payable 4.5 9.2 11.3 Year 1Q 2Q 3Q 4Q Year Debt Due .0 .0 .0 administration of MultiStem cell therapy to treat patients 12/31/16 .06 d.08 d.07 d.09 d.18 Other 5.6 6.3 3.6 who are suffering from acute respiratory distress syndrome. 12/31/17 d.06 d.06 d.06 d.11 d.29 Current Liab 10.1 15.5 14.9 Its current clinical development programs are focused on 12/31/18 d.08 .05 d.07 d.08 d.18 treating neurological conditions, cardiovascular disease, 12/31/19 d.09 d.06 d.08 d.07 inflammatory and immune disorders, certain pulmonary 12/31/20 d.08 d.08 LONG-TERM DEBT AND EQUITY conditions, and other conditions where the current standard as of 9/30/19 Cal- QUARTERLY DIVIDENDS PAID Full of care is limited. Has 75 employees. Chairman & C.E.O.: endar 1Q 2Q 3Q 4Q Year Total Debt None Due in 5 Yrs. None Gil Van Bokkelen Address: 3201 Carnegie Avenue, Cleve- 2016 ------LT Debt None land, OH 44115-2634. Tel.: (216) 431-9900. Internet: Including Cap. Leases None 2017 ------Leases, Uncapitalized Annual rentals NA www.athersys.com. E.B. 2018 ------2019 ------Pension Liability None in ’18 vs. None in ’17 December 6, 2019

INSTITUTIONAL DECISIONS Pfd Stock None Pfd Div’d Paid None TOTAL SHAREHOLDER RETURN 4Q’18 1Q’19 2Q’19 Dividends plus appreciation as of 10/31/2019 to Buy 44 39 51 Common Stock 155,267,000 shares (100% of Cap’l) 3 Mos. 6 Mos. 1 Yr. 3 Yrs. 5 Yrs. to Sell 37 39 29 Hld’s(000) 29028 29489 33511 -7.91% -17.42% -31.55% -29.28% -16.88% © 2019 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribe call 1-800-VALUELINE of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. RECENT TRAILING RELATIVE DIV’D VALUE AUDENTES THERAP. NDQ--BOLD PRICE 29.39P/E RATIO NMF P/E RATIO NMFYLD Nil LINE 3641 RANKS 20.74 33.43 46.18 41.65 High 13.06 13.90 17.95 19.91 Low Below PERFORMANCE 4 Average LEGENDS 45 Below 12 Mos Mov Avg Technical 4 Average ....Rel Price Strength 30 Shaded area indicates recession Below 22.5 SAFETY 4 Average

BETA 1.80 (1.00 = Market) 13 9 Financial Strength B+ 6

Price Stability 10 4 3 Price Growth Persistence NMF 9100 Earnings Predictability NMF VOL. (thous.) © VALUE LINE PUBLISHING LLC 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020/2021 REVENUES PER SH ------‘‘CASH FLOW’’ PER SH ------d2.67 d2.90 d2.83 -- EARNINGS PER SH ------d5.59 d3.40 d3.40 d4.13 A,B d4.33 C/NA DIV’DS DECL’D PER SH ------CAP’L SPENDING PER SH ------.77 .25 .27 -- BOOK VALUE PER SH ------5.49 5.24 10.17 -- COMMON SHS OUTST’G (MILL) ------21.73 29.90 43.55 -- AVG ANN’L P/E RATIO ------NMF NMF/NA RELATIVE P/E RATIO ------AVG ANN’L DIV’D YIELD ------REVENUES ($MILL) ------Bold figures OPERATING MARGIN ------are consensus DEPRECIATION ($MILL) ------1.6 3.4 5.6 -- earnings NET PROFIT ($MILL) ------d59.7 d90.2 d128.8 -- estimates INCOME TAX RATE ------and, using the NET PROFIT MARGIN ------recent prices, WORKING CAP’L ($MILL) ------95.8 119.3 395.9 -- P/E ratios. LONG-TERM DEBT ($MILL) ------SHR. EQUITY ($MILL) ------119.4 156.6 442.8 -- RETURN ON TOTAL CAP’L ------NMF NMF NMF -- RETURN ON SHR. EQUITY ------NMF NMF NMF -- RETAINED TO COM EQ ------NMF NMF NMF -- ALL DIV’DS TO NET PROF ------ANo. of analysts changing earn. est. in last 25 days: 6 up, 2 down, consensus 5-year earnings growth not available. BBased upon 10 analysts’ estimates. CBased upon 8 analysts’ estimates. ANNUAL RATES ASSETS ($mill.) 2017 2018 9/30/19 INDUSTRY: Biotechnology of change (per share) 5 Yrs. 1 Yr. Cash Assets 133.6 144.3 63.6 Sales -- -- Receivables .0 .0 .0 BUSINESS: Audentes Therapeutics, Inc. develops and ‘‘Cash Flow’’ -- -- Inventory .0 .0 .0 commercializes innovative products for patients living with Earnings -- -- Other 3.4 275.5 292.8 Dividends -- -- serious rare neuromuscular diseases. The company is lever- Current Assets 137.0 419.8 356.4 Book Value -- 94.0% aging adeno-associated viral vector, or AAV, gene therapy Fiscal QUARTERLY SALES ($mill.) Full Property, Plant technology platform, and proprietary manufacturing exper- Year 1Q 2Q 3Q 4Q Year & Equip, at cost 29.5 42.5 - - tise to develop programs across three modalities: gene Accum Depreciation 5.1 10.4 - - 12/31/17 ------Net Property 24.4 32.1 38.2 replacement, vectorized exon skipping, and vectorized RNA 12/31/18 ------Other 17.3 20.7 46.9 knockdown. Its portfolio of product candidates include: 12/31/19 ------Total Assets 178.7 472.6 441.5 AT132 for the treatment of X-Linked Myotubular Myopa- 12/31/20 thy, or XLMTM; AT845 for Pompe disease; AT702, AT751 LIABILITIES ($mill.) and AT753 for Duchenne muscular dystrophy, or DMD; and Fiscal EARNINGS PER SHARE Full Accts Payable 8.5 8.1 9.9 Year 1Q 2Q 3Q 4Q Year Debt Due .0 .0 .0 AT466 for myotonic dystrophy Type 1, or DM1. Audentes is 12/31/16 -- -- d.94 d.91 d5.59 Other 9.2 15.8 18.0 completing enrollment in the pivotal expansion cohort of 12/31/17 d.83 d.87 d.88 d.82 d3.40 Current Liab 17.7 23.9 27.9 ASPIRO, a clinical trial of its most advanced product 12/31/18 d.74 d.85 d.97 d.84 d3.40 candidate, AT132, and plans to submit a biologics license 12/31/19 d1.13 d1.01 d1.00 d1.01 application with the US FDA for AT132 in mid-2020, and a 12/31/20 d1.05 d1.04 LONG-TERM DEBT AND EQUITY marketing authorization application with the European as of 9/30/19 Cal- QUARTERLY DIVIDENDS PAID Full Medicines Agency in 2020. Has 207 employees. C.E.O. & endar 1Q 2Q 3Q 4Q Year Total Debt None Due in 5 Yrs. None President: Matthew Patterson Address: 600 California 2016 ------LT Debt None Street, 17th Fl, San Francisco, CA 94108. Tel.: (415) Including Cap. Leases None 2017 ------Leases, Uncapitalized Annual rentals NA 818-1001. Internet: www.audentestx.com. E.B. 2018 ------2019 ------Pension Liability None in ’18 vs. None in ’17 December 6, 2019

INSTITUTIONAL DECISIONS Pfd Stock None Pfd Div’d Paid None TOTAL SHAREHOLDER RETURN 4Q’18 1Q’19 2Q’19 Dividends plus appreciation as of 10/31/2019 to Buy 81 74 94 Common Stock 45,740,575 shares (100% of Cap’l) 3 Mos. 6 Mos. 1 Yr. 3 Yrs. 5 Yrs. to Sell 39 55 54 Hld’s(000) 43121 43718 46207 -30.88% -28.82% -4.61% 68.23% -- © 2019 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribe call 1-800-VALUELINE of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. RECENT TRAILING RELATIVE DIV’D VALUE AVID BIOSERVICES NDQ--CDMO PRICE 5.39P/E RATIO NMF P/E RATIO NMFYLD Nil LINE 3642 RANKS 21.70 38.50 19.46 22.26 11.62 8.26 5.78 8.44 7.15 High 5.95 2.73 7.77 8.89 6.38 2.03 1.97 2.24 3.37 Low Above PERFORMANCE 2 Average LEGENDS Above 12 Mos Mov Avg Technical 2 Average ....Rel Price Strength 8 14% Rev split 7/17 Below Shaded area indicates recession SAFETY 4 Average 5 4 BETA .95 (1.00 = Market) 3 2 Financial Strength B

Price Stability 5 1

Price Growth Persistence 15 8900 Earnings Predictability 40 VOL. (thous.) © VALUE LINE PUBLISHING LLC 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020/2021 SALES PER SH 1.05 1.06 .88 .97 1.32 1.31 .96 .95 -- ‘‘CASH FLOW’’ PER SH d2.84 d1.31 d1.35 d1.91 d2.89 d1.62 d1.14 d.12 -- EARNINGS PER SH d3.50 d1.68 d1.54 d2.10 d1.96 d.88 d.53 d.17 d.18 A,B .06 C/NA DIV’DS DECL’D PER SH ------CAP’L SPENDING PER SH .11 .04 .03 .33 .28 .03 .05 .03 -- BOOK VALUE PER SH .65 1.16 1.89 .71 .31 .28 .26 .95 -- COMMON SHS OUTST’G (MILL) 14.49 20.54 25.56 27.63 33.86 44.01 55.69 56.14 -- AVG ANN’L P/E RATIO ------NMF 89.8/NA RELATIVE P/E RATIO ------AVG ANN’L DIV’D YIELD ------SALES ($MILL) 15.2 21.7 22.4 26.8 44.7 57.6 53.6 53.6 -- Bold figures OPERATING MARGIN NMF NMF NMF NMF NMF NMF NMF NMF -- are consensus DEPRECIATION ($MILL) .9 1.1 1.0 1.0 1.5 2.5 2.6 2.7 -- earnings NET PROFIT ($MILL) d42.1 d28.1 d35.4 d50.4 d55.7 d28.2 d20.6 d5.1 -- estimates INCOME TAX RATE ------and, using the NET PROFIT MARGIN NMF NMF NMF NMF NMF NMF NMF NMF -- recent prices, WORKING CAP’L ($MILL) 7.2 21.3 63.6 43.2 24.2 26.2 29.9 28.1 -- P/E ratios. LONG-TERM DEBT ($MILL) .0 .0 ------.1 -- SHR. EQUITY ($MILL) 9.5 23.8 67.7 59.0 50.1 53.6 55.7 53.1 -- RETURN ON TOTAL CAP’L NMF NMF NMF NMF NMF NMF NMF NMF -- RETURN ON SHR. EQUITY NMF NMF NMF NMF NMF NMF NMF NMF -- RETAINED TO COM EQ NMF NMF NMF NMF NMF NMF NMF NMF -- ALL DIV’DS TO NET PROF -- -- NMF NMF NMF NMF NMF NMF -- ANo. of analysts changing earn. est. in last 25 days: 0 up, 0 down, consensus 5-year earnings growth not available. BBased upon 4 analysts’ estimates. CBased upon 3 analysts’ estimates. ANNUAL RATES ASSETS ($mill.) 2017 2018 7/31/19 INDUSTRY: Biotechnology of change (per share) 5 Yrs. 1 Yr. Cash Assets 42.3 32.4 28.9 Sales 1.5% -1.0% Receivables 3.5 7.4 8.2 BUSINESS: Avid Bioservices, Inc. is a dedicated contract ‘‘Cash Flow’’ -- -- Inventory 16.1 6.6 8.0 development and manufacturing organization (CDMO) fo- Earnings -- -- Other 5.9 4.9 6.5 Dividends -- -- cused on development and cGMP manufacturing of bio- Current Assets 67.8 51.3 51.6 Book Value -16.5% 262.0% pharmaceutical products derived from mammalian cell cul- Fiscal QUARTERLY SALES ($mill.) Full Property, Plant ture. It provides a comprehensive range of process Year 1Q 2Q 3Q 4Q Year & Equip, at cost 38.9 40.2 - - development, high quality cGMP clinical and commercial Accum Depreciation 12.4 14.6 - - 04/30/18 27.1 12.8 6.8 6.9 53.6 Net Property 26.5 25.6 26.5 manufacturing services for the biotechnology and biophar- 04/30/19 12.6 10.2 13.8 17.0 53.6 Other 1.5 1.5 24.0 maceutical industries. Utilizing its experience in producing 04/30/20 15.2 Total Assets 95.8 78.4 102.1 monoclonal antibodies and recombinant proteins in batch, 04/30/21 fed-batch, and perfusion modes, Avid’s services include LIABILITIES ($mill.) cGMP clinical and commercial product manufacturing, Fiscal EARNINGS PER SHARE Full Accts Payable 1.9 4.4 5.5 Year 1Q 2Q 3Q 4Q Year Debt Due .0 .0 1.4 purification, stability testing and regulatory strategy, sub- 04/30/17 d.36 d.16 d.25 d.16 d.88 Other 36.0 18.8 22.0 mission, and support. It also provides a variety of process 04/30/18 .03 d.21 d.23 d.14 d.53 Current Liab 37.9 23.2 28.9 development activities, including cell line development, cell 04/30/19 d.06 d.06 d.05 d.02 d.17 culture and feed optimization, and analytical methods de- 04/30/20 d.08 d.04 d.03 d.02 velopment. In October 2019, Avid expanded its process 04/30/21 LONG-TERM DEBT AND EQUITY development capabilities and laboratory space within its as of 7/31/19 Cal- QUARTERLY DIVIDENDS PAID Full CDMO campus in Orange County, CA. Has 211 employees. endar 1Q 2Q 3Q 4Q Year Total Debt $24.8 mill. Due in 5 Yrs. NA C.E.O. & President: Richard B. Hancock Address: 2642 2016 ------LT Debt $23.5 mill. Michelle Drive, Suite 200, Tustin, CA 92780. Tel.: (714) Including Cap. Leases NA 2017 ------(32% of Cap’l) 508-6100. Internet: www.avidbio.com. E.B. 2018 ------Leases, Uncapitalized Annual rentals NA 2019 ------December 6, 2019 Pension Liability None in ’18 vs. None in ’17 INSTITUTIONAL DECISIONS TOTAL SHAREHOLDER RETURN 4Q’18 1Q’19 2Q’19 Pfd Stock None Pfd Div’d Paid None Dividends plus appreciation as of 10/31/2019 to Buy 49 38 51 Common Stock 56,238,000 shares 3 Mos. 6 Mos. 1 Yr. 3 Yrs. 5 Yrs. to Sell 40 42 38 (68% of Cap’l) Hld’s(000) 22395 21654 24162 -17.44% 11.69% 2.10% 126.79% -52.23% © 2019 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribe call 1-800-VALUELINE of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. RECENT TRAILING RELATIVE DIV’D VALUE BIOCRYST PHARM NDQ--BCRX PRICE 2.59P/E RATIO NMF P/E RATIO NMFYLD Nil LINE 3643 RANKS 5.43 5.95 7.84 14.62 16.83 10.24 9.25 9.70 9.95 High 2.28 1.08 1.12 7.29 7.85 1.63 3.95 4.25 1.38 Low PERFORMANCE 3 Average LEGENDS 12 Mos Mov Avg Technical 3 Average ....Rel Price Strength 8 Shaded area indicates recession Below SAFETY 4 Average 5 4 BETA 1.45 (1.00 = Market) 3 2 Financial Strength B

Price Stability 5 1

Price Growth Persistence 40 32400 Earnings Predictability 50 VOL. (thous.) © VALUE LINE PUBLISHING LLC 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020/2021 SALES PER SH .43 .52 .29 .19 .66 .36 .26 .19 -- ‘‘CASH FLOW’’ PER SH d1.23 d.76 d.50 d.63 d.58 d.74 d.66 d.91 -- EARNINGS PER SH d1.26 d.79 d.55 d.68 d.59 d.75 d.78 d.98 d1.21 A,B d1.07 C/NA DIV’DS DECL’D PER SH ------CAP’L SPENDING PER SH .00 .00 .00 .00 .07 .07 .00 .00 -- BOOK VALUE PER SH .32 d.01 d.02 1.05 .65 .02 .85 .45 -- COMMON SHS OUTST’G (MILL) 45.66 50.89 59.09 71.96 73.36 73.78 98.41 110.06 -- AVG ANN’L P/E RATIO ------NMF NMF/NA RELATIVE P/E RATIO ------AVG ANN’L DIV’D YIELD ------SALES ($MILL) 19.6 26.3 17.3 13.6 48.3 26.4 25.2 20.7 -- Bold figures OPERATING MARGIN NMF NMF NMF NMF NMF NMF NMF NMF -- are consensus DEPRECIATION ($MILL) .9 .6 .3 .2 .2 .5 .7 .8 -- earnings NET PROFIT ($MILL) d56.9 d39.1 d30.1 d45.2 d43.0 d55.1 d65.8 d101.3 -- estimates INCOME TAX RATE ------and, using the NET PROFIT MARGIN NMF NMF NMF NMF NMF NMF NMF NMF -- recent prices, WORKING CAP’L ($MILL) 26.6 24.8 26.8 31.6 1.5 12.6 50.6 44.9 -- P/E ratios. LONG-TERM DEBT ($MILL) 30.0 30.0 30.0 -- -- 22.8 16.8 25.4 -- SHR. EQUITY ($MILL) 14.8 d.5 d1.1 75.6 47.7 1.6 83.8 49.2 -- RETURN ON TOTAL CAP’L NMF NMF NMF NMF NMF NMF NMF NMF -- RETURN ON SHR. EQUITY NMF -- -- NMF NMF NMF NMF NMF -- RETAINED TO COM EQ NMF -- -- NMF NMF NMF NMF NMF -- ALL DIV’DS TO NET PROF ------ANo. of analysts changing earn. est. in last 25 days: 2 up, 2 down, consensus 5-year earnings growth not available. BBased upon 5 analysts’ estimates. CBased upon 5 analysts’ estimates. ANNUAL RATES ASSETS ($mill.) 2017 2018 9/30/19 INDUSTRY: Biotechnology of change (per share) 5 Yrs. 1 Yr. Cash Assets 117.7 104.5 29.9 Sales -8.5% -26.5% Receivables 6.1 4.3 3.6 BUSINESS: BioCryst Pharmaceuticals, Inc. discovers ‘‘Cash Flow’’ -- -- Inventory .0 1.6 1.8 medicines that treat rare diseases in which significant unmet Earnings -- -- Other 1.6 4.0 43.5 Dividends -- -- medical needs exist and an enzyme plays a key role in the Current Assets 125.4 114.4 78.8 Book Value -- -47.5% biological pathway of the disease. It has has several ongoing Fiscal QUARTERLY SALES ($mill.) Full Property, Plant development programs including: BCX7353, an oral treat- Year 1Q 2Q 3Q 4Q Year & Equip, at cost 14.9 15.2 - - ment for hereditary angioedema; BCX9930, an oral Factor Accum Depreciation 5.4 6.1 - - 12/31/17 9.4 3.1 8.8 3.9 25.2 Net Property 9.5 9.1 7.5 D inhibitor for the treatment of complement-mediated 12/31/18 4.0 12.5 1.5 2.7 20.7 Other 43.4 23.3 4.2 diseases; galidesivir, a potential treatment for Marburg virus 12/31/19 5.9 1.4 1.8 Total Assets 178.3 146.8 90.5 disease and Yellow Fever; and a preclinical program to 12/31/20 develop oral ALK-2 inhibitors for the treatment of fibro- LIABILITIES ($mill.) dysplasia ossificans progressiva. RAPIVAB(R), a viral Fiscal EARNINGS PER SHARE Full Accts Payable 6.3 7.8 10.1 Year 1Q 2Q 3Q 4Q Year Debt Due 6.5 4.6 29.5 neuraminidase inhibitor for the treatment of influenza, is 12/31/16 d.31 d.22 d.16 d.06 d.75 Other 62.0 57.1 42.6 BioCryst’s first approved product and has received regula- 12/31/17 d.19 d.21 d.18 d.20 d.78 Current Liab 74.8 69.5 82.2 tory approval in the US, Canada, Australia, Japan, Taiwan, 12/31/18 d.26 d.19 d.28 d.25 d.98 Korea, and EU. In November 2019, BioCryst priced a 12/31/19 d.28 d.34 d.34 d.25 public offering of 37,931,035 shares at $1.45 per share. It 12/31/20 d.30 d.35 LONG-TERM DEBT AND EQUITY also granted the underwriters a 30-day option to buy up to as of 9/30/19 Cal- QUARTERLY DIVIDENDS PAID Full an additional 5,689,655 shares. Has 100 employees. C.E.O. endar 1Q 2Q 3Q 4Q Year Total Debt $75.5 mill. Due in 5 Yrs. NA & President: Jon P. Stonehouse Address: 4505 Emperor 2016 ------LT Debt $46.0 mill. Blvd. Suite 200, Durham, NC 27703. Tel.: (919) 859-1302. Including Cap. Leases NA 2017 ------NMF% of Cap’l Internet: www.biocryst.com. E.B. 2018 ------Leases, Uncapitalized Annual rentals NA 2019 ------December 6, 2019 Pension Liability None in ’18 vs. None in ’17 INSTITUTIONAL DECISIONS TOTAL SHAREHOLDER RETURN 4Q’18 1Q’19 2Q’19 Pfd Stock None Pfd Div’d Paid None Dividends plus appreciation as of 10/31/2019 to Buy 52 72 62 Common Stock 110,438,000 shares 3 Mos. 6 Mos. 1 Yr. 3 Yrs. 5 Yrs. to Sell 56 36 61 NMF% of Cap’l Hld’s(000) 101241 101463 101032 -36.91% -73.08% -72.68% -50.62% -82.94% © 2019 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribe call 1-800-VALUELINE of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. RECENT TRAILING RELATIVE DIV’D VALUE BIODELIVERY SCIENCES NDQ--BDSI PRICE 6.25P/E RATIO NMF P/E RATIO NMFYLD Nil LINE 3644 RANKS 4.05 6.89 6.09 18.48 15.50 4.90 3.60 4.14 6.45 High 0.77 0.80 3.52 5.65 4.64 1.50 1.55 1.70 3.52 Low Above PERFORMANCE 2 Average LEGENDS 12 Mos Mov Avg Technical 3 Average ....Rel Price Strength 8 Shaded area indicates recession Below SAFETY 4 Average 5 4 BETA 1.50 (1.00 = Market) 3 2 Financial Strength B

Price Stability 5 1

Price Growth Persistence 30 16600 Earnings Predictability 30 VOL. (thous.) © VALUE LINE PUBLISHING LLC 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020/2021 SALES PER SH .11 1.46 .30 .76 .92 .29 1.11 .79 -- ‘‘CASH FLOW’’ PER SH d.74 .08 d1.47 d1.03 d.69 d1.21 d.29 d.40 -- EARNINGS PER SH d.82 .05 d1.51 d1.12 d.72 d1.25 d.39 d.73 .02 A,B .31 C/NA DIV’DS DECL’D PER SH ------CAP’L SPENDING PER SH .01 .00 .00 .03 .01 .01 .00 .00 -- BOOK VALUE PER SH .14 1.33 d.02 1.05 .60 d.33 .16 .42 -- COMMON SHS OUTST’G (MILL) 29.56 37.48 38.19 51.59 52.72 54.12 55.89 70.78 -- AVG ANN’L P/E RATIO -- 78.2 ------NMF 20.2/NA RELATIVE P/E RATIO -- 5.01 ------AVG ANN’L DIV’D YIELD ------SALES ($MILL) 3.3 54.5 11.4 38.9 48.2 15.5 62.0 55.6 -- Bold figures OPERATING MARGIN NMF 15.7% NMF NMF NMF NMF NMF NMF -- are consensus DEPRECIATION ($MILL) 1.3 1.5 1.3 1.1 1.3 1.4 6.1 5.9 -- earnings NET PROFIT ($MILL) d23.3 1.7 d57.4 d54.2 d37.7 d67.1 d22.1 d33.9 -- estimates INCOME TAX RATE -- 7.2% ------and, using the NET PROFIT MARGIN NMF 3.0% NMF NMF NMF NMF NMF NMF -- recent prices, WORKING CAP’L ($MILL) d6.8 40.7 1.6 49.1 64.4 23.2 13.6 44.5 -- P/E ratios. LONG-TERM DEBT ($MILL) -- -- 11.8 4.2 22.2 29.3 47.7 51.7 -- SHR. EQUITY ($MILL) 4.1 49.8 d.8 54.4 31.7 d17.7 8.9 29.7 -- RETURN ON TOTAL CAP’L NMF 3.3% NMF NMF NMF NMF NMF NMF -- RETURN ON SHR. EQUITY NMF 3.3% -- NMF NMF -- NMF NMF -- RETAINED TO COM EQ NMF 3.3% -- NMF NMF -- NMF NMF -- ALL DIV’DS TO NET PROF ------ANo. of analysts changing earn. est. in last 25 days: 2 up, 2 down, consensus 5-year earnings growth not available. BBased upon 5 analysts’ estimates. CBased upon 5 analysts’ estimates. ANNUAL RATES ASSETS ($mill.) 2017 2018 9/30/19 INDUSTRY: Biotechnology of change (per share) 5 Yrs. 1 Yr. Cash Assets 21.2 43.8 55.9 Sales 3.0% -29.0% Receivables 8.9 13.6 33.4 BUSINESS: BioDelivery Sciences International, Inc. fo- ‘‘Cash Flow’’ -- -- Inventory 6.1 5.4 10.8 cuses in the areas of pain management and addiction Earnings -- -- Other 3.5 3.2 4.8 Dividends -- -- medicine. It built portfolio of products that includes utiliz- Current Assets 39.7 66.0 104.9 Book Value -29.5% 164.5% ing its novel and proprietary BioErodible MucoAdhesive Fiscal QUARTERLY SALES ($mill.) Full Property, Plant (BEMA) drug-delivery technology. The FDA approved Year 1Q 2Q 3Q 4Q Year & Equip, at cost 6.8 6.9 - - products include: BELBUCA (buprenorphine buccal film), Accum Depreciation 3.0 3.8 - - 12/31/17 29.5 8.7 11.3 12.5 62.0 Net Property 3.8 3.1 3.7 a buccal film that contains buprenorphine, a Schedule III 12/31/18 11.3 12.2 14.1 18.0 55.6 Other 44.6 39.4 65.0 opioid, for use in patients with pain severe enough to require 12/31/19 19.8 29.7 30.3 Total Assets 88.1 108.5 173.6 daily, around-the-clock, long-term opioid treatment for 12/31/20 which alternative options are inadequate; Symproic is a LIABILITIES ($mill.) peripherally acting mu-opioid receptor antagonist, or Fiscal EARNINGS PER SHARE Full Accts Payable 12.2 3.2 2.2 Year 1Q 2Q 3Q 4Q Year Debt Due .0 .0 .0 PAMORA, for the treatment of opioid-induced constipation 12/31/16 d.35 d.31 d.30 d.29 d1.25 Other 13.9 18.3 44.3 in adult patients with chronic non-cancer pain;.BU- 12/31/17 .38 d.27 d.21 d.29 d.39 Current Liab 26.1 21.5 46.5 NAVAIL(R) is indicated for the treatment of opioid depen- 12/31/18 d.18 d.16 d.29 d.13 d.73 dence; and ONSOLIS(R), approved in the US, EU (mar- 12/31/19 d.05 d.13 -- .01 keted as BREAKYL TM), and Taiwan (marketed as 12/31/20 .03 .06 LONG-TERM DEBT AND EQUITY PAINKYL TM), for the management of breakthrough pain as of 9/30/19 Cal- QUARTERLY DIVIDENDS PAID Full in opioid tolerant adult patients with cancer. Has 164 endar 1Q 2Q 3Q 4Q Year Total Debt $58.5 mill. Due in 5 Yrs. NA employees. C.E.O.: Herm Cukier Address: 4131 ParkLake 2016 ------LT Debt $58.5 mill. Ave Suite 225, Raleigh, NC 27612. Tel.: (919) 582-9050. Including Cap. Leases NA 2017 ------(46% of Cap’l) Internet: www.bdsi.com. E.B. 2018 ------Leases, Uncapitalized Annual rentals NA 2019 ------December 6, 2019 Pension Liability None in ’18 vs. None in ’17 INSTITUTIONAL DECISIONS TOTAL SHAREHOLDER RETURN 4Q’18 1Q’19 2Q’19 Pfd Stock None Pfd Div’d Paid None Dividends plus appreciation as of 10/31/2019 to Buy 44 66 58 Common Stock 89,796,774 shares 3 Mos. 6 Mos. 1 Yr. 3 Yrs. 5 Yrs. to Sell 42 29 59 (54% of Cap’l) Hld’s(000) 40375 50881 60891 55.80% 19.67% 55.80% 151.30% -66.78% © 2019 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribe call 1-800-VALUELINE of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. RECENT TRAILING RELATIVE DIV’D VALUE BLUEBIRD BIO INC. NDQ--BLUE PRICE 74.84P/E RATIO NMF P/E RATIO NMFYLD Nil LINE 3645 RANKS 36.25 94.95 197.35 79.70 222.03 236.17 163.42 High 17.03 17.40 48.85 35.37 60.95 87.49 71.42 Low PERFORMANCE 3 Average LEGENDS 225 12 Mos Mov Avg Technical 3 Average ....Rel Price Strength 150 Shaded area indicates recession Below SAFETY Average 4 90 BETA 1.45 (1.00 = Market) 60 45 Financial Strength B+ 24 Price Stability 5 15 Price Growth Persistence 55 21300 Earnings Predictability 50 VOL. (thous.) © VALUE LINE PUBLISHING LLC 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020/2021 SALES PER SH -- -- .84 .79 .38 .15 .71 1.00 -- ‘‘CASH FLOW’’ PER SH -- -- d1.02 d1.38 d4.32 d6.24 d6.44 d9.84 -- EARNINGS PER SH -- -- d2.02 d1.83 d4.81 d7.07 d7.71 d10.68 d14.06 A,B d15.09 C/NA DIV’DS DECL’D PER SH ------CAP’L SPENDING PER SH -- -- .36 .27 .24 .39 1.25 1.02 -- BOOK VALUE PER SH -- -- 6.34 15.19 23.05 21.37 32.48 34.44 -- COMMON SHS OUTST’G (MILL) -- -- 23.94 32.34 36.89 40.69 49.98 54.74 -- AVG ANN’L P/E RATIO ------NMF NMF/NA RELATIVE P/E RATIO ------AVG ANN’L DIV’D YIELD ------SALES ($MILL) -- .3 20.2 25.4 14.1 6.2 35.4 54.6 -- Bold figures OPERATING MARGIN -- NMF NMF NMF NMF NMF NMF NMF -- are consensus DEPRECIATION ($MILL) -- .3 .9 4.2 7.4 9.6 13.5 17.2 -- earnings NET PROFIT ($MILL) -- d23.7 d25.3 d48.7 d166.8 d263.5 d335.6 d555.6 -- estimates INCOME TAX RATE ------and, using the NET PROFIT MARGIN -- NMF NMF NMF NMF NMF NMF NMF -- recent prices, WORKING CAP’L ($MILL) -- 63.2 177.1 437.0 483.6 649.7 1227.2 1272.6 -- P/E ratios. LONG-TERM DEBT ($MILL) ------153.3 -- SHR. EQUITY ($MILL) -- 64.1 151.7 491.3 850.5 869.4 1623.4 1885.1 -- RETURN ON TOTAL CAP’L -- NMF NMF NMF NMF NMF NMF NMF -- RETURN ON SHR. EQUITY -- NMF NMF NMF NMF NMF NMF NMF -- RETAINED TO COM EQ -- -- NMF NMF NMF NMF NMF NMF -- ALL DIV’DS TO NET PROF ------ANo. of analysts changing earn. est. in last 25 days: 2 up, 8 down, consensus 5-year earnings growth not available. BBased upon 12 analysts’ estimates. CBased upon 12 analysts’ estimates. ANNUAL RATES ASSETS ($mill.) 2017 2018 9/30/19 INDUSTRY: Biotechnology of change (per share) 5 Yrs. 1 Yr. Cash Assets 1290.1 1385.3 1180.0 Sales -6.0% 40.5% Receivables .0 .0 .0 BUSINESS: bluebird bio, Inc. develops gene therapies for ‘‘Cash Flow’’ -- -- Inventory .0 .0 .0 severe genetic diseases and cancer. Its programs in severe Earnings -- -- Other 32.7 33.7 40.0 Dividends -- -- genetic diseases include: ZYNTEGLO TM product candi- Current Assets 1322.8 1419.0 1220.0 Book Value 36.0% 6.0% date as a treatment for transfusion-dependent b-thalassemia, Fiscal QUARTERLY SALES ($mill.) Full Property, Plant or TDT; LentiGlobin(R) product candidate as a treatment Year 1Q 2Q 3Q 4Q Year & Equip, at cost 215.5 275.8 - - for severe sickle cell disease (SCD); and Lenti-D TM Accum Depreciation 15.9 29.2 - - 12/31/17 6.8 16.7 7.7 4.2 35.4 Net Property 199.6 246.6 144.1 product candidate as a treatment for cerebral adrenoleu- 12/31/18 16.0 7.9 11.5 19.2 54.6 Other 378.2 577.2 528.1 kodystrophy. The programs in oncology are built upon 12/31/19 12.5 13.3 8.9 Total Assets 1900.6 2242.8 1892.2 expertise in lentiviral gene delivery and T cell engineering, 12/31/20 with a focus on developing novel T cell-based immuno- LIABILITIES ($mill.) therapies, including chimeric antigen receptor (CAR) and T Fiscal EARNINGS PER SHARE Full Accts Payable 12.9 17.8 41.9 Year 1Q 2Q 3Q 4Q Year Debt Due .0 10.6 .0 cell receptor (TCR) T cell therapies. bluebird’s product 12/31/16 d1.53 d1.59 d2.07 d1.88 d7.07 Other 82.7 118.0 154.1 candidates in oncology, i decabtagene vicleucel, or ide-cel 12/31/17 d1.73 d1.73 d1.73 d2.52 d7.71 Current Liab 95.6 146.4 196.0 (bb2121), and bb21217, are CAR T cell product candidates 12/31/18 d2.32 d2.91 d2.73 d2.72 d10.68 for the treatment of multiple myeloma. In October 2019, 12/31/19 d2.99 d3.55 d3.73 d3.79 bluebird and Novo Nordisk A/S entered into a research 12/31/20 d3.73 d3.79 LONG-TERM DEBT AND EQUITY collaboration to jointly develop next-generation in vivo as of 9/30/19 Cal- QUARTERLY DIVIDENDS PAID Full genome editing treatments for genetic diseases. Has 764 endar 1Q 2Q 3Q 4Q Year Total Debt None Due in 5 Yrs. None employees. C.E.O. & President: Nick Leschly Address: 60 2016 ------LT Debt None Binney Street, Cambridge, MA 02142. Tel.: (339) 499- Including Cap. Leases None 2017 ------Leases, Uncapitalized Annual rentals NA 9300. Internet: www.bluebirdbio.com. E.B. 2018 ------2019 ------Pension Liability None in ’18 vs. None in ’17 December 6, 2019

INSTITUTIONAL DECISIONS Pfd Stock None Pfd Div’d Paid None TOTAL SHAREHOLDER RETURN 4Q’18 1Q’19 2Q’19 Dividends plus appreciation as of 10/31/2019 to Buy 135 168 133 Common Stock 55,320,000 shares (100% of Cap’l) 3 Mos. 6 Mos. 1 Yr. 3 Yrs. 5 Yrs. to Sell 154 111 134 Hld’s(000) 60689 61822 63079 -38.28% -42.89% -29.38% 69.63% 92.90% © 2019 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribe call 1-800-VALUELINE of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. RECENT TRAILING RELATIVE DIV’D VALUE BRICKELL BIOTECH NDQ--BBI PRICE 2.15P/E RATIO NMF P/E RATIO NMFYLD Nil LINE 3646 RANKS 370.89 331.70 315.61 125.26 108.47 33.59 25.89 13.44 8.96 High 118.96 182.65 70.68 62.56 23.65 15.47 11.62 7.00 2.03 Low PERFORMANCE 3 Average LEGENDS 45 12 Mos Mov Avg Technical 3 Average ....Rel Price Strength 30 1-for-10 Rev split 5/16 14% Rev split 9/19 22.5 SAFETY 5 Lowest Shaded area indicates recession BETA .80 (1.00 = Market) 13 9 Financial Strength C++ 6

Price Stability 5 4 3 Price Growth Persistence 5 4800 Earnings Predictability 20 VOL. (thous.) © VALUE LINE PUBLISHING LLC 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020/2021 SALES PER SH 29.21 14.23 6.22 11.79 16.01 9.20 4.44 .52 -- ‘‘CASH FLOW’’ PER SH d4.85 d16.99 d23.41 d11.49 d6.18 d4.97 d3.91 d5.17 -- EARNINGS PER SH d7.00 d18.89 d25.19 d13.30 d7.00 d6.30 d7.07 d5.18 NA NA/NA DIV’DS DECL’D PER SH ------CAP’L SPENDING PER SH .25 .52 .27 .07 .06 .16 .03 .01 -- BOOK VALUE PER SH 58.73 72.38 49.52 40.22 34.70 28.58 20.41 15.64 -- COMMON SHS OUTST’G (MILL) 1.03 1.23 1.24 1.29 1.31 1.58 3.12 3.12 -- AVG ANN’L P/E RATIO ------NA NA/NA RELATIVE P/E RATIO ------AVG ANN’L DIV’D YIELD ------SALES ($MILL) 30.0 17.5 7.7 15.2 21.0 14.5 13.8 1.6 -- Bold figures OPERATING MARGIN NMF NMF NMF NMF NMF NMF NMF NMF -- are consensus DEPRECIATION ($MILL) 2.3 2.0 2.2 1.7 1.2 1.1 .8 .2 -- earnings NET PROFIT ($MILL) d7.3 d22.9 d31.2 d16.5 d9.2 d9.0 d13.0 d16.3 -- estimates INCOME TAX RATE ------and, using the NET PROFIT MARGIN NMF NMF NMF NMF NMF NMF NMF NMF -- recent prices, WORKING CAP’L ($MILL) 47.1 80.2 54.4 46.1 40.3 40.7 59.4 45.6 -- P/E ratios. LONG-TERM DEBT ($MILL) ------SHR. EQUITY ($MILL) 60.3 89.1 61.4 51.9 45.4 45.1 63.6 48.8 -- RETURN ON TOTAL CAP’L NMF NMF NMF NMF NMF NMF NMF NMF -- RETURN ON SHR. EQUITY NMF NMF NMF NMF NMF NMF NMF NMF -- RETAINED TO COM EQ NMF NMF NMF NMF NMF NMF NMF NMF -- ALL DIV’DS TO NET PROF ------Note: No analyst estimates available. ANNUAL RATES ASSETS ($mill.) 2017 2018 9/30/19 INDUSTRY: Biotechnology of change (per share) 5 Yrs. 1 Yr. Cash Assets 60.5 48.1 25.7 Sales -22.0% -88.5% Receivables .0 .0 .0 BUSINESS: Brickell Biotech, Inc. is a clinical-stage ‘‘Cash Flow’’ -- -- Inventory .0 .0 .0 pharmaceutical company focused on developing innovative Earnings -- -- Other 15.8 1.1 5.0 Dividends -- -- and differentiated prescription therapeutics for the treatment Current Assets 76.3 49.2 30.7 Book Value -18.5% -23.5% of debilitating skin diseases. Its pipeline consists of poten- Fiscal QUARTERLY SALES ($mill.) Full Property, Plant tial novel therapeutics for hyperhidrosis, cutaneous T-cell Year 1Q 2Q 3Q 4Q Year & Equip, at cost 25.1 3.3 - - lymphoma, psoriasis, and other prevalent dermatological Accum Depreciation 24.5 3.2 - - 12/31/17 3.2 3.4 3.2 4.0 13.8 Net Property .6 .1 .0 conditions. Brickell’s pivotal Phase III-ready clinical-stage 12/31/18 .7 .7 .1 .1 1.6 Other 3.6 3.0 .7 product candidate, sofpironium bromide, is a proprietary 12/31/19 -- -- 1.2 Total Assets 80.5 52.3 31.4 new molecular entity that belongs to a class of medications 12/31/20 called anticholinergics. The company is developing sofpiro- LIABILITIES ($mill.) nium bromide as a potential best-in-class, self-administered, Fiscal EARNINGS PER SHARE Full Accts Payable 1.2 .4 1.3 Year 1Q 2Q 3Q 4Q Year Debt Due .0 .0 .0 once daily, topical therapy for the treatment of primary 12/31/16 d1.89 d.98 d1.68 d1.75 d6.30 Other 15.7 3.2 6.0 axillary hyperhidrosis. In September 2019, Brickell com- 12/31/17 d1.75 d2.10 d1.89 d1.47 d7.07 Current Liab 16.9 3.6 7.3 pleted its merger with Vical, Inc. Vical contributed approxi- 12/31/18 d1.96 d1.54 d.49 d1.19 d5.18 mately $35 million to the combined company in addition to 12/31/19 d1.47 d.77 d1.65 an R&D financing arrangement entered into with Nova- 12/31/20 LONG-TERM DEBT AND EQUITY Quest Capital Management that provides up to $25 million as of 9/30/19 Cal- QUARTERLY DIVIDENDS PAID Full in funding. Has 30 employees. C.E.O.: Robert B. Brown endar 1Q 2Q 3Q 4Q Year Total Debt None Due in 5 Yrs. None Address: 5777 Central Avenue, Boulder, CO 80301. Tel.: 2016 ------LT Debt None (720) 505-4755. Internet: www.brickellbio.com. Including Cap. Leases None 2017 ------Leases, Uncapitalized Annual rentals NA E.B. 2018 ------2019 ------Pension Liability None in ’18 vs. None in ’17 December 6, 2019

INSTITUTIONAL DECISIONS Pfd Stock None Pfd Div’d Paid None TOTAL SHAREHOLDER RETURN 4Q’18 1Q’19 2Q’19 Dividends plus appreciation as of 10/31/2019 to Buy 7 15 4 Common Stock 7,810,680 shares (100% of Cap’l) 3 Mos. 6 Mos. 1 Yr. 3 Yrs. 5 Yrs. to Sell 17 8 21 Hld’s(000) 1468 1101 948 -50.24% -70.48% -70.96% -86.21% -97.17% © 2019 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribe call 1-800-VALUELINE of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. RECENT TRAILING RELATIVE DIV’D VALUE CASI PHARMACEUTICALS NDQ--CASI PRICE 3.50P/E RATIO NMF P/E RATIO NMFYLD Nil LINE 3647 RANKS 6.66 3.10 3.73 2.34 2.13 1.76 4.84 8.89 4.19 High 0.90 0.96 1.38 1.07 0.83 0.58 0.91 2.73 2.83 Low PERFORMANCE 3 Average LEGENDS 12 Mos Mov Avg Technical 3 Average ....Rel Price Strength 8 9% Rev split 7/10 Below Shaded area indicates recession SAFETY 4 Average 5 4 BETA .75 (1.00 = Market) 3 2 Financial Strength B

Price Stability 5 1

Price Growth Persistence 25 7400 Earnings Predictability 30 VOL. (thous.) © VALUE LINE PUBLISHING LLC 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020/2021 SALES PER SH .16 .03 -- .00 .00 ------‘‘CASH FLOW’’ PER SH d.37 d.65 d.21 d.81 d.22 d.16 d.15 d.27 -- EARNINGS PER SH d.47 d.78 d.22 d.92 d.22 d.17 d.18 d.32 d.32 A,B d.20 C/NA DIV’DS DECL’D PER SH ------CAP’L SPENDING PER SH .00 .00 .00 .01 .00 .00 .01 .01 -- BOOK VALUE PER SH d3.29 .37 .55 d.01 d.19 .35 .55 1.15 -- COMMON SHS OUTST’G (MILL) 12.16 22.50 27.04 32.45 32.45 60.20 69.82 95.29 -- AVG ANN’L P/E RATIO ------NMF NMF/NA RELATIVE P/E RATIO ------AVG ANN’L DIV’D YIELD ------SALES ($MILL) 1.9 .7 -- .0 .0 ------Bold figures OPERATING MARGIN NMF NMF -- NMF NMF ------are consensus DEPRECIATION ($MILL) .0 .0 .0 .0 .1 .1 .1 1.7 -- earnings NET PROFIT ($MILL) d4.6 d14.5 d5.7 d26.2 d7.2 d9.5 d10.8 d27.5 -- estimates INCOME TAX RATE ------and, using the NET PROFIT MARGIN NMF NMF -- NMF NMF ------recent prices, WORKING CAP’L ($MILL) 2.5 8.2 14.8 10.1 4.5 26.2 38.7 88.7 -- P/E ratios. LONG-TERM DEBT ($MILL) ------1.4 1.5 1.5 1.5 -- -- SHR. EQUITY ($MILL) 2.5 8.2 14.9 d.4 d6.1 20.8 38.5 109.5 -- RETURN ON TOTAL CAP’L NMF NMF NMF NMF -- NMF NMF NMF -- RETURN ON SHR. EQUITY NMF NMF NMF -- -- NMF NMF NMF -- RETAINED TO COM EQ -- NMF NMF -- -- NMF NMF NMF -- ALL DIV’DS TO NET PROF ------ANo. of analysts changing earn. est. in last 25 days: 0 up, 0 down, consensus 5-year earnings growth not available. BBased upon 2 analysts’ estimates. CBased upon one analyst’s estimate. ANNUAL RATES ASSETS ($mill.) 2017 2018 9/30/19 INDUSTRY: Biotechnology of change (per share) 5 Yrs. 1 Yr. Cash Assets 43.5 85.1 63.8 Sales -- -- Receivables .0 .0 2.6 BUSINESS: CASI Pharmaceuticals, Inc. acquires, devel- ‘‘Cash Flow’’ -- -- Inventory .0 .0 2.6 ops, and commercializes innovative therapeutics addressing Earnings -- -- Other .3 7.5 4.4 Dividends -- -- cancer and other unmet medical needs for the global market Current Assets 43.8 92.6 73.4 Book Value -- 108.0% with a focus on commercialization in China. Its product Fiscal QUARTERLY SALES ($mill.) Full Property, Plant pipeline includes: EVOMELA(R), MARQIBO(R), and ZE- Year 1Q 2Q 3Q 4Q Year & Equip, at cost 1.4 2.4 - - VALIN(R) , all US FDA approved drugs in-licensed from Accum Depreciation .4 .6 - - 12/31/17 ------Net Property 1.0 1.8 1.4 Spectrum Pharmaceuticals, Inc. for China regional rights, 12/31/18 ------Other .3 19.0 34.3 and currently in various stages in the regulatory process for 12/31/19 -- -- 2.8 Total Assets 45.1 113.4 109.1 market approval in China; and an acquired portfolio of 25 12/31/20 FDA-approved ANDAs and four pipeline ANDAs that are LIABILITIES ($mill.) pending FDA approval. In addition, its pipeline includes a Fiscal EARNINGS PER SHARE Full Accts Payable 2.1 1.0 4.8 Year 1Q 2Q 3Q 4Q Year Debt Due .0 .0 .0 Phase II drug candidate, ENMD-2076, and CASI-001 and 12/31/16 d.04 d.08 d.03 d.02 d.17 Other 3.0 2.9 2.1 CASI-002 early-stage candidates in immuno-oncology. In 12/31/17 d.03 d.04 d.03 d.08 d.18 Current Liab 5.1 3.9 6.9 September 2019, CASI promoted Larry Zhang to president. 12/31/18 d.05 d.07 d.10 d.10 d.32 In November 2019, it announced an exclusive distribution 12/31/19 d.09 d.16 d.10 d.11 agreement with Pharmathen Global BV for the development 12/31/20 d.11 d.12 LONG-TERM DEBT AND EQUITY and distribution of octreotide long acting injectable (LAI) as of 9/30/19 Cal- QUARTERLY DIVIDENDS PAID Full microsphere in China. Has 124 employees. Chairman & endar 1Q 2Q 3Q 4Q Year Total Debt None Due in 5 Yrs. None C.E.O.: Wei-Wu He Address: 9620 Medical Center Drive 2016 ------LT Debt None Suite 300, Rockville, MD 20850. Tel.: (240) 864-2600. Including Cap. Leases None 2017 ------Leases, Uncapitalized Annual rentals NA Internet: www.casipharmaceuticals.com. E.B. 2018 ------2019 ------Pension Liability None in ’18 vs. None in ’17 December 6, 2019

INSTITUTIONAL DECISIONS Pfd Stock None Pfd Div’d Paid None TOTAL SHAREHOLDER RETURN 4Q’18 1Q’19 2Q’19 Dividends plus appreciation as of 10/31/2019 to Buy 25 26 25 Common Stock 96,339,000 shares (100% of Cap’l) 3 Mos. 6 Mos. 1 Yr. 3 Yrs. 5 Yrs. to Sell 30 26 17 Hld’s(000) 11414 11475 11877 5.13% 0.61% 0.00% 137.68% 83.24% © 2019 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribe call 1-800-VALUELINE of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. RECENT TRAILING RELATIVE DIV’D VALUE CATALYST BIOSCIENCES NDQ--CBIO PRICE 5.42P/E RATIO NMF P/E RATIO NMFYLD Nil LINE 3648 RANKS 811.85 205.16 162.80 139.35 324.00 51.00 18.88 37.00 10.84 High 130.83 102.58 99.94 59.95 28.35 7.95 3.11 6.20 4.52 Low Below PERFORMANCE 4 Average LEGENDS Below 12 Mos Mov Avg Technical 4 Average ....Rel Price Strength 14% Rev split 8/15 50 Below 6.6% Rev split 2/17 SAFETY 4 Average Shaded area indicates recession

BETA 1.70 (1.00 = Market) 25

15 Financial Strength C++ 10 Price Stability 5

Price Growth Persistence NMF 5 8300 Earnings Predictability 30 VOL. (thous.) © VALUE LINE PUBLISHING LLC 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020/2021 SALES PER SH 306.90 180.61 11.29 .85 2.30 .50 .17 .00 -- ‘‘CASH FLOW’’ PER SH d19.01 d14.94 d143.64 d100.23 d18.74 d20.65 d3.52 d2.50 -- EARNINGS PER SH d28.33 d22.04 d145.86 d101.78 d49.93 d21.75 d7.45 d2.68 NA NA/NA DIV’DS DECL’D PER SH ------CAP’L SPENDING PER SH 4.50 1.04 .29 .01 .36 .58 .00 .03 -- BOOK VALUE PER SH 547.83 549.13 418.91 338.72 41.22 20.04 5.06 10.03 -- COMMON SHS OUTST’G (MILL) .32 .32 .32 .32 .76 .80 6.08 11.96 -- AVG ANN’L P/E RATIO ------NA NA/NA RELATIVE P/E RATIO ------AVG ANN’L DIV’D YIELD ------SALES ($MILL) 97.6 57.9 3.6 .3 1.8 .4 1.0 .0 -- Bold figures OPERATING MARGIN NMF NMF NMF NMF NMF NMF NMF NMF -- are consensus DEPRECIATION ($MILL) 2.5 2.2 .5 .4 .5 .4 .2 .1 -- earnings NET PROFIT ($MILL) d8.5 d7.0 d46.7 d32.6 d14.8 d16.9 d21.6 d30.1 -- estimates INCOME TAX RATE ------and, using the NET PROFIT MARGIN NMF NMF NMF NMF NMF NMF NMF NMF -- recent prices, WORKING CAP’L ($MILL) 120.1 116.3 82.6 105.2 30.9 15.5 30.4 119.2 -- P/E ratios. LONG-TERM DEBT ($MILL) 2.0 1.1 .3 ------SHR. EQUITY ($MILL) 174.3 175.9 134.6 109.1 31.4 16.1 30.8 119.9 -- RETURN ON TOTAL CAP’L NMF NMF NMF NMF NMF NMF NMF NMF -- RETURN ON SHR. EQUITY NMF NMF NMF NMF NMF NMF NMF NMF -- RETAINED TO COM EQ NMF NMF NMF NMF NMF NMF NMF NMF -- ALL DIV’DS TO NET PROF ------Note: No analyst estimates available. ANNUAL RATES ASSETS ($mill.) 2017 2018 9/30/19 INDUSTRY: Biotechnology of change (per share) 5 Yrs. 1 Yr. Cash Assets 32.4 120.1 85.0 Sales -73.5% -99.5% Receivables .0 .0 .0 BUSINESS: Catalyst Biosciences, Inc. develops novel ‘‘Cash Flow’’ -- -- Inventory .0 .0 .0 treatments for hemophilia and other rare bleeding disorders Earnings -- -- Other 6.7 3.9 4.1 Dividends -- -- using its potent, subcutaneous coagulation factors that Current Assets 39.1 124.0 89.1 Book Value -53.0% 98.5% promote blood clotting. The company is focused on the Fiscal QUARTERLY SALES ($mill.) Full Property, Plant clinical development of subcutaneously dosed, next- Year 1Q 2Q 3Q 4Q Year & Equip, at cost 2.3 .7 - - generation Factor VIIa (marzeptacog alfa (activated) – Accum Depreciation 2.0 .3 - - 12/31/17 .3 .1 .3 .3 1.0 Net Property .3 .4 .3 MarzAA) for the treatment of hemophilia A and B inhibitor 12/31/18 ------Other .1 .5 2.4 patients, and Factor IX (dalcinonacog alfa – DalcA) for 12/31/19 ------Total Assets 39.5 124.9 91.8 hemophilia B patients. Preclinical and Phase I clinical 12/31/20 studies showed that MarzAA is nine-fold more potent than LIABILITIES ($mill.) NovoSeven RT, the current leading Factor VIIa by pass Fiscal EARNINGS PER SHARE Full Accts Payable .7 1.2 2.1 Year 1Q 2Q 3Q 4Q Year Debt Due 5.1 .0 .0 therapy, and that DalcA is 22-fold more potent than Ben- 12/31/16 d4.65 d6.30 d6.00 d4.80 d21.75 Other 2.9 3.6 7.0 eFIX, the current leading Factor IX replacement therapy. 12/31/17 d4.57 d2.53 d1.34 d.96 d7.45 Current Liab 8.7 4.8 9.1 Catalyst has three additional drug candidates: a Factor IX 12/31/18 d.56 d.54 d.64 d.91 d2.68 gene therapy construct CB 2679d-GT; a novel anti-C3 12/31/19 d1.26 d1.15 d1.06 protease program for the treatment of dry AMD, CB 2782 12/31/20 LONG-TERM DEBT AND EQUITY for which it has a collaboration with Mosaic Biosciences; as of 9/30/19 Cal- QUARTERLY DIVIDENDS PAID Full and a Factor Xa pro-coagulant molecule. Has 21 employees. endar 1Q 2Q 3Q 4Q Year Total Debt None Due in 5 Yrs. None C.E.O. & President: Nassim Usman Address: 611 Gateway 2016 ------LT Debt None Blvd. Suite 710, South San Francisco, CA 94080. Tel.: (650) Including Cap. Leases None 2017 ------Leases, Uncapitalized Annual rentals NA 266-8674. Internet: www.catalystbiosciences.com. E.B. 2018 ------2019 ------Pension Liability None in ’18 vs. None in ’17 December 6, 2019

INSTITUTIONAL DECISIONS Pfd Stock None Pfd Div’d Paid None TOTAL SHAREHOLDER RETURN 4Q’18 1Q’19 2Q’19 Dividends plus appreciation as of 10/31/2019 to Buy 35 29 32 Common Stock 12,030,000 shares (100% of Cap’l) 3 Mos. 6 Mos. 1 Yr. 3 Yrs. 5 Yrs. to Sell 35 32 39 Hld’s(000) 7632 8221 7597 -33.58% -37.61% -38.88% -49.63% -93.98% © 2019 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribe call 1-800-VALUELINE of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. RECENT TRAILING RELATIVE DIV’D VALUE CELLULAR BIOMED. NDQ--CBMG PRICE 17.89P/E RATIO NMF P/E RATIO NMFYLD Nil LINE 3649 RANKS 8.50 38.99 49.00 22.10 13.80 25.00 20.50 High 2.40 4.24 12.93 10.44 5.05 11.35 10.98 Low

PERFORMANCE ★ Suspended LEGENDS 12 Mos Mov Avg 18 Technical ★ Suspended ....Rel Price Strength Shaded area indicates recession Below 13 SAFETY 4 Average 8 BETA 1.40 (1.00 = Market) 5 4 Financial Strength B 3

Price Stability 5 2

Price Growth Persistence 25 1200 Earnings Predictability 65 VOL. (thous.) © VALUE LINE PUBLISHING LLC 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020/2021 REVENUES PER SH -- -- .55 .05 .21 .04 .02 .01 -- ‘‘CASH FLOW’’ PER SH -- -- d1.75 d1.02 d1.48 d1.79 d1.48 d1.87 -- EARNINGS PER SH -- -- d2.38 d1.43 d1.70 d2.09 d1.78 d2.20 d2.75 A,B d2.83 C/NA DIV’DS DECL’D PER SH ------CAP’L SPENDING PER SH -- -- .02 .03 -- .19 .67 .36 -- BOOK VALUE PER SH -- -- 2.09 3.56 3.96 4.61 3.77 4.70 -- COMMON SHS OUTST’G (MILL) -- -- 7.38 10.99 11.71 14.28 15.19 18.12 -- AVG ANN’L P/E RATIO ------NMF NMF/NA RELATIVE P/E RATIO ------AVG ANN’L DIV’D YIELD ------REVENUES ($MILL) -- .3 4.1 .6 2.5 .6 .3 .2 -- Bold figures OPERATING MARGIN -- NMF NMF NMF NMF NMF NMF NMF -- are consensus DEPRECIATION ($MILL) -- .1 .8 1.2 2.1 2.6 3.0 5.0 -- earnings NET PROFIT ($MILL) -- d7.0 d13.8 d12.4 d19.4 d28.2 d25.5 d38.9 -- estimates INCOME TAX RATE ------and, using the NET PROFIT MARGIN -- NMF NMF NMF NMF NMF NMF NMF -- recent prices, WORKING CAP’L ($MILL) -- 3.8 5.4 12.0 13.7 38.3 20.8 48.4 -- P/E ratios. LONG-TERM DEBT ($MILL) ------SHR. EQUITY ($MILL) -- 6.2 15.4 39.2 46.4 65.9 57.3 85.2 -- RETURN ON TOTAL CAP’L -- NMF NMF NMF NMF NMF NMF NMF -- RETURN ON SHR. EQUITY -- NMF NMF NMF NMF NMF NMF NMF -- RETAINED TO COM EQ -- NMF NMF NMF NMF NMF NMF NMF -- ALL DIV’DS TO NET PROF ------ANo. of analysts changing earn. est. in last 25 days: 0 up, 1 down, consensus 5-year earnings growth not available. BBased upon 3 analysts’ estimates. CBased upon 2 analysts’ estimates. ANNUAL RATES ASSETS ($mill.) 2017 2018 9/30/19 INDUSTRY: Biotechnology of change (per share) 5 Yrs. 1 Yr. Cash Assets 21.6 52.8 29.0 Sales -45.5% -44.5% Receivables .2 .1 .6 BUSINESS: In November 2019, Cellular Biomedicine ‘‘Cash Flow’’ -- -- Inventory .0 .0 .0 Group Inc. (CBMG) announced that its board of directors Earnings -- -- Other 2.7 1.7 18.6 Dividends -- -- received a preliminary non-binding proposal letter from the Current Assets 24.5 54.6 48.2 Book Value 16.0% 24.5% consortium led by Mr. Bizuo (Tony) Liu, the CEO of the Fiscal QUARTERLY SALES ($mill.) Full Property, Plant company, certain other senior management members of the Year 1Q 2Q 3Q 4Q Year & Equip, at cost 16.8 22.1 - - company, Hillhouse Bio Holdings, L.P. and TF Capital Accum Depreciation 3.8 6.9 - - 12/31/17 .1 .1 -- .1 .3 Net Property 13.0 15.2 19.9 Ranok Ltd., and also including Dangdai International Group 12/31/18 -- .1 .1 -- .2 Other 23.7 21.8 37.4 Co., Ltd. and Mission Right Ltd., to acquire all outstanding 12/31/19 .1 -- -- Total Assets 61.2 91.6 105.5 shares of common stock of the company for $19.50 per 12/31/20 share in cash. Due to this news, the company’s ranks have LIABILITIES ($mill.) been suspended. CBMG develops proprietary cell therapies Fiscal EARNINGS PER SHARE Full Accts Payable .2 .4 5.7 Year 1Q 2Q 3Q 4Q Year Debt Due .0 .0 14.1 for the treatment of cancer and degenerative diseases. It 12/31/16 d.35 d.57 d.75 d.42 d2.09 Other 3.5 5.8 - - conducts immuno-oncology and stem cell clinical trials in 12/31/17 d.43 d.43 d.43 d.49 d1.78 Current Liab 3.7 6.2 25.9 China using products from its integrated GMP laboratory. 12/31/18 d.51 d.53 d.72 d.44 d2.20 The GMP facilities in China, consisting of twelve indepen- 12/31/19 d.51 d.63 d.82 d.78 dent cell production lines, are designed and managed 12/31/20 d.76 d.74 LONG-TERM DEBT AND EQUITY according to both China and US GMP standards. Has 193 as of 9/30/19 Cal- QUARTERLY DIVIDENDS PAID Full employees. C.E.O. & C.F.O.: Bizuo (Tony) Liu Address: endar 1Q 2Q 3Q 4Q Year Total Debt $14.1 mill. Due in 5 Yrs. NA 1345 Avenue of Americas, 15th Floor, New York, NY 2016 ------LT Debt None 10105. Tel.: (347) 905-5663. Internet: www.cellbiomed- Including Cap. Leases NA 2017 ------Leases, Uncapitalized Annual rentals NA group.com. E.B. 2018 ------2019 ------Pension Liability None in ’18 vs. None in ’17 December 6, 2019

INSTITUTIONAL DECISIONS Pfd Stock None Pfd Div’d Paid None TOTAL SHAREHOLDER RETURN 4Q’18 1Q’19 2Q’19 Dividends plus appreciation as of 10/31/2019 to Buy 17 21 25 Common Stock 19,272,000 shares (100% of Cap’l) 3 Mos. 6 Mos. 1 Yr. 3 Yrs. 5 Yrs. to Sell 13 12 13 Hld’s(000) 1661 3435 3952 32.63% 5.84% 43.79% 51.78% 14.31% © 2019 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribe call 1-800-VALUELINE of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. RECENT TRAILING RELATIVE DIV’D VALUE CERUS CORP NDQ--CERS PRICE 4.17P/E RATIO NMF P/E RATIO NMFYLD Nil LINE 3650 RANKS 3.68 4.53 7.13 8.00 7.03 7.64 4.70 8.05 6.88 High 1.92 2.62 2.89 3.48 3.82 4.17 1.93 3.38 3.95 Low PERFORMANCE 3 Average LEGENDS 12 Mos Mov Avg Technical 3 Average ....Rel Price Strength 8 Shaded area indicates recession Below SAFETY 4 Average 5 4 BETA 1.30 (1.00 = Market) 3 2 Financial Strength B

Price Stability 10 1

Price Growth Persistence 50 25700 Earnings Predictability 55 VOL. (thous.) © VALUE LINE PUBLISHING LLC 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020/2021 SALES PER SH .65 .65 .55 .45 .35 .38 .44 .56 -- ‘‘CASH FLOW’’ PER SH d.31 d.27 d.60 d.46 d.55 d.59 d.51 d.41 -- EARNINGS PER SH d.35 d.33 d.64 d.61 d.61 d.62 d.56 d.44 d.50 A,B d.38 C/NA DIV’DS DECL’D PER SH ------CAP’L SPENDING PER SH .00 .00 .01 .03 .01 .01 .00 .01 -- BOOK VALUE PER SH .17 .34 .60 .52 .96 .56 .34 .62 -- COMMON SHS OUTST’G (MILL) 51.21 56.25 71.86 80.40 99.10 103.48 115.56 136.85 -- AVG ANN’L P/E RATIO ------NMF NMF/NA RELATIVE P/E RATIO ------AVG ANN’L DIV’D YIELD ------SALES ($MILL) 33.0 36.8 39.7 36.4 34.2 39.3 51.3 76.1 -- Bold figures OPERATING MARGIN NMF NMF NMF NMF NMF NMF NMF NMF -- are consensus DEPRECIATION ($MILL) .9 .7 .6 1.4 1.7 1.8 2.0 1.4 -- earnings NET PROFIT ($MILL) d17.0 d15.9 d43.3 d38.8 d55.9 d62.9 d60.6 d57.6 -- estimates INCOME TAX RATE ------and, using the NET PROFIT MARGIN NMF NMF NMF NMF NMF NMF NMF NMF -- recent prices, WORKING CAP’L ($MILL) 18.6 18.4 38.8 45.7 108.5 67.2 66.8 94.2 -- P/E ratios. LONG-TERM DEBT ($MILL) 4.7 2.9 -- 9.9 16.9 12.4 29.8 22.0 -- SHR. EQUITY ($MILL) 18.3 19.1 42.8 41.5 94.8 57.8 38.9 84.5 -- RETURN ON TOTAL CAP’L NMF NMF NMF NMF NMF NMF NMF NMF -- RETURN ON SHR. EQUITY NMF NMF NMF NMF NMF NMF NMF NMF -- RETAINED TO COM EQ NMF NMF NMF NMF NMF NMF NMF NMF -- ALL DIV’DS TO NET PROF ------ANo. of analysts changing earn. est. in last 25 days: 0 up, 1 down, consensus 5-year earnings growth not available. BBased upon 5 analysts’ estimates. CBased upon 2 analysts’ estimates. ANNUAL RATES ASSETS ($mill.) 2017 2018 9/30/19 INDUSTRY: Biotechnology of change (per share) 5 Yrs. 1 Yr. Cash Assets 60.7 117.6 85.1 Sales -5.5% 25.0% Receivables 12.4 8.8 14.5 BUSINESS: Cerus Corp. is engaged in the the research, ‘‘Cash Flow’’ -- -- Inventory 14.5 13.5 20.9 development, clinical testing, and commercialization of the Earnings -- -- Other 2.3 7.0 5.8 Dividends -- -- INTERCEPT Blood System. The INTERCEPT Blood Sys- Current Assets 89.9 146.9 126.3 Book Value 6.5% 83.5% tem is designed for three blood components: platelets, Fiscal QUARTERLY SALES ($mill.) Full Property, Plant plasma, and red blood cells. The INTERCEPT Blood Year 1Q 2Q 3Q 4Q Year & Equip, at cost 13.5 19.6 - - System for platelets, or platelet system, and the INTER- Accum Depreciation 11.4 11.5 - - 12/31/17 8.4 11.2 13.1 18.6 51.3 Net Property 2.1 8.1 15.2 CEPT Blood System for plasma, or plasma system, received 12/31/18 17.1 19.5 19.3 20.2 76.1 Other 6.2 8.5 22.9 CE marks and US FDA approval and are being marketed 12/31/19 17.5 18.2 18.0 Total Assets 98.2 163.5 164.4 and sold in a number of countries worldwide. The platelet 12/31/20 system is approved in the US for ex vivo preparation of LIABILITIES ($mill.) pathogen-reduced apheresis platelet components collected Fiscal EARNINGS PER SHARE Full Accts Payable 11.0 18.6 20.0 Year 1Q 2Q 3Q 4Q Year Debt Due .0 13.8 5.0 and stored in 100% plasma or InterSol in order to reduce the 12/31/16 d.17 d.18 d.14 d.13 d.62 Other 12.1 20.3 20.6 risk of transfusion-transmitted infection, or TTI, including 12/31/17 d.18 d.16 d.12 d.10 d.56 Current Liab 23.1 52.7 45.6 sepsis, and to potentially reduce the risk of transfusion- 12/31/18 d.11 d.10 d.11 d.12 d.44 associated graft versus host disease or TA-GVHD. The 12/31/19 d.14 d.13 d.13 d.12 INTERCEPT Blood System for red blood cells, or the red 12/31/20 d.12 d.12 LONG-TERM DEBT AND EQUITY blood cell system, is currently in development and has not as of 9/30/19 Cal- QUARTERLY DIVIDENDS PAID Full been commercialized anywhere in the world. Has 240 endar 1Q 2Q 3Q 4Q Year Total Debt $44.4 mill. Due in 5 Yrs. NA employees. C.E.O. & President: William M. Greenman 2016 ------LT Debt $39.4 mill. Address: 1220 Concord Avenue, Suite 600, Concord, CA Including Cap. Leases NA 2017 ------(39% of Cap’l) 94520. Tel.: (925) 288-6000. Internet: www.cerus.com.E.B. 2018 ------Leases, Uncapitalized Annual rentals NA 2019 ------December 6, 2019 Pension Liability None in ’18 vs. None in ’17 INSTITUTIONAL DECISIONS TOTAL SHAREHOLDER RETURN 4Q’18 1Q’19 2Q’19 Pfd Stock None Pfd Div’d Paid None Dividends plus appreciation as of 10/31/2019 to Buy 70 65 70 Common Stock 142,010,000 shares 3 Mos. 6 Mos. 1 Yr. 3 Yrs. 5 Yrs. to Sell 67 62 58 (61% of Cap’l) Hld’s(000) 88395 90319 102475 -25.64% -29.04% -35.07% -9.75% 4.57% © 2019 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribe call 1-800-VALUELINE of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. RECENT TRAILING RELATIVE DIV’D VALUE CHEMOCENTRYX, INC. NDQ--CCXI PRICE 8.06P/E RATIO NMF P/E RATIO NMFYLD Nil LINE 3651 RANKS 17.73 14.96 8.50 9.46 9.10 10.80 15.08 14.98 High 9.19 4.57 4.06 5.40 1.92 5.42 5.72 6.16 Low PERFORMANCE 3 Average LEGENDS Below 12 Mos Mov Avg 18 Technical 4 Average ....Rel Price Strength Shaded area indicates recession Below 13 SAFETY 4 Average 8 BETA .90 (1.00 = Market) 5 4 Financial Strength B 3

Price Stability 5 2

Price Growth Persistence 40 7100 Earnings Predictability 15 VOL. (thous.) © VALUE LINE PUBLISHING LLC 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020/2021 SALES PER SH -- .15 .14 -- -- .25 1.69 .85 -- ‘‘CASH FLOW’’ PER SH -- d1.08 d.89 d1.07 d1.06 d.82 .37 d.74 -- EARNINGS PER SH -- d1.13 d.95 d1.08 d1.08 d.86 .36 d.76 d.96 A,B d1.42 C/NA DIV’DS DECL’D PER SH ------CAP’L SPENDING PER SH -- .01 .01 .01 .01 .01 .01 .02 -- BOOK VALUE PER SH -- 3.04 3.39 2.50 1.64 1.04 1.62 .29 -- COMMON SHS OUTST’G (MILL) -- 36.35 42.89 43.45 44.19 48.06 48.84 50.65 -- AVG ANN’L P/E RATIO ------20.6 -- NMF NMF/NA RELATIVE P/E RATIO ------1.03 -- -- AVG ANN’L DIV’D YIELD ------SALES ($MILL) 31.7 5.4 6.1 -- -- 11.9 82.5 42.9 -- Bold figures OPERATING MARGIN NMF NMF NMF -- -- NMF 20.5% NMF -- are consensus DEPRECIATION ($MILL) .8 .6 .6 .5 .5 .3 .4 .5 -- earnings NET PROFIT ($MILL) d4.6 d39.9 d38.7 d46.9 d47.3 d40.0 17.9 d38.0 -- estimates INCOME TAX RATE ------and, using the NET PROFIT MARGIN NMF NMF NMF -- -- NMF 21.6% NMF -- recent prices, WORKING CAP’L ($MILL) 81.9 93.2 127.4 66.1 66.5 110.4 146.9 117.0 -- P/E ratios. LONG-TERM DEBT ($MILL) 11.4 .4 .0 ------4.7 19.7 -- SHR. EQUITY ($MILL) 76.0 110.3 145.3 108.6 72.5 49.9 79.3 14.7 -- RETURN ON TOTAL CAP’L NMF NMF NMF NMF NMF NMF 21.3% NMF -- RETURN ON SHR. EQUITY NMF NMF NMF NMF NMF NMF 22.5% NMF -- RETAINED TO COM EQ -- NMF NMF NMF NMF NMF 22.5% NMF -- ALL DIV’DS TO NET PROF ------ANo. of analysts changing earn. est. in last 25 days: 5 up, 0 down, consensus 5-year earnings growth not available. BBased upon 5 analysts’ estimates. CBased upon 5 analysts’ estimates. ANNUAL RATES ASSETS ($mill.) 2017 2018 9/30/19 INDUSTRY: Biotechnology of change (per share) 5 Yrs. 1 Yr. Cash Assets 127.3 177.0 170.9 Sales 45.0% -50.0% Receivables 51.1 2.1 .0 BUSINESS: ChemoCentryx, Inc. discovers new medica- ‘‘Cash Flow’’ -- -- Inventory .0 .0 .0 tions targeted at inflammatory and autoimmune diseases Earnings -- -- Other 1.4 2.3 1.6 Dividends -- -- and cancer. It targets the chemokine and chemoattractant Current Assets 179.8 181.4 172.5 Book Value -21.0% -82.0% systems to develop and commercialize orally-administered Fiscal QUARTERLY SALES ($mill.) Full Property, Plant therapies. The company’s late stage drug candidates for Year 1Q 2Q 3Q 4Q Year & Equip, at cost 9.0 9.7 - - patients with rare diseases are: avacopan (CCX168) and Accum Depreciation 7.8 8.2 - - 12/31/17 8.2 9.0 9.0 56.3 82.5 Net Property 1.2 1.5 1.6 CCX140. Avacopan, an orally-administered small molecule 12/31/18 9.6 15.0 9.0 9.3 42.9 Other 8.3 .4 38.2 that is a selective inhibitor of the complement C5a receptor, 12/31/19 8.3 7.2 10.6 Total Assets 189.3 183.3 212.3 is in development for the treatment of anti-neutrophil 12/31/20 cytoplasmic auto-antibody-associated vasculitis. It is also LIABILITIES ($mill.) developing avacopan for the treatment of patients with C3 Fiscal EARNINGS PER SHARE Full Accts Payable 1.4 1.0 .9 Year 1Q 2Q 3Q 4Q Year Debt Due .0 .0 .0 glomerulopathy (C3G), hidradenitis suppurativa (HS), and 12/31/16 d.33 d.22 d.15 d.16 d.86 Other 31.5 63.4 54.5 in atypical hemolytic uremic syndrome (aHUS). Its other 12/31/17 d.12 d.19 d.13 .80 .36 Current Liab 32.9 64.4 55.4 late stage drug candidate is CCX140, an inhibitor of the 12/31/18 d.19 d.14 d.22 d.21 d.76 chemokine receptor (CCR2), which is being developed for 12/31/19 d.23 d.26 d.22 d.25 patients with debilitating kidney disease. ChemoCentryx 12/31/20 d.32 d.36 LONG-TERM DEBT AND EQUITY also has early stage drug candidates that target chemoattrac- as of 9/30/19 Cal- QUARTERLY DIVIDENDS PAID Full tant receptors in other autoimmune diseases. Has 76 em- endar 1Q 2Q 3Q 4Q Year Total Debt $19.8 mill. Due in 5 Yrs. NA ployees. C.E.O. & President: Thomas J. Schall Address: 850 2016 ------LT Debt $19.8 mill. Maude Avenue, Mountain View, CA 94043. Tel.: (650) Including Cap. Leases NA 2017 ------(24% of Cap’l) 210-2900. Internet: www.chemocentryx.com. E.B. 2018 ------Leases, Uncapitalized Annual rentals NA 2019 ------December 6, 2019 Pension Liability None in ’18 vs. None in ’17 INSTITUTIONAL DECISIONS TOTAL SHAREHOLDER RETURN 4Q’18 1Q’19 2Q’19 Pfd Stock None Pfd Div’d Paid None Dividends plus appreciation as of 10/31/2019 to Buy 42 60 75 Common Stock 58,253,000 shares 3 Mos. 6 Mos. 1 Yr. 3 Yrs. 5 Yrs. to Sell 56 45 48 (76% of Cap’l) Hld’s(000) 27336 33744 37824 7.77% -35.19% -20.52% 43.81% 53.02% © 2019 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribe call 1-800-VALUELINE of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. RECENT TRAILING RELATIVE DIV’D VALUE CHIMERIX, INC. NDQ--CMRX PRICE 2.10P/E RATIO NMF P/E RATIO NMFYLD Nil LINE 3652 RANKS 27.00 41.89 58.04 9.72 6.64 5.94 4.40 High 12.96 14.02 6.43 3.49 4.17 2.08 1.25 Low Below PERFORMANCE 4 Average LEGENDS Below 12 Mos Mov Avg Technical 4 Average ....Rel Price Strength 8 Shaded area indicates recession Below SAFETY 4 Average 5 4 BETA 1.10 (1.00 = Market) 3 2 Financial Strength B

Price Stability 5 1

Price Growth Persistence 5 8600 Earnings Predictability 50 VOL. (thous.) © VALUE LINE PUBLISHING LLC 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020/2021 SALES PER SH -- -- .16 .10 .23 .12 .09 .14 -- ‘‘CASH FLOW’’ PER SH -- -- d1.36 d1.44 d2.53 d1.59 d1.48 d1.35 -- EARNINGS PER SH -- -- d3.65 d1.80 d2.67 d1.65 d1.51 d1.43 d1.01 A,B d.95 C/NA DIV’DS DECL’D PER SH ------CAP’L SPENDING PER SH -- -- .01 .02 .05 .02 .00 .00 -- BOOK VALUE PER SH -- -- 3.70 6.69 7.27 5.94 4.67 3.50 -- COMMON SHS OUTST’G (MILL) -- -- 26.67 41.03 46.16 46.52 47.51 50.74 -- AVG ANN’L P/E RATIO ------NMF NMF/NA RELATIVE P/E RATIO ------AVG ANN’L DIV’D YIELD ------SALES ($MILL) 12.1 33.7 4.4 4.0 10.8 5.7 4.5 7.2 -- Bold figures OPERATING MARGIN NMF NMF NMF NMF NMF NMF NMF NMF -- are consensus DEPRECIATION ($MILL) .3 .3 .3 .3 .7 2.3 .8 .9 -- earnings NET PROFIT ($MILL) d25.2 d4.4 d36.4 d59.3 d117.4 d76.4 d71.0 d69.5 -- estimates INCOME TAX RATE ------and, using the NET PROFIT MARGIN NMF NMF NMF NMF NMF NMF NMF NMF -- recent prices, WORKING CAP’L ($MILL) 18.0 24.0 102.8 220.4 208.6 226.4 143.3 176.5 -- P/E ratios. LONG-TERM DEBT ($MILL) 2.4 9.9 4.3 ------SHR. EQUITY ($MILL) 16.2 14.2 98.5 274.6 335.5 276.2 221.8 177.6 -- RETURN ON TOTAL CAP’L NMF NMF NMF NMF NMF NMF NMF NMF -- RETURN ON SHR. EQUITY NMF NMF NMF NMF NMF NMF NMF NMF -- RETAINED TO COM EQ -- -- NMF NMF NMF NMF NMF NMF -- ALL DIV’DS TO NET PROF ------ANo. of analysts changing earn. est. in last 25 days: 1 up, 0 down, consensus 5-year earnings growth not available. BBased upon 2 analysts’ estimates. CBased upon 2 analysts’ estimates. ANNUAL RATES ASSETS ($mill.) 2017 2018 9/30/19 INDUSTRY: Biotechnology of change (per share) 5 Yrs. 1 Yr. Cash Assets 151.5 186.5 116.7 Sales -6.0% 50.5% Receivables 1.7 .3 1.8 BUSINESS: Chimerix, Inc. advances innovative medi- ‘‘Cash Flow’’ -- -- Inventory .0 .0 .0 cines that make a meaningful impact in the lives of patients Earnings -- -- Other 3.3 2.7 7.5 Dividends -- -- living with cancer and other serious diseases. It has two Current Assets 156.5 189.5 126.0 Book Value 5.0% -25.0% clinical-stage product candidates: dociparstat sodium Fiscal QUARTERLY SALES ($mill.) Full Property, Plant (DSTAT) and brincidofovir (BCV). Dociparstat sodium is a Year 1Q 2Q 3Q 4Q Year & Equip, at cost 5.7 5.9 - - potential first-in-class glycosaminoglycan biologic derived Accum Depreciation 3.8 4.7 - - 12/31/17 1.1 .7 .9 1.8 4.5 Net Property 1.9 1.2 .9 from porcine heparin that has low anticoagulant activity but 12/31/18 .8 1.2 .4 4.8 7.2 Other 76.8 .0 .9 retains the ability to inhibit activities of several key proteins 12/31/19 2.4 1.4 2.0 Total Assets 235.2 190.7 127.8 implicated in the retention and viability of AML blasts and 12/31/20 leukemic stem cells in the bone marrow during chemo- LIABILITIES ($mill.) therapy. In September 2019, Chimerix announced a global Fiscal EARNINGS PER SHARE Full Accts Payable 3.8 4.7 3.5 Year 1Q 2Q 3Q 4Q Year Debt Due .0 .0 .0 license agreement with SymBio Pharmaceuticals, Ltd., 12/31/16 d.57 d.39 d.37 d.32 d1.65 Other 9.4 8.3 11.9 under which SymBio exclusively licensed the worldwide 12/31/17 d.37 d.36 d.37 d.41 d1.51 Current Liab 13.2 13.0 15.4 rights to manufacture and commercialize brincidofovir in all 12/31/18 d.42 d.39 d.33 d.29 d1.43 human indications, excluding the prevention and treatment 12/31/19 d.35 d.35 d1.26 d.17 of smallpox. Under the terms of the deal, Chimerix will 12/31/20 LONG-TERM DEBT AND EQUITY receive an upfront payment of $5 million plus potential as of 9/30/19 Cal- QUARTERLY DIVIDENDS PAID Full milestones of up to $180 million. Has 82 employees. C.E.O. endar 1Q 2Q 3Q 4Q Year Total Debt None Due in 5 Yrs. None & President: Michael A. Sherman Address: 2505 Meridian 2016 ------LT Debt None Parkway Suite 100, Durham, NC 27713. Tel.: (919) 806- Including Cap. Leases None 2017 ------Leases, Uncapitalized Annual rentals NA 1074. Internet: www.chimerix.com. E.B. 2018 ------2019 ------Pension Liability None in ’18 vs. None in ’17 December 6, 2019

INSTITUTIONAL DECISIONS Pfd Stock None Pfd Div’d Paid None TOTAL SHAREHOLDER RETURN 4Q’18 1Q’19 2Q’19 Dividends plus appreciation as of 10/31/2019 to Buy 46 46 46 Common Stock 61,382,000 shares (100% of Cap’l) 3 Mos. 6 Mos. 1 Yr. 3 Yrs. 5 Yrs. to Sell 36 42 42 Hld’s(000) 37355 35600 38122 -60.28% -47.04% -59.03% -64.69% -95.39% © 2019 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribe call 1-800-VALUELINE of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. RECENT TRAILING RELATIVE DIV’D VALUE CHINA BIOLOGIC NDQ--CBPO PRICE 116.82P/E RATIO 28.8 P/E RATIO 1.61YLD Nil LINE 3653 RANKS 18.73 17.18 31.15 71.13 143.21 144.29 120.46 107.44 119.44 High 5.97 7.07 13.07 26.66 64.36 100.53 72.21 60.08 73.00 Low

PERFORMANCE ★ Suspended LEGENDS 180 12 Mos Mov Avg Technical ★ Suspended ....Rel Price Strength Shaded area indicates recession 90 SAFETY 3 Average

BETA 1.00 (1.00 = Market) 45

27 Financial Strength B++ 18 Price Stability 35

Price Growth Persistence 60 9 6100 Earnings Predictability 45 VOL. (thous.) © VALUE LINE PUBLISHING LLC 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020/2021 SALES PER SH 5.98 6.94 7.86 9.81 12.19 12.56 13.41 11.86 -- ‘‘CASH FLOW’’ PER SH 1.64 2.03 2.40 3.17 4.00 4.32 2.93 3.84 -- EARNINGS PER SH .97 1.62 1.96 2.71 3.27 3.74 2.38 3.53 3.29 A,B 3.77 C/NA DIV’DS DECL’D PER SH ------CAP’L SPENDING PER SH .31 .52 .79 .69 1.59 1.82 1.36 .81 -- BOOK VALUE PER SH 5.29 7.34 9.19 8.55 15.72 17.01 21.66 43.75 -- COMMON SHS OUTST’G (MILL) 25.60 26.63 25.86 24.81 24.33 27.17 27.61 39.36 -- AVG ANN’L P/E RATIO 12.0 6.3 13.0 17.1 30.7 31.4 41.8 23.7 35.5 31.0/NA RELATIVE P/E RATIO .75 .40 .73 .90 1.58 1.71 2.09 1.34 -- AVG ANN’L DIV’D YIELD ------SALES ($MILL) 153.1 184.8 203.4 243.3 296.5 341.2 370.4 466.9 -- Bold figures OPERATING MARGIN 42.2% 45.1% 46.4% 48.9% 47.5% 45.9% 40.2% 36.3% -- are consensus DEPRECIATION ($MILL) 7.6 8.9 7.5 7.7 8.2 12.7 12.9 23.2 -- earnings NET PROFIT ($MILL) 34.3 45.2 54.6 70.9 89.0 104.8 67.9 128.1 -- estimates INCOME TAX RATE 29.2% 18.7% 16.8% 21.7% 15.5% 16.3% 43.8% 10.9% -- and, using the NET PROFIT MARGIN 22.4% 24.5% 26.9% 29.2% 30.0% 30.7% 18.3% 27.4% -- recent prices, WORKING CAP’L ($MILL) 115.9 174.5 200.9 159.3 297.4 320.0 495.5 1234.8 -- P/E ratios. LONG-TERM DEBT ($MILL) -- -- 30.0 40.0 ------SHR. EQUITY ($MILL) 135.5 195.5 237.7 212.1 382.3 462.2 598.2 1722.0 -- RETURN ON TOTAL CAP’L 26.6% 23.3% 20.5% 28.6% 23.3% 22.7% 11.4% 7.4% -- RETURN ON SHR. EQUITY 25.3% 23.1% 23.0% 33.4% 23.3% 22.7% 11.4% 7.4% -- RETAINED TO COM EQ 25.3% 23.1% 23.0% 33.4% 23.3% 22.7% 11.4% 7.4% -- ALL DIV’DS TO NET PROF ------ANo. of analysts changing earn. est. in last 25 days: 0 up, 0 down, consensus 5-year earnings growth 5.0% per year. BBased upon one analyst’s estimate. CBased upon one analyst’s estimate. ANNUAL RATES ASSETS ($mill.) 2016 2017 12/31/18 INDUSTRY: Biotechnology of change (per share) 5 Yrs. 1 Yr. Cash Assets 183.8 219.3 338.9 Sales 12.5% -11.5% Receivables 33.9 77.3 125.1 BUSINESS: In September 2019, China Biologic Products ‘‘Cash Flow’’ 13.0% 31.5% Inventory (Avg cost) 156.4 209.6 243.3 Holdings, Inc. received a preliminary non-binding proposal Earnings 16.0% 48.5% Other 19.3 86.9 649.9 Dividends -- -- letter, from Beachhead Holdings Limited, CITIC Capital Current Assets 393.4 593.1 1357.2 Book Value 30.5% 102.0% China Partners IV, L.P., PW Medtech Group Limited, Fiscal QUARTERLY SALES ($mill.) Full Property, Plant Parfield International Ltd., HH Sum-XXII Holdings Lim- Year 1Q 2Q 3Q 4Q Year & Equip, at cost 171.4 200.7 220.8 ited and V-Sciences Investments Pte. Ltd. proposing to Accum Depreciation 39.3 33.9 42.5 12/31/17 91.5 89.3 99.6 90.0 370.4 Net Property 132.1 166.8 178.3 acquire all of the outstanding ordinary shares of the com- 12/31/18 112.5 82.7 119.1 152.6 466.9 Other 79.5 49.2 474.5 pany not already owned by the Buyer Group for US$120 per 12/31/19 129.8 135.7 136.1 Total Assets 605.0 809.1 2010.0 share in cash in a ‘‘going private’’ transaction. Due to this 12/31/20 news, the company’s ranks were suspended. China Biologic LIABILITIES ($mill.) Products Holdings, Inc. engages in the research, develop- Fiscal EARNINGS PER SHARE Full Accts Payable 6.2 7.5 11.4 Year 1Q 2Q 3Q 4Q Year Debt Due .0 .0 .0 ment, manufacture, and sale of human plasma-based bio- 12/31/16 .94 1.10 1.01 .69 3.74 Other 67.2 90.1 110.9 pharmaceutical products to hospitals and inoculation centers 12/31/17 1.06 1.09 1.11 d.88 2.38 Current Liab 73.4 97.6 122.3 in the People’s Republic of China. It offers human albumin 12/31/18 .92 .83 .94 .84 3.53 for treating shock caused by blood loss trauma or burn; 12/31/19 .94 1.06 1.21 .53 raised intracranial pressure caused by hydrocephalus or 12/31/20 1.08 1.22 LONG-TERM DEBT AND EQUITY trauma; oedema or ascites caused by hepatocirrhosis and as of 12/31/18 Cal- QUARTERLY DIVIDENDS PAID Full nephropathy; and neonatal hyperbilirubinemia. Has 2187 endar 1Q 2Q 3Q 4Q Year Total Debt None Due in 5 Yrs. None employees. C.E.O.: Bing Li Address: 18th Floor Jialong 2016 ------LT Debt None International Building, Beijing CN. Tel.: (10) 6598 3111. Including Cap. Leases None 2017 ------Leases, Uncapitalized Annual rentals $.8 mill. Internet: www.chinabiologic.com . N.A. 2018 ------2019 ------Pension Liability None in ’18 vs. None in ’17 December 6, 2019

INSTITUTIONAL DECISIONS Pfd Stock None Pfd Div’d Paid None TOTAL SHAREHOLDER RETURN 4Q’18 1Q’19 2Q’19 Dividends plus appreciation as of 10/31/2019 to Buy 32 29 29 Common Stock 39,361,616 shares (100% of Cap’l) 3 Mos. 6 Mos. 1 Yr. 3 Yrs. 5 Yrs. to Sell 47 37 34 Hld’s(000) 14358 13886 14205 18.88% 13.74% 71.64% -3.45% 89.28% © 2019 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribe call 1-800-VALUELINE of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. RECENT TRAILING RELATIVE DIV’D VALUE CIDARA THERAPEUTICS NDQ--CDTX PRICE 2.47P/E RATIO NMF P/E RATIO NMFYLD Nil LINE 3654 RANKS 19.13 17.29 11.75 8.55 3.30 High 11.23 8.65 5.60 1.94 1.22 Low PERFORMANCE 3 Average LEGENDS 12 Mos Mov Avg 18 Technical 3 Average ....Rel Price Strength Shaded area indicates recession 13 SAFETY 5 Lowest 8 BETA 1.50 (1.00 = Market) 5 4 Financial Strength C++ 3

Price Stability 5 2

Price Growth Persistence NMF 3300 Earnings Predictability NMF VOL. (thous.) © VALUE LINE PUBLISHING LLC 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020/2021 REVENUES PER SH ------‘‘CASH FLOW’’ PER SH ------d2.30 d2.83 d2.68 d2.10 -- EARNINGS PER SH ------d3.25 d3.32 d3.18 d2.76 d1.52 A,B d1.46 C/NA DIV’DS DECL’D PER SH ------CAP’L SPENDING PER SH ------.08 .02 .02 .01 -- BOOK VALUE PER SH ------7.54 5.26 2.91 2.13 -- COMMON SHS OUTST’G (MILL) ------13.79 16.77 20.53 27.82 -- AVG ANN’L P/E RATIO ------NMF NMF/NA RELATIVE P/E RATIO ------AVG ANN’L DIV’D YIELD ------REVENUES ($MILL) ------Bold figures OPERATING MARGIN ------are consensus DEPRECIATION ($MILL) ------.2 .5 .7 .7 .5 -- earnings NET PROFIT ($MILL) ------d11.7 d32.2 d48.2 d55.7 d59.0 -- estimates INCOME TAX RATE ------and, using the NET PROFIT MARGIN ------recent prices, WORKING CAP’L ($MILL) ------19.8 102.2 96.5 65.6 57.2 -- P/E ratios. LONG-TERM DEBT ($MILL) ------9.8 7.2 -- -- SHR. EQUITY ($MILL) ------21.1 103.9 88.2 59.7 59.1 -- RETURN ON TOTAL CAP’L ------NMF NMF NMF NMF NMF -- RETURN ON SHR. EQUITY ------NMF NMF NMF NMF NMF -- RETAINED TO COM EQ ------NMF NMF NMF NMF NMF -- ALL DIV’DS TO NET PROF ------ANo. of analysts changing earn. est. in last 25 days: 1 up, 1 down, consensus 5-year earnings growth not available. BBased upon 2 analysts’ estimates. CBased upon 2 analysts’ estimates. ANNUAL RATES ASSETS ($mill.) 2017 2018 9/30/19 INDUSTRY: Biotechnology of change (per share) 5 Yrs. 1 Yr. Cash Assets 75.3 74.6 73.8 Sales -- -- Receivables .3 .0 .0 BUSINESS: Cidara Therapeutics, Inc. is focused on the ‘‘Cash Flow’’ -- -- Inventory .0 .0 .0 development and commercialization of novel anti-infectives Earnings -- -- Other 2.1 2.5 3.7 Dividends -- -- that have the potential to transform the standard of care and Current Assets 77.7 77.1 77.5 Book Value -- -27.0% save or improve patients’ lives. It is advancing its novel Fiscal QUARTERLY SALES ($mill.) Full Property, Plant echinocandin antifungal, rezafungin acetate, in a Phase III Year 1Q 2Q 3Q 4Q Year & Equip, at cost 3.1 3.3 - - clinical trial for the treatment of candidemia and invasive Accum Depreciation 2.1 2.6 - - 12/31/17 ------Net Property 1.0 .7 .5 candidiasis, and is seeking funding to complete its rezaf- 12/31/18 ------Other .3 1.3 3.7 ungin development plans, including funding necessary for 12/31/19 -- -- 19.1 Total Assets 79.0 79.1 81.7 completion of the first Phase III treatment trial and to 12/31/20 commence a second Phase III trial in the prophylaxis of LIABILITIES ($mill.) invasive fungal infections in patients undergoing allogeneic Fiscal EARNINGS PER SHARE Full Accts Payable 2.6 2.8 2.7 Year 1Q 2Q 3Q 4Q Year Debt Due 2.7 9.9 10.0 blood and marrow transplantation. Cidara also is leveraging 12/31/16 d.71 d.85 d.88 d.88 d3.32 Other 6.8 7.2 18.9 its proprietary Cloudbreak(R) platform to develop antiviral 12/31/17 d.80 d.99 d.73 d.69 d3.18 Current Liab 12.1 19.9 31.6 conjugates (AVCs) for serious infections. In September 12/31/18 d.80 d1.13 d.49 d.44 d2.76 2019, Cidara and Mundipharma entered into a strategic 12/31/19 d.60 d.49 .08 d.28 partnership to develop and commercialize rezafungin for the 12/31/20 d.41 d.36 LONG-TERM DEBT AND EQUITY treatment and prevention of invasive fungal infections. Has as of 9/30/19 Cal- QUARTERLY DIVIDENDS PAID Full 68 employees. C.E.O. & President: Jeffrey Stein Address: endar 1Q 2Q 3Q 4Q Year Total Debt $10.0 mill. Due in 5 Yrs. NA 6310 Nancy Ridge Drive Suite 101, San Diego, CA 92121. 2016 ------LT Debt None Tel.: (858) 752-6170. Internet: www.cidara.com. Including Cap. Leases NA 2017 ------Leases, Uncapitalized Annual rentals NA E.B. 2018 ------2019 ------Pension Liability None in ’18 vs. None in ’17 December 6, 2019

INSTITUTIONAL DECISIONS Pfd Stock None Pfd Div’d Paid None TOTAL SHAREHOLDER RETURN 4Q’18 1Q’19 2Q’19 Dividends plus appreciation as of 10/31/2019 to Buy 16 11 16 Common Stock 33,006,000 shares (100% of Cap’l) 3 Mos. 6 Mos. 1 Yr. 3 Yrs. 5 Yrs. to Sell 23 22 25 Hld’s(000) 17501 16071 18148 54.23% -2.67% -44.27% -76.95% -- © 2019 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribe call 1-800-VALUELINE of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. RECENT TRAILING RELATIVE DIV’D VALUE CLOVIS ONCOLOGY INC. NDQ--CLVS PRICE 10.27P/E RATIO NMF P/E RATIO NMFYLD Nil LINE 3655 RANKS 14.85 27.54 86.29 93.33 116.75 46.97 99.45 68.91 32.05 High 11.45 11.19 15.96 35.33 24.50 11.57 39.83 11.50 2.93 Low Below PERFORMANCE 4 Average LEGENDS 12 Mos Mov Avg Technical 5 Lowest ....Rel Price Strength Shaded area indicates recession Below 50 SAFETY 4 Average

BETA 1.60 (1.00 = Market) 25

15 Financial Strength C++ 10 Price Stability 5

Price Growth Persistence 30 5 -14036 Earnings Predictability 55 VOL. (thous.) © VALUE LINE PUBLISHING LLC 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020/2021 SALES PER SH ------.40 -- .00 1.10 1.81 -- ‘‘CASH FLOW’’ PER SH d2.48 d2.81 d2.49 d4.59 d6.84 d6.29 d4.68 d6.29 -- EARNINGS PER SH d14.42 d2.97 d2.95 d4.72 d7.30 d6.35 d5.12 d6.53 d7.19 A,B d5.43 C/NA DIV’DS DECL’D PER SH ------CAP’L SPENDING PER SH .02 .04 .00 .07 .08 .02 .01 .18 -- BOOK VALUE PER SH 5.89 5.09 14.69 9.76 7.84 d.09 7.27 2.77 -- COMMON SHS OUTST’G (MILL) 22.38 26.21 33.90 33.98 38.36 38.72 50.57 52.80 -- AVG ANN’L P/E RATIO ------NMF NMF/NA RELATIVE P/E RATIO ------AVG ANN’L DIV’D YIELD ------SALES ($MILL) ------13.6 -- .1 55.5 95.4 -- Bold figures OPERATING MARGIN ------NMF -- NMF NMF NMF -- are consensus DEPRECIATION ($MILL) .2 .4 .3 4.2 .8 1.1 4.1 8.1 -- earnings NET PROFIT ($MILL) d55.6 d74.0 d84.5 d160.0 d263.3 d244.6 d240.9 d340.0 -- estimates INCOME TAX RATE ------and, using the NET PROFIT MARGIN ------NMF -- NMF NMF NMF -- recent prices, WORKING CAP’L ($MILL) 130.5 132.7 307.6 443.4 464.1 213.8 545.4 446.5 -- P/E ratios. LONG-TERM DEBT ($MILL) ------287.5 279.9 281.1 282.4 575.5 -- SHR. EQUITY ($MILL) 131.8 133.5 497.9 331.6 300.7 d3.6 367.6 146.5 -- RETURN ON TOTAL CAP’L NMF NMF NMF NMF NMF NMF NMF NMF -- RETURN ON SHR. EQUITY NMF NMF NMF NMF NMF -- NMF NMF -- RETAINED TO COM EQ NMF NMF NMF NMF NMF -- NMF NMF -- ALL DIV’DS TO NET PROF ------ANo. of analysts changing earn. est. in last 25 days: 4 up, 0 down, consensus 5-year earnings growth 29.0% per year. BBased upon 5 analysts’ estimates. CBased upon 5 analysts’ estimates. ANNUAL RATES ASSETS ($mill.) 2017 2018 9/30/19 INDUSTRY: Biotechnology of change (per share) 5 Yrs. 1 Yr. Cash Assets 464.2 520.1 354.1 Sales -- 64.5% Receivables 6.2 12.9 16.8 BUSINESS: Clovis Oncology, Inc. is focused on acquir- ‘‘Cash Flow’’ -- -- Inventory 27.5 27.1 24.9 ing, developing and commercializing innovative anti-cancer Earnings -- -- Other 129.0 12.2 22.7 Dividends -- -- agents. Its product Rubraca(R) (rucaparib), an oral small Current Assets 626.9 572.3 418.5 Book Value -17.5% -62.0% molecule inhibitor of poly ADP-ribose polymerase (PARP), Fiscal QUARTERLY SALES ($mill.) Full Property, Plant is marketed in the US for two indications specific to Year 1Q 2Q 3Q 4Q Year & Equip, at cost 7.7 31.8 - - recurrent epithelial ovarian, fallopian tube or primary peri- Accum Depreciation 3.7 5.3 - - 12/31/17 7.0 14.6 16.8 17.1 55.5 Net Property 4.0 26.5 15.2 toneal cancer. The other product candidate, Lucitanib, is an 12/31/18 18.5 23.8 22.8 30.3 95.4 Other 104.3 264.8 283.2 investigational, oral, potent inhibitor of the tyrosine kinase 12/31/19 33.1 33.0 37.6 Total Assets 735.2 863.6 716.9 activity of vascular endothelial growth factor receptors 1 12/31/20 through 3 (VEGFR1-3), platelet-derived growth factor re- LIABILITIES ($mill.) ceptors alpha and beta (PDGFR a/ß) and fibroblast growth Fiscal EARNINGS PER SHARE Full Accts Payable 15.1 28.5 31.7 Year 1Q 2Q 3Q 4Q Year Debt Due .0 .0 .0 factor receptors 1 through 3 (FGFR1-3). In September 2019, 12/31/16 d2.17 d.65 d1.70 d1.83 d6.35 Other 66.4 97.2 79.7 Clovis entered into a global licensing and collaboration 12/31/17 d1.33 d1.29 d1.24 d1.26 d5.12 Current Liab 81.5 125.7 111.4 agreement with 3B Pharmaceuticals GmbH, a private Ger- 12/31/18 d1.38 d1.56 d1.71 d1.88 d6.53 man biotechnology company developing targeted radiophar- 12/31/19 d1.63 d2.27 d1.72 d1.58 maceutical drugs and diagnostics for oncology indications. 12/31/20 d1.56 d1.47 LONG-TERM DEBT AND EQUITY Terms of the transactions include approximately $12 million as of 9/30/19 Cal- QUARTERLY DIVIDENDS PAID Full in upfront payments to 3BP. Has 468 employees. C.E.O. & endar 1Q 2Q 3Q 4Q Year Total Debt $664.0 mill. Due in 5 Yrs. NA President: Patrick J. Mahaffy Address: 5500 Flatiron Park- 2016 ------LT Debt $664.0 mill. way Suite 100, Boulder, CO 80301. Tel.: (303) 625-5000. Including Cap. Leases NA 2017 ------(115% of Cap’l) Internet: www.clovisoncology.com. E.B. 2018 ------Leases, Uncapitalized Annual rentals NA 2019 ------December 6, 2019 Pension Liability None in ’18 vs. None in ’17 INSTITUTIONAL DECISIONS TOTAL SHAREHOLDER RETURN 4Q’18 1Q’19 2Q’19 Pfd Stock None Pfd Div’d Paid None Dividends plus appreciation as of 10/31/2019 to Buy 88 102 97 Common Stock 54,805,525 shares 3 Mos. 6 Mos. 1 Yr. 3 Yrs. 5 Yrs. to Sell 108 67 80 (-15% of Cap’l) Hld’s(000) 53316 49438 50463 -69.95% -82.65% -72.74% -89.10% -94.69% © 2019 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribe call 1-800-VALUELINE of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. RECENT TRAILING RELATIVE DIV’D VALUE CODEXIS INC. NDQ--CDXS PRICE 15.70P/E RATIO NMF P/E RATIO NMFYLD Nil LINE 3656 RANKS 12.24 6.12 2.89 3.30 5.65 5.25 8.55 23.05 22.49 High 3.91 2.00 1.24 1.32 2.50 2.93 3.60 7.95 12.68 Low PERFORMANCE 3 Average LEGENDS Below 12 Mos Mov Avg 18 Technical 4 Average ....Rel Price Strength Shaded area indicates recession Below 13 SAFETY 4 Average 8 BETA 1.25 (1.00 = Market) 5 4 Financial Strength B+ 3

Price Stability 10 2

Price Growth Persistence 55 8100 Earnings Predictability 30 VOL. (thous.) © VALUE LINE PUBLISHING LLC 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020/2021 SALES PER SH 3.44 2.34 .83 .89 1.04 1.18 1.03 1.12 -- ‘‘CASH FLOW’’ PER SH d.24 d.49 d.81 d.31 d.05 d.10 d.45 d.18 -- EARNINGS PER SH d.46 d.84 d1.08 d.50 d.19 d.21 d.50 d.21 d.20 A,B d.12 C/NA DIV’DS DECL’D PER SH ------CAP’L SPENDING PER SH .30 .08 .03 .01 .03 .02 .02 .05 -- BOOK VALUE PER SH 2.85 2.08 1.08 .67 .57 .46 .51 1.04 -- COMMON SHS OUTST’G (MILL) 36.00 37.69 38.35 39.56 40.34 41.26 48.37 54.07 -- AVG ANN’L P/E RATIO ------NMF NMF/NA RELATIVE P/E RATIO ------AVG ANN’L DIV’D YIELD ------SALES ($MILL) 123.9 88.3 31.9 35.3 41.8 48.8 50.0 60.6 -- Bold figures OPERATING MARGIN NMF NMF NMF NMF NMF NMF NMF NMF -- are consensus DEPRECIATION ($MILL) 7.8 12.4 10.3 6.7 5.4 4.5 1.0 1.1 -- earnings NET PROFIT ($MILL) d16.6 d30.9 d41.3 d19.1 d7.6 d8.6 d23.0 d10.9 -- estimates INCOME TAX RATE ------and, using the NET PROFIT MARGIN NMF NMF NMF NMF NMF NMF NMF NMF -- recent prices, WORKING CAP’L ($MILL) 50.9 43.5 24.6 19.3 18.0 14.8 20.0 50.1 -- P/E ratios. LONG-TERM DEBT ($MILL) ------.3 .1 -- SHR. EQUITY ($MILL) 102.7 78.4 41.5 26.3 22.9 19.1 24.5 56.3 -- RETURN ON TOTAL CAP’L NMF NMF NMF NMF NMF NMF NMF NMF -- RETURN ON SHR. EQUITY NMF NMF NMF NMF NMF NMF NMF NMF -- RETAINED TO COM EQ NMF NMF NMF NMF NMF NMF NMF NMF -- ALL DIV’DS TO NET PROF ------ANo. of analysts changing earn. est. in last 25 days: 0 up, 2 down, consensus 5-year earnings growth 10.0% per year. BBased upon 2 analysts’ estimates. CBased upon 2 analysts’ estimates. ANNUAL RATES ASSETS ($mill.) 2017 2018 9/30/19 INDUSTRY: Biotechnology of change (per share) 5 Yrs. 1 Yr. Cash Assets 31.2 53.0 92.1 Sales -13.0% 8.5% Receivables 11.8 11.6 14.6 BUSINESS: Codexis, Inc. is a protein engineering com- ‘‘Cash Flow’’ -- -- Inventory 1.0 .6 .4 pany that applies its proprietary CodeEvolver(R) technol- Earnings -- -- Other 1.0 3.0 2.8 Dividends -- -- ogy to develop proteins for a variety of applications, Current Assets 45.0 68.2 109.9 Book Value -19.5% 105.0% including as biocatalysts for the commercial manufacture of Fiscal QUARTERLY SALES ($mill.) Full Property, Plant pharmaceuticals, fine chemicals and industrial enzymes, Year 1Q 2Q 3Q 4Q Year & Equip, at cost 35.1 37.9 - - and enzymes as biotherapeutics and for use in molecular Accum Depreciation 32.3 33.1 - - 12/31/17 8.0 10.3 10.0 21.7 50.0 Net Property 2.8 4.8 6.2 diagnostics. Its technology platform is powered by propri- 12/31/18 14.0 13.6 16.9 16.1 60.6 Other 5.8 6.3 30.1 etary, artificial intelligence-based, computational algorithms 12/31/19 15.6 12.3 21.9 Total Assets 53.6 79.3 146.2 that rapidly mine continuously growing library of protein 12/31/20 variants’ performance attributes. In addition, CodeEvolv- LIABILITIES ($mill.) er(R) protein engineering technology platform integrates Fiscal EARNINGS PER SHARE Full Accts Payable 3.5 3.1 1.7 Year 1Q 2Q 3Q 4Q Year Debt Due .0 .0 .1 additional modular competencies, including robotic high- 12/31/16 d.17 .05 .04 d.13 d.21 Other 21.5 15.0 13.1 throughput screening and genomic sequencing, organic 12/31/17 d.18 d.13 d.21 .02 d.50 Current Liab 25.0 18.1 14.9 chemistry, and process development which are all coordi- 12/31/18 d.09 d.07 d.04 d.01 d.21 nated to create novel protein innovations. Codexis initially 12/31/19 d.09 d.12 .01 commercialized CodeEvolver(R) protein engineering tech- 12/31/20 d.04 d.08 LONG-TERM DEBT AND EQUITY nology platform and products in the pharmaceuticals mar- as of 9/30/19 Cal- QUARTERLY DIVIDENDS PAID Full ket, which remains primary business focus. Has 132 em- endar 1Q 2Q 3Q 4Q Year Total Debt $.1 mill. Due in 5 Yrs. NA ployees. C.E.O. & President: John J. Nicols Address: 200 2016 ------LT Debt None Penobscot Drive, Redwood City, CA 94063. Tel.: (650) Including Cap. Leases NA 2017 ------Leases, Uncapitalized Annual rentals NA 421-8100. Internet: www.codexis.com. E.B. 2018 ------2019 ------Pension Liability None in ’18 vs. None in ’17 December 6, 2019

INSTITUTIONAL DECISIONS Pfd Stock None Pfd Div’d Paid None TOTAL SHAREHOLDER RETURN 4Q’18 1Q’19 2Q’19 Dividends plus appreciation as of 10/31/2019 to Buy 66 66 68 Common Stock 58,386,000 shares (100% of Cap’l) 3 Mos. 6 Mos. 1 Yr. 3 Yrs. 5 Yrs. to Sell 47 64 58 Hld’s(000) 46200 46653 50945 -26.40% -31.37% -13.17% 167.72% 428.13% © 2019 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribe call 1-800-VALUELINE of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. RECENT TRAILING RELATIVE DIV’D VALUE COMPUGEN LTD. NDQ--CGEN PRICE 5.67P/E RATIO NMF P/E RATIO NMFYLD Nil LINE 3657 RANKS 5.80 6.47 11.92 14.32 9.65 7.57 5.40 5.00 6.22 High 3.32 2.96 4.56 6.27 4.64 4.32 2.25 2.00 2.17 Low PERFORMANCE 3 Average LEGENDS Above 12 Mos Mov Avg Technical 2 Average ....Rel Price Strength 8 Shaded area indicates recession Short SAFETY – History 5 4 BETA 1.50 (1.00 = Market) 3 2 Financial Strength NMF

Price Stability 10 1

Price Growth Persistence 25 4700 Earnings Predictability 50 VOL. (thous.) © VALUE LINE PUBLISHING LLC 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020/2021 SALES PER SH -- .01 .09 .25 .18 .01 -- .30 -- ‘‘CASH FLOW’’ PER SH d.34 d.36 d.33 d.21 d.39 d.56 d.69 d.35 -- EARNINGS PER SH d.35 d.38 d.36 d.26 d.40 d.62 d.72 d.41 d.44 A,B d.40 C/NA DIV’DS DECL’D PER SH ------CAP’L SPENDING PER SH .00 .03 .01 .04 .06 .05 .01 .00 -- BOOK VALUE PER SH .56 .48 .78 2.11 1.78 1.24 .57 .62 -- COMMON SHS OUTST’G (MILL) 34.71 36.59 41.02 50.25 50.57 51.13 51.29 59.85 -- AVG ANN’L P/E RATIO ------NMF NMF/NA RELATIVE P/E RATIO ------AVG ANN’L DIV’D YIELD ------SALES ($MILL) -- .2 3.5 12.4 9.3 .7 -- 17.8 -- Bold figures OPERATING MARGIN -- NMF NMF NMF NMF NMF -- NMF -- are consensus DEPRECIATION ($MILL) .2 .3 .4 .7 .7 3.1 1.6 1.4 -- earnings NET PROFIT ($MILL) d12.0 d13.6 d14.1 d11.1 d20.2 d31.5 d37.1 d22.6 -- estimates INCOME TAX RATE ------and, using the NET PROFIT MARGIN -- NMF NMF NMF NMF NMF -- NMF -- recent prices, WORKING CAP’L ($MILL) 21.3 24.2 45.5 68.5 84.1 58.0 25.0 36.6 -- P/E ratios. LONG-TERM DEBT ($MILL) ------SHR. EQUITY ($MILL) 19.6 17.7 31.9 106.1 89.9 63.5 29.3 37.2 -- RETURN ON TOTAL CAP’L NMF NMF NMF NMF NMF NMF NMF NMF -- RETURN ON SHR. EQUITY NMF NMF NMF NMF NMF NMF NMF NMF -- RETAINED TO COM EQ NMF NMF NMF NMF NMF NMF NMF NMF -- ALL DIV’DS TO NET PROF ------ANo. of analysts changing earn. est. in last 25 days: 0 up, 0 down, consensus 5-year earnings growth not available. BBased upon 2 analysts’ estimates. CBased upon 2 analysts’ estimates. ANNUAL RATES ASSETS ($mill.) 2016 2017 12/31/18 INDUSTRY: Biotechnology of change (per share) 5 Yrs. 1 Yr. Cash Assets 61.5 29.4 45.1 Sales 27.5% -- Receivables .0 .7 .0 BUSINESS: Compugen, Ltd., a drug discovery company, ‘‘Cash Flow’’ -- -- Inventory .0 .0 .0 engages in the research, development, and commercializa- Earnings -- -- Other 1.2 1.1 1.5 Dividends -- -- tion of therapeutic and product candidates primarily in the Current Assets 62.7 31.2 46.6 Book Value 6.0% 9.0% United States, Europe, and Israel. The company primarily Fiscal QUARTERLY SALES ($mill.) Full Property, Plant focuses on the discovery and development of monoclonal Year 1Q 2Q 3Q 4Q Year & Equip, at cost 9.4 9.6 9.7 antibodies (mAbs) and therapeutic proteins to address the Accum Depreciation 3.4 5.0 6.3 12/31/17 ------Net Property 6.0 4.6 3.4 unmet needs in the fields of oncology and immunology. Its 12/31/18 10.0 -- 7.8 -- 17.8 Other 2.4 2.9 3.2 therapeutic proteins pipeline includes CGEN-15001, 12/31/19 ------Total Assets 71.1 38.7 53.2 CGEN-15021, CGEN-15091, CGEN-15031, and CGEN- 12/31/20 15051 for the treatment of a range of diseases including LIABILITIES ($mill.) cancer, autoimmune and infectious diseases, and others. Its Fiscal EARNINGS PER SHARE Full Accts Payable 4.7 6.2 2.9 Year 1Q 2Q 3Q 4Q Year Debt Due .0 .0 .0 monoclonal antibody therapy product candidates comprise 12/31/16 d.17 d.13 d.15 d.17 d.62 Other .0 .0 7.1 CGEN-15001T, CGEN-15022, CGEN-15049, CGEN- 12/31/17 d.17 d.18 d.19 d.18 d.72 Current Liab 4.7 6.2 10.0 15027, CGEN-15092, and CGEN-15052. Compugen’s 12/31/18 -- d.20 d.05 d.16 d.41 business model is based on selectively entering into col- 12/31/19 d.14 d.10 d.10 d.11 laborations for its novel targets and drug product candidates 12/31/20 d.09 d.10 LONG-TERM DEBT AND EQUITY at various stages of research and development under as of 12/31/18 Cal- QUARTERLY DIVIDENDS PAID Full revenue-sharing agreements. Has 89 employees. C.E.O. & endar 1Q 2Q 3Q 4Q Year Total Debt None Due in 5 Yrs. None President: Anat Cohen-Dayag, Ph.D Address: Azrieli Center 2016 ------LT Debt None 26 Harokmim Street, Holon NA IL. Tel.: (3) 765 8585. Including Cap. Leases None 2017 ------Leases, Uncapitalized Annual rentals $1.5 mill. Internet: www.cgen.com. N.A. 2018 ------2019 ------Pension Liability $2.9 mill. in ’18 vs. $3.3 mill. in ’17 December 6, 2019

INSTITUTIONAL DECISIONS Pfd Stock None Pfd Div’d Paid None TOTAL SHAREHOLDER RETURN 4Q’18 1Q’19 2Q’19 Dividends plus appreciation as of 10/31/2019 to Buy 22 21 20 Common Stock 59,850,000 shares (100% of Cap’l) 3 Mos. 6 Mos. 1 Yr. 3 Yrs. 5 Yrs. to Sell 17 15 18 Hld’s(000) 11724 14253 15417 58.33% 46.57% 66.56% -10.78% -28.15% © 2019 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribe call 1-800-VALUELINE of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. RECENT TRAILING RELATIVE DIV’D VALUE CORCEPT THERAPEUTICS NDQ--CORT PRICE 12.87P/E RATIO 17.9 P/E RATIO 1.00YLD Nil LINE 3658 RANKS 5.07 4.90 3.24 4.49 7.67 10.00 20.77 25.96 17.48 High 2.51 1.27 1.43 1.69 2.69 3.22 6.70 11.21 9.14 Low Above PERFORMANCE 2 Average LEGENDS Above 12 Mos Mov Avg 18 Technical 2 Average ....Rel Price Strength Shaded area indicates recession Below 13 SAFETY 4 Average 8 BETA 1.60 (1.00 = Market) 5 4 Financial Strength B+ 3

Price Stability 10 2

Price Growth Persistence 55 32500 Earnings Predictability 30 VOL. (thous.) © VALUE LINE PUBLISHING LLC 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020/2021 SALES PER SH -- .03 .10 .26 .46 .72 1.39 2.18 -- ‘‘CASH FLOW’’ PER SH d.38 d.38 d.46 d.31 d.06 .07 1.13 .66 -- EARNINGS PER SH d.39 d.41 d.46 d.31 d.06 .07 1.04 .60 .77 A,B .98 C/NA DIV’DS DECL’D PER SH ------CAP’L SPENDING PER SH .00 .00 .00 .00 .00 .00 .00 .00 -- BOOK VALUE PER SH .41 .62 .21 d.03 .17 .37 1.66 2.40 -- COMMON SHS OUTST’G (MILL) 84.23 99.81 99.85 101.40 109.64 112.71 114.72 115.03 -- AVG ANN’L P/E RATIO ------81.2 12.6 26.2 16.7 13.1/NA RELATIVE P/E RATIO ------4.43 .63 1.48 -- AVG ANN’L DIV’D YIELD ------SALES ($MILL) -- 3.3 10.4 26.6 50.3 81.3 159.2 251.2 -- Bold figures OPERATING MARGIN -- NMF NMF NMF NMF 12.6% 33.3% 35.7% -- are consensus DEPRECIATION ($MILL) .0 .0 .1 .1 .2 .1 .1 .2 -- earnings NET PROFIT ($MILL) d32.4 d38.0 d46.0 d31.4 d6.4 8.1 129.1 75.4 -- estimates INCOME TAX RATE ------18.2% -- and, using the NET PROFIT MARGIN -- NMF NMF NMF NMF 10.0% 81.1% 30.0% -- recent prices, WORKING CAP’L ($MILL) 34.8 86.7 45.6 16.6 28.1 38.3 94.6 201.2 -- P/E ratios. LONG-TERM DEBT ($MILL) -- 29.0 29.3 24.5 12.6 ------SHR. EQUITY ($MILL) 34.8 61.8 21.0 d3.4 18.5 41.4 191.0 275.9 -- RETURN ON TOTAL CAP’L NMF NMF NMF NMF NMF 22.1% 67.6% 27.3% -- RETURN ON SHR. EQUITY NMF NMF NMF -- NMF 19.7% 67.6% 27.3% -- RETAINED TO COM EQ NMF NMF NMF -- NMF 19.7% 67.6% 27.3% -- ALL DIV’DS TO NET PROF ------ANo. of analysts changing earn. est. in last 25 days: 2 up, 0 down, consensus 5-year earnings growth not available. BBased upon 6 analysts’ estimates. CBased upon 4 analysts’ estimates. ANNUAL RATES ASSETS ($mill.) 2017 2018 9/30/19 INDUSTRY: Biotechnology of change (per share) 5 Yrs. 1 Yr. Cash Assets 88.7 206.8 231.6 Sales 99.0% 57.5% Receivables 28.2 17.6 22.4 BUSINESS: Corcept Therapeutics, Inc. is engaged in the ‘‘Cash Flow’’ -- -41.5% Inventory 4.6 4.7 5.5 discovery, development, and commercialization of drugs Earnings -- -42.5% Other 2.7 7.7 7.8 Dividends -- -- that treat severe metabolic, oncologic, and psychiatric Current Assets 124.2 236.8 267.3 Book Value 29.0% 44.0% disorders by modulating the effects of the hormone cortisol. Fiscal QUARTERLY SALES ($mill.) Full Property, Plant Its first approved product, Korlym(R), treats patients with Year 1Q 2Q 3Q 4Q Year & Equip, at cost .9 1.3 - - Cushing’s syndrome, a rare disease that is caused by excess Accum Depreciation .4 .6 - - 12/31/17 27.6 35.5 42.8 53.3 159.2 Net Property .5 .7 1.2 cortisol activity. The active ingredient in Korlym is mife- 12/31/18 57.7 62.3 64.4 66.8 251.2 Other 95.8 74.2 98.5 pristone, a compound that modulates cortisol activity by 12/31/19 64.8 72.3 81.5 Total Assets 220.5 311.7 367.0 acting as a competitive antagonist at the glucocorticoid 12/31/20 receptor (GR), one of the body’s two cortisol receptors. It is LIABILITIES ($mill.) also conducting clinical trials of three compounds, includ- Fiscal EARNINGS PER SHARE Full Accts Payable 8.6 8.3 5.9 Year 1Q 2Q 3Q 4Q Year Debt Due .0 .0 .0 ing: relacorilant to treat patients with Cushing’s syndrome; 12/31/16 -- .01 .02 .04 .07 Other 21.0 27.3 26.5 relacorilant combined with Celgene’s drug Abraxane(R) to 12/31/17 .04 .10 .11 .77 1.04 Current Liab 29.6 35.6 32.4 treat patients with solid tumors; CORT125281 combined 12/31/18 .14 .14 .14 .18 .60 with Pfizer’s androgen receptor antagonist Xtandi(R) to 12/31/19 .15 .17 .22 .24 treat patients with castration-resistant prostate cancer; and 12/31/20 .17 .19 LONG-TERM DEBT AND EQUITY assessment of the safety and tolerability of CORT118335. as of 9/30/19 Cal- QUARTERLY DIVIDENDS PAID Full Has 166 employees. C.E.O. & President: Joseph K. Bel- endar 1Q 2Q 3Q 4Q Year Total Debt None Due in 5 Yrs. None anoff Address: 149 Commonwealth Drive, Menlo Park, CA 2016 ------LT Debt None 94025. Tel.: (650) 327-3270. Internet: www.corcept.com. Including Cap. Leases None 2017 ------Leases, Uncapitalized Annual rentals NA E.B. 2018 ------2019 ------Pension Liability None in ’18 vs. None in ’17 December 6, 2019

INSTITUTIONAL DECISIONS Pfd Stock None Pfd Div’d Paid None TOTAL SHAREHOLDER RETURN 4Q’18 1Q’19 2Q’19 Dividends plus appreciation as of 10/31/2019 to Buy 118 90 82 Common Stock 114,110,000 shares (100% of Cap’l) 3 Mos. 6 Mos. 1 Yr. 3 Yrs. 5 Yrs. to Sell 95 119 101 Hld’s(000) 90320 86803 86192 29.57% 17.85% 24.17% 110.23% 348.92% © 2019 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribe call 1-800-VALUELINE of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. RECENT TRAILING RELATIVE DIV’D VALUE CORVUS PHARMA. NDQ--CRVS PRICE 3.15P/E RATIO NMF P/E RATIO NMFYLD Nil LINE 3659 RANKS 17.77 22.14 13.91 5.44 High 9.63 8.27 3.22 2.53 Low PERFORMANCE 3 Average LEGENDS 12 Mos Mov Avg 18 Technical 3 Average ....Rel Price Strength Shaded area indicates recession Below 13 SAFETY 4 Average 8 BETA 1.60 (1.00 = Market) 5 4 Financial Strength B 3

Price Stability 5 2

Price Growth Persistence NMF 2500 Earnings Predictability NMF VOL. (thous.) © VALUE LINE PUBLISHING LLC 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020/2021 REVENUES PER SH ------‘‘CASH FLOW’’ PER SH ------d1.68 d2.61 d1.57 -- EARNINGS PER SH ------d2.36 d2.72 d1.71 d1.53 A,B d1.27 C/NA DIV’DS DECL’D PER SH ------CAP’L SPENDING PER SH ------.11 .01 .01 -- BOOK VALUE PER SH ------6.35 4.03 3.76 -- COMMON SHS OUTST’G (MILL) ------20.92 21.04 29.32 -- AVG ANN’L P/E RATIO ------NMF NMF/NA RELATIVE P/E RATIO ------AVG ANN’L DIV’D YIELD ------REVENUES ($MILL) ------Bold figures OPERATING MARGIN ------are consensus DEPRECIATION ($MILL) ------1.2 .6 .8 -- earnings NET PROFIT ($MILL) ------d36.4 d55.7 d46.9 -- estimates INCOME TAX RATE ------and, using the NET PROFIT MARGIN ------recent prices, WORKING CAP’L ($MILL) ------130.1 82.2 108.6 -- P/E ratios. LONG-TERM DEBT ($MILL) ------SHR. EQUITY ($MILL) ------132.8 84.8 110.3 -- RETURN ON TOTAL CAP’L ------NMF NMF NMF -- RETURN ON SHR. EQUITY ------NMF NMF NMF -- RETAINED TO COM EQ ------NMF NMF NMF -- ALL DIV’DS TO NET PROF ------ANo. of analysts changing earn. est. in last 25 days: 2 up, 0 down, consensus 5-year earnings growth not available. BBased upon 3 analysts’ estimates. CBased upon 3 analysts’ estimates. ANNUAL RATES ASSETS ($mill.) 2017 2018 9/30/19 INDUSTRY: Biotechnology of change (per share) 5 Yrs. 1 Yr. Cash Assets 90.1 114.6 86.4 Sales -- -- Receivables .0 .0 .0 BUSINESS: Corvus Pharmaceuticals, Inc. is focused on ‘‘Cash Flow’’ -- -- Inventory .0 .0 .0 the development and commercialization of precisely tar- Earnings -- -- Other 1.1 1.0 1.4 Dividends -- -- geted oncology therapies. It has built a pipeline of five Current Assets 91.2 115.6 87.8 Book Value -- -6.5% oncology programs, three of which are currently in clinical Fiscal QUARTERLY SALES ($mill.) Full Property, Plant trials. Its lead product candidate, ciforadenant (formerly Year 1Q 2Q 3Q 4Q Year & Equip, at cost 4.2 4.6 - - CPI-444), is an oral, small molecule antagonist of the A2A Accum Depreciation 1.5 2.4 - - 12/31/17 ------Net Property 2.7 2.2 1.6 receptor for adenosine that we in-licensed from Vernalis 12/31/18 ------Other .9 .4 3.1 (R&D) Limited in February 2015. The second product 12/31/19 ------Total Assets 94.8 118.2 92.5 candidate in a clinical trial, CPI-006, is an anti-CD73 12/31/20 monoclonal antibody that inhibits the production of adenos- LIABILITIES ($mill.) ine that Corvus in-licensed from The Scripps Research Fiscal EARNINGS PER SHARE Full Accts Payable 3.5 2.0 1.9 Year 1Q 2Q 3Q 4Q Year Debt Due .0 .0 .0 Institute in December 2014. CPI-006 was developed into a 12/31/16 d.87 d.43 d.51 d.55 d2.36 Other 5.5 5.0 7.6 humanized anti-CD73 monoclonal antibody from a mouse 12/31/17 d.79 d.73 d.62 d.58 d2.72 Current Liab 9.0 7.0 9.5 hybridoma clone expressing an anti-human CD73 antibody. 12/31/18 d.63 d.40 d.36 d.36 d1.71 Its third product candidate in a clinical trial, CPI-818, is a 12/31/19 d.40 d.44 d.37 d.33 selective, covalent inhibitor of ITK (an enzyme that func- 12/31/20 d.33 d.35 LONG-TERM DEBT AND EQUITY tions in T-cell signaling and differentiation). Has 49 em- as of 9/30/19 Cal- QUARTERLY DIVIDENDS PAID Full ployees. C.E.O. & President: Richard A. Miller Address: endar 1Q 2Q 3Q 4Q Year Total Debt None Due in 5 Yrs. None 863 Mitten Road, Suite 102, Burlingame, CA 94010. Tel.: 2016 ------LT Debt None (650) 900-4520. Internet: www.corvuspharma.com. Including Cap. Leases None 2017 ------Leases, Uncapitalized Annual rentals NA E.B. 2018 ------2019 ------Pension Liability None in ’18 vs. None in ’17 December 6, 2019

INSTITUTIONAL DECISIONS Pfd Stock None Pfd Div’d Paid None TOTAL SHAREHOLDER RETURN 4Q’18 1Q’19 2Q’19 Dividends plus appreciation as of 10/31/2019 to Buy 31 22 20 Common Stock 29,405,000 shares (100% of Cap’l) 3 Mos. 6 Mos. 1 Yr. 3 Yrs. 5 Yrs. to Sell 24 29 34 Hld’s(000) 25131 24763 24387 -14.83% -21.28% -56.13% -75.06% -- © 2019 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribe call 1-800-VALUELINE of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. RECENT TRAILING RELATIVE DIV’D VALUE CURIS INC. NDQ--CRIS PRICE 1.77P/E RATIO NMF P/E RATIO NMFYLD Nil LINE 3660 RANKS 23.60 28.25 23.70 17.00 18.75 18.60 16.90 5.20 2.65 High 9.85 14.90 12.20 5.45 6.35 6.25 3.43 0.60 0.68 Low PERFORMANCE 3 Average LEGENDS 12 Mos Mov Avg 18 Technical 3 Average ....Rel Price Strength 1-for-5 Rev split 5/18 13 Below Shaded area indicates recession SAFETY 4 Average 8 BETA 1.45 (1.00 = Market) 5 4 Financial Strength C++ 3

Price Stability 5 2

Price Growth Persistence 10 16900 Earnings Predictability 30 VOL. (thous.) © VALUE LINE PUBLISHING LLC 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020/2021 SALES PER SH .96 1.06 .87 .57 .31 .27 .30 .31 -- ‘‘CASH FLOW’’ PER SH d.63 d1.02 d.71 d1.08 d2.28 d2.13 d1.62 d.98 -- EARNINGS PER SH d.65 d1.05 d.75 d1.10 d2.40 d2.25 d1.80 d.98 NA NA/NA DIV’DS DECL’D PER SH ------CAP’L SPENDING PER SH .02 .01 .01 .01 .00 .01 .01 .00 -- BOOK VALUE PER SH 2.59 2.14 2.63 1.73 2.50 1.04 .73 d.14 -- COMMON SHS OUTST’G (MILL) 15.42 16.00 17.17 17.21 25.80 28.22 32.83 33.16 -- AVG ANN’L P/E RATIO ------NA NA/NA RELATIVE P/E RATIO ------AVG ANN’L DIV’D YIELD ------SALES ($MILL) 14.8 17.0 15.0 9.8 7.9 7.5 9.9 10.4 -- Bold figures OPERATING MARGIN NMF NMF NMF NMF NMF NMF NMF NMF -- are consensus DEPRECIATION ($MILL) .1 .1 .1 .2 .2 .2 .2 .2 -- earnings NET PROFIT ($MILL) d9.9 d16.4 d12.3 d18.7 d59.0 d60.4 d53.3 d32.6 -- estimates INCOME TAX RATE ------and, using the NET PROFIT MARGIN NMF NMF NMF NMF NMF NMF NMF NMF -- recent prices, WORKING CAP’L ($MILL) 34.7 52.9 53.6 42.1 74.7 34.6 50.2 14.7 -- P/E ratios. LONG-TERM DEBT ($MILL) -- 29.8 27.9 22.6 19.6 14.9 35.7 28.6 -- SHR. EQUITY ($MILL) 39.9 34.3 45.2 29.8 64.5 29.3 24.0 d4.5 -- RETURN ON TOTAL CAP’L NMF NMF NMF NMF NMF NMF NMF NMF -- RETURN ON SHR. EQUITY NMF NMF NMF NMF NMF NMF NMF -- -- RETAINED TO COM EQ NMF NMF NMF NMF NMF NMF NMF -- -- ALL DIV’DS TO NET PROF ------Note: No analyst estimates available. ANNUAL RATES ASSETS ($mill.) 2017 2018 9/30/19 INDUSTRY: Biotechnology of change (per share) 5 Yrs. 1 Yr. Cash Assets 60.2 24.3 28.2 Sales -21.0% 4.5% Receivables 3.1 2.9 2.9 BUSINESS: Curis, Inc. is focused on the development of ‘‘Cash Flow’’ -- -- Inventory .0 .0 .0 innovative therapeutics for the treatment of cancer, includ- Earnings -- -- Other 1.0 .8 1.6 Dividends -- -- ing fimepinostat. It’s in collaboration with Aurigene to Current Assets 64.3 28.0 32.7 Book Value -26.0% -- develop first-in-class therapeutics in immuno-oncology and Fiscal QUARTERLY SALES ($mill.) Full Property, Plant precision oncology. As part of this collaboration, Curis has Year 1Q 2Q 3Q 4Q Year & Equip, at cost 2.3 2.3 - - exclusive licenses to oral small molecule antagonists of Accum Depreciation 1.9 2.0 - - 12/31/17 2.1 2.1 2.4 3.3 9.9 Net Property .4 .3 .2 immune checkpoints including, the VISTA/PDL1 antago- 12/31/18 2.5 2.4 2.8 2.7 10.4 Other 9.1 9.1 9.3 nist CA-170, and the TIM3/PDL1 antagonist CA-327, as 12/31/19 1.8 2.1 2.9 Total Assets 73.8 37.4 42.2 well as the IRAK4 kinase inhibitor, CA-4948. CA-170 is 12/31/20 currently undergoing testing in a Phase I trial in patients LIABILITIES ($mill.) with mesothelioma and in a Phase II trial in patients with Fiscal EARNINGS PER SHARE Full Accts Payable 5.4 2.9 2.5 Year 1Q 2Q 3Q 4Q Year Debt Due 5.9 6.9 .0 advanced solid tumors and lymphomas in India conducted 12/31/16 d.35 d.45 d1.05 d.40 d2.25 Other 2.8 3.5 2.2 by Aurigene. CA-4948 is currently undergoing testing in a 12/31/17 d.55 d.45 d.55 d.25 d1.80 Current Liab 14.1 13.3 4.7 Phase I trial in patients with non-Hodgkin lymphoma. Curis 12/31/18 d.32 d.26 d.22 d.18 d.98 is also part of a collaboration with Genentech, a member of 12/31/19 d.30 d.22 d.19 the Roche Group, under which Genentech and Roche are 12/31/20 LONG-TERM DEBT AND EQUITY commercializing Erivedge(R) for the treatment of advanced as of 9/30/19 Cal- QUARTERLY DIVIDENDS PAID Full basal cell carcinoma. Has 31 employees. C.E.O. & Presi- endar 1Q 2Q 3Q 4Q Year Total Debt None Due in 5 Yrs. None dent: Ali Fattaey Address: 4 Maguire Road, Lexington, MA 2016 ------LT Debt None 02421. Tel.: (617) 503-6500. Internet: www.curis.com. Including Cap. Leases None 2017 ------Leases, Uncapitalized Annual rentals NA E.B. 2018 ------2019 ------Pension Liability None in ’18 vs. None in ’17 December 6, 2019

INSTITUTIONAL DECISIONS Pfd Stock None Pfd Div’d Paid None TOTAL SHAREHOLDER RETURN 4Q’18 1Q’19 2Q’19 Dividends plus appreciation as of 10/31/2019 to Buy 18 12 20 Common Stock 33,203,000 shares NMF% of Cap’l 3 Mos. 6 Mos. 1 Yr. 3 Yrs. 5 Yrs. to Sell 36 23 15 Hld’s(000) 7661 7448 7848 0.44% 21.28% 39.88% -82.46% -65.19% © 2019 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribe call 1-800-VALUELINE of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. RECENT TRAILING RELATIVE DIV’D VALUE CYTOKINETICS INC NDQ--CYTK PRICE 9.50P/E RATIO NMF P/E RATIO NMFYLD Nil LINE 3661 RANKS 13.02 7.74 14.28 13.26 13.18 12.98 17.20 10.25 14.94 High 5.33 3.42 3.94 3.05 5.50 6.00 7.00 5.90 5.75 Low Above PERFORMANCE 2 Average LEGENDS Above 12 Mos Mov Avg 18 Technical 2 Average ....Rel Price Strength 1-for-6 Rev split 6/13 13 Below Shaded area indicates recession SAFETY 4 Average 8 BETA 1.10 (1.00 = Market) 5 4 Financial Strength B 3

Price Stability 5 2

Price Growth Persistence 30 12100 Earnings Predictability 15 VOL. (thous.) © VALUE LINE PUBLISHING LLC 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020/2021 SALES PER SH .32 .32 1.00 1.21 .72 2.62 .25 .58 -- ‘‘CASH FLOW’’ PER SH d3.73 d1.68 d1.08 d.37 d.93 .42 d2.33 d1.92 -- EARNINGS PER SH d4.32 d2.28 d1.24 d.41 d.97 .39 d2.59 d1.95 d2.02 A,B d1.98 C/NA DIV’DS DECL’D PER SH ------CAP’L SPENDING PER SH .04 .01 .02 .03 .01 .04 .05 .02 -- BOOK VALUE PER SH 3.86 2.95 1.77 2.38 1.73 2.32 2.04 .47 -- COMMON SHS OUTST’G (MILL) 12.49 23.75 30.68 38.66 39.58 40.65 53.96 54.72 -- AVG ANN’L P/E RATIO ------23.5 -- -- NMF NMF/NA RELATIVE P/E RATIO ------1.28 ------AVG ANN’L DIV’D YIELD ------SALES ($MILL) 4.0 7.6 30.6 46.9 28.7 106.4 13.4 31.5 -- Bold figures OPERATING MARGIN NMF NMF NMF NMF NMF 18.3% NMF NMF -- are consensus DEPRECIATION ($MILL) 1.3 .6 .4 .5 .6 .7 1.9 1.2 -- earnings NET PROFIT ($MILL) d47.9 d40.4 d33.7 d14.6 d37.5 16.5 d127.8 d106.3 -- estimates INCOME TAX RATE ------and, using the NET PROFIT MARGIN NMF NMF NMF NMF NMF 15.5% NMF NMF -- recent prices, WORKING CAP’L ($MILL) 46.5 69.3 52.6 107.2 81.4 125.3 241.9 185.5 -- P/E ratios. LONG-TERM DEBT ($MILL) ------14.6 27.4 31.8 39.8 -- SHR. EQUITY ($MILL) 48.2 70.1 54.4 92.1 68.6 94.4 109.8 25.9 -- RETURN ON TOTAL CAP’L NMF NMF NMF NMF NMF 14.6% NMF NMF -- RETURN ON SHR. EQUITY NMF NMF NMF NMF NMF 17.4% NMF NMF -- RETAINED TO COM EQ NMF NMF NMF NMF NMF 17.4% NMF NMF -- ALL DIV’DS TO NET PROF ------ANo. of analysts changing earn. est. in last 25 days: 2 up, 0 down, consensus 5-year earnings growth not available. BBased upon 4 analysts’ estimates. CBased upon 2 analysts’ estimates. ANNUAL RATES ASSETS ($mill.) 2017 2018 9/30/19 INDUSTRY: Biotechnology of change (per share) 5 Yrs. 1 Yr. Cash Assets 268.9 198.7 166.0 Sales 16.0% 132.5% Receivables 1.1 2.2 6.6 BUSINESS: Cytokinetics, Inc. discovers and commercial- ‘‘Cash Flow’’ -- -- Inventory .0 .0 .0 izes first-in-class muscle activators and best-in-class muscle Earnings -- -- Other 4.3 6.8 3.9 Dividends -- -- inhibitors as potential treatments for debilitating diseases in Current Assets 274.3 207.7 176.5 Book Value -11.0% -76.5% which muscle performance is compromised and/or declin- Fiscal QUARTERLY SALES ($mill.) Full Property, Plant ing. The company collaborates with Amgen, Inc. to develop Year 1Q 2Q 3Q 4Q Year & Equip, at cost 26.2 27.1 - - omecamtiv mecarbil, a novel cardiac muscle activator; with Accum Depreciation 22.6 23.9 - - 12/31/17 4.1 3.1 6.2 -- 13.4 Net Property 3.6 3.2 3.6 Astellas Pharma Inc. to develop reldesemtiv, a fast skeletal 12/31/18 5.3 6.2 10.6 9.4 31.5 Other 16.9 .3 7.3 muscle troponin activator for diseases of neuromuscular 12/31/19 8.5 7.1 6.1 Total Assets 294.8 211.2 187.4 dysfunction; and is also developing CK-274, a novel cardiac 12/31/20 myosin inhibitor that was discovered independent of its LIABILITIES ($mill.) collaborations, for the potential treatment of hypertrophic Fiscal EARNINGS PER SHARE Full Accts Payable 5.3 3.8 3.4 Year 1Q 2Q 3Q 4Q Year Debt Due .0 2.6 .0 cardiomyopathies. In November 2019, Cytokinetics agreed 12/31/16 d.32 d.29 .84 .16 .39 Other 27.1 15.8 18.1 to sell an aggregate of $120.0 million principal amount of its 12/31/17 d.62 d.60 d.60 d.75 d2.59 Current Liab 32.4 22.2 21.5 4.00% convertible senior notes due 2026 in an underwritten 12/31/18 d.56 d.51 d.40 d.48 d1.95 public offering. It granted the underwriters a 30-day option 12/31/19 d.54 d.56 d.50 d.50 to purchase up to an additional $18.0 million of the notes in 12/31/20 d.53 d.56 LONG-TERM DEBT AND EQUITY connection with the offering, to cover over-allotments. Has as of 9/30/19 Cal- QUARTERLY DIVIDENDS PAID Full 130 employees. C.E.O. & President: Robert I. Blum Ad- endar 1Q 2Q 3Q 4Q Year Total Debt $44.8 mill. Due in 5 Yrs. NA dress: 280 East Grand Avenue South San Francisco, CA 2016 ------LT Debt $44.8 mill. 94080. Tel.: (650) 624-3000. Internet: www.cytokinetics- Including Cap. Leases NA 2017 ------NMF% of Cap’l .com. E.B. 2018 ------Leases, Uncapitalized Annual rentals NA 2019 ------December 6, 2019 Pension Liability None in ’18 vs. None in ’17 INSTITUTIONAL DECISIONS TOTAL SHAREHOLDER RETURN 4Q’18 1Q’19 2Q’19 Pfd Stock None Pfd Div’d Paid None Dividends plus appreciation as of 10/31/2019 to Buy 75 77 85 Common Stock 59,082,000 shares 3 Mos. 6 Mos. 1 Yr. 3 Yrs. 5 Yrs. to Sell 44 39 41 NMF% of Cap’l Hld’s(000) 39752 39994 44008 -4.43% 32.09% 74.14% 20.10% 217.44% © 2019 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribe call 1-800-VALUELINE of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. RECENT TRAILING RELATIVE DIV’D VALUE CYTRX CORP. NDQ--CYTR PRICE 0.28P/E RATIO NMF P/E RATIO NMFYLD Nil LINE 3662 RANKS 44.52 33.00 40.74 50.10 32.52 21.96 5.99 2.35 0.78 High 10.08 9.54 10.98 12.48 11.88 2.17 1.65 0.33 0.21 Low PERFORMANCE 3 Average LEGENDS 12 Mos Mov Avg 18 Technical 3 Average ....Rel Price Strength 14% Rev split 5/12 13 1-for-6 Rev split 11/17 SAFETY 5 Lowest Shaded area indicates recession 8 BETA 1.65 (1.00 = Market) 5 4 Financial Strength C++ 3

Price Stability 5 2

Price Growth Persistence 5 9100 Earnings Predictability 30 VOL. (thous.) © VALUE LINE PUBLISHING LLC 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020/2021 SALES PER SH .07 .02 .04 .01 .01 .01 .00 .01 -- ‘‘CASH FLOW’’ PER SH d4.05 d3.51 d6.77 d3.22 d5.26 d2.84 d1.23 d.27 -- EARNINGS PER SH d4.62 d4.68 d8.64 d3.30 d5.82 d3.78 d1.46 d.29 NA NA/NA DIV’DS DECL’D PER SH ------CAP’L SPENDING PER SH .02 .03 .01 .10 .03 .06 .00 .00 -- BOOK VALUE PER SH 6.86 5.93 1.52 7.31 3.98 1.17 .65 .61 -- COMMON SHS OUTST’G (MILL) 3.54 5.09 7.00 9.29 11.08 18.56 28.04 33.64 -- AVG ANN’L P/E RATIO ------NA NA/NA RELATIVE P/E RATIO ------AVG ANN’L DIV’D YIELD ------SALES ($MILL) .3 .1 .3 .1 .1 .2 .1 .3 -- Bold figures OPERATING MARGIN NMF NMF NMF NMF NMF NMF NMF NMF -- are consensus DEPRECIATION ($MILL) .1 .1 .1 .2 .3 1.1 .6 .0 -- earnings NET PROFIT ($MILL) d14.4 d18.0 d47.5 d30.1 d58.6 d50.8 d35.0 d9.1 -- estimates INCOME TAX RATE ------and, using the NET PROFIT MARGIN NMF NMF NMF NMF NMF NMF NMF NMF -- recent prices, WORKING CAP’L ($MILL) 23.7 29.6 10.2 65.4 41.3 41.1 16.9 19.9 -- P/E ratios. LONG-TERM DEBT ($MILL) ------18.5 ------SHR. EQUITY ($MILL) 24.3 30.2 10.7 67.9 44.1 24.8 18.1 20.4 -- RETURN ON TOTAL CAP’L NMF NMF NMF NMF NMF NMF NMF NMF -- RETURN ON SHR. EQUITY NMF NMF NMF NMF NMF NMF NMF NMF -- RETAINED TO COM EQ NMF NMF NMF NMF NMF NMF NMF NMF -- ALL DIV’DS TO NET PROF ------Note: No analyst estimates available. ANNUAL RATES ASSETS ($mill.) 2017 2018 9/30/19 INDUSTRY: Biotechnology of change (per share) 5 Yrs. 1 Yr. Cash Assets 37.6 21.4 18.5 Sales -30.5% 108.5% Receivables 7.5 .1 .0 BUSINESS: CytRx Corp. is focused on the discovery, ‘‘Cash Flow’’ -- -- Inventory .0 .0 .0 research, and clinical development of novel anti-cancer drug Earnings -- -- Other 2.0 1.0 1.4 Dividends -- -- candidates that employ novel linker technologies to enhance Current Assets 47.1 22.5 19.9 Book Value -30.0% -6.5% the accumulation and release of cytotoxic anti-cancer agents Fiscal QUARTERLY SALES ($mill.) Full Property, Plant at the tumor. The company’s most advanced drug conjugate, Year 1Q 2Q 3Q 4Q Year & Equip, at cost 2.2 .1 - - aldoxorubicin, is an improved version of the widely used Accum Depreciation 1.2 .1 - - 12/31/17 ------.1 .1 Net Property 1.0 .0 .0 anti-cancer drug doxorubicin and has been out-licensed to 12/31/18 -- -- .3 -- .3 Other .2 .4 .1 NantCell, Inc. In addition, CytRx’s other drug candidate, 12/31/19 ------Total Assets 48.3 22.9 20.0 arimoclomol (which is being tested in four indications), has 12/31/20 been out-licensed to Orphazyme A/S. The company’s LIABILITIES ($mill.) wholly owned subsidiary, Centurion BioPharma Corp., is Fiscal EARNINGS PER SHARE Full Accts Payable 4.1 1.2 2.2 Year 1Q 2Q 3Q 4Q Year Debt Due 10.6 .0 .0 focused on the development of personalized medicine. 12/31/16 d1.14 d1.50 d.78 d.36 d3.78 Other 15.5 1.4 .9 Centurion’s LADR TM (Linker Activated Drug Release) 12/31/17 d.60 d.60 d1.14 d.16 d1.46 Current Liab 30.2 2.6 3.1 technology platform is a discovery engine combining its 12/31/18 d.15 d.10 d.10 .06 d.29 expertise in linker chemistry and albumin biology to create 12/31/19 d.05 d.04 d.04 a pipeline of anti-cancer molecules that will avoid unaccept- 12/31/20 LONG-TERM DEBT AND EQUITY able systemic toxicity while delivering highly potent agents as of 9/30/19 Cal- QUARTERLY DIVIDENDS PAID Full directly to the tumor. Has 6 employees. Chairman & C.E.O.: endar 1Q 2Q 3Q 4Q Year Total Debt None Due in 5 Yrs. None Steven A. Kriegsman Address: 11726 San Vicente Blvd. 2016 ------LT Debt None Suite 650, Los Angeles, CA 90049. Tel.: (310) 826-5648. Including Cap. Leases None 2017 ------Leases, Uncapitalized Annual rentals NA Internet: www.cytrx.com. E.B. 2018 ------2019 ------Pension Liability None in ’18 vs. None in ’17 December 6, 2019

INSTITUTIONAL DECISIONS Pfd Stock None Pfd Div’d Paid None TOTAL SHAREHOLDER RETURN 4Q’18 1Q’19 2Q’19 Dividends plus appreciation as of 10/31/2019 to Buy 13 9 1 Common Stock 33,637,501 shares (100% of Cap’l) 3 Mos. 6 Mos. 1 Yr. 3 Yrs. 5 Yrs. to Sell 18 11 27 Hld’s(000) 3369 2384 1096 -11.43% -42.59% -56.94% -88.82% -98.19% © 2019 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribe call 1-800-VALUELINE of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. RECENT TRAILING RELATIVE DIV’D VALUE EDITAS MEDICINE NDQ--EDIT PRICE 27.18P/E RATIO NMF P/E RATIO NMFYLD Nil LINE 3663 RANKS 43.99 32.85 45.02 28.15 High 12.43 13.12 17.80 19.00 Low Below PERFORMANCE 4 Average LEGENDS 45 Below 12 Mos Mov Avg Technical 4 Average ....Rel Price Strength 30 Shaded area indicates recession Below 22.5 SAFETY 4 Average

BETA 1.90 (1.00 = Market) 13 9 Financial Strength B+ 6

Price Stability 5 4 3 Price Growth Persistence NMF 24200 Earnings Predictability NMF VOL. (thous.) © VALUE LINE PUBLISHING LLC 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020/2021 SALES PER SH ------.17 .31 .66 -- ‘‘CASH FLOW’’ PER SH ------d2.68 d2.64 d2.19 -- EARNINGS PER SH ------d3.02 d2.98 d2.33 d1.89 A,B d2.99 C/NA DIV’DS DECL’D PER SH ------CAP’L SPENDING PER SH ------.10 .05 .10 -- BOOK VALUE PER SH ------3.76 4.68 4.84 -- COMMON SHS OUTST’G (MILL) ------35.82 44.51 48.76 -- AVG ANN’L P/E RATIO ------NMF NMF/NA RELATIVE P/E RATIO ------AVG ANN’L DIV’D YIELD ------SALES ($MILL) ------1.6 6.1 13.7 31.9 -- Bold figures OPERATING MARGIN ------NMF NMF NMF NMF -- are consensus DEPRECIATION ($MILL) ------.5 1.2 2.7 3.3 -- earnings NET PROFIT ($MILL) ------d72.9 d97.2 d120.3 d110.0 -- estimates INCOME TAX RATE ------and, using the NET PROFIT MARGIN ------NMF NMF NMF NMF -- recent prices, WORKING CAP’L ($MILL) ------138.1 154.1 295.5 338.9 -- P/E ratios. LONG-TERM DEBT ($MILL) ------35.1 33.4 32.4 -- SHR. EQUITY ($MILL) ------116.8 134.6 208.1 236.2 -- RETURN ON TOTAL CAP’L ------NMF NMF NMF NMF -- RETURN ON SHR. EQUITY ------NMF NMF NMF NMF -- RETAINED TO COM EQ ------NMF NMF NMF -- ALL DIV’DS TO NET PROF ------ANo. of analysts changing earn. est. in last 25 days: 3 up, 1 down, consensus 5-year earnings growth not available. BBased upon 5 analysts’ estimates. CBased upon 5 analysts’ estimates. ANNUAL RATES ASSETS ($mill.) 2017 2018 9/30/19 INDUSTRY: Biotechnology of change (per share) 5 Yrs. 1 Yr. Cash Assets 329.1 369.0 332.6 Sales -- 112.5% Receivables .7 .0 .3 BUSINESS: Editas Medicine, Inc. is a leading, clinical ‘‘Cash Flow’’ -- -- Inventory .0 .0 .0 stage genome editing company focused on translating the Earnings -- -- Other 2.4 5.8 6.3 Dividends -- -- power and potential of the CRISPR/Cas9 and CRISPR/Cpf1 Current Assets 332.2 374.8 339.2 Book Value -- 3.5% (also known as Cas12a) genome editing systems into a Fiscal QUARTERLY SALES ($mill.) Full Property, Plant robust pipeline of treatments for people living with serious Year 1Q 2Q 3Q 4Q Year & Equip, at cost 43.5 47.4 - - disease. In ocular diseases, its most advanced program Accum Depreciation 4.1 7.2 - - 12/31/17 .7 3.1 6.3 3.6 13.7 Net Property 39.4 40.2 10.1 addresses a specific genetic form of retinal degeneration 12/31/18 3.9 7.4 14.5 6.1 31.9 Other 1.7 5.4 23.1 called Leber congenital amaurosis 10 (LCA10). In October 12/31/19 2.1 2.3 3.8 Total Assets 373.3 420.4 372.4 2019, Editas and Asklepios BioPharmaceutical, Inc. entered 12/31/20 into a collaboration to explore in vivo delivery of genome LIABILITIES ($mill.) editing medicines to treat neurological diseases. Also, the Fiscal EARNINGS PER SHARE Full Accts Payable 4.0 5.3 6.6 Year 1Q 2Q 3Q 4Q Year Debt Due 7.5 .0 .0 company and MaxCyte, Inc. announced a new clinical and 12/31/16 d.80 d.54 d.59 d1.09 d3.02 Other 25.2 30.6 60.2 commercial license agreement. In November 2019, Editas 12/31/17 d.85 d.65 d.64 d.84 d2.98 Current Liab 36.7 35.9 66.8 amended collaboration with Celgene under which the par- 12/31/18 d.67 d.82 d.32 d.52 d2.33 ties may develop and commercialize autologous and allo- 12/31/19 d.60 d.69 d.66 .04 geneic alpha-beta T cell medicines for the treatment of 12/31/20 d.66 d.66 LONG-TERM DEBT AND EQUITY cancer and autoimmune diseases. Pursuant to the terms, as of 9/30/19 Cal- QUARTERLY DIVIDENDS PAID Full Editas will receive a payment of $70 million. Has 133 endar 1Q 2Q 3Q 4Q Year Total Debt None Due in 5 Yrs. None employees. C.E.O. & President: Cynthia Collins Address: 2016 ------LT Debt None 11 Hurley Street, Cambridge, MA 02141. Tel.: (617) 401- Including Cap. Leases None 2017 ------Leases, Uncapitalized Annual rentals NA 9000. Internet: www.editasmedicine.com. E.B. 2018 ------2019 ------Pension Liability None in ’18 vs. None in ’17 December 6, 2019

INSTITUTIONAL DECISIONS Pfd Stock None Pfd Div’d Paid None TOTAL SHAREHOLDER RETURN 4Q’18 1Q’19 2Q’19 Dividends plus appreciation as of 10/31/2019 to Buy 86 94 87 Common Stock 51,528,020 shares (100% of Cap’l) 3 Mos. 6 Mos. 1 Yr. 3 Yrs. 5 Yrs. to Sell 94 74 83 Hld’s(000) 34145 37131 39548 -17.47% -15.80% -17.73% 47.38% -- © 2019 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribe call 1-800-VALUELINE of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. RECENT TRAILING RELATIVE DIV’D VALUE EIDOS THERAPEUTICS NYSE--EIDX PRICE 57.19P/E RATIO NMF P/E RATIO NMFYLD Nil LINE 3664 RANKS 24.75 58.84 High 8.89 11.15 Low Above PERFORMANCE 2 Average LEGENDS 45 Above 12 Mos Mov Avg Technical 2 Average ....Rel Price Strength 30 Shaded area indicates recession Short 22.5 SAFETY – History

BETA NMF (1.00 = Market) 13 9 Financial Strength NMF 6

Price Stability NMF 4 3 Price Growth Persistence NMF 4000 Earnings Predictability NMF VOL. (thous.) © VALUE LINE PUBLISHING LLC 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020/2021 REVENUES PER SH ------‘‘CASH FLOW’’ PER SH ------d1.11 -- EARNINGS PER SH ------d1.86 d1.07 A,B d2.48 C/NA DIV’DS DECL’D PER SH ------CAP’L SPENDING PER SH ------.00 -- BOOK VALUE PER SH ------4.22 -- COMMON SHS OUTST’G (MILL) ------36.76 -- AVG ANN’L P/E RATIO ------NMF NMF/NA RELATIVE P/E RATIO ------AVG ANN’L DIV’D YIELD ------REVENUES ($MILL) ------Bold figures OPERATING MARGIN ------are consensus DEPRECIATION ($MILL) ------.0 .1 -- earnings NET PROFIT ($MILL) ------d11.9 d40.7 -- estimates INCOME TAX RATE ------and, using the NET PROFIT MARGIN ------recent prices, WORKING CAP’L ($MILL) ------3.9 154.2 -- P/E ratios. LONG-TERM DEBT ($MILL) ------SHR. EQUITY ($MILL) ------3.8 155.0 -- RETURN ON TOTAL CAP’L ------NMF NMF -- RETURN ON SHR. EQUITY ------NMF NMF -- RETAINED TO COM EQ ------NMF -- ALL DIV’DS TO NET PROF ------ANo. of analysts changing earn. est. in last 25 days: 2 up, 2 down, consensus 5-year earnings growth not available. BBased upon 4 analysts’ estimates. CBased upon 4 analysts’ estimates. ANNUAL RATES ASSETS ($mill.) 2017 2018 9/30/19 INDUSTRY: Biotechnology of change (per share) 5 Yrs. 1 Yr. Cash Assets 5.5 157.1 165.8 Sales -- -- Receivables .0 .0 .1 BUSINESS: In October 2019, Eidos Therapeutics, Inc. ″ ″ Cash Flow -- -- Inventory .0 .0 .0 announced that BridgeBio Pharma, Inc., the parent entity of Earnings -- -- Other .5 1.9 5.4 Dividends -- -- the company’s majority stockholder, terminated the merger Current Assets 6.0 159.0 171.3 Book Value -- -- process to acquire the outstanding common stock of Eidos Fiscal QUARTERLY SALES ($mill.) Full Property, Plant that BridgeBio does not already own (approximately 34% of Year 1Q 2Q 3Q 4Q Year & Equip, at cost .1 .3 - - Eidos’s shares). Due to this news, Eidos’ ranks were Accum Depreciation .0 .1 - - 12/31/17 ------Net Property .1 .2 1.2 reinstated. Eidos Therapeutics, Inc. is focused on addressing 12/31/18 ------Other .2 .9 6.4 the large and growing unmet need in diseases caused by 12/31/19 -- -- 26.7 Total Assets 6.3 160.1 178.9 transthyretin, or TTR, amyloidosis, or ATTR. The company 12/31/20 is advancing its product candidate, AG10, to treat ATTR, a LIABILITIES ($mill.) progressive and fatal family of diseases. In September 2019, Fiscal EARNINGS PER SHARE Full Accts Payable .6 2.0 3.6 Year 1Q 2Q 3Q 4Q Year Debt Due .0 .0 .0 Eidos entered into a license agreement with Alexion Pharma 12/31/16 ------Other 1.6 2.8 6.5 International Operations Unlimited Co., to develop and 12/31/17 ------Current Liab 2.2 4.8 10.1 commercialize AG10 in Japan. Additionally, in September 12/31/18 -- d1.38 d.29 d.27 d1.86 2019, it entered into a stock purchase agreement with 12/31/19 d.32 d.39 .18 d.55 Alexion, pursuant to which it sold to Alexion 556,173 12/31/20 d.55 d.58 LONG-TERM DEBT AND EQUITY shares of its common stock, for aggregate cash proceeds of as of 9/30/19 Cal- QUARTERLY DIVIDENDS PAID Full $25.0 million. Has 24 employees. C.E.O.: Neil Kumar endar 1Q 2Q 3Q 4Q Year Total Debt None Due in 5 Yrs. None Address: 101 Montgomery Street Suite 2550, San Fran- 2016 ------LT Debt None cisco, CA 94104. Tel.: (415) 887-1471. Internet: www.ei- Including Cap. Leases None 2017 ------Leases, Uncapitalized Annual rentals NA dostx.com. E.B. 2018 ------2019 ------Pension Liability None in ’18 vs. None in ’17 December 6, 2019

INSTITUTIONAL DECISIONS Pfd Stock None Pfd Div’d Paid None TOTAL SHAREHOLDER RETURN 4Q’18 1Q’19 2Q’19 Dividends plus appreciation as of 10/31/2019 to Buy 34 36 39 Common Stock 37,497,000 shares (100% of Cap’l) 3 Mos. 6 Mos. 1 Yr. 3 Yrs. 5 Yrs. to Sell 30 22 29 Hld’s(000) 11077 12522 12030 48.86% 85.04% 296.57% -- -- © 2019 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribe call 1-800-VALUELINE of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. RECENT TRAILING RELATIVE DIV’D VALUE EIGER BIOPHARMA. NDQ--EIGR PRICE 12.68P/E RATIO NMF P/E RATIO NMFYLD Nil LINE 3665 RANKS 312.59 423.54 25.79 14.50 18.00 15.33 High 111.69 14.99 10.71 6.10 7.46 9.38 Low PERFORMANCE 3 Average LEGENDS Below 12 Mos Mov Avg 18 Technical 4 Average ....Rel Price Strength 6.6% Rev split 3/16 13 Below Shaded area indicates recession SAFETY 4 Average 8 BETA 1.20 (1.00 = Market) 5 4 Financial Strength B 3

Price Stability 5 2

Price Growth Persistence 25 2700 Earnings Predictability 45 VOL. (thous.) © VALUE LINE PUBLISHING LLC 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020/2021 REVENUES PER SH ------‘‘CASH FLOW’’ PER SH ------d21.51 d27.49 d5.63 d4.03 d2.72 -- EARNINGS PER SH ------d27.29 d27.93 d7.84 d4.86 d3.82 d2.48 A,B d2.87 C/NA DIV’DS DECL’D PER SH ------CAP’L SPENDING PER SH ------.47 .15 .01 .00 .01 -- BOOK VALUE PER SH ------46.02 19.76 4.87 2.14 3.47 -- COMMON SHS OUTST’G (MILL) ------1.57 1.60 8.36 10.53 19.21 -- AVG ANN’L P/E RATIO ------NMF NMF/NA RELATIVE P/E RATIO ------AVG ANN’L DIV’D YIELD ------REVENUES ($MILL) ------Bold figures OPERATING MARGIN ------are consensus DEPRECIATION ($MILL) ------.2 .5 .0 .0 .1 -- earnings NET PROFIT ($MILL) ------d33.9 d44.4 d47.1 d42.4 d52.4 -- estimates INCOME TAX RATE ------and, using the NET PROFIT MARGIN ------recent prices, WORKING CAP’L ($MILL) ------81.5 31.6 55.2 35.2 91.9 -- P/E ratios. LONG-TERM DEBT ($MILL) ------10.1 -- 14.7 13.1 25.6 -- SHR. EQUITY ($MILL) ------72.1 31.6 40.7 22.5 66.6 -- RETURN ON TOTAL CAP’L ------NMF NMF NMF NMF NMF -- RETURN ON SHR. EQUITY ------NMF NMF NMF NMF NMF -- RETAINED TO COM EQ ------NMF NMF NMF NMF NMF -- ALL DIV’DS TO NET PROF ------ANo. of analysts changing earn. est. in last 25 days: 2 up, 1 down, consensus 5-year earnings growth not available. BBased upon 4 analysts’ estimates. CBased upon 3 analysts’ estimates. ANNUAL RATES ASSETS ($mill.) 2017 2018 9/30/19 INDUSTRY: Biotechnology of change (per share) 5 Yrs. 1 Yr. Cash Assets 41.8 100.4 110.0 Sales -- -- Receivables .0 .0 .0 BUSINESS: Eiger BioPharmaceuticals, Inc. is focused on ‘‘Cash Flow’’ -- -- Inventory .0 .0 .0 the development and commercialization of well- Earnings -- -- Other .7 1.4 4.4 Dividends -- -- characterized drugs for serious, rare and ultra-rare diseases Current Assets 42.5 101.8 114.4 Book Value -- 62.0% with high unmet medical needs and no approved therapies. Fiscal QUARTERLY SALES ($mill.) Full Property, Plant It reported positive proof-of-concept clinical results across Year 1Q 2Q 3Q 4Q Year & Equip, at cost .2 .3 - - all of its four programs, with first-in-class drugs that are Accum Depreciation .1 .1 - - 12/31/17 ------Net Property .1 .2 .5 advancing towards submissions for regulatory approvals, in 12/31/18 ------Other .3 .4 5.1 Phase III clinical development, or advancing towards Phase 12/31/19 ------Total Assets 42.9 102.4 120.0 III clinical development. Each one of four programs have 12/31/20 breakthrough therapy designation. Eiger’s pipeline in- LIABILITIES ($mill.) cludes: lonafarnib, its lead program addressing Hepatitis Fiscal EARNINGS PER SHARE Full Accts Payable 3.2 5.8 9.1 Year 1Q 2Q 3Q 4Q Year Debt Due 2.0 .0 .0 Delta Virus (HDV), pegylated interferon, lambda for HDV, 12/31/16 d3.86 d1.87 d1.49 d1.53 d7.84 Other 2.1 4.2 7.6 lonafarnib for progeria and progeroid laminopathies, exen- 12/31/17 d1.34 d1.33 d1.10 d1.11 d4.86 Current Liab 7.3 10.0 16.7 din 9-39 for post-bariatric hypoglycemia (PBH), and uben- 12/31/18 d.84 d.52 d1.20 d.92 d3.82 imex for lymphedema. Eiger is preparing an NDA with 12/31/19 d.90 d.75 d.76 d.09 plans to file in fourth quarter 2019 for Lonafarnib in the 12/31/20 d.88 d.86 LONG-TERM DEBT AND EQUITY treatment of Hutchinson-Gilford Progeria Syndrome and as of 9/30/19 Cal- QUARTERLY DIVIDENDS PAID Full Progeroid Laminopathies. Has 18 employees. C.E.O. & endar 1Q 2Q 3Q 4Q Year Total Debt $30.2 mill. Due in 5 Yrs. NA President: David A. Cory Address: 2155 Park Boulevard, 2016 ------LT Debt $30.2 mill. Palo Alto, CA 94306. Tel.: (650) 272-6138. Internet: ww- Including Cap. Leases NA 2017 ------(30% of Cap’l) w.eigerbio.com. E.B. 2018 ------Leases, Uncapitalized Annual rentals NA 2019 ------December 6, 2019 Pension Liability None in ’18 vs. None in ’17 INSTITUTIONAL DECISIONS TOTAL SHAREHOLDER RETURN 4Q’18 1Q’19 2Q’19 Pfd Stock None Pfd Div’d Paid None Dividends plus appreciation as of 10/31/2019 to Buy 50 28 49 Common Stock 24,494,000 shares 3 Mos. 6 Mos. 1 Yr. 3 Yrs. 5 Yrs. to Sell 20 34 25 (70% of Cap’l) Hld’s(000) 15607 15413 20693 -1.54% -0.28% -9.01% -4.80% -93.42% © 2019 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribe call 1-800-VALUELINE of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. RECENT TRAILING RELATIVE DIV’D VALUE EMERGENT BIOSOLUT. NYSE--EBS PRICE 54.55P/E RATIO NMF P/E RATIO NMFYLD Nil LINE 3666 RANKS 26.41 18.34 24.03 28.48 40.49 44.38 47.90 73.89 67.45 High 14.90 12.50 13.02 19.31 25.97 24.47 27.94 42.67 39.11 Low PERFORMANCE 3 Average LEGENDS 12 Mos Mov Avg Technical 3 Average ....Rel Price Strength Shaded area indicates recession 50 SAFETY 3 Average

BETA 1.15 (1.00 = Market) 25

15 Financial Strength B+ 10 Price Stability 30

Price Growth Persistence 70 5 10500 Earnings Predictability 25 VOL. (thous.) © VALUE LINE PUBLISHING LLC 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020/2021 SALES PER SH 7.59 7.86 8.54 11.87 13.27 12.05 11.35 15.28 -- ‘‘CASH FLOW’’ PER SH .90 .97 1.42 1.82 2.49 2.48 2.53 2.44 -- EARNINGS PER SH .64 .65 .85 .88 1.41 1.35 1.71 1.22 3.08 A,B 3.58 C/NA DIV’DS DECL’D PER SH ------CAP’L SPENDING PER SH 1.50 1.50 1.15 .81 1.14 1.88 1.11 1.41 -- BOOK VALUE PER SH 11.51 12.30 13.37 14.59 16.75 14.69 18.47 19.74 -- COMMON SHS OUTST’G (MILL) 36.00 35.87 36.62 37.92 39.41 40.57 49.41 51.20 -- AVG ANN’L P/E RATIO 32.0 23.3 20.3 27.1 22.6 24.9 20.3 46.1 17.7 15.2/NA RELATIVE P/E RATIO 2.00 1.49 1.14 1.43 1.16 1.36 1.02 2.60 -- AVG ANN’L DIV’D YIELD ------SALES ($MILL) 273.4 281.9 312.7 450.1 522.8 488.8 560.9 782.4 -- Bold figures OPERATING MARGIN 15.2% 14.6% 20.4% 20.1% 25.1% 29.4% 29.7% 19.4% -- are consensus DEPRECIATION ($MILL) 9.4 11.2 20.9 32.5 35.3 38.2 42.6 62.2 -- earnings NET PROFIT ($MILL) 23.0 23.5 31.1 36.7 62.9 62.5 82.6 62.7 -- estimates INCOME TAX RATE 49.6% 43.4% 30.2% 30.8% 30.0% 37.0% 30.4% 23.1% -- and, using the NET PROFIT MARGIN 8.4% 8.3% 10.0% 8.2% 12.0% 12.8% 14.7% 8.0% -- recent prices, WORKING CAP’L ($MILL) 183.3 201.5 216.4 339.3 439.0 404.3 385.3 420.4 -- P/E ratios. LONG-TERM DEBT ($MILL) 54.1 58.3 62.0 251.0 253.0 248.1 13.5 838.9 -- SHR. EQUITY ($MILL) 414.2 441.4 489.6 553.2 660.0 596.2 912.3 1010.9 -- RETURN ON TOTAL CAP’L 5.1% 4.9% 5.8% 5.2% 7.2% 7.9% 9.3% 3.7% -- RETURN ON SHR. EQUITY 5.6% 5.3% 6.4% 6.6% 9.5% 10.5% 9.1% 6.2% -- RETAINED TO COM EQ 5.6% 5.3% 6.4% 6.6% 9.5% 10.5% 9.1% 6.2% -- ALL DIV’DS TO NET PROF ------ANo. of analysts changing earn. est. in last 25 days: 0 up, 1 down, consensus 5-year earnings growth 20.0% per year. BBased upon 2 analysts’ estimates. CBased upon 2 analysts’ estimates. ANNUAL RATES ASSETS ($mill.) 2017 2018 9/30/19 INDUSTRY: Biotechnology of change (per share) 5 Yrs. 1 Yr. Cash Assets 179.3 112.2 139.2 Sales 10.0% 34.5% Receivables 143.7 262.5 281.2 BUSINESS: Emergent BioSolutions, Inc. is focused on ‘‘Cash Flow’’ 18.0% -3.5% Inventory 142.8 205.8 230.2 providing specialty products for civilian and military popu- Earnings 15.0% -28.5% Other 19.6 40.3 49.4 Dividends -- -- lations that address accidental, deliberate, and naturally Current Assets 485.4 620.8 700.0 Book Value 7.5% 7.0% occurring public health threats (PHTs). Its product portfolio Fiscal QUARTERLY SALES ($mill.) Full Property, Plant includes: Vaccines and Anti-Infectives (BioThrax(R), Year 1Q 2Q 3Q 4Q Year & Equip, at cost 539.6 681.7 - - ACAM2000(R), Vivotif(R), and Vaxchora(R)); Devices Accum Depreciation 132.4 171.5 - - 12/31/17 116.9 100.8 149.4 193.8 560.9 Net Property 407.2 510.2 529.1 ((NARCAN(R) (naloxone HCl) Nasal Spray, RSDL(R) 12/31/18 117.8 220.2 173.7 270.7 782.4 Other 177.6 1098.4 1104.7 (Reactive Skin Decontamination Lotion Kit, and Trobig- 12/31/19 190.6 243.2 311.8 Total Assets 1070.2 2229.4 2333.8 ard(R), an auto-injector device)); and Antibody Therapeu- 12/31/20 tics (Raxibacumab (Anthrax Monoclonal), Anthrasil(R), LIABILITIES ($mill.) BAT(R), VIGIV , the only antibody therapeutic licensed by Fiscal EARNINGS PER SHARE Full Accts Payable 41.8 80.7 91.3 Year 1Q 2Q 3Q 4Q Year Debt Due .0 15.7 10.1 the FDA and Health Canada to address certain complica- 12/31/16 .30 d.05 .43 .67 1.35 Other 58.3 104.0 173.9 tions from smallpox vaccination. Emergent’s chikungunya 12/31/17 .25 .11 .68 .67 1.71 Current Liab 100.1 200.4 275.3 virus (CHIKV) virus-like particle (VLP) vaccine candidate, 12/31/18 d.10 .98 .41 d.07 1.22 CHIKV VLP, was granted PRIority MEdicines, or PRIME, 12/31/19 d.51 d.18 .83 1.82 designation by the Committee for Medicinal Products for 12/31/20 LONG-TERM DEBT AND EQUITY Human Use of the European Medicines Agency in Septem- as of 9/30/19 Cal- QUARTERLY DIVIDENDS PAID Full ber 2019. Has 1705 employees. C.E.O. & President: Daniel endar 1Q 2Q 3Q 4Q Year Total Debt $823.4 mill. Due in 5 Yrs. NA J. Abdun-Nabi Address: 400 Professional Drive Suite 400, 2016 ------LT Debt $813.3 mill. Gaithersburg, MD 20879. Tel.: (240) 631-3200. Internet: Including Cap. Leases NA 2017 ------(44% of Cap’l) www.emergentbiosolutions.com. E.B. 2018 ------Leases, Uncapitalized Annual rentals NA 2019 ------December 6, 2019 Pension Liability None in ’18 vs. None in ’17 INSTITUTIONAL DECISIONS TOTAL SHAREHOLDER RETURN 4Q’18 1Q’19 2Q’19 Pfd Stock None Pfd Div’d Paid None Dividends plus appreciation as of 10/31/2019 to Buy 159 141 119 Common Stock 51,600,000 shares 3 Mos. 6 Mos. 1 Yr. 3 Yrs. 5 Yrs. to Sell 134 148 149 (56% of Cap’l) Hld’s(000) 42682 44599 45939 29.50% 10.60% -6.59% 113.92% 152.70% © 2019 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribe call 1-800-VALUELINE of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. RECENT TRAILING RELATIVE DIV’D VALUE ENANTA PHARMA. NDQ--ENTA PRICE 62.69P/E RATIO 28.4 P/E RATIO 1.59YLD Nil LINE 3667 RANKS 38.48 52.58 51.89 35.06 59.88 127.77 106.80 High 14.31 27.28 16.75 20.39 25.92 52.39 57.15 Low PERFORMANCE 5 Lowest LEGENDS 180 Below 12 Mos Mov Avg Technical 4 Average ....Rel Price Strength Shaded area indicates recession Below 90 SAFETY 4 Average

BETA 1.30 (1.00 = Market) 45

27 Financial Strength B+ 18 Price Stability 10

Price Growth Persistence 45 9 6000 Earnings Predictability 5 VOL. (thous.) © VALUE LINE PUBLISHING LLC 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020/2021 SALES PER SH -- -- 1.79 2.57 8.60 4.64 5.38 10.65 -- ‘‘CASH FLOW’’ PER SH -- -- .55 1.87 4.36 1.21 .99 3.74 -- EARNINGS PER SH -- -- d.67 1.80 4.09 1.13 .91 3.48 2.21 d.75 A,B/d3.12 C DIV’DS DECL’D PER SH ------CAP’L SPENDING PER SH -- -- .03 .06 .12 .25 .13 .15 -- BOOK VALUE PER SH -- -- 6.16 7.99 12.61 14.17 15.73 20.20 -- COMMON SHS OUTST’G (MILL) -- -- 17.93 18.59 18.72 19.04 19.12 19.40 -- AVG ANN’L P/E RATIO ------19.3 10.1 24.3 36.2 23.4 28.4 NMF/NMF RELATIVE P/E RATIO ------1.02 .52 1.33 1.81 1.32 -- AVG ANN’L DIV’D YIELD ------SALES ($MILL) 41.9 41.7 32.1 47.7 160.9 88.3 102.8 206.6 -- Bold figures OPERATING MARGIN 61.6% 51.5% 28.9% 40.5% 79.0% 36.8% 26.0% 44.0% -- are consensus DEPRECIATION ($MILL) .5 .2 .2 .4 2.9 1.7 2.1 2.5 -- earnings NET PROFIT ($MILL) 22.6 21.4 9.6 34.4 79.0 21.7 17.7 72.0 -- estimates INCOME TAX RATE ------37.0% 33.5% 34.3% 22.7% -- and, using the NET PROFIT MARGIN 54.1% 51.3% 30.0% 72.1% 49.1% 24.5% 17.2% 34.8% -- recent prices, WORKING CAP’L ($MILL) 22.9 41.6 100.2 103.2 163.9 224.3 216.8 364.4 -- P/E ratios. LONG-TERM DEBT ($MILL) ------.2 .5 .5 .4 .3 -- SHR. EQUITY ($MILL) 23.9 45.9 112.1 150.2 236.2 269.9 301.7 393.7 -- RETURN ON TOTAL CAP’L 94.5% 46.6% 8.6% 22.9% 33.4% 8.0% 5.9% 18.3% -- RETURN ON SHR. EQUITY 94.5% 46.6% 8.6% 22.9% 33.4% 8.0% 5.9% 18.3% -- RETAINED TO COM EQ -- -- 8.7% 23.2% 33.4% 8.0% 5.6% 17.9% -- ALL DIV’DS TO NET PROF ------ANo. of analysts changing earn. est. in last 25 days: 0 up, 1 down, consensus 5-year earnings growth not available. BBased upon 4 analysts’ estimates. CBased upon 2 analysts’ estimates. ANNUAL RATES ASSETS ($mill.) 2017 2018 6/30/19 INDUSTRY: Biotechnology of change (per share) 5 Yrs. 1 Yr. Cash Assets 223.7 308.7 389.2 Sales 31.0% 98.0% Receivables 10.6 67.2 44.4 BUSINESS: Enanta Pharmaceuticals, Inc. creates small ‘‘Cash Flow’’ 29.0% 279.5% Inventory .0 .0 .0 molecule drugs for viral infections and liver diseases. Its Earnings -- 282.5% Other 3.5 4.5 17.7 Dividends -- -- efforts are focused on: non-alcoholic steatohepatitis Current Assets 237.8 380.4 451.3 Book Value 22.0% 28.5% (NASH)/ primary biliary cholangitis (PBC), respiratory Fiscal QUARTERLY SALES ($mill.) Full Property, Plant syncytial virus (RSV), and hepatitis B virus (HBV). Enanta Year 1Q 2Q 3Q 4Q Year & Equip, at cost 15.1 17.5 - - discovered novel protease inhibitors for use against the Accum Depreciation 7.1 9.1 - - 09/30/17 10.4 9.0 7.5 75.9 102.8 Net Property 8.0 8.4 11.4 hepatitis C virus (HCV). These inhibitors, developed 09/30/18 38.1 44.0 57.3 67.2 206.6 Other 80.8 25.4 10.8 through collaboration with AbbVie, include paritaprevir 09/30/19 69.9 39.6 44.4 51.3 205.2 Total Assets 326.6 414.2 473.5 (marketed in AbbVie’s HCV regimens) and glecaprevir 09/30/20 (ABT-493), which AbbVie has drug discovery capabilities LIABILITIES ($mill.) to create small molecule drugs primarily for the treatment of Fiscal EARNINGS PER SHARE Full Accts Payable 3.7 4.7 6.5 Year 1Q 2Q 3Q 4Q Year Debt Due .1 .0 .0 viral infections and liver diseases. The company discovered 09/30/16 1.36 d.08 d.06 d.09 1.13 Other 17.2 11.3 14.0 glecaprevir, the second protease inhibitor discovered and 09/30/17 d.26 d.28 d.44 1.86 .91 Current Liab 21.0 16.0 20.5 developed through its collaboration with AbbVie, which is 09/30/18 .60 .61 .97 1.30 3.48 marketed as part of AbbVie’s direct-acting antiviral (DAA) 09/30/19 1.24 .20 .33 .44 2.21 regimen under the tradenames MAVYRET TM (US) or 09/30/20 .77 d.49 d.33 LONG-TERM DEBT AND EQUITY MAVIRET TM (ex-US) (glecaprevir/pibrentasvir) for the as of 6/30/19 Cal- QUARTERLY DIVIDENDS PAID Full treatment of chronic hepatitis C virus, or HCV. Has 113 endar 1Q 2Q 3Q 4Q Year Total Debt None Due in 5 Yrs. None employees. C.E.O. & President: Jay R. Luly Address: 500 2016 ------LT Debt None Arsenal St., Watertown, MA 02472. Tel.: (617) 607-0800. Including Cap. Leases None 2017 ------Leases, Uncapitalized Annual rentals NA Internet: www.enanta.com. E.B. 2018 ------2019 ------Pension Liability None in ’18 vs. None in ’17 December 6, 2019

INSTITUTIONAL DECISIONS Pfd Stock None Pfd Div’d Paid None TOTAL SHAREHOLDER RETURN 4Q’18 1Q’19 2Q’19 Dividends plus appreciation as of 10/31/2019 to Buy 98 100 104 Common Stock 19,682,000 shares (100% of Cap’l) 3 Mos. 6 Mos. 1 Yr. 3 Yrs. 5 Yrs. to Sell 92 75 82 Hld’s(000) 16722 17632 17647 -18.85% -30.18% -21.10% 158.84% 41.58% © 2019 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribe call 1-800-VALUELINE of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. RECENT TRAILING RELATIVE DIV’D VALUE EPIZYME INC. NDQ--EPZM PRICE 16.81P/E RATIO NMF P/E RATIO NMFYLD Nil LINE 3668 RANKS 45.72 41.23 28.48 16.01 20.45 21.40 17.00 High 18.10 16.51 11.26 7.02 9.30 5.14 5.81 Low Above PERFORMANCE 2 Average LEGENDS 12 Mos Mov Avg 18 Technical 3 Average ....Rel Price Strength Shaded area indicates recession Below 13 SAFETY 4 Average 8 BETA 1.65 (1.00 = Market) 5 4 Financial Strength B+ 3

Price Stability 5 2

Price Growth Persistence 10 15800 Earnings Predictability 30 VOL. (thous.) © VALUE LINE PUBLISHING LLC 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020/2021 SALES PER SH -- -- 2.40 1.20 .06 .14 .14 .27 -- ‘‘CASH FLOW’’ PER SH -- -- d.10 d1.58 d3.13 d1.87 d1.91 d1.55 -- EARNINGS PER SH -- -- d.22 d1.67 d3.32 d1.93 d2.18 d1.72 d1.89 A,B d2.03 C/NA DIV’DS DECL’D PER SH ------CAP’L SPENDING PER SH -- -- .02 .06 .00 .01 .01 .00 -- BOOK VALUE PER SH -- -- 3.66 4.66 4.06 3.47 3.40 2.94 -- COMMON SHS OUTST’G (MILL) -- -- 28.49 34.43 41.79 58.05 69.30 79.18 -- AVG ANN’L P/E RATIO ------NMF NMF/NA RELATIVE P/E RATIO ------AVG ANN’L DIV’D YIELD ------SALES ($MILL) -- 45.2 68.5 41.4 2.6 8.0 10.0 21.7 -- Bold figures OPERATING MARGIN -- .2% NMF NMF NMF NMF NMF NMF -- are consensus DEPRECIATION ($MILL) -- .8 .7 .7 1.4 1.6 1.6 1.1 -- earnings NET PROFIT ($MILL) -- d.7 d3.5 d55.0 d132.4 d110.2 d134.3 d123.6 -- estimates INCOME TAX RATE ------and, using the NET PROFIT MARGIN -- NMF NMF NMF NMF NMF NMF NMF -- recent prices, WORKING CAP’L ($MILL) -- 65.1 125.1 177.9 194.6 227.1 261.1 234.7 -- P/E ratios. LONG-TERM DEBT ($MILL) ------.7 .1 -- .1 -- SHR. EQUITY ($MILL) -- 25.0 104.3 160.3 169.5 201.7 235.4 233.0 -- RETURN ON TOTAL CAP’L -- NMF NMF NMF NMF NMF NMF NMF -- RETURN ON SHR. EQUITY -- NMF NMF NMF NMF NMF NMF NMF -- RETAINED TO COM EQ -- -- NMF NMF NMF NMF NMF NMF -- ALL DIV’DS TO NET PROF ------ANo. of analysts changing earn. est. in last 25 days: 5 up, 1 down, consensus 5-year earnings growth not available. BBased upon 6 analysts’ estimates. CBased upon 7 analysts’ estimates. ANNUAL RATES ASSETS ($mill.) 2017 2018 9/30/19 INDUSTRY: Biotechnology of change (per share) 5 Yrs. 1 Yr. Cash Assets 276.4 240.3 292.9 Sales -40.0% 90.0% Receivables .4 20.1 12.0 BUSINESS: Epizyme, Inc. is committed to rewriting ‘‘Cash Flow’’ -- -- Inventory .0 .0 .0 treatment for people with cancer and other serious diseases Earnings -- -- Other 9.0 12.1 16.0 Dividends -- -- through the discovery, development, and commercialization Current Assets 285.8 272.5 320.9 Book Value -2.0% -13.5% of novel epigenetic medicines. Its lead product candidate, Fiscal QUARTERLY SALES ($mill.) Full Property, Plant tazemetostat, is an oral, first-in-class selective inhibitor of Year 1Q 2Q 3Q 4Q Year & Equip, at cost 9.4 9.9 - - the EZH2 histone methyltransferase (HMT) in a range of Accum Depreciation 6.9 7.8 - - 12/31/17 -- 10.0 -- -- 10.0 Net Property 2.5 2.1 1.8 cancer types and settings, It’s also developing the lead 12/31/18 -- 12.0 -- 9.7 21.7 Other 1.1 .9 11.5 development candidate in its novel G9a program, 12/31/19 7.9 5.9 5.7 Total Assets 289.4 275.5 334.2 EZM8266, for the treatment of sickle cell disease (SCD). In 12/31/20 its hematological program, Epizyme is evaluating tazeme- LIABILITIES ($mill.) tostat’s treatment potential in patients with relapsed or Fiscal EARNINGS PER SHARE Full Accts Payable 7.0 4.8 5.4 Year 1Q 2Q 3Q 4Q Year Debt Due .1 .0 .0 refractory follicular lymphoma (FL) or diffuse large B-cell 12/31/16 d.42 d.49 d.42 d.60 d1.93 Other 17.6 33.0 24.0 lymphoma (DLBCL). In November 2019, Epizyme an- 12/31/17 d.55 d.48 d.63 d.52 d2.18 Current Liab 24.7 37.8 29.4 nounced funding agreements with Royalty Pharma and its 12/31/18 d.49 d.42 d.54 d.29 d1.72 affiliate Pharmakon Advisors that, in aggregate, could bring 12/31/19 d.39 d.53 d.40 d.52 in up to $270 million in capital, significantly strengthening 12/31/20 d.68 d.48 LONG-TERM DEBT AND EQUITY Epizyme’s financial position and extending its operating as of 9/30/19 Cal- QUARTERLY DIVIDENDS PAID Full runway into at least 2022. Has 124 employees. C.E.O. & endar 1Q 2Q 3Q 4Q Year Total Debt None Due in 5 Yrs. None President: Robert B. Bazemore Address: 400 Technology 2016 ------LT Debt None Square, Cambridge, MA 02139. Tel.: (617) 229-5872. Including Cap. Leases None 2017 ------Leases, Uncapitalized Annual rentals NA Internet: www.epizyme.com. E.B. 2018 ------2019 ------Pension Liability None in ’18 vs. None in ’17 December 6, 2019

INSTITUTIONAL DECISIONS Pfd Stock None Pfd Div’d Paid None TOTAL SHAREHOLDER RETURN 4Q’18 1Q’19 2Q’19 Dividends plus appreciation as of 10/31/2019 to Buy 70 76 90 Common Stock 91,069,000 shares (100% of Cap’l) 3 Mos. 6 Mos. 1 Yr. 3 Yrs. 5 Yrs. to Sell 35 49 45 Hld’s(000) 64768 76424 78795 -13.20% -7.25% 42.98% 27.18% -56.62% © 2019 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribe call 1-800-VALUELINE of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. RECENT TRAILING RELATIVE DIV’D VALUE ESPERION THERAPEUTIC NDQ--ESPR PRICE 51.53P/E RATIO NMF P/E RATIO NMFYLD Nil LINE 3669 RANKS 20.10 42.24 120.96 22.43 68.60 82.68 54.94 High 10.90 12.75 18.07 9.40 10.71 33.06 33.10 Low Below PERFORMANCE 4 Average LEGENDS Below 12 Mos Mov Avg Technical 4 Average ....Rel Price Strength Shaded area indicates recession Below 50 SAFETY 4 Average

BETA 1.90 (1.00 = Market) 25

15 Financial Strength B+ 10 Price Stability 5

Price Growth Persistence 45 5 18100 Earnings Predictability 40 VOL. (thous.) © VALUE LINE PUBLISHING LLC 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020/2021 SALES PER SH ------‘‘CASH FLOW’’ PER SH -- -- d1.70 d1.78 d2.20 d3.27 d6.32 d7.51 -- EARNINGS PER SH -- -- d3.31 d2.22 d2.26 d3.33 d6.98 d7.54 d4.03 A,B d6.35 C/NA DIV’DS DECL’D PER SH ------CAP’L SPENDING PER SH -- -- .00 .04 .01 .00 .00 .01 -- BOOK VALUE PER SH -- -- 4.83 6.57 12.76 10.14 9.30 2.95 -- COMMON SHS OUTST’G (MILL) -- -- 15.34 20.34 22.52 22.56 26.30 26.83 -- AVG ANN’L P/E RATIO ------NMF NMF/NA RELATIVE P/E RATIO ------AVG ANN’L DIV’D YIELD ------SALES ($MILL) ------Bold figures OPERATING MARGIN ------are consensus DEPRECIATION ($MILL) -- .1 .1 .2 .2 1.3 .6 .3 -- earnings NET PROFIT ($MILL) -- d11.7 d26.1 d36.4 d49.8 d75.0 d167.0 d201.8 -- estimates INCOME TAX RATE ------and, using the NET PROFIT MARGIN ------recent prices, WORKING CAP’L ($MILL) -- d10.1 56.4 101.3 208.8 198.0 170.8 78.3 -- P/E ratios. LONG-TERM DEBT ($MILL) -- 7.5 -- 4.3 2.7 1.0 ------SHR. EQUITY ($MILL) -- d17.4 74.1 133.6 287.3 228.6 244.7 79.1 -- RETURN ON TOTAL CAP’L -- -- NMF NMF NMF NMF NMF NMF -- RETURN ON SHR. EQUITY -- -- NMF NMF NMF NMF NMF NMF -- RETAINED TO COM EQ -- -- NMF NMF NMF NMF NMF NMF -- ALL DIV’DS TO NET PROF ------ANo. of analysts changing earn. est. in last 25 days: 0 up, 4 down, consensus 5-year earnings growth not available. BBased upon 5 analysts’ estimates. CBased upon 5 analysts’ estimates. ANNUAL RATES ASSETS ($mill.) 2017 2018 9/30/19 INDUSTRY: Biotechnology of change (per share) 5 Yrs. 1 Yr. Cash Assets 200.2 136.0 243.9 Sales -- -- Receivables .0 .0 .0 BUSINESS: Esperion Therapeutics, Inc. is a lipid man- ‘‘Cash Flow’’ -- -- Inventory .0 .0 .0 agement company focused on developing and commercial- Earnings -- -- Other 3.7 6.6 9.6 Dividends -- -- izing complementary, cost-effective, convenient, once-daily, Current Assets 203.9 142.6 253.5 Book Value 9.0% -68.5% oral therapies for the treatment of patients with elevated low Fiscal QUARTERLY SALES ($mill.) Full Property, Plant density lipoprotein cholesterol (LDL-C). It is committed to Year 1Q 2Q 3Q 4Q Year & Equip, at cost 1.3 1.5 - - developing new LDL-C lowering therapies that will make a Accum Depreciation .9 1.0 - - 12/31/17 ------Net Property .4 .5 1.0 substantial impact on reducing global cardiovascular dis- 12/31/18 ------Other 73.5 .4 .8 ease (CVD); the leading cause of death around the world. 12/31/19 145.4 1.0 1.0 Total Assets 277.8 143.5 255.3 Bempedoic acid and the bempedoic acid / ezetimibe com- 12/31/20 bination tablet are targeted therapies that are being devel- LIABILITIES ($mill.) oped to significantly lower elevated LDL-C levels in Fiscal EARNINGS PER SHARE Full Accts Payable 20.4 44.9 23.7 Year 1Q 2Q 3Q 4Q Year Debt Due 1.0 .0 .0 patients with hypercholesterolemia, including patients inad- 12/31/16 d.65 d.62 d.77 d1.29 d3.33 Other 11.7 19.4 33.8 equately treated with current lipid-modifying therapies. The 12/31/17 d1.80 d1.92 d1.86 d1.40 d6.98 Current Liab 33.1 64.3 57.5 FDA accepted Esperion’s NDA for bempedoic acid and the 12/31/18 d1.73 d1.71 d1.86 d2.24 d7.54 NDA for the bempedoic acid/ezetimibe combination tablet 12/31/19 3.07 d2.01 d2.52 d2.71 to the FDA for LDL-C lowering indications in May 2019 12/31/20 d2.71 d2.63 LONG-TERM DEBT AND EQUITY with Prescription Drug User Fee Act goal date for comple- as of 9/30/19 Cal- QUARTERLY DIVIDENDS PAID Full tion of review for February 2020. Has 76 employees. C.E.O. endar 1Q 2Q 3Q 4Q Year Total Debt None Due in 5 Yrs. None & President: Timothy M. Mayleben Address: 3891 Ran- 2016 ------LT Debt None chero Drive Suite 150, Ann Arbor, MI 48108. Tel.: (734) Including Cap. Leases None 2017 ------Leases, Uncapitalized Annual rentals NA 887-3903. Internet: www.esperion.com. E.B. 2018 ------2019 ------Pension Liability None in ’18 vs. None in ’17 December 6, 2019

INSTITUTIONAL DECISIONS Pfd Stock None Pfd Div’d Paid None TOTAL SHAREHOLDER RETURN 4Q’18 1Q’19 2Q’19 Dividends plus appreciation as of 10/31/2019 to Buy 76 82 95 Common Stock 27,178,000 shares (100% of Cap’l) 3 Mos. 6 Mos. 1 Yr. 3 Yrs. 5 Yrs. to Sell 77 63 60 Hld’s(000) 26563 27370 53755 0.20% -7.73% -12.46% 286.12% 35.97% © 2019 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribe call 1-800-VALUELINE of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. RECENT TRAILING RELATIVE DIV’D VALUE FIBROGEN INC NDQ--FGEN PRICE 40.33P/E RATIO 98.4 P/E RATIO 5.50YLD Nil LINE 3670 RANKS 31.48 40.59 31.90 60.15 68.55 61.23 High 20.10 16.95 14.38 20.95 37.27 32.33 Low PERFORMANCE 5 Lowest LEGENDS Below 12 Mos Mov Avg Technical 4 Average ....Rel Price Strength Shaded area indicates recession 50 SAFETY 3 Average

BETA 1.20 (1.00 = Market) 25

15 Financial Strength B+ 10 Price Stability 10

Price Growth Persistence 65 5 15900 Earnings Predictability NMF VOL. (thous.) © VALUE LINE PUBLISHING LLC 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020/2021 SALES PER SH ------2.33 2.92 2.82 1.52 2.49 -- ‘‘CASH FLOW’’ PER SH ------d.93 d1.29 d.87 d1.46 d.93 -- EARNINGS PER SH ------d3.17 d1.42 d.98 d1.73 d1.03 d.16 A,B d.56 C/NA DIV’DS DECL’D PER SH ------CAP’L SPENDING PER SH ------.14 .03 .02 .10 .09 -- BOOK VALUE PER SH ------3.75 2.86 2.45 6.83 5.96 -- COMMON SHS OUTST’G (MILL) ------59.05 61.99 63.67 82.50 85.43 -- AVG ANN’L P/E RATIO ------NMF NMF/NA RELATIVE P/E RATIO ------AVG ANN’L DIV’D YIELD ------SALES ($MILL) -- -- 102.2 137.6 180.8 179.6 125.7 213.0 -- Bold figures OPERATING MARGIN -- -- NMF NMF NMF NMF NMF NMF -- are consensus DEPRECIATION ($MILL) -- -- 5.1 4.5 5.7 6.0 6.1 6.6 -- earnings NET PROFIT ($MILL) -- -- d14.9 d59.5 d85.8 d61.7 d126.2 d86.4 -- estimates INCOME TAX RATE ------and, using the NET PROFIT MARGIN -- -- NMF NMF NMF NMF NMF NMF -- recent prices, WORKING CAP’L ($MILL) -- -- 106.1 135.4 133.4 201.4 671.7 601.0 -- P/E ratios. LONG-TERM DEBT ($MILL) -- -- 114.7 113.3 97.0 97.4 97.8 97.2 -- SHR. EQUITY ($MILL) -- -- 79.7 221.4 177.6 155.8 563.2 509.2 -- RETURN ON TOTAL CAP’L -- -- NMF NMF NMF NMF NMF NMF -- RETURN ON SHR. EQUITY -- -- NMF NMF NMF NMF NMF NMF -- RETAINED TO COM EQ ------NMF NMF NMF NMF NMF -- ALL DIV’DS TO NET PROF ------ANo. of analysts changing earn. est. in last 25 days: 4 up, 1 down, consensus 5-year earnings growth not available. BBased upon 5 analysts’ estimates. CBased upon 5 analysts’ estimates. ANNUAL RATES ASSETS ($mill.) 2017 2018 9/30/19 INDUSTRY: Biotechnology of change (per share) 5 Yrs. 1 Yr. Cash Assets 735.7 621.4 628.6 Sales -- 63.5% Receivables 8.5 63.7 19.2 BUSINESS: FibroGen, Inc. is focused on the development ‘‘Cash Flow’’ -- -- Inventory .0 .0 4.9 and commercialization of novel therapeutics agents to treat Earnings -- -- Other 4.8 4.9 133.8 Dividends -- -- serious unmet medical needs with focus in the areas of Current Assets 749.0 690.0 786.5 Book Value -- -12.5% fibrosis and hypoxia-inducible factor (HIF). Roxadustat, the Fiscal QUARTERLY SALES ($mill.) Full Property, Plant company’s most advanced product candidate, is an oral Year 1Q 2Q 3Q 4Q Year & Equip, at cost 189.1 192.4 - - small molecule inhibitor of HIF prolyl hydroxylase (HIF- Accum Depreciation 59.6 65.2 - - 12/31/17 26.9 29.0 27.3 42.5 125.7 Net Property 129.5 127.2 43.2 PH) activity, completing Phase III clinical development 12/31/18 31.9 44.0 29.0 108.1 213.0 Other 20.2 63.4 64.3 worldwide for the treatment of anemia in chronic kidney 12/31/19 23.9 191.6 33.2 Total Assets 898.7 880.6 894.0 disease (CKD), with a new drug application (NDA) now 12/31/20 approved by the National Medical Products Administration LIABILITIES ($mill.) (NMPA) in China. Pamrevlumab, an anti-CTGF human Fiscal EARNINGS PER SHARE Full Accts Payable 5.5 9.1 4.1 Year 1Q 2Q 3Q 4Q Year Debt Due .0 .0 .0 monoclonal antibody, is in Phase III clinical development 12/31/16 d.45 .35 d.38 d.54 d.98 Other 71.8 79.9 83.2 for the treatment of idiopathic pulmonary fibrosis (IPF), and 12/31/17 d.52 d.48 d.50 d.27 d1.73 Current Liab 77.3 89.0 87.3 advancing towards Phase III for the treatment of pancreatic 12/31/18 d.50 d.28 d.50 .25 d1.03 cancer. Pamrevlumab is also currently in a Phase II trial for 12/31/19 d.53 1.26 d.57 d.39 Duchenne muscular dystrophy (DMD). FibroGen is also 12/31/20 d.41 .62 LONG-TERM DEBT AND EQUITY developing a biosynthetic cornea in China. Has 461 em- as of 9/30/19 Cal- QUARTERLY DIVIDENDS PAID Full ployees. C.E.O.: James Schoeneck Address: 409 Illinois endar 1Q 2Q 3Q 4Q Year Total Debt $1.2 mill. Due in 5 Yrs. NA Street, San Francisco, CA 94158. Tel.: (415) 978-1200. 2016 ------LT Debt $1.2 mill. Internet: www.fibrogen.com. Including Cap. Leases NA 2017 ------Leases, Uncapitalized Annual rentals NA E.B. 2018 ------2019 ------Pension Liability None in ’18 vs. None in ’17 December 6, 2019

INSTITUTIONAL DECISIONS Pfd Stock None Pfd Div’d Paid None TOTAL SHAREHOLDER RETURN 4Q’18 1Q’19 2Q’19 Dividends plus appreciation as of 10/31/2019 to Buy 120 112 98 Common Stock 87,211,000 shares (100% of Cap’l) 3 Mos. 6 Mos. 1 Yr. 3 Yrs. 5 Yrs. to Sell 79 90 107 Hld’s(000) 56275 57100 61167 -17.16% -16.22% -8.68% 136.56% -- © 2019 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribe call 1-800-VALUELINE of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. RECENT TRAILING RELATIVE DIV’D VALUE FORTRESS BIOTECH NDQ--FBIO PRICE 1.96P/E RATIO NMF P/E RATIO NMFYLD Nil LINE 3671 RANKS 11.00 10.00 12.70 3.31 5.35 4.66 5.13 5.54 2.59 High 5.00 4.00 1.25 1.45 2.00 1.88 2.19 0.49 0.86 Low Below PERFORMANCE 4 Average LEGENDS Below 12 Mos Mov Avg Technical 4 Average ....Rel Price Strength 8 Shaded area indicates recession SAFETY 5 Lowest 5 4 BETA 1.80 (1.00 = Market) 3 2 Financial Strength C+

Price Stability 5 1

Price Growth Persistence 20 7100 Earnings Predictability 50 VOL. (thous.) © VALUE LINE PUBLISHING LLC 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020/2021 SALES PER SH ------.02 .34 3.68 .46 -- ‘‘CASH FLOW’’ PER SH d1.95 d1.13 d.94 d.44 d1.03 d1.10 d1.21 d1.21 -- EARNINGS PER SH d5.51 d1.27 d1.22 d.56 d1.24 d1.38 d1.61 d1.68 d.41 A,B d1.35 C/NA DIV’DS DECL’D PER SH ------CAP’L SPENDING PER SH -- .01 .00 -- .01 .13 .04 .12 -- BOOK VALUE PER SH 1.03 .90 2.05 1.52 1.21 .79 .54 .03 -- COMMON SHS OUTST’G (MILL) 18.60 24.40 39.65 46.49 47.15 48.93 50.99 58.59 -- AVG ANN’L P/E RATIO ------NMF NMF/NA RELATIVE P/E RATIO ------AVG ANN’L DIV’D YIELD ------SALES ($MILL) ------.9 16.5 187.6 26.9 -- Bold figures OPERATING MARGIN ------NMF NMF NMF NMF -- are consensus DEPRECIATION ($MILL) .0 .0 .0 .0 .0 1.3 5.1 4.5 -- earnings NET PROFIT ($MILL) d36.4 d27.6 d37.2 d20.4 d48.4 d55.1 d66.9 d73.0 -- estimates INCOME TAX RATE ------and, using the NET PROFIT MARGIN ------NMF NMF NMF NMF -- recent prices, WORKING CAP’L ($MILL) 19.9 35.5 88.8 66.4 89.2 53.0 115.8 55.6 -- P/E ratios. LONG-TERM DEBT ($MILL) .8 12.4 7.4 14.0 23.2 26.2 53.3 60.4 -- SHR. EQUITY ($MILL) 19.1 22.0 81.3 70.5 56.8 38.5 52.6 1.9 -- RETURN ON TOTAL CAP’L NMF NMF NMF NMF NMF NMF NMF NMF -- RETURN ON SHR. EQUITY NMF NMF NMF NMF NMF NMF NMF NMF -- RETAINED TO COM EQ NMF NMF NMF NMF NMF NMF NMF NMF -- ALL DIV’DS TO NET PROF ------NMF -- ANo. of analysts changing earn. est. in last 25 days: 1 up, 0 down, consensus 5-year earnings growth not available. BBased upon 2 analysts’ estimates. CBased upon 3 analysts’ estimates. ANNUAL RATES ASSETS ($mill.) 2017 2018 9/30/19 INDUSTRY: Biotechnology of change (per share) 5 Yrs. 1 Yr. Cash Assets 151.9 65.5 139.9 Sales -- -87.5% Receivables 7.8 7.6 5.1 BUSINESS: Fortress Biotech, Inc. is dedicated to acquir- ‘‘Cash Flow’’ -- -- Inventory .2 .7 .9 ing, developing, and commercializing pharmaceutical and Earnings -- -- Other 23.3 37.4 20.4 Dividends -- -- biotechnology products. Through its partner companies, it Current Assets 183.2 111.2 166.3 Book Value -19.5% -94.0% executed arrangements in partnership with some of the Fiscal QUARTERLY SALES ($mill.) Full Property, Plant universities, research institutes, and pharmaceutical compa- Year 1Q 2Q 3Q 4Q Year & Equip, at cost 11.2 14.6 - - nies, including City of Hope National Medical Center, St. Accum Depreciation 1.7 2.6 - - 12/31/17 44.7 50.7 46.9 45.3 187.6 Net Property 9.5 12.0 12.2 Jude Children’s Research Hospital, and University College 12/31/18 5.9 6.8 5.2 9.0 26.9 Other 53.3 17.8 43.1 London. Following the exclusive license or other acquisi- 12/31/19 6.5 9.3 9.8 Total Assets 246.0 141.0 221.6 tion of the intellectual property, Fortress leverages its 12/31/20 expertise to help the partners achieve their goals. Partner LIABILITIES ($mill.) companies then assess a range of strategic arrangements to Fiscal EARNINGS PER SHARE Full Accts Payable 36.3 34.2 28.5 Year 1Q 2Q 3Q 4Q Year Debt Due 13.2 19.1 .0 provide additional funding to support research and devel- 12/31/16 d.31 d.32 d.32 d.43 d1.38 Other 17.9 2.3 18.4 opment. Fortress partner companies maintain licenses to 12/31/17 d.30 d.43 d.67 d.25 d1.61 Current Liab 67.4 55.6 46.9 product candidate intellectual property, including Aevitas 12/31/18 d.49 d.50 d.37 d.32 d1.68 Therapeutics, Inc., Caelum Biosciences, Inc., Checkpoint 12/31/19 d.34 d.51 d.44 d.32 Therapeutics, Inc., Cyprium Therapeutics, Inc., Journey 12/31/20 LONG-TERM DEBT AND EQUITY Medical Corp., Mustang Bio, Inc., and Tamid Bio, Inc. Has as of 9/30/19 Cal- QUARTERLY DIVIDENDS PAID Full 88 employees. Chairman, C.E.O. & President: Lindsay A. endar 1Q 2Q 3Q 4Q Year Total Debt $68.5 mill. Due in 5 Yrs. NA Rosenwald Address: 2 Gansevoort Street 9th Floor, New 2016 ------LT Debt $68.5 mill. York, NY 10014. Tel.: (781) 652-4500. Internet: www.for- Including Cap. Leases NA 2017 ------(73% of Cap’l) tressbiotech.com. E.B. 2018 ------Leases, Uncapitalized Annual rentals NA 2019 ------December 6, 2019 Pension Liability None in ’18 vs. None in ’17 INSTITUTIONAL DECISIONS TOTAL SHAREHOLDER RETURN 4Q’18 1Q’19 2Q’19 Pfd Stock None Pfd Div’d Paid None Dividends plus appreciation as of 10/31/2019 to Buy 22 17 23 Common Stock 70,336,000 shares 3 Mos. 6 Mos. 1 Yr. 3 Yrs. 5 Yrs. to Sell 27 29 27 (27% of Cap’l) Hld’s(000) 7181 8577 6213 2.92% -11.32% 69.88% -40.76% -18.97% © 2019 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribe call 1-800-VALUELINE of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. RECENT TRAILING RELATIVE DIV’D VALUE GERON CORP. NDQ--GERN PRICE 1.36P/E RATIO NMF P/E RATIO NMFYLD Nil LINE 3672 RANKS 5.38 2.99 7.79 5.92 5.30 4.77 3.15 6.99 2.14 High 1.35 0.91 0.98 1.39 2.60 1.81 1.74 0.96 0.98 Low PERFORMANCE 3 Average LEGENDS 12 Mos Mov Avg Technical 3 Average ....Rel Price Strength 8 Shaded area indicates recession Below SAFETY 4 Average 5 4 BETA 1.40 (1.00 = Market) 3 2 Financial Strength B

Price Stability 5 1

Price Growth Persistence 20 13264 Earnings Predictability 35 VOL. (thous.) © VALUE LINE PUBLISHING LLC 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020/2021 SALES PER SH .02 .02 .01 .01 .23 .04 .01 .01 -- ‘‘CASH FLOW’’ PER SH d.71 d.52 d.29 d.23 .01 d.18 d.17 d.14 -- EARNINGS PER SH d.77 d.54 d.30 d.23 .00 d.19 d.18 d.15 d.42 A,B d.38 C/NA DIV’DS DECL’D PER SH ------CAP’L SPENDING PER SH .00 .01 .00 .00 .00 .00 -- .00 -- BOOK VALUE PER SH 1.12 .66 .46 .83 .90 .77 .65 .95 -- COMMON SHS OUTST’G (MILL) 131.44 130.24 130.68 157.43 158.78 159.16 159.88 186.39 -- AVG ANN’L P/E RATIO ------NMF ------NMF NMF/NA RELATIVE P/E RATIO ------NMF ------AVG ANN’L DIV’D YIELD ------SALES ($MILL) 2.4 2.7 1.3 1.2 36.4 6.2 1.1 1.1 -- Bold figures OPERATING MARGIN NMF NMF NMF NMF 8.4% NMF NMF NMF -- are consensus DEPRECIATION ($MILL) 1.6 .8 .3 .0 2.3 .7 .4 .1 -- earnings NET PROFIT ($MILL) d95.2 d68.9 d38.4 d35.7 .0 d29.5 d27.9 d27.0 -- estimates INCOME TAX RATE ------and, using the NET PROFIT MARGIN NMF NMF NMF NMF .1% NMF NMF NMF -- recent prices, WORKING CAP’L ($MILL) 112.2 84.2 59.5 111.6 109.3 108.2 89.5 158.5 -- P/E ratios. LONG-TERM DEBT ($MILL) ------SHR. EQUITY ($MILL) 146.6 85.7 59.8 130.7 142.1 122.4 103.8 177.7 -- RETURN ON TOTAL CAP’L NMF NMF NMF NMF .0% NMF NMF NMF -- RETURN ON SHR. EQUITY NMF NMF NMF NMF .0% NMF NMF NMF -- RETAINED TO COM EQ NMF NMF NMF NMF .0% NMF NMF NMF -- ALL DIV’DS TO NET PROF ------ANo. of analysts changing earn. est. in last 25 days: 0 up, 0 down, consensus 5-year earnings growth not available. BBased upon 3 analysts’ estimates. CBased upon 2 analysts’ estimates. ANNUAL RATES ASSETS ($mill.) 2017 2018 9/30/19 INDUSTRY: Biotechnology of change (per share) 5 Yrs. 1 Yr. Cash Assets 94.7 163.3 138.6 Sales 1.0% -14.0% Receivables .0 .0 .0 BUSINESS: Geron Corp. is focused on the collaborative ‘‘Cash Flow’’ -- -- Inventory .0 .0 .0 development of a telomerase inhibitor, imetelstat, in hema- Earnings -- -- Other 1.3 2.8 3.5 Dividends -- -- tologic myeloid malignancies. The discovery and early Current Assets 96.0 166.1 142.1 Book Value 1.0% 47.0% development of imetelstat, the company’s sole product Fiscal QUARTERLY SALES ($mill.) Full Property, Plant candidate, was based on its core expertise in telomerase and Year 1Q 2Q 3Q 4Q Year & Equip, at cost .8 .8 - - telomere biology. Telomerase is an enzyme that enables Accum Depreciation .7 .7 - - 12/31/17 .5 .2 .2 .2 1.1 Net Property .1 .1 .3 cancer cells, including malignant progenitor cells, to main- 12/31/18 .3 .2 .2 .4 1.1 Other 14.2 19.1 21.9 tain telomere length, which provides them with the capacity 12/31/19 .1 .1 .1 Total Assets 110.3 185.3 164.3 for limitless, uncontrolled proliferation. Using its propri- 12/31/20 etary nucleic acid chemistry, it designed imetelstat to be an LIABILITIES ($mill.) oligonucleotide that targets and binds with high affinity to Fiscal EARNINGS PER SHARE Full Accts Payable .5 1.0 2.0 Year 1Q 2Q 3Q 4Q Year Debt Due .0 .0 .0 the active site of telomerase. In October 2019, Johnson 12/31/16 d.07 d.05 d.02 d.05 d.19 Other 6.0 6.6 9.9 Fistel, LLP was investigating potential claims against Geron 12/31/17 d.05 d.04 d.04 d.05 d.18 Current Liab 6.5 7.6 11.9 Corp. on behalf of investors. The investigation seeks to 12/31/18 d.04 d.04 d.03 d.04 d.15 determine whether certain statements regarding the results 12/31/19 d.05 d.08 d.08 d.18 of a clinical drug study of imetelstat called IMbark were 12/31/20 d.09 d.10 LONG-TERM DEBT AND EQUITY false and misleading when made. Has 17 employees. C.E.O. as of 9/30/19 Cal- QUARTERLY DIVIDENDS PAID Full & President: John A. Scarlett Address: 149 Commonwealth endar 1Q 2Q 3Q 4Q Year Total Debt None Due in 5 Yrs. None Drive Suite 2070, Menlo Park, CA 94025. Tel.: (650) 2016 ------LT Debt None 473-7700. Internet: www.geron.com. Including Cap. Leases None 2017 ------Leases, Uncapitalized Annual rentals NA J.V. 2018 ------2019 ------Pension Liability None in ’18 vs. None in ’17 December 6, 2019

INSTITUTIONAL DECISIONS Pfd Stock None Pfd Div’d Paid None TOTAL SHAREHOLDER RETURN 4Q’18 1Q’19 2Q’19 Dividends plus appreciation as of 10/31/2019 to Buy 59 52 44 Common Stock 192,865,000 shares (100% of Cap’l) 3 Mos. 6 Mos. 1 Yr. 3 Yrs. 5 Yrs. to Sell 67 60 44 Hld’s(000) 62554 57892 59465 19.17% -21.43% -6.54% -22.70% -35.87% © 2019 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribe call 1-800-VALUELINE of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. RECENT TRAILING RELATIVE DIV’D VALUE GLOBAL BLOOD THERAP. NDQ--GBT PRICE 59.95P/E RATIO NMF P/E RATIO NMFYLD Nil LINE 3673 RANKS 57.00 31.97 45.85 68.05 64.94 High 28.72 12.24 14.00 30.15 39.53 Low PERFORMANCE 3 Average LEGENDS 12 Mos Mov Avg Technical 3 Average ....Rel Price Strength Shaded area indicates recession Below 50 SAFETY 4 Average

BETA 1.70 (1.00 = Market) 25

15 Financial Strength B+ 10 Price Stability 5

Price Growth Persistence NMF 5 25600 Earnings Predictability NMF VOL. (thous.) © VALUE LINE PUBLISHING LLC 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020/2021 REVENUES PER SH ------‘‘CASH FLOW’’ PER SH ------d1.55 d2.22 d2.50 d3.05 -- EARNINGS PER SH ------d3.95 d2.48 d2.76 d3.41 d4.12 A,B d4.33 C/NA DIV’DS DECL’D PER SH ------CAP’L SPENDING PER SH ------.03 .04 .07 .09 -- BOOK VALUE PER SH ------4.80 5.09 6.91 10.29 -- COMMON SHS OUTST’G (MILL) ------29.36 36.64 46.13 55.64 -- AVG ANN’L P/E RATIO ------NMF NMF/NA RELATIVE P/E RATIO ------AVG ANN’L DIV’D YIELD ------REVENUES ($MILL) ------Bold figures OPERATING MARGIN ------are consensus DEPRECIATION ($MILL) ------.7 .9 1.2 1.7 4.6 -- earnings NET PROFIT ($MILL) ------d20.8 d46.4 d82.5 d117.0 d174.2 -- estimates INCOME TAX RATE ------and, using the NET PROFIT MARGIN ------recent prices, WORKING CAP’L ($MILL) ------51.1 140.1 134.3 298.0 452.0 -- P/E ratios. LONG-TERM DEBT ($MILL) ------SHR. EQUITY ($MILL) ------52.8 140.8 186.3 318.8 572.8 -- RETURN ON TOTAL CAP’L ------NMF NMF NMF NMF NMF -- RETURN ON SHR. EQUITY ------NMF NMF NMF NMF NMF -- RETAINED TO COM EQ ------NMF NMF NMF NMF -- ALL DIV’DS TO NET PROF ------ANo. of analysts changing earn. est. in last 25 days: 1 up, 8 down, consensus 5-year earnings growth not available. BBased upon 11 analysts’ estimates. CBased upon 10 analysts’ estimates. ANNUAL RATES ASSETS ($mill.) 2017 2018 9/30/19 INDUSTRY: Biotechnology of change (per share) 5 Yrs. 1 Yr. Cash Assets 314.8 477.5 603.1 Sales -- -- Receivables .0 .0 .0 BUSINESS: Global Blood Therapeutics, Inc. is dedicated ‘‘Cash Flow’’ -- -- Inventory .0 .0 .0 to discovering, developing, and commercializing novel Earnings -- -- Other 9.5 8.3 12.7 Dividends -- -- therapeutics to treat grievous blood-based disorders with Current Assets 324.3 485.8 615.8 Book Value -- 49.0% significant unmet need. Its lead product candidate is Fiscal QUARTERLY SALES ($mill.) Full Property, Plant GBT440 (voxelotor), an oral, once-daily therapy that modu- Year 1Q 2Q 3Q 4Q Year & Equip, at cost 20.4 22.9 - - lates hemoglobin’s affinity for oxygen. The company is Accum Depreciation 3.8 7.9 - - 12/31/17 ------Net Property 16.6 15.0 14.3 currently evaluating voxelotor in sickle cell disease (SCD) 12/31/18 ------Other 15.8 116.8 97.2 in a Phase III clinical trial of voxelotor in adult and 12/31/19 ------Total Assets 356.7 617.6 727.3 adolescent patients with SCD. In addition, it is evaluating 12/31/20 the safety and pharmacokinetics of single and multiple LIABILITIES ($mill.) doses of voxelotor in a Phase IIa clinical trial of adolescent Fiscal EARNINGS PER SHARE Full Accts Payable 7.2 6.0 7.1 Year 1Q 2Q 3Q 4Q Year Debt Due .0 .0 .0 and pediatric patients with SCD, and expanded this open- 12/31/16 d.56 d.58 d.58 d.74 d2.48 Other 19.1 27.8 34.1 label trial to include a new single-dose cohort in children 12/31/17 d.60 d.56 d.66 d.94 d2.76 Current Liab 26.3 33.8 41.2 aged 6-11. In addition to evaluating voxelotor in SCD, the 12/31/18 d.87 d.78 d.83 d.93 d3.41 company engages in other pre-clinical research and devel- 12/31/19 d.87 d1.01 d1.07 d1.19 opment activities. It’s conducting two Phase IIa clinical 12/31/20 d1.20 d1.14 LONG-TERM DEBT AND EQUITY trials of voxelotor for the potential treatment of idiopathic as of 9/30/19 Cal- QUARTERLY DIVIDENDS PAID Full pulmonary fibrosis (IPF). Has 171 employees. C.E.O. & endar 1Q 2Q 3Q 4Q Year Total Debt None Due in 5 Yrs. None President: Ted W. Love Address: 171 Oyster Point Boule- 2016 ------LT Debt None vard Suite 300, South San Francisco, CA 94080. Tel.: (650) Including Cap. Leases None 2017 ------Leases, Uncapitalized Annual rentals NA 741-7700. Internet: www.gbt.com. J.V. 2018 ------2019 ------Pension Liability None in ’18 vs. None in ’17 December 6, 2019

INSTITUTIONAL DECISIONS Pfd Stock None Pfd Div’d Paid None TOTAL SHAREHOLDER RETURN 4Q’18 1Q’19 2Q’19 Dividends plus appreciation as of 10/31/2019 to Buy 102 91 139 Common Stock 60,208,000 shares (100% of Cap’l) 3 Mos. 6 Mos. 1 Yr. 3 Yrs. 5 Yrs. to Sell 95 94 75 Hld’s(000) 56549 57460 59019 -12.50% -13.45% 36.65% 174.79% -- © 2019 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribe call 1-800-VALUELINE of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. RECENT TRAILING RELATIVE DIV’D VALUE HALOZYME THERAPEUTIC NDQ--HALO PRICE 19.48P/E RATIO NMF P/E RATIO NMFYLD Nil LINE 3674 RANKS 9.82 13.50 16.36 18.18 25.25 17.51 21.13 21.48 19.73 High 5.54 3.86 5.03 6.88 9.47 6.96 9.68 13.24 13.84 Low PERFORMANCE 3 Average LEGENDS Below 12 Mos Mov Avg 18 Technical 4 Average ....Rel Price Strength Shaded area indicates recession Below 13 SAFETY 4 Average 8 BETA 1.55 (1.00 = Market) 5 4 Financial Strength B+ 3

Price Stability 10 2

Price Growth Persistence 60 28300 Earnings Predictability 15 VOL. (thous.) © VALUE LINE PUBLISHING LLC 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020/2021 SALES PER SH .54 .38 .48 .60 1.05 1.13 2.22 1.05 -- ‘‘CASH FLOW’’ PER SH d.18 d.47 d.72 d.53 d.24 d.77 .46 d.54 -- EARNINGS PER SH d.19 d.48 d.74 d.56 d.25 d.81 .45 d.56 d.42 A,B .42 C/NA DIV’DS DECL’D PER SH ------CAP’L SPENDING PER SH .01 .01 .02 .01 .02 .02 .01 .03 -- BOOK VALUE PER SH .11 .43 d.17 .33 .33 d.25 1.46 1.73 -- COMMON SHS OUTST’G (MILL) 103.64 112.71 114.53 124.56 129.06 129.50 142.79 144.28 -- AVG ANN’L P/E RATIO ------31.9 -- NMF 46.4/NA RELATIVE P/E RATIO ------1.60 -- -- AVG ANN’L DIV’D YIELD ------SALES ($MILL) 56.1 42.3 54.8 75.3 135.1 146.7 316.6 151.9 -- Bold figures OPERATING MARGIN NMF NMF NMF NMF NMF NMF 26.3% NMF -- are consensus DEPRECIATION ($MILL) 1.1 1.1 1.2 1.8 1.7 3.0 2.2 2.4 -- earnings NET PROFIT ($MILL) d19.8 d53.6 d83.5 d68.4 d32.2 d103.0 63.0 d80.3 -- estimates INCOME TAX RATE ------and, using the NET PROFIT MARGIN NMF NMF NMF NMF NMF NMF 19.9% NMF -- recent prices, WORKING CAP’L ($MILL) 46.7 112.0 69.7 137.0 109.3 201.9 379.1 278.5 -- P/E ratios. LONG-TERM DEBT ($MILL) -- 29.7 49.8 49.9 28.0 199.2 125.1 34.9 -- SHR. EQUITY ($MILL) 10.9 48.9 d20.0 41.4 43.0 d32.5 208.4 248.9 -- RETURN ON TOTAL CAP’L NMF NMF NMF NMF NMF NMF 22.2% NMF -- RETURN ON SHR. EQUITY NMF NMF -- NMF NMF -- 30.2% NMF -- RETAINED TO COM EQ NMF NMF -- NMF NMF -- 30.2% NMF -- ALL DIV’DS TO NET PROF ------ANo. of analysts changing earn. est. in last 25 days: 1 up, 2 down, consensus 5-year earnings growth not available. BBased upon 4 analysts’ estimates. CBased upon 3 analysts’ estimates. ANNUAL RATES ASSETS ($mill.) 2017 2018 9/30/19 INDUSTRY: Biotechnology of change (per share) 5 Yrs. 1 Yr. Cash Assets 469.2 354.5 238.0 Sales 26.0% -52.5% Receivables 22.1 30.0 40.7 BUSINESS: Halozyme Therapeutics, Inc. is a biotechnol- ‘‘Cash Flow’’ -- -- Inventory 5.1 22.6 36.1 ogy company focused on developing and commercializing Earnings -- -- Other 14.0 20.7 27.2 Dividends -- -- novel oncology therapies that target the tumor microenvi- Current Assets 510.4 427.8 342.0 Book Value 52.0% 18.0% ronment. Halozyme’s lead proprietary program, investiga- Fiscal QUARTERLY SALES ($mill.) Full Property, Plant tional drug PEGPH20, applies a unique approach to target- Year 1Q 2Q 3Q 4Q Year & Equip, at cost 17.4 23.7 - - ing solid tumors, allowing increased access of co- Accum Depreciation 13.9 16.2 - - 12/31/17 29.6 33.7 63.7 189.6 316.6 Net Property 3.5 7.5 15.4 administered cancer drug therapies to the tumor in animal 12/31/18 30.9 35.2 25.5 60.3 151.9 Other 6.0 4.9 13.0 models. PEGPH20 is currently in development for meta- 12/31/19 56.9 39.1 46.2 Total Assets 519.9 440.2 370.4 static pancreatic cancer, non-small cell lung cancer, gastric 12/31/20 cancer, metastatic breast cancer and has potential across LIABILITIES ($mill.) additional cancers in combination with different types of Fiscal EARNINGS PER SHARE Full Accts Payable 7.9 4.1 4.3 Year 1Q 2Q 3Q 4Q Year Debt Due 77.2 91.5 54.5 cancer therapies. In addition to its proprietary product 12/31/16 d.16 d.21 d.23 d.21 d.81 Other 46.2 53.8 49.2 portfolio, the company has established value-driving part- 12/31/17 d.26 d.23 .02 .92 .45 Current Liab 131.3 149.4 108.0 nerships with leading pharmaceutical companies including 12/31/18 d.20 d.16 d.19 d.01 d.56 Roche, Baxalta, Pfizer, Janssen, AbbVie, and Lilly for its 12/31/19 .01 d.10 d.17 d.15 ENHANZE(TM) drug delivery platform. Has 281 employ- 12/31/20 d.08 .08 LONG-TERM DEBT AND EQUITY ees. C.E.O. & President: Helen I. Torley Address: 11388 as of 9/30/19 Cal- QUARTERLY DIVIDENDS PAID Full Sorrento Valley Road, San Diego , CA 92121. Tel.: (858) endar 1Q 2Q 3Q 4Q Year Total Debt $63.8 mill. Due in 5 Yrs. NA 794-8889. Internet: www.halozyme.com. 2016 ------LT Debt $9.3 mill. Including Cap. Leases NA 2017 ------(4% of Cap’l) J.V. 2018 ------Leases, Uncapitalized Annual rentals NA 2019 ------December 6, 2019 Pension Liability None in ’18 vs. None in ’17 INSTITUTIONAL DECISIONS TOTAL SHAREHOLDER RETURN 4Q’18 1Q’19 2Q’19 Pfd Stock None Pfd Div’d Paid None Dividends plus appreciation as of 10/31/2019 to Buy 97 90 102 Common Stock 146,457,000 shares 3 Mos. 6 Mos. 1 Yr. 3 Yrs. 5 Yrs. to Sell 92 82 80 (96% of Cap’l) Hld’s(000) 118617 119426 131415 -9.83% -5.02% -1.35% 77.52% 59.25% © 2019 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribe call 1-800-VALUELINE of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. RECENT TRAILING RELATIVE DIV’D VALUE HOOKIPA PHARMA NYSE--HOOK PRICE 8.86P/E RATIO NMF P/E RATIO NMFYLD Nil LINE 3675 RANKS 14.76 High 6.06 Low Short PERFORMANCE – History LEGENDS Short 12 Mos Mov Avg 18 Technical – History ....Rel Price Strength Shaded area indicates recession Short 13 SAFETY – History 8 BETA NMF (1.00 = Market) 5 4 Financial Strength NMF 3

Price Stability NMF 2

Price Growth Persistence NMF 1100 Earnings Predictability NMF VOL. (thous.) © VALUE LINE PUBLISHING LLC 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020/2021 REVENUES PER SH ------‘‘CASH FLOW’’ PER SH ------EARNINGS PER SH ------d2.13 A,B d1.95 C/NA DIV’DS DECL’D PER SH ------CAP’L SPENDING PER SH ------BOOK VALUE PER SH ------COMMON SHS OUTST’G (MILL) ------AVG ANN’L P/E RATIO ------NMF NMF/NA RELATIVE P/E RATIO ------AVG ANN’L DIV’D YIELD ------REVENUES ($MILL) ------7.6 -- Bold figures OPERATING MARGIN ------NMF -- are consensus DEPRECIATION ($MILL) ------.6 -- earnings NET PROFIT ($MILL) ------d16.2 -- estimates INCOME TAX RATE ------and, using the NET PROFIT MARGIN ------NMF -- recent prices, WORKING CAP’L ($MILL) ------47.6 -- P/E ratios. LONG-TERM DEBT ($MILL) ------4.4 -- SHR. EQUITY ($MILL) ------44.4 -- RETURN ON TOTAL CAP’L ------NMF -- RETURN ON SHR. EQUITY ------NMF -- RETAINED TO COM EQ ------ALL DIV’DS TO NET PROF ------ANo. of analysts changing earn. est. in last 25 days: 1 up, 1 down, consensus 5-year earnings growth not available. BBased upon 3 analysts’ estimates. CBased upon 3 analysts’ estimates. ANNUAL RATES ASSETS ($mill.) 2017 2018 9/30/19 INDUSTRY: Biotechnology of change (per share) 5 Yrs. 1 Yr. Cash Assets -- 48.6 123.7 Sales -- -- Receivables -- 4.9 1.3 BUSINESS: HOOKIPA Pharma, Inc. is a clinical stage ″ ″ Cash Flow -- -- Inventory -- .0 .0 biopharmaceutical company developing a new class of Earnings -- -- Other -- 8.8 11.4 Dividends -- -- immunotherapeutics targeting infectious diseases and can- Current Assets -- 62.3 136.4 Book Value -- -- cers based on its proprietary arenavirus platform that is Fiscal QUARTERLY SALES ($mill.) Full Property, Plant designed to reprogram the body’s immune system. HOOKI- Year 1Q 2Q 3Q 4Q Year & Equip, at cost -- 6.4 - - PA’s proprietary arenavirus-based technologies, Vax- Accum Depreciation -- 2.1 - - 12/31/17 ------Net Property -- 4.3 4.6 Wave(R) *, a replication-deficient viral vector, and Ther- 12/31/18 -- .6 1.9 5.1 7.6 Other -- 1.7 11.0 aT(R) *, a replication-attenuated viral vector, are designed 12/31/19 2.2 4.1 2.0 Total Assets -- 68.3 152.0 to induce robust antigen specific CD8+ T cells and 12/31/20 pathogen-neutralizing antibodies. The company’s Vax- LIABILITIES ($mill.) Wave(R) -based prophylactic cytomegalovirus vaccine can- Fiscal EARNINGS PER SHARE Full Accts Payable -- 3.7 3.5 Year 1Q 2Q 3Q 4Q Year Debt Due -- .0 .1 didate is currently in a Phase II clinical trial in patients 12/31/16 ------Other -- 11.0 9.4 awaiting kidney transplantation from living 12/31/17 ------Current Liab -- 14.7 13.0 cytomegalovirus-positive donors. To expand its infectious 12/31/18 ------disease portfolio, HOOKIPA has entered into a collabora- 12/31/19 -- d.63 d.45 d.44 tion and licensing agreement with Gilead Sciences, Inc. to 12/31/20 d.65 d.67 LONG-TERM DEBT AND EQUITY jointly research and develop functional cures for HIV and as of 9/30/19 Cal- QUARTERLY DIVIDENDS PAID Full Hepatitis B infections. Has 60 employees. Chairman: Jan endar 1Q 2Q 3Q 4Q Year Total Debt $4.9 mill. Due in 5 Yrs. NA van de Winkel Address: 350 Fifth Avenue, 72nd Floor@ 2016 ------LT Debt $4.8 mill. New York, NY 10118. Tel.: (431) 890 63 6. Internet: Including Cap. Leases NA 2017 ------(4% of Cap’l) www.hookipapharma.com. J.V. 2018 ------Leases, Uncapitalized Annual rentals NA 2019 ------December 6, 2019 Pension Liability None in ’18 vs. None in ’17 INSTITUTIONAL DECISIONS TOTAL SHAREHOLDER RETURN 4Q’18 1Q’19 2Q’19 Pfd Stock None Pfd Div’d Paid None Dividends plus appreciation as of 10/31/2019 to Buy -- -- 33 Common Stock 25,408,000 shares 3 Mos. 6 Mos. 1 Yr. 3 Yrs. 5 Yrs. to Sell ------(96% of Cap’l) Hld’s(000) -- -- 6551 12.21% -41.65% ------© 2019 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribe call 1-800-VALUELINE of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. RECENT TRAILING RELATIVE DIV’D VALUE IDERA PHARMA. NDQ--IDRA PRICE 1.88P/E RATIO NMF P/E RATIO NMFYLD Nil LINE 3676 RANKS 29.84 17.52 38.00 54.99 43.84 26.64 22.96 20.40 4.19 High 7.60 5.17 1.49 15.48 18.16 9.52 10.40 2.75 1.75 Low Above PERFORMANCE 2 Average LEGENDS 45 12 Mos Mov Avg Technical 1 Highest ....Rel Price Strength 30 13% Rev split 7/18 Below Shaded area indicates recession 22.5 SAFETY 4 Average

BETA 1.30 (1.00 = Market) 13 9 Financial Strength C++ 6

Price Stability 5 4 3 Price Growth Persistence 20 6200 Earnings Predictability 55 VOL. (thous.) © VALUE LINE PUBLISHING LLC 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020/2021 SALES PER SH .02 .01 .01 .01 .02 .87 .04 .02 -- ‘‘CASH FLOW’’ PER SH d7.31 d5.66 d2.31 d3.31 d3.17 d2.03 d2.67 d2.19 -- EARNINGS PER SH d8.81 d6.48 d3.84 d3.76 d3.36 d2.40 d3.36 d2.25 d1.48 A,B d1.20 C/NA DIV’DS DECL’D PER SH ------CAP’L SPENDING PER SH .01 -- .00 .09 .05 .02 .01 .00 -- BOOK VALUE PER SH 2.52 d2.52 2.59 3.66 5.51 5.55 4.40 2.35 -- COMMON SHS OUTST’G (MILL) 3.45 3.46 8.28 11.85 15.16 18.63 24.45 27.19 -- AVG ANN’L P/E RATIO ------NMF NMF/NA RELATIVE P/E RATIO ------AVG ANN’L DIV’D YIELD ------SALES ($MILL) .1 .1 .0 .1 .2 16.2 .9 .7 -- Bold figures OPERATING MARGIN NMF NMF NMF NMF NMF NMF NMF NMF -- are consensus DEPRECIATION ($MILL) .5 .3 .1 .2 .5 .7 .7 .4 -- earnings NET PROFIT ($MILL) d25.8 d19.2 d18.2 d38.6 d48.6 d38.4 d66.0 d59.9 -- estimates INCOME TAX RATE ------and, using the NET PROFIT MARGIN NMF NMF NMF NMF NMF NMF NMF NMF -- recent prices, WORKING CAP’L ($MILL) 18.7 6.2 25.9 35.3 56.4 101.6 106.5 63.8 -- P/E ratios. LONG-TERM DEBT ($MILL) ------.7 .5 .2 ------SHR. EQUITY ($MILL) 17.9 6.6 32.5 43.4 83.6 103.3 107.7 64.0 -- RETURN ON TOTAL CAP’L NMF NMF NMF NMF NMF NMF NMF NMF -- RETURN ON SHR. EQUITY NMF NMF NMF NMF NMF NMF NMF NMF -- RETAINED TO COM EQ NMF -- NMF NMF NMF NMF NMF NMF -- ALL DIV’DS TO NET PROF -- NMF NMF NMF ------ANo. of analysts changing earn. est. in last 25 days: 4 up, 0 down, consensus 5-year earnings growth not available. BBased upon 4 analysts’ estimates. CBased upon 4 analysts’ estimates. ANNUAL RATES ASSETS ($mill.) 2017 2018 9/30/19 INDUSTRY: Biotechnology of change (per share) 5 Yrs. 1 Yr. Cash Assets 112.6 71.4 41.6 Sales 92.0% -34.0% Receivables .0 .0 .0 BUSINESS: Idera Pharmaceuticals, Inc. is a clinical-stage ‘‘Cash Flow’’ -- -- Inventory .0 .0 .0 biopharmaceutical company currently focused on the devel- Earnings -- -- Other 4.0 1.4 3.5 Dividends -- -- opment, and ultimately the commercialization of therapeutic Current Assets 116.6 72.8 45.1 Book Value 36.5% -46.5% drug candidates, including its Toll-like receptor (“TLR”) Fiscal QUARTERLY SALES ($mill.) Full Property, Plant agonist, tilsotolimod (IMO-2125), for oncology. It is devel- Year 1Q 2Q 3Q 4Q Year & Equip, at cost 5.9 .9 - - oping IMO-2125 to treat certain solid tumors such as Accum Depreciation 4.4 .7 - - 12/31/17 .4 .2 .2 .1 .9 Net Property 1.5 .2 .1 melanoma. Idera is also developing its third-generation 12/31/18 .3 .2 .1 .1 .7 Other .3 .0 .2 antisense platform and assessing it for oncology targets. The 12/31/19 -- 1.4 -- Total Assets 118.4 73.0 45.4 company’s business strategy is focused on the clinical 12/31/20 development of drug candidates for oncology indications LIABILITIES ($mill.) characterized by small, well-defined patient populations Fiscal EARNINGS PER SHARE Full Accts Payable 1.3 1.1 .3 Year 1Q 2Q 3Q 4Q Year Debt Due .2 .0 .0 with serious unmet medical needs. Based on the data the 12/31/16 d.80 d.88 d.80 .08 d2.40 Other 8.6 7.9 7.5 company has generated to date, Idera is also in parallel 12/31/17 d.80 d1.12 d.80 d.64 d3.36 Current Liab 10.1 9.0 7.8 enrolling a global Phase III clinical trial in anti-PD-1 12/31/18 d.80 d.59 d.43 d.45 d2.25 refractory patients measuring the combination of tilsoto- 12/31/19 d.40 d.39 d.39 d.33 limid and ipilimumab versus ipilimubab treatment. This trial 12/31/20 d.35 d.28 LONG-TERM DEBT AND EQUITY will be enrolling approximately 300 patients across 110 as of 9/30/19 Cal- QUARTERLY DIVIDENDS PAID Full global trial sites. Has 36 employees. C.E.O.: Vincent J. endar 1Q 2Q 3Q 4Q Year Total Debt None Due in 5 Yrs. None Milano Address: 505 Eagleview Blvd. Suite 212, Exton, PA 2016 ------LT Debt None 19341. Tel.: (484) 348-1600. Internet: www.iderapharma- Including Cap. Leases None 2017 ------Leases, Uncapitalized Annual rentals NA .com. J.V. 2018 ------2019 ------Pension Liability None in ’18 vs. None in ’17 December 6, 2019

INSTITUTIONAL DECISIONS Pfd Stock None Pfd Div’d Paid None TOTAL SHAREHOLDER RETURN 4Q’18 1Q’19 2Q’19 Dividends plus appreciation as of 10/31/2019 to Buy 49 28 30 Common Stock 28,858,000 shares (100% of Cap’l) 3 Mos. 6 Mos. 1 Yr. 3 Yrs. 5 Yrs. to Sell 24 39 32 Hld’s(000) 12350 12269 10500 -2.22% -12.29% -60.42% -78.71% -87.06% © 2019 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribe call 1-800-VALUELINE of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. RECENT TRAILING RELATIVE DIV’D VALUE IMMUNOGEN INC. NDQ--IMGN PRICE 3.36P/E RATIO NMF P/E RATIO NMFYLD Nil LINE 3677 RANKS 16.20 18.10 20.25 17.80 19.43 13.39 8.84 13.41 6.13 High 8.06 10.85 12.55 5.34 5.85 1.51 1.84 3.80 1.76 Low PERFORMANCE 3 Average LEGENDS 12 Mos Mov Avg 18 Technical 3 Average ....Rel Price Strength Shaded area indicates recession Below 13 SAFETY 4 Average 8 BETA 1.20 (1.00 = Market) 5 4 Financial Strength B 3

Price Stability 5 2

Price Growth Persistence 15 7964 Earnings Predictability 40 VOL. (thous.) © VALUE LINE PUBLISHING LLC 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020/2021 SALES PER SH .25 .21 .42 .70 .99 .69 .87 .36 -- ‘‘CASH FLOW’’ PER SH d.70 d.88 d.80 d.78 d.64 d1.60 d.51 d1.08 -- EARNINGS PER SH d.85 d.95 d.87 d.83 d.71 d1.67 d.75 d1.21 d.79 A,B d.54 C/NA DIV’DS DECL’D PER SH ------CAP’L SPENDING PER SH .03 .04 .04 .10 .09 .12 .01 .04 -- BOOK VALUE PER SH 1.84 1.08 1.44 .88 .41 d.94 d.14 .07 -- COMMON SHS OUTST’G (MILL) 76.28 77.76 84.73 85.90 86.58 87.21 132.53 149.40 -- AVG ANN’L P/E RATIO ------NMF NMF/NA RELATIVE P/E RATIO ------AVG ANN’L DIV’D YIELD ------SALES ($MILL) 19.3 16.4 35.5 59.9 85.5 60.0 115.4 53.4 -- Bold figures OPERATING MARGIN NMF NMF NMF NMF NMF NMF NMF NMF -- are consensus DEPRECIATION ($MILL) 4.9 4.6 4.6 4.6 5.5 5.3 6.0 7.4 -- earnings NET PROFIT ($MILL) d58.3 d73.3 d72.8 d71.4 d60.7 d144.8 d73.1 d168.8 -- estimates INCOME TAX RATE ------and, using the NET PROFIT MARGIN NMF NMF NMF NMF NMF NMF NMF NMF -- recent prices, WORKING CAP’L ($MILL) 186.9 150.0 181.5 129.5 256.4 193.4 220.5 208.1 -- P/E ratios. LONG-TERM DEBT ($MILL) ------191.8 100.0 2.1 2.1 -- SHR. EQUITY ($MILL) 140.0 83.9 121.8 75.7 35.1 d82.3 d17.9 11.0 -- RETURN ON TOTAL CAP’L NMF NMF NMF NMF NMF NMF -- NMF -- RETURN ON SHR. EQUITY NMF NMF NMF NMF NMF -- -- NMF -- RETAINED TO COM EQ NMF NMF NMF NMF NMF -- -- NMF -- ALL DIV’DS TO NET PROF ------ANo. of analysts changing earn. est. in last 25 days: 6 up, 0 down, consensus 5-year earnings growth not available. BBased upon 7 analysts’ estimates. CBased upon 7 analysts’ estimates. ANNUAL RATES ASSETS ($mill.) 2017 2018 9/30/19 INDUSTRY: Biotechnology of change (per share) 5 Yrs. 1 Yr. Cash Assets 267.1 262.3 204.5 Sales 17.0% -59.0% Receivables 2.6 1.7 .1 BUSINESS: ImmunoGen, Inc. is a clinical-stage biotech- ‘‘Cash Flow’’ -- -- Inventory 1.0 .0 .0 nology company that develops targeted cancer therapeutics Earnings -- -- Other 5.6 14.8 21.1 Dividends -- -- using its proprietary antibody-drug conjugate (ADC) tech- Current Assets 276.3 278.8 225.7 Book Value -- -- nology. The company’s lead product candidate, mirvetux- Fiscal QUARTERLY SALES ($mill.) Full Property, Plant imab soravtansine, is in a Phase III trial for FR-positive Year 1Q 2Q 3Q 4Q Year & Equip, at cost 72.0 52.4 - - platinum-resistant ovarian cancer, and is in a Phase Ib/II Accum Depreciation 57.5 39.5 - - 12/31/17 28.5 39.0 8.5 39.4 115.4 Net Property 14.5 12.9 9.1 trial in combination regimens for earlier-stage disease. 12/31/18 19.8 9.3 10.9 13.4 53.4 Other 3.9 3.7 19.3 ImmunoGen has three additional clinical-stage compounds, 12/31/19 8.6 15.5 13.3 Total Assets 294.7 295.4 254.1 two of which are being developed in collaboration with Jazz 12/31/20 Pharmaceuticals. The company’s ADC technology is also LIABILITIES ($mill.) used in Roche’s marketed product, Kadcyla(R), and in Fiscal EARNINGS PER SHARE Full Accts Payable 8.6 11.4 7.2 Year 1Q 2Q 3Q 4Q Year Debt Due .0 .0 .0 programs in development by Amgen, Bayer, Biotest, Cy- 06/30/16 d.39 d.38 d.37 d.53 d1.67 Other 47.2 59.3 81.0 tomX, Debiopharm, Lilly, Novartis, Sanofi, and Takeda. 12/31/17 d.20 d.10 d.37 d.08 d.75 Current Liab 55.8 70.7 88.2 The company is enrolling a second mirvetuximab plus 12/31/18 d.30 d.31 d.32 d.28 d1.21 bevacizumab cohort in patients with recurrent ovarian 12/31/19 d.30 d.29 d.15 d.05 cancer, regardless of platinum status, for which it completed 12/31/20 d.14 d.14 LONG-TERM DEBT AND EQUITY enrollment in the third quarter of this year. Has 296 as of 9/30/19 Cal- QUARTERLY DIVIDENDS PAID Full employees. C.E.O. & President: Mark J. Enyedy Address: endar 1Q 2Q 3Q 4Q Year Total Debt $2.1 mill. Due in 5 Yrs. NA 830 Winter Street, Waltham, MA 02451. Tel.: (781) 895- 2016 ------LT Debt $2.1 mill. 0600. Internet: www.immunogen.com. Including Cap. Leases NA 2017 ------NMF% of Cap’l J.V. 2018 ------Leases, Uncapitalized Annual rentals NA 2019 ------December 6, 2019 Pension Liability None in ’18 vs. None in ’17 INSTITUTIONAL DECISIONS TOTAL SHAREHOLDER RETURN 4Q’18 1Q’19 2Q’19 Pfd Stock None Pfd Div’d Paid None Dividends plus appreciation as of 10/31/2019 to Buy 102 105 88 Common Stock 149,688,000 shares 3 Mos. 6 Mos. 1 Yr. 3 Yrs. 5 Yrs. to Sell 99 84 98 NMF% of Cap’l Hld’s(000) 123327 117515 104721 5.78% -0.42% -56.17% 30.77% -74.30% © 2019 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribe call 1-800-VALUELINE of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. RECENT TRAILING RELATIVE DIV’D VALUE IMMUNOMEDICS NDQ--IMMU PRICE 18.72P/E RATIO NMF P/E RATIO NMFYLD Nil LINE 3678 RANKS 4.47 4.00 7.35 6.17 5.48 5.44 17.05 27.33 19.52 High 2.85 2.80 2.11 3.04 1.50 1.61 3.30 12.86 11.55 Low Below PERFORMANCE 4 Average LEGENDS 45 Below 12 Mos Mov Avg Technical 4 Average ....Rel Price Strength 30 Shaded area indicates recession Below 22.5 SAFETY 4 Average

BETA 1.65 (1.00 = Market) 13 9 Financial Strength B+ 6

Price Stability 5 4 3 Price Growth Persistence 35 4964 Earnings Predictability 35 VOL. (thous.) © VALUE LINE PUBLISHING LLC 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020/2021 REVENUES PER SH .20 .43 .07 .10 .06 .03 .03 .01 -- ‘‘CASH FLOW’’ PER SH d.18 .03 d.40 d.37 d.50 d.60 d.75 d1.09 -- EARNINGS PER SH d.20 .01 d.41 d.42 d.51 d.62 d.81 d1.35 d1.78 A,B d1.59 C/NA DIV’DS DECL’D PER SH ------CAP’L SPENDING PER SH .01 .01 .01 .00 .01 .02 .02 .05 -- BOOK VALUE PER SH .37 .42 .49 .42 d.04 d.59 d.53 2.14 -- COMMON SHS OUTST’G (MILL) 75.46 75.56 75.60 93.08 94.51 95.83 110.31 186.77 -- AVG ANN’L P/E RATIO -- NMF ------NMF NMF/NA RELATIVE P/E RATIO -- NMF ------AVG ANN’L DIV’D YIELD ------REVENUES ($MILL) 14.7 32.7 5.0 9.0 5.7 3.2 3.1 2.2 -- Bold figures OPERATING MARGIN NMF 7.2% NMF NMF NMF NMF NMF NMF -- are consensus DEPRECIATION ($MILL) 1.5 1.5 1.0 .6 .6 1.4 1.8 3.3 -- earnings NET PROFIT ($MILL) d15.2 .8 d31.5 d35.4 d48.0 d59.0 d84.5 d207.5 -- estimates INCOME TAX RATE -- 23.2% ------and, using the NET PROFIT MARGIN NMF 2.5% NMF NMF NMF NMF NMF NMF -- recent prices, WORKING CAP’L ($MILL) 24.7 29.9 35.2 38.2 91.4 37.6 35.1 604.7 -- P/E ratios. LONG-TERM DEBT ($MILL) ------96.6 97.4 98.1 218.8 -- SHR. EQUITY ($MILL) 27.8 32.0 37.0 39.4 d3.9 d56.8 d58.7 400.5 -- RETURN ON TOTAL CAP’L NMF 2.5% NMF NMF NMF NMF NMF NMF -- RETURN ON SHR. EQUITY NMF 2.5% NMF NMF ------NMF -- RETAINED TO COM EQ NMF 2.5% NMF NMF ------NMF -- ALL DIV’DS TO NET PROF ------ANo. of analysts changing earn. est. in last 25 days: 0 up, 4 down, consensus 5-year earnings growth not available. BBased upon 5 analysts’ estimates. CBased upon 4 analysts’ estimates. ANNUAL RATES ASSETS ($mill.) 2017 2018 9/30/19 INDUSTRY: Biotechnology of change (per share) 5 Yrs. 1 Yr. Cash Assets 154.9 638.8 369.2 Sales -36.0% -59.0% Receivables .5 .0 .0 BUSINESS: Immunomedics, Inc. develops monoclonal ‘‘Cash Flow’’ -- -- Inventory .6 .0 .0 antibody-based products for the targeted treatment of can- Earnings -- -- Other 1.3 9.6 8.9 Dividends -- -- cer, autoimmune disorders and other serious diseases. Its Current Assets 157.3 648.4 378.1 Book Value -- -- most advanced product candidate is IMMU-132 (saci- Fiscal QUARTERLY SALES ($mill.) Full Property, Plant tuzumab govitecan), an antibody-drug conjugate (ADC) Year 1Q 2Q 3Q 4Q Year & Equip, at cost 34.8 46.6 - - that received breakthrough therapy designation (BTD) from Accum Depreciation 29.6 30.9 - - 06/30/17 .8 .4 1.3 .6 3.1 Net Property 5.2 15.7 33.4 the US FDA for the treatment of patients with metastatic 06/30/18 .7 .6 .5 .4 2.2 Other .1 .1 .2 triple-negative breast cancer (mTNBC) who have failed at 12/31/19 ------Total Assets 162.6 664.2 411.7 least two prior therapies for metastatic disease. BTD has 12/31/20 provided the company with ready access to the FDA to LIABILITIES ($mill.) discuss its expedited programs for serious conditions for Fiscal EARNINGS PER SHARE Full Accts Payable 31.4 31.7 54.6 Year 1Q 2Q 3Q 4Q Year Debt Due .0 3.0 .0 IMMU-132, including the accelerated approval program. 06/30/16 d.16 d.15 d.15 d.16 d.62 Other 90.8 9.0 3.5 Immunomedics has a collaboration agreement with Algeta 06/30/17 d.17 d.16 d.22 d.26 d.81 Current Liab 122.2 43.7 58.1 ASA (subsequently acquired by Bayer), for the development 06/30/18 d.19 d.19 d.28 d.69 d1.35 of epratuzumab to be conjugated with Algeta’s proprietary 12/31/19 d.46 d.40 d.49 d.45 thorium-227 alpha-pharmaceutical payload. Has 346 em- 12/31/20 d.47 d.47 LONG-TERM DEBT AND EQUITY ployees. C.F.O.: Usama Malik Address: 300 The American as of 9/30/19 Cal- QUARTERLY DIVIDENDS PAID Full Road, Morris Plains, NJ 07950. Tel.: (973) 605-8200. endar 1Q 2Q 3Q 4Q Year Total Debt $7.1 mill. Due in 5 Yrs. NA Internet: www.immunomedics.com. 2016 ------LT Debt $7.1 mill. Including Cap. Leases NA 2017 ------(23% of Cap’l) J.V. 2018 ------Leases, Uncapitalized Annual rentals NA 2019 ------December 6, 2019 Pension Liability None in ’18 vs. None in ’17 INSTITUTIONAL DECISIONS TOTAL SHAREHOLDER RETURN 4Q’18 1Q’19 2Q’19 Pfd Stock None Pfd Div’d Paid None Dividends plus appreciation as of 10/31/2019 to Buy 119 119 112 Common Stock 191,876,000 shares 3 Mos. 6 Mos. 1 Yr. 3 Yrs. 5 Yrs. to Sell 102 103 78 (77% of Cap’l) Hld’s(000) 161571 174081 169106 8.47% -0.13% -28.98% 595.65% 305.06% © 2019 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribe call 1-800-VALUELINE of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. RECENT TRAILING RELATIVE DIV’D VALUE INNOVIVA INC. NDQ--INVA PRICE 12.88P/E RATIO 8.0 P/E RATIO 0.45YLD Nil LINE 3679 RANKS 28.95 31.87 42.96 40.82 21.16 14.15 14.87 18.60 20.54 High 16.44 12.91 19.71 12.56 6.36 7.56 10.30 13.26 10.00 Low Below PERFORMANCE 4 Average LEGENDS 12 Mos Mov Avg 18 Technical 5 Lowest ....Rel Price Strength Shaded area indicates recession Below 13 SAFETY 4 Average 8 BETA 1.20 (1.00 = Market) 5 4 Financial Strength B 3

Price Stability 15 2

Price Growth Persistence 20 26000 Earnings Predictability 25 VOL. (thous.) © VALUE LINE PUBLISHING LLC 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020/2021 SALES PER SH .29 1.38 .04 .07 .47 1.23 2.13 2.58 -- ‘‘CASH FLOW’’ PER SH d1.26 d.11 d1.46 d.53 d.04 .70 1.50 2.11 -- EARNINGS PER SH d1.41 d.20 d1.67 d.66 d.16 .53 1.17 1.79 2.03 A,B 1.34 C/NA DIV’DS DECL’D PER SH ------.50 .75 ------CAP’L SPENDING PER SH .04 .03 .02 .01 .00 .00 ------BOOK VALUE PER SH d1.02 1.58 2.68 d1.92 d2.99 d3.26 d2.38 1.52 -- COMMON SHS OUTST’G (MILL) 85.54 98.38 111.52 116.30 114.78 108.44 101.90 101.10 -- AVG ANN’L P/E RATIO ------21.2 10.9 8.5 6.3 9.6/NA RELATIVE P/E RATIO ------1.16 .55 .48 -- AVG ANN’L DIV’D YIELD ------2.0% 5.4% ------SALES ($MILL) 24.5 135.8 4.8 8.4 53.9 133.6 217.2 261.0 -- Bold figures OPERATING MARGIN NMF NMF NMF NMF 58.5% 94.0% 93.3% 96.6% -- are consensus DEPRECIATION ($MILL) 7.6 7.3 8.2 12.2 13.9 16.6 19.1 13.9 -- earnings NET PROFIT ($MILL) d115.3 d18.5 d170.7 d73.5 d18.8 59.5 134.1 199.0 -- estimates INCOME TAX RATE ------and, using the NET PROFIT MARGIN NMF NMF NMF NMF NMF 44.6% 61.8% 76.2% -- recent prices, WORKING CAP’L ($MILL) 199.3 231.1 398.8 238.4 200.8 178.0 165.7 193.3 -- P/E ratios. LONG-TERM DEBT ($MILL) 172.5 172.5 287.5 725.6 748.3 708.3 574.4 382.9 -- SHR. EQUITY ($MILL) d87.1 155.0 299.1 d223.3 d342.6 d353.0 d242.9 153.6 -- RETURN ON TOTAL CAP’L NMF NMF NMF NMF 1.8% 24.1% 47.0% 39.3% -- RETURN ON SHR. EQUITY -- NMF NMF ------129.6% -- RETAINED TO COM EQ -- NMF NMF ------129.5% -- ALL DIV’DS TO NET PROF ------NMF NMF 2% 0% 0% -- ANo. of analysts changing earn. est. in last 25 days: 1 up, 0 down, consensus 5-year earnings growth not available. BBased upon one analyst’s estimate. CBased upon one analyst’s estimate. ANNUAL RATES ASSETS ($mill.) 2017 2018 9/30/19 INDUSTRY: Biotechnology of change (per share) 5 Yrs. 1 Yr. Cash Assets 129.1 114.9 297.2 Sales 28.5% 21.0% Receivables .0 .0 .0 BUSINESS: Innoviva, Inc. is focused on bringing com- ‘‘Cash Flow’’ -- 40.0% Inventory .0 .0 .0 pelling new medicines to patients in areas of unmet need by Earnings -- 53.0% Other 71.3 84.1 69.6 Dividends -- -- leveraging its significant expertise in the development, Current Assets 200.4 199.0 366.8 Book Value -- -- commercialization, and financial management of bio- Fiscal QUARTERLY SALES ($mill.) Full Property, Plant pharmaceuticals. Its portfolio is anchored by the respiratory Year 1Q 2Q 3Q 4Q Year & Equip, at cost .2 .2 - - assets partnered with Glaxo Group Ltd., including: Accum Depreciation .0 .0 - - 12/31/17 40.5 58.6 48.6 69.5 217.2 Net Property .2 .2 .0 RELVAR(R)/BREO(R) ELLIPTA(R) (fluticasone furoate/ 12/31/18 52.4 67.1 61.7 79.8 261.0 Other 166.7 349.0 309.2 vilanterol, FF/VI) and ANORO(R) ELLIPTA(R) (umecli- 12/31/19 55.2 64.1 65.8 Total Assets 367.3 548.2 676.0 dinium bromide/ vilanterol, UMEC/VI). Under the long- 12/31/20 acting beta 2 agonist (LABA) collaboration agreement and LIABILITIES ($mill.) the alliance agreement with Glaxo, Innoviva is eligible to Fiscal EARNINGS PER SHARE Full Accts Payable .6 .0 .0 Year 1Q 2Q 3Q 4Q Year Debt Due 25.0 .0 .0 receive the associated royalty revenues from 12/31/16 .05 .13 .13 .22 .53 Other 9.1 5.7 3.3 RELVAR(R)/BREO(R) ELLIPTA(R) and ANORO(R) EL- 12/31/17 .16 .30 .21 .50 1.17 Current Liab 34.7 5.7 3.3 LIPTA(R). Innoviva is also entitled to 15% of any future 12/31/18 .27 .49 .43 .60 1.79 payments made by Glaxo under its agreements originally 12/31/19 .31 .34 .36 .60 entered into with it, and is since assigned to Theravance 12/31/20 LONG-TERM DEBT AND EQUITY Respiratory Co., LLC (TRC), including TRELEGY(R) as of 9/30/19 Cal- QUARTERLY DIVIDENDS PAID Full ELLIPTA(R) (the combination FF/UMEC/VI). Has 6 em- endar 1Q 2Q 3Q 4Q Year Total Debt $388.6 mill. Due in 5 Yrs. NA ployees. C.F.O.: Eric d’Esparbes Address: 2000 Sierra Point 2016 ------LT Debt $388.6 mill. Parkway Suite 500, Brisbane, CA 94005. Tel.: (650) 238- Including Cap. Leases NA 2017 ------(59% of Cap’l) 9600. Internet: www.inva.com. J.V. 2018 ------Leases, Uncapitalized Annual rentals NA 2019 ------December 6, 2019 Pension Liability None in ’18 vs. None in ’17 INSTITUTIONAL DECISIONS TOTAL SHAREHOLDER RETURN 4Q’18 1Q’19 2Q’19 Pfd Stock None Pfd Div’d Paid None Dividends plus appreciation as of 10/31/2019 to Buy 122 121 97 Common Stock 101,279,000 shares 3 Mos. 6 Mos. 1 Yr. 3 Yrs. 5 Yrs. to Sell 95 113 122 (41% of Cap’l) Hld’s(000) 77884 79570 77393 -2.19% -17.18% -16.76% 12.82% -22.80% © 2019 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribe call 1-800-VALUELINE of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. RECENT TRAILING RELATIVE DIV’D VALUE INOVIO PHARMA. AMEX--INO PRICE 2.61P/E RATIO NMF P/E RATIO NMFYLD Nil LINE 3680 RANKS 6.24 3.60 12.12 15.80 10.83 11.69 9.86 6.30 5.11 High 1.40 1.52 1.96 7.48 5.32 4.50 4.09 3.64 1.91 Low PERFORMANCE 3 Average LEGENDS 12 Mos Mov Avg Technical 3 Average ....Rel Price Strength 8 1-for-4 Rev split 6/14 Below Shaded area indicates recession SAFETY 4 Average 5 4 BETA 1.50 (1.00 = Market) 3 2 Financial Strength B

Price Stability 10 1

Price Growth Persistence 30 29200 Earnings Predictability 40 VOL. (thous.) © VALUE LINE PUBLISHING LLC 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020/2021 SALES PER SH .29 .11 .26 .17 .56 .48 .47 .31 -- ‘‘CASH FLOW’’ PER SH d.41 d.49 d1.22 d.57 d.39 d.95 d.94 d.95 -- EARNINGS PER SH d.50 d.56 d1.44 d.64 d.44 d1.01 d1.09 d1.05 d1.08 A,B d.80 C/NA DIV’DS DECL’D PER SH ------CAP’L SPENDING PER SH .00 .01 .00 .02 .04 .04 .11 .02 -- BOOK VALUE PER SH 1.39 .95 .99 1.83 2.43 1.66 1.57 .89 -- COMMON SHS OUTST’G (MILL) 33.74 36.08 52.58 60.74 72.22 74.06 90.36 97.23 -- AVG ANN’L P/E RATIO ------NMF NMF/NA RELATIVE P/E RATIO ------AVG ANN’L DIV’D YIELD ------SALES ($MILL) 9.8 4.1 13.5 10.5 40.6 35.4 42.2 30.5 -- Bold figures OPERATING MARGIN NMF NMF NMF NMF NMF NMF NMF NMF -- are consensus DEPRECIATION ($MILL) 2.0 2.0 2.1 1.6 1.0 3.1 3.5 5.0 -- earnings NET PROFIT ($MILL) d15.8 d19.7 d66.0 d36.1 d29.2 d73.7 d88.2 d97.0 -- estimates INCOME TAX RATE ------and, using the NET PROFIT MARGIN NMF NMF NMF NMF NMF NMF NMF NMF -- recent prices, WORKING CAP’L ($MILL) 20.9 7.6 29.7 85.0 140.4 80.8 103.0 52.5 -- P/E ratios. LONG-TERM DEBT ($MILL) ------SHR. EQUITY ($MILL) 47.3 34.4 52.5 111.2 175.7 123.3 142.4 86.9 -- RETURN ON TOTAL CAP’L NMF NMF NMF NMF NMF NMF NMF NMF -- RETURN ON SHR. EQUITY NMF NMF NMF NMF NMF NMF NMF NMF -- RETAINED TO COM EQ NMF NMF NMF NMF NMF NMF NMF NMF -- ALL DIV’DS TO NET PROF ------ANo. of analysts changing earn. est. in last 25 days: 1 up, 2 down, consensus 5-year earnings growth not available. BBased upon 3 analysts’ estimates. CBased upon 3 analysts’ estimates. ANNUAL RATES ASSETS ($mill.) 2017 2018 9/30/19 INDUSTRY: Biotechnology of change (per share) 5 Yrs. 1 Yr. Cash Assets 127.4 81.2 93.8 Sales 14.0% -33.0% Receivables 6.5 4.1 1.8 BUSINESS: Inovio Pharmaceuticals, Inc. develops active ‘‘Cash Flow’’ -- -- Inventory .0 .0 .0 DNA immunotherapies and vaccines focused on preventing Earnings -- -- Other 4.5 2.5 3.2 Dividends -- -- and treating cancers and infectious diseases. Its DNA-based Current Assets 138.4 87.8 98.8 Book Value 4.5% -43.0% immunotherapies, in combination with proprietary elec- Fiscal QUARTERLY SALES ($mill.) Full Property, Plant troporation delivery devices are intended to generate robust Year 1Q 2Q 3Q 4Q Year & Equip, at cost 25.4 25.9 - - immune responses, in particular T cells, to fight target Accum Depreciation 7.1 10.0 - - 12/31/17 10.4 20.4 2.6 8.8 42.2 Net Property 18.3 15.9 13.5 diseases. Inovio’s synthetic products are based on its 12/31/18 1.5 24.5 2.0 2.5 30.5 Other 30.5 27.4 39.2 SynCon(R) immunotherapy design. The company and its 12/31/19 2.8 .1 .9 Total Assets 187.2 131.1 151.5 collaborators are currently conducting or planning clinical 12/31/20 programs of its proprietary SynCon(R) immunotherapies for LIABILITIES ($mill.) HPV-caused pre-cancers and cancers, influenza, prostate Fiscal EARNINGS PER SHARE Full Accts Payable 8.5 11.0 10.2 Year 1Q 2Q 3Q 4Q Year Debt Due .0 .0 .0 cancer, breast/lung/pancreatic cancer, hepatitis C virus 12/31/16 d.12 d.26 d.28 d.35 d1.01 Other 26.9 24.3 9.3 (HCV), hepatitis B virus (HBV), HIV, Ebola, Middle East 12/31/17 d.32 d.13 d.40 d.24 d1.09 Current Liab 35.4 35.3 19.5 Respiratory Syndrome (MERS), and Zika virus. Partners 12/31/18 d.36 d.08 d.27 d.34 d1.05 and collaborators include: MedImmune, Regeneron, Genen- 12/31/19 d.30 d.30 d.25 d.23 tech, ApolloBio Corp., NIH, HIV Vaccines Trial Network, 12/31/20 d.23 d.23 LONG-TERM DEBT AND EQUITY US Army Medical Research Institute of Infectious Diseases, as of 9/30/19 Cal- QUARTERLY DIVIDENDS PAID Full and US Military HIV Research Program. Has 281 employ- endar 1Q 2Q 3Q 4Q Year Total Debt $70.1 mill. Due in 5 Yrs. NA ees. C.E.O. & President: J. Joseph Kim Address: 660 W 2016 ------LT Debt $70.1 mill. Germantown Pike, Ste 110 Plymouth Meeting, PA 19462. Including Cap. Leases NA 2017 ------(68% of Cap’l) Tel.: (267) 440-4200. Internet: www.inovio.com. J.V. 2018 ------Leases, Uncapitalized Annual rentals NA 2019 ------December 6, 2019 Pension Liability None in ’18 vs. None in ’17 INSTITUTIONAL DECISIONS TOTAL SHAREHOLDER RETURN 4Q’18 1Q’19 2Q’19 Pfd Stock None Pfd Div’d Paid None Dividends plus appreciation as of 10/31/2019 to Buy 59 63 59 Common Stock 99,046,000 shares 3 Mos. 6 Mos. 1 Yr. 3 Yrs. 5 Yrs. to Sell 51 33 45 (32% of Cap’l) Hld’s(000) 35571 46319 46163 -22.83% -43.35% -56.80% -67.08% -81.25% © 2019 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribe call 1-800-VALUELINE of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. RECENT TRAILING RELATIVE DIV’D VALUE INSMED INC. NDQ--INSM PRICE 22.13P/E RATIO NMF P/E RATIO NMFYLD Nil LINE 3681 RANKS 13.50 8.27 17.60 22.29 28.66 18.60 32.94 33.94 33.13 High 2.64 2.66 5.56 11.25 13.93 9.02 11.49 11.31 12.84 Low Below PERFORMANCE 4 Average LEGENDS 45 12 Mos Mov Avg Technical 5 Lowest ....Rel Price Strength 30 1-for-10 Rev split 3/11 Below Shaded area indicates recession 22.5 SAFETY 4 Average

BETA 1.80 (1.00 = Market) 13 9 Financial Strength B+ 6

Price Stability 5 4 3 Price Growth Persistence 70 21400 Earnings Predictability 75 VOL. (thous.) © VALUE LINE PUBLISHING LLC 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020/2021 SALES PER SH .18 -- .29 ------.13 -- ‘‘CASH FLOW’’ PER SH d1.34 d1.30 d1.42 d1.57 d1.88 d2.80 d2.48 d4.15 -- EARNINGS PER SH d1.84 d1.56 d1.60 d1.84 d2.02 d2.85 d2.89 d4.22 d2.91 A,B d2.24 C/NA DIV’DS DECL’D PER SH ------CAP’L SPENDING PER SH .04 .01 .02 .11 .06 .07 .04 .17 -- BOOK VALUE PER SH 5.41 3.84 3.66 3.74 5.04 2.49 4.71 2.69 -- COMMON SHS OUTST’G (MILL) 24.83 31.49 39.14 49.81 61.81 62.02 76.61 77.31 -- AVG ANN’L P/E RATIO ------NMF NMF/NA RELATIVE P/E RATIO ------AVG ANN’L DIV’D YIELD ------SALES ($MILL) 4.4 -- 11.5 ------9.8 -- Bold figures OPERATING MARGIN NMF -- NMF ------NMF -- are consensus DEPRECIATION ($MILL) .3 .6 .7 1.1 2.0 2.4 2.9 3.6 -- earnings NET PROFIT ($MILL) d33.7 d41.4 d56.1 d79.2 d118.2 d176.3 d192.6 d324.3 -- estimates INCOME TAX RATE ------and, using the NET PROFIT MARGIN NMF -- NMF ------NMF -- recent prices, WORKING CAP’L ($MILL) 72.9 77.8 99.7 145.1 265.8 140.4 344.7 439.3 -- P/E ratios. LONG-TERM DEBT ($MILL) .2 16.3 16.3 24.9 22.0 54.8 55.6 316.6 -- SHR. EQUITY ($MILL) 134.3 120.9 143.3 186.2 311.7 154.5 361.1 208.3 -- RETURN ON TOTAL CAP’L NMF NMF NMF NMF NMF NMF NMF NMF -- RETURN ON SHR. EQUITY NMF NMF NMF NMF NMF NMF NMF NMF -- RETAINED TO COM EQ NMF NMF NMF NMF NMF NMF NMF NMF -- ALL DIV’DS TO NET PROF ------ANo. of analysts changing earn. est. in last 25 days: 2 up, 1 down, consensus 5-year earnings growth not available. BBased upon 5 analysts’ estimates. CBased upon 5 analysts’ estimates. ANNUAL RATES ASSETS ($mill.) 2017 2018 9/30/19 INDUSTRY: Biotechnology of change (per share) 5 Yrs. 1 Yr. Cash Assets 381.2 495.1 535.6 Sales -- -- Receivables .0 5.5 15.3 BUSINESS: Insmed, Inc. is a global biopharmaceutical ‘‘Cash Flow’’ -- -- Inventory .0 7.0 23.3 company focused on the unmet needs of patients with rare Earnings -- -- Other 8.2 11.3 21.4 Dividends -- -- diseases. Its lead product candidate is amikacin liposome Current Assets 389.4 518.9 595.6 Book Value -5.0% -43.0% inhalation suspension (ALIS) (formerly known as liposomal Fiscal QUARTERLY SALES ($mill.) Full Property, Plant amikacin for inhalation), which is in late-stage development Year 1Q 2Q 3Q 4Q Year & Equip, at cost 23.1 36.8 - - for adult patients with treatment refractory nontuberculous Accum Depreciation 10.7 14.2 - - 12/31/17 ------Net Property 12.4 22.6 53.0 mycobacteria (NTM) lung disease caused by Mycobacte- 12/31/18 ------9.8 9.8 Other 60.2 63.1 114.5 rium avium complex (MAC), a rare and often chronic 12/31/19 21.9 30.0 38.9 Total Assets 462.0 604.6 763.1 infection that can cause irreversible lung damage and can be 12/31/20 fatal. The company’s earlier clinical-stage pipeline includes LIABILITIES ($mill.) INS1007 and INS1009. INS1007 is a novel oral, reversible Fiscal EARNINGS PER SHARE Full Accts Payable 14.7 17.7 20.4 Year 1Q 2Q 3Q 4Q Year Debt Due .0 .0 .0 inhibitor of dipeptidyl peptidase 1 (DPP1), an enzyme 12/31/16 d.55 d.59 d.61 d1.10 d2.85 Other 30.0 62.0 65.0 responsible for activating neutrophil serine proteases, which 12/31/17 d.60 d.72 d.69 d.88 d2.89 Current Liab 44.7 79.7 85.4 are implicated in the pathology of chronic inflammatory 12/31/18 d.89 d1.00 d1.14 d1.19 d4.22 lung diseases, such as non-cystic fibrosis (non-CF) bron- 12/31/19 d.96 d.81 d.68 d.57 chiectasis. Insmed’s principal product candidates are ALIS, 12/31/20 d.62 d.65 LONG-TERM DEBT AND EQUITY INS1007, and INS1009. Has 373 employees. C.E.O. & as of 9/30/19 Cal- QUARTERLY DIVIDENDS PAID Full President: William H. Lewis Address: 10 Finderne Ave. endar 1Q 2Q 3Q 4Q Year Total Debt $331.0 mill. Due in 5 Yrs. NA Building 10, Bridgewater, NJ 08807. Tel.: (908) 997-9900. 2016 ------LT Debt $331.0 mill. Internet: www.insmed.com. Including Cap. Leases NA 2017 ------(52% of Cap’l) J.V. 2018 ------Leases, Uncapitalized Annual rentals NA 2019 ------December 6, 2019 Pension Liability None in ’18 vs. None in ’17 INSTITUTIONAL DECISIONS TOTAL SHAREHOLDER RETURN 4Q’18 1Q’19 2Q’19 Pfd Stock None Pfd Div’d Paid None Dividends plus appreciation as of 10/31/2019 to Buy 66 91 116 Common Stock 89,311,000 shares 3 Mos. 6 Mos. 1 Yr. 3 Yrs. 5 Yrs. to Sell 53 60 55 (48% of Cap’l) Hld’s(000) 81576 81410 126110 -15.31% -38.93% 27.33% 43.22% 31.01% © 2019 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribe call 1-800-VALUELINE of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. RECENT TRAILING RELATIVE DIV’D VALUE INTREXON CORP. NYSE--XON PRICE 6.05P/E RATIO NMF P/E RATIO NMFYLD Nil LINE 3682 RANKS 30.31 37.12 69.45 40.24 26.99 20.16 9.10 High 16.89 12.66 24.33 18.52 10.25 6.21 3.95 Low Below PERFORMANCE 4 Average LEGENDS 45 12 Mos Mov Avg Technical 5 Lowest ....Rel Price Strength 30 Shaded area indicates recession Below 22.5 SAFETY 4 Average

BETA 1.50 (1.00 = Market) 13 9 Financial Strength B 6

Price Stability 5 4 3 Price Growth Persistence 10 -25836 Earnings Predictability 35 VOL. (thous.) © VALUE LINE PUBLISHING LLC 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020/2021 SALES PER SH -- -- .24 .72 1.49 1.61 1.89 1.00 -- ‘‘CASH FLOW’’ PER SH -- -- d.40 d.71 d.57 d1.37 d.72 d2.76 -- EARNINGS PER SH -- -- d1.58 d.83 d.76 d1.58 d.98 d3.93 d.96 A,B d.80 C/NA DIV’DS DECL’D PER SH ------CAP’L SPENDING PER SH -- -- .02 .06 .11 .27 .38 .26 -- BOOK VALUE PER SH -- -- 3.78 3.83 5.95 4.72 4.37 2.27 -- COMMON SHS OUTST’G (MILL) -- -- 97.05 100.56 116.66 118.69 122.09 160.02 -- AVG ANN’L P/E RATIO ------NMF NMF/NA RELATIVE P/E RATIO ------AVG ANN’L DIV’D YIELD ------SALES ($MILL) -- 13.9 23.8 71.9 173.6 190.9 231.0 160.6 -- Bold figures OPERATING MARGIN -- NMF NMF NMF NMF NMF NMF NMF -- are consensus DEPRECIATION ($MILL) -- 8.0 7.2 10.4 17.7 24.6 28.6 67.7 -- earnings NET PROFIT ($MILL) -- d81.9 d46.4 d81.8 d84.5 d186.6 d117.0 d509.3 -- estimates INCOME TAX RATE ------and, using the NET PROFIT MARGIN -- NMF NMF NMF NMF NMF NMF NMF -- recent prices, WORKING CAP’L ($MILL) -- d3.2 167.8 127.3 247.9 220.6 73.9 223.9 -- P/E ratios. LONG-TERM DEBT ($MILL) -- .0 1.7 8.7 7.6 7.6 7.5 211.2 -- SHR. EQUITY ($MILL) -- 85.1 366.7 384.8 694.1 560.2 533.6 362.9 -- RETURN ON TOTAL CAP’L -- NMF NMF NMF NMF NMF NMF NMF -- RETURN ON SHR. EQUITY -- NMF NMF NMF NMF NMF NMF NMF -- RETAINED TO COM EQ -- -- NMF NMF NMF NMF NMF NMF -- ALL DIV’DS TO NET PROF ------ANo. of analysts changing earn. est. in last 25 days: 0 up, 1 down, consensus 5-year earnings growth 2.4% per year. BBased upon 2 analysts’ estimates. CBased upon 3 analysts’ estimates. ANNUAL RATES ASSETS ($mill.) 2017 2018 9/30/19 INDUSTRY: Biotechnology of change (per share) 5 Yrs. 1 Yr. Cash Assets 79.7 222.8 106.0 Sales 43.5% -47.0% Receivables 19.8 21.2 20.4 BUSINESS: Intrexon Corp. is a leader in the field of ‘‘Cash Flow’’ -- -- Inventory 20.5 21.4 17.3 synthetic biology, an emerging and rapidly evolving disci- Earnings -- -- Other 34.0 20.1 13.6 Dividends -- -- pline that applies engineering principles to biological sys- Current Assets 154.0 285.5 157.3 Book Value -- -48.0% tems. Using its suite of proprietary and complementary Fiscal QUARTERLY SALES ($mill.) Full Property, Plant technologies, the company designs, builds, and regulates Year 1Q 2Q 3Q 4Q Year & Equip, at cost 158.3 184.7 - - gene programs, which are DNA sequences that consist of Accum Depreciation 45.6 55.8 - - 12/31/17 53.5 54.5 46.0 77.0 231.0 Net Property 112.7 128.9 122.7 key genetic components. A single gene program or a 12/31/18 39.7 45.3 32.4 43.2 160.6 Other 580.2 301.8 324.9 complex, multi-genic program are fabricated and stored 12/31/19 23.3 36.0 23.0 Total Assets 846.9 716.2 604.9 within a DNA vector. Vectors are segments of DNA used as 12/31/20 a vehicle to transmit genetic information. Intrexon’s syn- LIABILITIES ($mill.) thetic biology capabilities include the ability to precisely Fiscal EARNINGS PER SHARE Full Accts Payable 8.7 13.4 7.4 Year 1Q 2Q 3Q 4Q Year Debt Due .7 1.0 32.0 control the amount, location, and modification of biological 12/31/16 d.55 d.42 d.24 d.37 d1.58 Other 70.8 47.2 42.6 molecules to control the function and output of living cells 12/31/17 d.26 d.16 d.33 d.23 d.98 Current Liab 80.2 61.6 82.0 and optimize for desired results at an industrial scale. Its 12/31/18 d.36 d.51 d.44 d2.59 d3.93 business model is designed to bring many different com- 12/31/19 d.40 d.25 d.35 d.25 mercial products to market through the formation of agree- 12/31/20 LONG-TERM DEBT AND EQUITY ments, including exclusive channel collaborations. Has 882 as of 9/30/19 Cal- QUARTERLY DIVIDENDS PAID Full employees. Chairman, C.E.O. & President: Randal J. Kirk endar 1Q 2Q 3Q 4Q Year Total Debt $216.0 mill. Due in 5 Yrs. NA Address: 20374 Seneca Meadows Parkway, Germantown, 2016 ------LT Debt $184.0 mill. MD 20876. Tel.: (301) 556-9900. Internet: www.dna.com. Including Cap. Leases NA 2017 ------(45% of Cap’l) J.V. 2018 ------Leases, Uncapitalized Annual rentals NA 2019 ------December 6, 2019 Pension Liability None in ’18 vs. None in ’17 INSTITUTIONAL DECISIONS TOTAL SHAREHOLDER RETURN 4Q’18 1Q’19 2Q’19 Pfd Stock None Pfd Div’d Paid None Dividends plus appreciation as of 10/31/2019 to Buy 79 88 76 Common Stock 162,512,000 shares 3 Mos. 6 Mos. 1 Yr. 3 Yrs. 5 Yrs. to Sell 78 67 62 (55% of Cap’l) Hld’s(000) 117432 122113 123124 -36.42% 17.32% -56.06% -80.54% -76.41% © 2019 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribe call 1-800-VALUELINE of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. RECENT TRAILING RELATIVE DIV’D VALUE KALVISTA PHARMA. NDQ--KALV PRICE 13.72P/E RATIO NMF P/E RATIO NMFYLD Nil LINE 3683 RANKS 129.16 51.12 15.80 25.57 34.92 High 39.22 6.09 5.48 7.73 9.86 Low Below PERFORMANCE 4 Average LEGENDS 12 Mos Mov Avg Technical 5 Lowest ....Rel Price Strength 7.1% Rev split 11/16 50 Below Shaded area indicates recession SAFETY 4 Average

BETA 1.55 (1.00 = Market) 25

15 Financial Strength B 10 Price Stability 5

Price Growth Persistence NMF 5 1900 Earnings Predictability NMF VOL. (thous.) © VALUE LINE PUBLISHING LLC 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020/2021 REVENUES PER SH ------.02 .15 .78 .93 -- ‘‘CASH FLOW’’ PER SH ------d13.15 d1.91 d1.45 d1.18 -- EARNINGS PER SH ------d18.21 d4.47 d1.53 d1.38 d1.98 A,B d2.85 C/NA DIV’DS DECL’D PER SH ------CAP’L SPENDING PER SH ------.73 .01 .13 .06 -- BOOK VALUE PER SH ------26.24 3.23 2.52 5.60 -- COMMON SHS OUTST’G (MILL) ------1.88 9.71 10.80 17.28 -- AVG ANN’L P/E RATIO ------NMF NMF/NA RELATIVE P/E RATIO ------AVG ANN’L DIV’D YIELD ------REVENUES ($MILL) ------.0 1.5 8.4 16.1 -- Bold figures OPERATING MARGIN ------NMF NMF NMF NMF -- are consensus DEPRECIATION ($MILL) ------.1 .0 .2 .4 -- earnings NET PROFIT ($MILL) ------d24.8 d18.6 d15.8 d20.8 -- estimates INCOME TAX RATE ------and, using the NET PROFIT MARGIN ------NMF NMF NMF NMF -- recent prices, WORKING CAP’L ($MILL) ------50.7 31.3 36.2 97.5 -- P/E ratios. LONG-TERM DEBT ($MILL) ------3.2 -- .1 -- -- SHR. EQUITY ($MILL) ------49.3 31.3 27.3 96.7 -- RETURN ON TOTAL CAP’L ------NMF NMF NMF NMF -- RETURN ON SHR. EQUITY ------NMF NMF NMF NMF -- RETAINED TO COM EQ ------NMF NMF NMF NMF -- ALL DIV’DS TO NET PROF ------ANo. of analysts changing earn. est. in last 25 days: 0 up, 0 down, consensus 5-year earnings growth not available. BBased upon 5 analysts’ estimates. CBased upon 4 analysts’ estimates. ANNUAL RATES ASSETS ($mill.) 2017 2018 7/31/19 INDUSTRY: Biotechnology of change (per share) 5 Yrs. 1 Yr. Cash Assets 51.1 100.8 100.4 Sales -- 20.0% Receivables .0 .0 .0 BUSINESS: KalVista Pharmaceuticals, Inc. is a pharma- ‘‘Cash Flow’’ -- -- Inventory .0 .0 .0 ceutical company focused on the discovery, development, Earnings -- -- Other 8.3 14.7 15.3 Dividends -- -- and commercialization of small molecule protease inhibi- Current Assets 59.4 115.5 115.7 Book Value -- 122.0% tors for diseases with significant unmet need. The initial Fiscal QUARTERLY SALES ($mill.) Full Property, Plant focus is on inhibitors of plasma kallikrein, which is an Year 1Q 2Q 3Q 4Q Year & Equip, at cost 2.4 3.3 - - important component of the body’s inflammatory response Accum Depreciation .6 .9 - - 04/30/18 .1 1.1 2.3 4.9 8.4 Net Property 1.8 2.4 2.3 and which, in excess, can lead to increased vascular 04/30/19 3.7 5.6 3.9 2.9 16.1 Other .2 .2 1.9 permeability, edema and inflammation. KalVista has devel- 04/30/20 3.4 Total Assets 61.4 118.1 119.9 oped a proprietary portfolio of novel, small molecule 04/30/21 plasma kallikrein inhibitors initially targeting hereditary LIABILITIES ($mill.) angioedema (HAE) and diabetic macular edema (DME). Fiscal EARNINGS PER SHARE Full Accts Payable 1.4 2.9 3.1 Year 1Q 2Q 3Q 4Q Year Debt Due .2 .1 .6 The company has created a structurally diverse portfolio of 04/30/17 d6.66 d5.98 d1.03 d.43 d4.47 Other 21.6 15.1 10.3 oral plasma kallikrein inhibitors and is advancing multiple 04/30/18 d.51 d.50 d.49 d.06 d1.53 Current Liab 23.2 18.1 14.0 drug candidates into Phase I clinical trials for HAE. In 04/30/19 d.47 d.22 d.23 d.49 d1.38 DME, KalVista’s most advanced program, an intravitreally 04/30/20 d.42 d.54 d.29 d.67 administered plasma kallikrein inhibitor known as 04/30/21 LONG-TERM DEBT AND EQUITY KVD001, is anticipated to report data from a Phase II as of 7/31/19 Cal- QUARTERLY DIVIDENDS PAID Full clinical trial in the fourth quarter of 2019. Has 33 employ- endar 1Q 2Q 3Q 4Q Year Total Debt $1.8 mill. Due in 5 Yrs. NA ees. C.E.O.: T. Andrew Crockett Address: 55 Cambridge 2016 ------LT Debt $1.2 mill. Parkway Suite 901E, Cambridge, MA 02142. Tel.: (857) Including Cap. Leases NA 2017 ------(1% of Cap’l) 999-0075. Internet: www.kalvista.com. J.V. 2018 ------Leases, Uncapitalized Annual rentals NA 2019 ------December 6, 2019 Pension Liability None in ’18 vs. None in ’17 INSTITUTIONAL DECISIONS TOTAL SHAREHOLDER RETURN 4Q’18 1Q’19 2Q’19 Pfd Stock None Pfd Div’d Paid None Dividends plus appreciation as of 10/31/2019 to Buy 34 37 42 Common Stock 17,815,000 shares 3 Mos. 6 Mos. 1 Yr. 3 Yrs. 5 Yrs. to Sell 18 22 35 (99% of Cap’l) Hld’s(000) 13312 13902 14779 -36.11% -53.91% -43.92% 44.49% -- © 2019 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribe call 1-800-VALUELINE of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. RECENT TRAILING RELATIVE DIV’D VALUE KEZAR LIFE SCIENCES NYSE--KZR PRICE 2.81P/E RATIO NMF P/E RATIO NMFYLD Nil LINE 3684 RANKS 36.33 24.60 High 14.77 2.36 Low PERFORMANCE 3 Average LEGENDS 45 12 Mos Mov Avg Technical 3 Average ....Rel Price Strength 30 Shaded area indicates recession Short 22.5 SAFETY – History

BETA NMF (1.00 = Market) 13 9 Financial Strength NMF 6

Price Stability NMF 4 3 Price Growth Persistence NMF 1800 Earnings Predictability NMF VOL. (thous.) © VALUE LINE PUBLISHING LLC 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020/2021 REVENUES PER SH ------‘‘CASH FLOW’’ PER SH ------d1.18 -- EARNINGS PER SH ------d2.26 d1.89 A,B d2.13 C/NA DIV’DS DECL’D PER SH ------CAP’L SPENDING PER SH ------.06 -- BOOK VALUE PER SH ------5.69 -- COMMON SHS OUTST’G (MILL) ------19.11 -- AVG ANN’L P/E RATIO ------NMF NMF/NA RELATIVE P/E RATIO ------AVG ANN’L DIV’D YIELD ------REVENUES ($MILL) ------Bold figures OPERATING MARGIN ------are consensus DEPRECIATION ($MILL) ------.2 .7 -- earnings NET PROFIT ($MILL) ------d8.5 d23.2 -- estimates INCOME TAX RATE ------and, using the NET PROFIT MARGIN ------recent prices, WORKING CAP’L ($MILL) ------50.8 106.5 -- P/E ratios. LONG-TERM DEBT ($MILL) ------SHR. EQUITY ($MILL) ------52.2 108.8 -- RETURN ON TOTAL CAP’L ------NMF NMF -- RETURN ON SHR. EQUITY ------NMF NMF -- RETAINED TO COM EQ ------NMF -- ALL DIV’DS TO NET PROF ------ANo. of analysts changing earn. est. in last 25 days: 1 up, 1 down, consensus 5-year earnings growth not available. BBased upon 4 analysts’ estimates. CBased upon 4 analysts’ estimates. ANNUAL RATES ASSETS ($mill.) 2017 2018 9/30/19 INDUSTRY: Biotechnology of change (per share) 5 Yrs. 1 Yr. Cash Assets 51.0 107.4 85.2 Sales -- -- Receivables .0 .0 .0 BUSINESS: Kezar Life Sciences, Inc. is a clinical-stage ″ ″ Cash Flow -- -- Inventory .0 .0 .0 biotechnology company committed to revolutionizing treat- Earnings -- -- Other 1.3 2.4 3.6 Dividends -- -- ments for patients with autoimmune diseases and cancer. Current Assets 52.3 109.8 88.8 Book Value -- -- Kezar is translating its innovative research on the immuno- Fiscal QUARTERLY SALES ($mill.) Full Property, Plant proteasome and protein secretion pathways to advance Year 1Q 2Q 3Q 4Q Year & Equip, at cost 1.9 5.5 - - novel therapeutic approaches. KZR-616, a first-in-class Accum Depreciation .4 .9 - - 12/31/17 ------Net Property 1.5 4.6 4.5 selective immunoproteasome inhibitor, is being evaluated in 12/31/18 ------Other .4 .3 4.2 severe autoimmune diseases, including systemic lupus ery- 12/31/19 ------Total Assets 54.2 114.7 97.5 thematosus (SLE), lupus nephritis (LN), dermatomyositis 12/31/20 (DM), polymyositis (PM), autoimmune hemolytic anemia LIABILITIES ($mill.) (AIHA) and immune thrombocytopenia (ITP). Additionally, Fiscal EARNINGS PER SHARE Full Accts Payable .5 .2 .8 Year 1Q 2Q 3Q 4Q Year Debt Due .0 .0 .0 the company has nominated KZR-261 as its first clinical 12/31/16 ------Other 1.0 3.1 4.5 candidate for the treatment of cancer from its protein 12/31/17 ------Current Liab 1.5 3.3 5.3 secretion program and is undergoing IND-enabling studies 12/31/18 -- d3.31 d.30 d.30 d2.26 for the program. Has 24 employees. C.E.O.: John Fowler 12/31/19 d.40 d.46 d.48 d.56 Address: 4000 Shoreline Court Suite 300, South San Fran- 12/31/20 d.58 d.63 LONG-TERM DEBT AND EQUITY cisco, CA 94080. Tel.: (650) 822-5600. Internet: as of 9/30/19 Cal- QUARTERLY DIVIDENDS PAID Full www.kezarlifesciences.com. endar 1Q 2Q 3Q 4Q Year Total Debt None Due in 5 Yrs. None 2016 ------LT Debt None Including Cap. Leases None 2017 ------Leases, Uncapitalized Annual rentals NA J.V. 2018 ------2019 ------Pension Liability None in ’18 vs. None in ’17 December 6, 2019

INSTITUTIONAL DECISIONS Pfd Stock None Pfd Div’d Paid None TOTAL SHAREHOLDER RETURN 4Q’18 1Q’19 2Q’19 Dividends plus appreciation as of 10/31/2019 to Buy 25 41 41 Common Stock 19,142,000 shares (100% of Cap’l) 3 Mos. 6 Mos. 1 Yr. 3 Yrs. 5 Yrs. to Sell 16 11 19 Hld’s(000) 9337 9916 11252 -42.27% -82.78% -86.86% -- -- © 2019 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribe call 1-800-VALUELINE of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. RECENT TRAILING RELATIVE DIV’D VALUE LEXICON PHARM. NDQ--LXRX PRICE 3.73P/E RATIO 2.7 P/E RATIO 0.16YLD Nil LINE 3685 RANKS 16.10 22.95 22.25 14.42 15.79 19.62 18.00 13.97 8.39 High 5.67 7.91 11.90 5.60 6.05 7.65 8.07 6.02 1.13 Low PERFORMANCE 3 Average LEGENDS 12 Mos Mov Avg 18 Technical 3 Average ....Rel Price Strength 14% Rev split 5/15 13 Below Shaded area indicates recession SAFETY 4 Average 8 BETA 1.15 (1.00 = Market) 5 4 Financial Strength C++ 3

Price Stability 5 2

Price Growth Persistence 15 20900 Earnings Predictability 30 VOL. (thous.) © VALUE LINE PUBLISHING LLC 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020/2021 SALES PER SH .03 .01 .03 .22 1.25 .80 .86 .60 -- ‘‘CASH FLOW’’ PER SH d1.52 d1.31 d1.41 d.82 d.04 d1.34 d1.19 d1.10 -- EARNINGS PER SH d2.24 d1.47 d1.43 d1.12 d.05 d1.36 d1.23 d1.14 .93 A,B d1.96 C/NA DIV’DS DECL’D PER SH ------CAP’L SPENDING PER SH .02 .01 .02 .00 .01 .00 .00 .00 -- BOOK VALUE PER SH 4.34 3.65 2.32 2.74 2.76 1.51 .49 d.25 -- COMMON SHS OUTST’G (MILL) 68.62 73.16 73.38 103.51 103.62 104.28 105.59 105.93 -- AVG ANN’L P/E RATIO ------4.0 NMF/NA RELATIVE P/E RATIO ------AVG ANN’L DIV’D YIELD ------SALES ($MILL) 1.8 1.1 2.2 22.9 130.0 83.3 90.3 63.2 -- Bold figures OPERATING MARGIN NMF NMF NMF NMF 9.0% NMF NMF NMF -- are consensus DEPRECIATION ($MILL) 4.9 4.2 2.9 1.9 .7 2.1 3.4 3.7 -- earnings NET PROFIT ($MILL) d109.4 d100.3 d106.3 d87.2 d4.7 d141.4 d129.1 d120.5 -- estimates INCOME TAX RATE ------and, using the NET PROFIT MARGIN NMF NMF NMF NMF NMF NMF NMF NMF -- recent prices, WORKING CAP’L ($MILL) 264.4 212.6 115.3 324.0 409.4 193.3 197.9 136.5 -- P/E ratios. LONG-TERM DEBT ($MILL) 23.5 21.9 20.2 87.5 103.8 85.2 231.6 243.9 -- SHR. EQUITY ($MILL) 297.6 266.7 170.2 284.0 285.9 157.4 52.1 d26.4 -- RETURN ON TOTAL CAP’L NMF NMF NMF NMF NMF NMF NMF NMF -- RETURN ON SHR. EQUITY NMF NMF NMF NMF NMF NMF NMF -- -- RETAINED TO COM EQ NMF NMF NMF NMF NMF NMF NMF -- -- ALL DIV’DS TO NET PROF ------ANo. of analysts changing earn. est. in last 25 days: 0 up, 2 down, consensus 5-year earnings growth not available. BBased upon 3 analysts’ estimates. CBased upon 2 analysts’ estimates. ANNUAL RATES ASSETS ($mill.) 2017 2018 9/30/19 INDUSTRY: Biotechnology of change (per share) 5 Yrs. 1 Yr. Cash Assets 310.8 160.1 296.3 Sales 99.0% -30.5% Receivables 4.8 5.9 56.8 BUSINESS: Lexicon Pharmaceuticals, Inc. is engaged in ‘‘Cash Flow’’ -- -- Inventory 1.9 4.7 4.5 the development and commercialization of breakthrough Earnings -- -- Other 4.5 2.6 6.0 Dividends -- -- treatments for human disease. Its current focus is on the Current Assets 322.0 173.3 363.6 Book Value -30.0% -- commercialization or development of four most advanced Fiscal QUARTERLY SALES ($mill.) Full Property, Plant drug programs: XERMELO(R) (telotristat ethyl), an FDA Year 1Q 2Q 3Q 4Q Year & Equip, at cost 76.3 75.9 - - approved, orally-delivered small molecule drug for the Accum Depreciation 58.6 60.0 - - 12/31/17 18.3 12.1 26.9 33.0 90.3 Net Property 17.7 15.9 14.5 treatment of carcinoid syndrome diarrhea in combination 12/31/18 25.4 13.8 6.9 17.1 63.2 Other 96.8 94.9 66.5 with somatostatin analog (SSA) therapy in adults inad- 12/31/19 9.2 9.7 294.4 Total Assets 436.5 284.1 444.6 equately controlled by SSA therapy; sotagliflozin, an orally- 12/31/20 delivered small molecule drug candidate, as a treatment for LIABILITIES ($mill.) type 1 and type 2 diabetes; LX2761, an orally-delivered Fiscal EARNINGS PER SHARE Full Accts Payable 57.7 17.8 20.9 Year 1Q 2Q 3Q 4Q Year Debt Due 14.1 1.1 11.3 small molecule drug candidate, as a treatment for diabetes; 12/31/16 d.33 d.37 d.35 d.31 d1.36 Other 52.3 17.9 12.6 and LX9211, an orally-delivered small molecule drug can- 12/31/17 d.33 d.34 d.29 d.27 d1.23 Current Liab 124.1 36.8 44.8 didate, as a treatment for neuropathic pain. Through its 12/31/18 d.39 d.33 d.26 d.16 d1.14 Genome5000TM program, Lexicon scientists studied the 12/31/19 d.21 d.22 1.95 d.75 role and function of nearly 5,000 genes and identified more 12/31/20 d.68 d.46 LONG-TERM DEBT AND EQUITY than 100 protein targets with significant therapeutic poten- as of 9/30/19 Cal- QUARTERLY DIVIDENDS PAID Full tial in a range of diseases. Has 202 employees. C.E.O. & endar 1Q 2Q 3Q 4Q Year Total Debt $245.1 mill. Due in 5 Yrs. NA President: Lonnel Coats Address: 8800 Technology Forest 2016 ------LT Debt $233.8 mill. Place, The Woodlands, TX 77381. Tel.: (281) 863-3000. Including Cap. Leases NA 2017 ------(59% of Cap’l) Internet: www.lexpharma.com. J.V. 2018 ------Leases, Uncapitalized Annual rentals NA 2019 ------December 6, 2019 Pension Liability None in ’18 vs. None in ’17 INSTITUTIONAL DECISIONS TOTAL SHAREHOLDER RETURN 4Q’18 1Q’19 2Q’19 Pfd Stock None Pfd Div’d Paid None Dividends plus appreciation as of 10/31/2019 to Buy 48 56 38 Common Stock 106,272,000 shares 3 Mos. 6 Mos. 1 Yr. 3 Yrs. 5 Yrs. to Sell 58 50 54 (41% of Cap’l) Hld’s(000) 105220 104474 105239 174.81% -36.03% -52.62% -74.98% -64.18% © 2019 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribe call 1-800-VALUELINE of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. RECENT TRAILING RELATIVE DIV’D VALUE LIGAND PHARM. NDQ--LGND PRICE 112.21P/E RATIO NMF P/E RATIO NMFYLD Nil LINE 3686 RANKS 16.24 21.75 58.48 80.42 114.00 139.79 149.31 278.62 144.95 High 8.64 11.21 19.03 41.99 49.65 82.06 95.08 128.20 84.50 Low PERFORMANCE 5 Lowest LEGENDS Below 12 Mos Mov Avg Technical 4 Average ....Rel Price Strength 300 1-for-6 Rev split 11/10 Shaded area indicates recession SAFETY 3 Average 150 BETA 1.00 (1.00 = Market)

75 Financial Strength B+ 45 Price Stability 30

Price Growth Persistence 85 229800 Earnings Predictability 10 VOL. (thous.) © VALUE LINE PUBLISHING LLC 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020/2021 SALES PER SH 1.53 1.56 2.39 3.30 3.60 5.21 6.67 12.11 -- ‘‘CASH FLOW’’ PER SH .66 .00 .56 .75 12.11 .43 1.15 7.61 -- EARNINGS PER SH .52 d.13 .43 .56 11.26 d.11 .53 5.96 NA NA/NA DIV’DS DECL’D PER SH ------CAP’L SPENDING PER SH .00 .03 .02 .00 .00 .09 .10 .04 -- BOOK VALUE PER SH .86 1.31 2.42 1.34 15.26 17.74 19.80 27.01 -- COMMON SHS OUTST’G (MILL) 19.68 20.16 20.47 19.58 19.95 20.91 21.15 20.77 -- AVG ANN’L P/E RATIO 22.0 -- 86.9 NMF 7.7 -- NMF 31.3 NA NA/NA RELATIVE P/E RATIO 1.38 -- 4.89 NMF .40 -- NMF 1.77 -- AVG ANN’L DIV’D YIELD ------SALES ($MILL) 30.0 31.4 49.0 64.5 71.9 109.0 141.1 251.5 -- Bold figures OPERATING MARGIN 1.2% 11.5% 37.1% 34.5% 43.1% 50.6% 56.5% 71.0% -- are consensus DEPRECIATION ($MILL) 2.8 2.7 2.7 2.7 2.6 11.3 11.7 14.7 -- earnings NET PROFIT ($MILL) 10.2 d2.7 8.8 12.0 239.0 d2.4 12.6 143.3 -- estimates INCOME TAX RATE -- -- 4.1% 3.6% -- NMF NMF 17.3% -- and, using the NET PROFIT MARGIN 33.9% NMF 18.0% 18.6% 332.3% NMF 8.9% 57.0% -- recent prices, WORKING CAP’L ($MILL) d11.4 d11.6 d4.0 162.4 194.8 148.9 d1.9 788.2 -- P/E ratios. LONG-TERM DEBT ($MILL) 20.3 13.4 -- 195.9 205.4 212.9 -- 609.9 -- SHR. EQUITY ($MILL) 17.0 26.5 49.6 26.3 304.4 370.9 418.6 560.9 -- RETURN ON TOTAL CAP’L 29.5% NMF 19.9% 6.5% 48.0% .6% 4.4% 13.7% -- RETURN ON SHR. EQUITY 59.9% NMF 17.8% 45.7% 78.5% NMF 3.0% 25.6% -- RETAINED TO COM EQ 59.9% NMF 17.8% 45.7% 78.5% NMF 3.0% 25.6% -- ALL DIV’DS TO NET PROF ------Note: No analyst estimates available. ANNUAL RATES ASSETS ($mill.) 2017 2018 9/30/19 INDUSTRY: Biotechnology of change (per share) 5 Yrs. 1 Yr. Cash Assets 201.7 773.8 1149.5 Sales 34.5% 81.5% Receivables 29.5 55.9 22.0 BUSINESS: Ligand Pharmaceuticals, Inc. develops or ‘‘Cash Flow’’ 49.5% 563.0% Inventory 4.4 7.1 6.6 acquires royalty generating assets and coupling them with a Earnings 50.5% NMF Other 1.4 33.7 5.0 Dividends -- -- lean corporate cost structure. By diversifying the portfolio Current Assets 237.0 870.5 1183.1 Book Value 69.5% 36.5% of assets across numerous technology types, therapeutic Fiscal QUARTERLY SALES ($mill.) Full Property, Plant areas, drug targets and industry partners, it offers investors Year 1Q 2Q 3Q 4Q Year & Equip, at cost 6.1 7.5 - - an opportunity to invest in the increasingly complicated and Accum Depreciation 1.9 2.1 - - 12/31/17 29.3 28.0 33.4 50.4 141.1 Net Property 4.2 5.4 6.4 unpredictable pharmaceutical industry. These therapies ad- 12/31/18 56.2 90.0 45.7 59.6 251.5 Other 429.8 384.9 358.0 dress a broad spectrum of diseases, including thrombocy- 12/31/19 43.5 25.0 24.8 Total Assets 671.0 1260.8 1547.5 topenia, ventricular fibrilation, Alzheimer’s disease, diabe- 12/31/20 tes, anemia, and osteoporosis. Ligand’s Captisol(R) LIABILITIES ($mill.) platform technology is a patent-protected, chemically modi- Fiscal EARNINGS PER SHARE Full Accts Payable 2.3 4.2 2.0 Year 1Q 2Q 3Q 4Q Year Debt Due 224.5 26.4 .0 fied cyclodextrin with a structure designed to optimize the 12/31/16 .29 d.30 .05 d.15 d.11 Other 12.1 51.6 33.7 solubility and stability of drugs. The company has estab- 12/31/17 .22 .26 .36 d.33 .53 Current Liab 238.9 82.2 35.7 lished multiple alliances, licenses and other business rela- 12/31/18 1.83 2.99 2.80 d2.02 5.96 tionships with the world’s leading pharmaceutical compa- 12/31/19 1.16 d.74 d.81 nies including Novartis, Amgen, Merck, Pfizer, Celgene, 12/31/20 LONG-TERM DEBT AND EQUITY Gilead, Janssen, Baxter International and Eli Lilly. Has 39 as of 9/30/19 Cal- QUARTERLY DIVIDENDS PAID Full employees. C.E.O.: John L. Higgins Address: 3911 Sorrento endar 1Q 2Q 3Q 4Q Year Total Debt $631.5 mill. Due in 5 Yrs. NA Valley Boulevard Suite 110, San Diego, CA 92121. Tel.: 2016 ------LT Debt $631.5 mill. (858) 550-7500. Internet: www.ligand.com. Including Cap. Leases NA 2017 ------(43% of Cap’l) J.V. 2018 ------Leases, Uncapitalized Annual rentals NA 2019 ------December 6, 2019 Pension Liability None in ’18 vs. None in ’17 INSTITUTIONAL DECISIONS TOTAL SHAREHOLDER RETURN 4Q’18 1Q’19 2Q’19 Pfd Stock None Pfd Div’d Paid None Dividends plus appreciation as of 10/31/2019 to Buy 217 162 121 Common Stock 17,563,000 shares 3 Mos. 6 Mos. 1 Yr. 3 Yrs. 5 Yrs. to Sell 173 192 188 (57% of Cap’l) Hld’s(000) 26755 25807 25182 18.90% -13.54% -33.98% 13.66% 96.87% © 2019 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribe call 1-800-VALUELINE of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. RECENT TRAILING RELATIVE DIV’D VALUE LIQUIDIA TECH. NYSE--LQDA PRICE 3.85P/E RATIO NMF P/E RATIO NMFYLD Nil LINE 3687 RANKS 38.46 22.40 High 10.52 3.30 Low PERFORMANCE 3 Average LEGENDS 45 12 Mos Mov Avg Technical 3 Average ....Rel Price Strength 30 Shaded area indicates recession Short 22.5 SAFETY – History

BETA NMF (1.00 = Market) 13 9 Financial Strength NMF 6

Price Stability NMF 4 3 Price Growth Persistence NMF 1600 Earnings Predictability NMF VOL. (thous.) © VALUE LINE PUBLISHING LLC 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020/2021 REVENUES PER SH ------.17 -- ‘‘CASH FLOW’’ PER SH ------d3.32 -- EARNINGS PER SH ------d7.51 d2.63 A,B d2.67 C/NA DIV’DS DECL’D PER SH ------CAP’L SPENDING PER SH ------.06 -- BOOK VALUE PER SH ------1.20 -- COMMON SHS OUTST’G (MILL) ------15.52 -- AVG ANN’L P/E RATIO ------NMF NMF/NA RELATIVE P/E RATIO ------AVG ANN’L DIV’D YIELD ------REVENUES ($MILL) ------2.7 -- Bold figures OPERATING MARGIN ------NMF -- are consensus DEPRECIATION ($MILL) ------1.5 -- earnings NET PROFIT ($MILL) ------d53.1 -- estimates INCOME TAX RATE ------and, using the NET PROFIT MARGIN ------NMF -- recent prices, WORKING CAP’L ($MILL) ------31.7 -- P/E ratios. LONG-TERM DEBT ($MILL) ------12.0 -- SHR. EQUITY ($MILL) ------18.7 -- RETURN ON TOTAL CAP’L ------NMF -- RETURN ON SHR. EQUITY ------NMF -- RETAINED TO COM EQ ------NMF -- ALL DIV’DS TO NET PROF ------ANo. of analysts changing earn. est. in last 25 days: 0 up, 2 down, consensus 5-year earnings growth not available. BBased upon 3 analysts’ estimates. CBased upon 2 analysts’ estimates. ANNUAL RATES ASSETS ($mill.) 2017 2018 9/30/19 INDUSTRY: Biotechnology of change (per share) 5 Yrs. 1 Yr. Cash Assets -- 39.5 39.3 Sales -- -- Receivables -- .3 .9 BUSINESS: Liquidia Technologies, Inc. is a late-stage ″ ″ Cash Flow -- -- Inventory -- .0 .0 clinical biopharmaceutical company focused on the devel- Earnings -- -- Other -- .2 .5 Dividends -- -- opment and commercialization of therapeutics using its Current Assets -- 40.0 40.7 Book Value -- -- proprietary PRINT(R) technology to transform the lives of Fiscal QUARTERLY SALES ($mill.) Full Property, Plant patients. Currently, it is focused on the development of two Year 1Q 2Q 3Q 4Q Year & Equip, at cost -- 17.4 - - product candidates using its PRINT(R) particle engineering Accum Depreciation -- 9.3 - - 12/31/17 ------Net Property -- 8.1 8.1 platform: LIQ861 for the treatment of pulmonary arterial 12/31/18 .9 1.0 .2 .6 2.7 Other -- 1.3 3.4 hypertension and LIQ865 for the treatment of local post- 12/31/19 -- 8.1 -- Total Assets -- 49.4 52.2 operative pain. Being evaluated in a Phase III clinical trial 12/31/20 (INSPIRE), LIQ861 is designed to improve the therapeutic LIABILITIES ($mill.) profile of treprostinil by enhancing deep-lung delivery and Fiscal EARNINGS PER SHARE Full Accts Payable -- 3.2 4.5 Year 1Q 2Q 3Q 4Q Year Debt Due -- .8 4.3 achieving higher dose levels than current inhaled therapies 12/31/16 ------Other -- 4.2 5.4 by using a convenient, palm-sized, disposable dry powder 12/31/17 ------Current Liab -- 8.2 14.2 inhaler. LIQ865, for which Liquidia has completed two 12/31/18 -- d.59 d.84 d.62 d7.51 Phase I clinical trials, is designed to deliver sustained- 12/31/19 d.87 d.32 d.72 d.62 release particles of bupivacaine, a non-opioid anesthetic, to 12/31/20 d.67 d.70 LONG-TERM DEBT AND EQUITY treat local post-operative pain for three to five days through as of 9/30/19 Cal- QUARTERLY DIVIDENDS PAID Full a single administration. Has 63 employees. C.E.O.: Neal endar 1Q 2Q 3Q 4Q Year Total Debt $15.9 mill. Due in 5 Yrs. NA Fowler Address: 419 Davis Drive Suite 100, Morrisville, 2016 ------LT Debt $11.6 mill. NC 27560. Tel.: (919) 328-4400. Internet: www.liquidia- Including Cap. Leases NA 2017 ------(37% of Cap’l) .com. J.V. 2018 ------Leases, Uncapitalized Annual rentals NA 2019 ------December 6, 2019 Pension Liability None in ’18 vs. None in ’17 INSTITUTIONAL DECISIONS TOTAL SHAREHOLDER RETURN 4Q’18 1Q’19 2Q’19 Pfd Stock None Pfd Div’d Paid None Dividends plus appreciation as of 10/31/2019 to Buy 21 39 34 Common Stock 18,657,000 shares 3 Mos. 6 Mos. 1 Yr. 3 Yrs. 5 Yrs. to Sell 10 10 16 (63% of Cap’l) Hld’s(000) 7320 10507 10964 -40.08% -53.94% -73.26% -- -- © 2019 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribe call 1-800-VALUELINE of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. RECENT TRAILING RELATIVE DIV’D VALUE MACROGENICS, INC. NDQ--MGNX PRICE 9.27P/E RATIO NMF P/E RATIO NMFYLD Nil LINE 3688 RANKS 30.25 41.00 39.90 33.30 22.31 32.74 32.32 High 21.50 17.31 19.67 14.84 14.36 11.16 7.42 Low PERFORMANCE 3 Average LEGENDS 45 12 Mos Mov Avg Technical 3 Average ....Rel Price Strength 30 Shaded area indicates recession Below 22.5 SAFETY 4 Average

BETA 1.45 (1.00 = Market) 13 9 Financial Strength B 6

Price Stability 5 4 3 Price Growth Persistence 15 10500 Earnings Predictability 25 VOL. (thous.) © VALUE LINE PUBLISHING LLC 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020/2021 SALES PER SH -- -- 2.31 1.71 2.94 2.63 4.28 1.42 -- ‘‘CASH FLOW’’ PER SH -- -- .04 d1.30 d.50 d1.46 d.34 d3.85 -- EARNINGS PER SH -- -- d.04 d1.40 d.63 d1.69 d.54 d4.19 d3.37 A,B d3.68 C/NA DIV’DS DECL’D PER SH ------CAP’L SPENDING PER SH -- -- .12 .13 .27 .33 .80 .59 -- BOOK VALUE PER SH -- -- 3.14 4.33 9.12 7.71 8.12 5.73 -- COMMON SHS OUTST’G (MILL) -- -- 25.16 27.99 34.35 34.87 36.86 42.35 -- AVG ANN’L P/E RATIO ------NMF NMF/NA RELATIVE P/E RATIO ------AVG ANN’L DIV’D YIELD ------SALES ($MILL) -- 63.8 58.0 47.8 100.9 91.9 157.7 60.1 -- Bold figures OPERATING MARGIN -- 14.4% 2.7% NMF NMF NMF NMF NMF -- are consensus DEPRECIATION ($MILL) -- 1.0 1.2 1.8 2.9 7.6 7.2 8.3 -- earnings NET PROFIT ($MILL) -- 8.4 d.3 d38.3 d20.1 d58.5 d19.6 d171.5 -- estimates INCOME TAX RATE ------and, using the NET PROFIT MARGIN -- 13.1% NMF NMF NMF NMF NMF NMF -- recent prices, WORKING CAP’L ($MILL) -- 20.2 90.7 137.6 319.1 256.7 272.5 209.2 -- P/E ratios. LONG-TERM DEBT ($MILL) ------SHR. EQUITY ($MILL) -- d8.2 78.9 121.3 313.3 268.8 299.2 242.9 -- RETURN ON TOTAL CAP’L -- -- NMF NMF NMF NMF NMF NMF -- RETURN ON SHR. EQUITY -- -- NMF NMF NMF NMF NMF NMF -- RETAINED TO COM EQ -- -- NMF NMF NMF NMF NMF NMF -- ALL DIV’DS TO NET PROF ------ANo. of analysts changing earn. est. in last 25 days: 5 up, 0 down, consensus 5-year earnings growth not available. BBased upon 6 analysts’ estimates. CBased upon 6 analysts’ estimates. ANNUAL RATES ASSETS ($mill.) 2017 2018 9/30/19 INDUSTRY: Biotechnology of change (per share) 5 Yrs. 1 Yr. Cash Assets 305.1 232.9 254.4 Sales 4.0% -67.0% Receivables 13.6 29.6 9.5 BUSINESS: MacroGenics, Inc. is focused on discovering ‘‘Cash Flow’’ -- -- Inventory .0 .0 .0 and developing innovative antibody-based therapeutics for Earnings -- -- Other 3.6 6.6 12.3 Dividends -- -- the treatment of cancer as well as various autoimmune Current Assets 322.3 269.1 276.2 Book Value 18.0% -29.5% disorders and infectious diseases. It currently has a pipeline Fiscal QUARTERLY SALES ($mill.) Full Property, Plant of product candidates in human clinical testing, primarily Year 1Q 2Q 3Q 4Q Year & Equip, at cost 78.9 94.6 - - against different types of cancers, which have been created Accum Depreciation 28.9 37.9 - - 12/31/17 2.0 1.7 1.7 152.3 157.7 Net Property 50.0 56.7 50.0 using its proprietary technology platforms. The company’s 12/31/18 4.7 18.8 20.8 15.8 60.1 Other 1.6 6.3 25.3 flotetuzumab, a bispecific DART molecule, is indicated for 12/31/19 9.7 10.6 18.7 Total Assets 373.9 332.1 351.5 patients with acute myeloid leukemia and myelodysplastic 12/31/20 syndrome; and margetuximab, an Fc-optimized monoclonal LIABILITIES ($mill.) antibody that targets the human epidermal growth factor Fiscal EARNINGS PER SHARE Full Accts Payable 2.5 4.0 2.5 Year 1Q 2Q 3Q 4Q Year Debt Due .0 .0 .0 receptor 2 (HER2). Its PD-1-directed programs include: 12/31/16 d.88 1.12 d.97 d1.00 d1.69 Other 47.3 55.9 55.1 MGA012, an anti-PD-1 antibody; MGD013, a DART mol- 12/31/17 d1.08 d1.14 d1.28 2.80 d.54 Current Liab 49.8 59.9 57.6 ecule; and MGD019, a preclinical bispecific DART mol- 12/31/18 d1.34 d1.03 d.81 d1.06 d4.19 ecule. MacroGenics is also developing a portfolio of thera- 12/31/19 d.99 d.65 d.91 d.71 peutics that target B7-H3, a member of the B7 family of 12/31/20 d1.00 d.90 LONG-TERM DEBT AND EQUITY molecules involved in immune regulation. These molecules as of 9/30/19 Cal- QUARTERLY DIVIDENDS PAID Full include: enoblituzumab, MGD009, and MGC018. Has 330 endar 1Q 2Q 3Q 4Q Year Total Debt None Due in 5 Yrs. None employees. C.E.O. & President: Scott Koenig Address: 2016 ------LT Debt None 9704 Medical Center Drive, Rockville, MD 20850. Tel.: Including Cap. Leases None 2017 ------Leases, Uncapitalized Annual rentals NA (301) 251-5172. Internet: www.macrogenics.com. J.V. 2018 ------2019 ------Pension Liability None in ’18 vs. None in ’17 December 6, 2019

INSTITUTIONAL DECISIONS Pfd Stock None Pfd Div’d Paid None TOTAL SHAREHOLDER RETURN 4Q’18 1Q’19 2Q’19 Dividends plus appreciation as of 10/31/2019 to Buy 76 99 72 Common Stock 48,914,000 shares (100% of Cap’l) 3 Mos. 6 Mos. 1 Yr. 3 Yrs. 5 Yrs. to Sell 53 51 77 Hld’s(000) 36778 44232 55397 -40.93% -49.31% -48.36% -64.12% -60.08% © 2019 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribe call 1-800-VALUELINE of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. RECENT TRAILING RELATIVE DIV’D VALUE MANNKIND CORP NDQ--MNKD PRICE 1.16P/E RATIO NMF P/E RATIO NMFYLD Nil LINE 3689 RANKS 50.25 17.40 43.50 57.40 39.40 11.20 6.96 4.05 2.34 High 11.00 7.85 11.60 19.00 6.90 2.05 0.67 0.94 1.02 Low Above PERFORMANCE 2 Average LEGENDS 12 Mos Mov Avg Technical 3 Average ....Rel Price Strength 8 1-for-5 Rev split 3/17 Shaded area indicates recession SAFETY 5 Lowest 5 4 BETA 1.40 (1.00 = Market) 3 2 Financial Strength C++

Price Stability 5 1

Price Growth Persistence 10 22164 Earnings Predictability 10 VOL. (thous.) © VALUE LINE PUBLISHING LLC 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020/2021 SALES PER SH .00 .00 ------1.83 .10 .15 -- ‘‘CASH FLOW’’ PER SH d5.91 d2.80 d2.40 d2.21 d1.73 1.36 d.96 d.45 -- EARNINGS PER SH d6.60 d4.70 d3.20 d2.55 d2.00 1.36 d1.13 d.60 d.29 A,B d.24 C/NA DIV’DS DECL’D PER SH ------CAP’L SPENDING PER SH .28 .01 .11 .30 .12 .01 ------BOOK VALUE PER SH d12.80 d2.00 d.42 d.91 d4.09 d1.92 d1.80 d.94 -- COMMON SHS OUTST’G (MILL) 24.50 55.41 73.88 81.21 85.73 95.68 119.05 187.03 -- AVG ANN’L P/E RATIO ------3.5 -- -- NMF NMF/NA RELATIVE P/E RATIO ------.19 ------AVG ANN’L DIV’D YIELD ------SALES ($MILL) .1 .0 ------174.8 11.7 27.9 -- Bold figures OPERATING MARGIN NMF NMF ------38.3% NMF NMF -- are consensus DEPRECIATION ($MILL) 15.9 14.4 14.1 18.6 13.3 4.2 3.5 2.9 -- earnings NET PROFIT ($MILL) d160.8 d169.4 d191.5 d198.4 d161.9 125.7 d117.3 d87.0 -- estimates INCOME TAX RATE ------and, using the NET PROFIT MARGIN NMF NMF ------71.9% NMF NMF -- recent prices, WORKING CAP’L ($MILL) d19.6 d78.0 d51.5 d202.2 d191.6 d14.6 d30.4 6.7 -- P/E ratios. LONG-TERM DEBT ($MILL) 487.8 217.2 148.0 49.5 139.5 77.2 104.1 91.2 -- SHR. EQUITY ($MILL) d313.7 d110.7 d30.7 d73.8 d350.3 d183.6 d214.7 d175.1 -- RETURN ON TOTAL CAP’L NMF NMF NMF ------RETURN ON SHR. EQUITY ------RETAINED TO COM EQ ------ALL DIV’DS TO NET PROF ------ANo. of analysts changing earn. est. in last 25 days: 1 up, 0 down, consensus 5-year earnings growth not available. BBased upon 4 analysts’ estimates. CBased upon 3 analysts’ estimates. ANNUAL RATES ASSETS ($mill.) 2017 2018 9/30/19 INDUSTRY: Biotechnology of change (per share) 5 Yrs. 1 Yr. Cash Assets 43.9 71.2 50.1 Sales 279.0% 51.0% Receivables 2.8 4.0 4.1 BUSINESS: MannKind Corporation is a biopharmaceuti- ‘‘Cash Flow’’ -- -- Inventory 2.7 3.6 3.7 cal company focused primarily on the discovery and devel- Earnings -- -- Other 7.8 3.1 3.8 Dividends -- -- opment of therapeutic products for diseases such as diabe- Current Assets 57.2 81.9 61.7 Book Value -- -- tes. Its approved product, Afrezza, is an inhaled insulin used Fiscal QUARTERLY SALES ($mill.) Full Property, Plant to control high blood sugar in adults with type 1 and type 2 Year 1Q 2Q 3Q 4Q Year & Equip, at cost 127.9 126.1 - - diabetes. The product consists of a dry formulation of Accum Depreciation 101.0 100.5 - - 12/31/17 3.0 2.2 2.0 4.5 11.7 Net Property 26.9 25.6 27.1 human insulin delivered from a small and portable inhaler. 12/31/18 3.5 3.9 4.5 16.0 27.9 Other .5 .2 6.3 Afrezza utilizes the company’s proprietary Technosphere 12/31/19 17.4 15.0 14.6 Total Assets 84.6 107.7 95.1 formulation technology; however, the application of this 12/31/20 technology is not limited to insulin delivery. MannKind has LIABILITIES ($mill.) prepared Technosphere formulations of anionic and cationic Fiscal EARNINGS PER SHARE Full Accts Payable 7.0 5.4 11.7 Year 1Q 2Q 3Q 4Q Year Debt Due 52.7 11.3 2.5 drugs, hydrophobic and hydrophilic drugs, proteins, pep- 12/31/16 d.29 d.33 1.31 .56 1.36 Other 27.9 58.5 50.1 tides, and small molecules. In November 2019, the company 12/31/17 d.17 d.35 d.31 d.28 d1.13 Current Liab 87.6 75.2 64.3 achieved the second of four specified development mile- 12/31/18 d.25 d.16 d.16 d.06 d.60 stones under its licensing and collaboration agreement with 12/31/19 d.08 d.07 d.05 d.07 United Therapeutics for the development and commercial- 12/31/20 d.07 d.07 LONG-TERM DEBT AND EQUITY ization of a dry powder formulation of treprostinil. Has 250 as of 9/30/19 Cal- QUARTERLY DIVIDENDS PAID Full employees. C.E.O.: Michael Castagna Address: 30930 Rus- endar 1Q 2Q 3Q 4Q Year Total Debt $118.8 mill. Due in 5 Yrs. NA sell Ranch Road Suite 301, Westlake Village, CA 91362. 2016 ------LT Debt $116.3 mill. Tel.: (818) 661-5000. Internet: www.mannkindcorp.com. Including Cap. Leases NA 2017 ------NMF% of Cap’l J.V. 2018 ------Leases, Uncapitalized Annual rentals NA 2019 ------December 6, 2019 Pension Liability None in ’18 vs. None in ’17 INSTITUTIONAL DECISIONS TOTAL SHAREHOLDER RETURN 4Q’18 1Q’19 2Q’19 Pfd Stock None Pfd Div’d Paid None Dividends plus appreciation as of 10/31/2019 to Buy 54 67 56 Common Stock 206,408,000 shares 3 Mos. 6 Mos. 1 Yr. 3 Yrs. 5 Yrs. to Sell 41 38 48 NMF% of Cap’l Hld’s(000) 56399 50625 51137 16.07% -15.58% -28.96% -38.10% -95.67% © 2019 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribe call 1-800-VALUELINE of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. RECENT TRAILING RELATIVE DIV’D VALUE MARINUS PHARMA. NDQ--MRNS PRICE 1.06P/E RATIO NMF P/E RATIO NMFYLD Nil LINE 3690 RANKS 11.24 20.72 7.56 9.87 10.54 5.40 High 5.49 4.52 0.82 0.97 2.36 1.01 Low Above PERFORMANCE 2 Average LEGENDS Above 12 Mos Mov Avg Technical 2 Average ....Rel Price Strength 8 Shaded area indicates recession Below SAFETY 4 Average 5 4 BETA 2.35 (1.00 = Market) 3 2 Financial Strength B

Price Stability 5 1

Price Growth Persistence 25 27500 Earnings Predictability 45 VOL. (thous.) © VALUE LINE PUBLISHING LLC 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020/2021 SALES PER SH ------‘‘CASH FLOW’’ PER SH ------d.77 d1.28 d1.45 d.46 d.70 -- EARNINGS PER SH ------d2.17 d1.67 d1.47 d.80 d.90 d.96 A,B d.74 C/NA DIV’DS DECL’D PER SH ------CAP’L SPENDING PER SH ------.00 .02 .03 .01 .00 -- BOOK VALUE PER SH ------2.94 2.42 1.09 1.43 1.30 -- COMMON SHS OUTST’G (MILL) ------14.01 19.39 19.71 40.52 52.52 -- AVG ANN’L P/E RATIO ------NMF NMF/NA RELATIVE P/E RATIO ------AVG ANN’L DIV’D YIELD ------SALES ($MILL) ------Bold figures OPERATING MARGIN ------are consensus DEPRECIATION ($MILL) -- -- .0 .0 .0 .0 .1 .1 -- earnings NET PROFIT ($MILL) -- -- d5.3 d10.8 d24.9 d28.6 d18.9 d36.7 -- estimates INCOME TAX RATE ------and, using the NET PROFIT MARGIN ------recent prices, WORKING CAP’L ($MILL) -- -- 9.4 48.2 50.4 22.2 51.9 67.0 -- P/E ratios. LONG-TERM DEBT ($MILL) ------7.0 5.3 1.7 ------SHR. EQUITY ($MILL) -- -- 9.5 41.2 46.9 21.5 58.0 68.3 -- RETURN ON TOTAL CAP’L -- -- NMF NMF NMF NMF NMF NMF -- RETURN ON SHR. EQUITY -- -- NMF NMF NMF NMF NMF NMF -- RETAINED TO COM EQ ------NMF NMF NMF NMF NMF -- ALL DIV’DS TO NET PROF ------ANo. of analysts changing earn. est. in last 25 days: 1 up, 2 down, consensus 5-year earnings growth not available. BBased upon 6 analysts’ estimates. CBased upon 4 analysts’ estimates. ANNUAL RATES ASSETS ($mill.) 2017 2018 9/30/19 INDUSTRY: Biotechnology of change (per share) 5 Yrs. 1 Yr. Cash Assets 53.4 72.7 39.9 Sales -- -- Receivables .0 .0 .0 BUSINESS: Marinus Pharmaceuticals, Inc. is focused on ‘‘Cash Flow’’ -- -- Inventory .0 .0 .0 developing and commercializing innovative therapeutics to Earnings -- -- Other 1.0 1.2 1.2 Dividends -- -- treat epilepsy and neuropsychiatric disorders. Its clinical Current Assets 54.4 73.9 41.1 Book Value -- -9.0% stage product candidate, ganaxolone, is a positive allosteric Fiscal QUARTERLY SALES ($mill.) Full Property, Plant modulator of the GABAA receptor being developed in three Year 1Q 2Q 3Q 4Q Year & Equip, at cost 1.8 1.9 - - different dose forms (intravenous, oral capsule, and oral Accum Depreciation .5 .6 - - 12/31/17 ------Net Property 1.3 1.3 2.3 liquid) intended to maximize therapeutic reach to adult and 12/31/18 ------Other 5.0 .0 2.4 pediatric patient populations in both acute and chronic care 12/31/19 ------Total Assets 60.7 75.2 45.8 settings and in both in-patient and self-administered set- 12/31/20 tings. The GABAA receptor is a well-characterized target in LIABILITIES ($mill.) the brain known for both anti-seizure, anti-depression and Fiscal EARNINGS PER SHARE Full Accts Payable .9 2.5 3.6 Year 1Q 2Q 3Q 4Q Year Debt Due .0 .0 .0 anti-anxiety effects. Its primary focus to date has been 12/31/16 d.37 d.46 d.33 d.31 d1.47 Other 1.6 4.4 5.0 directed towards developing business strategies, conducting 12/31/17 d.26 d.21 d.15 d.12 d.80 Current Liab 2.5 6.9 8.6 research and development activities, and conducting pre- 12/31/18 d.15 d.24 d.27 d.24 d.90 clinical testing and human clinical trials for its product 12/31/19 d.24 d.24 d.26 d.25 candidate. Has 28 employees. C.E.O. & President: Christo- 12/31/20 d.24 d.21 LONG-TERM DEBT AND EQUITY pher M. Cashman Address: 170 N. Radnor Chester Road as of 9/30/19 Cal- QUARTERLY DIVIDENDS PAID Full Suite 250, Radnor, PA 19087. Tel.: (484) 801-4670. Inter- endar 1Q 2Q 3Q 4Q Year Total Debt None Due in 5 Yrs. None net: www.marinuspharma.com. 2016 ------LT Debt None Including Cap. Leases None 2017 ------Leases, Uncapitalized Annual rentals NA J.V. 2018 ------2019 ------Pension Liability None in ’18 vs. None in ’17 December 6, 2019

INSTITUTIONAL DECISIONS Pfd Stock None Pfd Div’d Paid None TOTAL SHAREHOLDER RETURN 4Q’18 1Q’19 2Q’19 Dividends plus appreciation as of 10/31/2019 to Buy 52 46 38 Common Stock 52,579,000 shares (100% of Cap’l) 3 Mos. 6 Mos. 1 Yr. 3 Yrs. 5 Yrs. to Sell 51 39 28 Hld’s(000) 34397 33290 34675 6.36% -76.32% -75.00% -4.10% -84.40% © 2019 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribe call 1-800-VALUELINE of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. RECENT TRAILING RELATIVE DIV’D VALUE MEDICINOVA INC. NDQ--MNOV PRICE 7.31P/E RATIO NMF P/E RATIO NMFYLD Nil LINE 3691 RANKS 5.90 3.95 4.70 5.25 5.90 10.16 7.85 14.50 13.37 High 1.60 1.29 1.53 1.66 2.62 3.50 4.40 6.49 6.68 Low Below PERFORMANCE 4 Average LEGENDS Below 12 Mos Mov Avg 18 Technical 4 Average ....Rel Price Strength Shaded area indicates recession Below 13 SAFETY 4 Average 8 BETA 1.00 (1.00 = Market) 5 4 Financial Strength B 3

Price Stability 10 2

Price Growth Persistence 45 2700 Earnings Predictability 40 VOL. (thous.) © VALUE LINE PUBLISHING LLC 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020/2021 SALES PER SH -- .05 .27 ------‘‘CASH FLOW’’ PER SH -- d.63 d.17 d.37 d.29 d.31 d.31 d.35 -- EARNINGS PER SH d1.20 d.66 d.19 d.38 d.33 d.33 d.32 d.36 d.41 A,B d.62 C/NA DIV’DS DECL’D PER SH ------CAP’L SPENDING PER SH .00 .00 .00 .00 .00 .00 -- .00 -- BOOK VALUE PER SH 1.46 .86 1.13 .90 1.09 1.00 1.06 1.74 -- COMMON SHS OUTST’G (MILL) 16.09 17.40 22.50 24.44 29.96 34.52 36.45 42.08 -- AVG ANN’L P/E RATIO ------NMF NMF/NA RELATIVE P/E RATIO ------AVG ANN’L DIV’D YIELD ------SALES ($MILL) -- .8 6.0 ------Bold figures OPERATING MARGIN -- NMF NMF ------are consensus DEPRECIATION ($MILL) -- .1 .1 .0 .0 .0 .0 .0 -- earnings NET PROFIT ($MILL) d17.7 d11.0 d4.0 d9.2 d8.8 d10.9 d11.2 d14.7 -- estimates INCOME TAX RATE ------and, using the NET PROFIT MARGIN -- NMF NMF ------recent prices, WORKING CAP’L ($MILL) 12.0 3.4 13.9 10.5 21.2 23.1 25.4 60.6 -- P/E ratios. LONG-TERM DEBT ($MILL) ------SHR. EQUITY ($MILL) 23.5 14.9 25.4 22.0 32.8 34.5 38.6 73.1 -- RETURN ON TOTAL CAP’L NMF NMF NMF NMF NMF NMF NMF NMF -- RETURN ON SHR. EQUITY NMF NMF NMF NMF NMF NMF NMF NMF -- RETAINED TO COM EQ NMF NMF NMF NMF NMF NMF NMF NMF -- ALL DIV’DS TO NET PROF ------ANo. of analysts changing earn. est. in last 25 days: 1 up, 0 down, consensus 5-year earnings growth not available. BBased upon 2 analysts’ estimates. CBased upon one analyst’s estimate. ANNUAL RATES ASSETS ($mill.) 2017 2018 9/30/19 INDUSTRY: Biotechnology of change (per share) 5 Yrs. 1 Yr. Cash Assets 28.0 62.3 62.9 Sales -- -- Receivables .0 .0 .0 BUSINESS: MediciNova, Inc. is a biopharmaceutical ‘‘Cash Flow’’ -- -- Inventory .0 .0 .0 company focused on acquiring and developing novel, small Earnings -- -- Other .3 .5 .4 Dividends -- -- molecule therapeutics for the treatment of serious diseases Current Assets 28.3 62.8 63.3 Book Value 2.0% 64.0% with unmet medical needs and a commercial focus on the Fiscal QUARTERLY SALES ($mill.) Full Property, Plant US market. Its current strategy is to focus development Year 1Q 2Q 3Q 4Q Year & Equip, at cost .5 .5 - - activities on MN-166 (ibudilast) for neurological disorders Accum Depreciation .4 .4 - - 12/31/17 ------Net Property .1 .1 .0 such as progressive multiple sclerosis (MS), amyotrophic 12/31/18 ------Other 15.0 14.3 14.9 lateral sclerosis (ALS), and substance dependence (e.g., 12/31/19 ------Total Assets 43.4 77.2 78.2 methamphetamine dependence, opioid dependence, and al- 12/31/20 cohol dependence); and MN-001 (tipelukast) for fibrotic LIABILITIES ($mill.) diseases such as nonalcoholic steatohepatitis (NASH) and Fiscal EARNINGS PER SHARE Full Accts Payable 1.5 .6 .2 Year 1Q 2Q 3Q 4Q Year Debt Due .0 .0 .0 idiopathic pulmonary fibrosis (IPF). The company’s pipe- 12/31/16 d.11 d.10 d.08 d.04 d.33 Other 1.4 1.6 1.5 line also includes MN-221 (bedoradrine) for the treatment 12/31/17 d.09 d.08 d.11 d.04 d.32 Current Liab 2.9 2.2 1.7 of acute exacerbations of asthma and MN-029 (denibulin) 12/31/18 d.12 d.08 d.16 -- d.36 for solid tumor cancers. MediciNova is engaged in strategic 12/31/19 d.11 d.09 d.05 d.08 partnering and other potential funding discussions to sup- 12/31/20 LONG-TERM DEBT AND EQUITY port further development of its programs. Has 9 employees. as of 9/30/19 Cal- QUARTERLY DIVIDENDS PAID Full C.E.O. & President: Yuichi Iwaki Address: 4275 Executive endar 1Q 2Q 3Q 4Q Year Total Debt None Due in 5 Yrs. None Square Suite 300, La Jolla, CA 92037. Tel.: (858) 373-1500. 2016 ------LT Debt None Internet: www.medicinova.com. Including Cap. Leases None 2017 ------Leases, Uncapitalized Annual rentals NA J.V. 2018 ------2019 ------Pension Liability None in ’18 vs. None in ’17 December 6, 2019

INSTITUTIONAL DECISIONS Pfd Stock None Pfd Div’d Paid None TOTAL SHAREHOLDER RETURN 4Q’18 1Q’19 2Q’19 Dividends plus appreciation as of 10/31/2019 to Buy 25 20 28 Common Stock 43,449,000 shares (100% of Cap’l) 3 Mos. 6 Mos. 1 Yr. 3 Yrs. 5 Yrs. to Sell 20 16 16 Hld’s(000) 9167 9064 9810 -15.51% -28.04% -17.42% 18.70% 125.77% © 2019 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribe call 1-800-VALUELINE of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. RECENT TRAILING RELATIVE DIV’D VALUE MELINTA THERAPEUTICS NDQ--MLNT PRICE 1.57P/E RATIO NMF P/E RATIO NMFYLD Nil LINE 3692 RANKS 239.00 344.50 617.85 1174.75 755.00 121.25 86.25 10.10 High 131.50 149.25 202.50 385.67 63.75 51.25 3.22 1.03 Low PERFORMANCE 3 Average LEGENDS 12 Mos Mov Avg 900 Technical 3 Average ....Rel Price Strength 1-for-5 Rev split 11/17 1-for-5 Rev split 2/19 600 SAFETY 5 Lowest Shaded area indicates recession BETA 2.05 (1.00 = Market) 300

Financial Strength C 150

Price Stability 5 90 Price Growth Persistence 20 60 5300 Earnings Predictability 45 VOL. (thous.) © VALUE LINE PUBLISHING LLC 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020/2021 SALES PER SH -- -- 5.88 10.15 18.22 8.60 7.70 8.61 -- ‘‘CASH FLOW’’ PER SH -- d24.27 d33.88 d41.08 d60.74 d56.23 d13.29 d12.52 -- EARNINGS PER SH -- d30.75 d38.25 d45.25 d52.25 d58.50 d109.30 d17.12 d10.01 A,B d5.34 C/NA DIV’DS DECL’D PER SH ------CAP’L SPENDING PER SH -- .01 .10 .03 .03 .00 .19 .15 -- BOOK VALUE PER SH -- 57.99 52.69 40.71 78.50 87.49 16.44 16.96 -- COMMON SHS OUTST’G (MILL) -- 1.00 1.33 1.50 1.50 2.10 4.40 11.20 -- AVG ANN’L P/E RATIO ------NMF NMF/NA RELATIVE P/E RATIO ------AVG ANN’L DIV’D YIELD ------SALES ($MILL) -- -- 7.8 15.2 27.3 18.0 33.9 96.4 -- Bold figures OPERATING MARGIN -- -- NMF NMF NMF NMF NMF NMF -- are consensus DEPRECIATION ($MILL) .1 .0 .0 .1 .1 .1 .5 16.9 -- earnings NET PROFIT ($MILL) d21.2 d24.2 d45.0 d61.6 d91.1 d118.0 d58.9 d157.2 -- estimates INCOME TAX RATE ------and, using the NET PROFIT MARGIN -- -- NMF NMF NMF NMF NMF NMF -- recent prices, WORKING CAP’L ($MILL) 11.7 65.0 87.6 86.8 144.1 208.8 118.1 15.9 -- P/E ratios. LONG-TERM DEBT ($MILL) 14.0 7.6 5.6 11.3 15.3 8.7 39.6 110.5 -- SHR. EQUITY ($MILL) d2.2 57.8 70.0 61.0 117.7 183.3 72.3 190.1 -- RETURN ON TOTAL CAP’L NMF NMF NMF NMF NMF NMF NMF NMF -- RETURN ON SHR. EQUITY -- NMF NMF NMF NMF NMF NMF NMF -- RETAINED TO COM EQ -- NMF NMF NMF NMF NMF NMF NMF -- ALL DIV’DS TO NET PROF ------ANo. of analysts changing earn. est. in last 25 days: 1 up, 0 down, consensus 5-year earnings growth not available. BBased upon 5 analysts’ estimates. CBased upon 2 analysts’ estimates. ANNUAL RATES ASSETS ($mill.) 2017 2018 9/30/19 INDUSTRY: Biotechnology of change (per share) 5 Yrs. 1 Yr. Cash Assets 128.4 81.8 63.5 Sales 23.0% 12.0% Receivables 7.6 .0 12.1 BUSINESS: Melinta Therapeutics, Inc. develops and ‘‘Cash Flow’’ -- -- Inventory 10.8 41.3 39.3 commercializes novel antibiotics that provide new and Earnings -- -- Other 3.0 26.4 16.4 Dividends -- -- better therapeutic solutions. Its lead product is Baxdela, an Current Assets 149.8 149.5 131.3 Book Value -6.0% 3.0% antibiotic approved by the US FDA for use in the treatment Fiscal QUARTERLY SALES ($mill.) Full Property, Plant of acute bacterial skin and skin structure infections Year 1Q 2Q 3Q 4Q Year & Equip, at cost 10.6 11.1 - - (ABSSSI). Melinta also has an extensive pipeline of pre- Accum Depreciation 9.0 9.5 - - 12/31/17 22.5 4.0 3.2 4.2 33.9 Net Property 1.6 1.6 1.2 clinical and clinical stage products representing many im- 12/31/18 14.8 12.0 34.1 35.5 96.4 Other 8.9 290.5 96.0 portant classes of antibiotics, each targeted at a different 12/31/19 14.1 16.0 15.9 Total Assets 160.3 441.6 228.5 segment of the anti-infective market. Through the compa- 12/31/20 ny’s merger with The Medicines Company, it acquired the LIABILITIES ($mill.) infectious disease business from The Medicines Company. Fiscal EARNINGS PER SHARE Full Accts Payable 7.4 16.8 8.9 Year 1Q 2Q 3Q 4Q Year Debt Due .0 .0 .0 The acquisition includes the purchase of global rights for 12/31/16 d15.25 d12.75 d15.50 d15.00 d58.50 Other 24.3 116.8 119.1 Vabomere, Orbactiv and Minocin IV and the business unit 12/31/17 d11.00 d5.75 d5.00 d7.40 d109.30 Current Liab 31.7 133.6 128.0 supporting those products. In October 2019, the US FDA 12/31/18 d4.75 d6.90 d2.50 d3.94 d17.12 approved BAXDELA(R) (delafloxacin) for the treatment of 12/31/19 d2.34 d3.07 d15.67 d2.41 adult patients with community-acquired bacterial pneumo- 12/31/20 d1.97 d1.88 LONG-TERM DEBT AND EQUITY nia (CABP) caused by designated susceptible bacteria. Has as of 9/30/19 Cal- QUARTERLY DIVIDENDS PAID Full 290 employees. Chairman: David Gill Address: 44 Whip- endar 1Q 2Q 3Q 4Q Year Total Debt $152.8 mill. Due in 5 Yrs. NA pany Rd., Morristown, NJ 07960. Tel.: (908) 617-1309. 2016 ------LT Debt $152.8 mill. Internet: www.melinta.com. Including Cap. Leases NA 2017 ------NMF% of Cap’l J.V. 2018 ------Leases, Uncapitalized Annual rentals NA 2019 ------December 6, 2019 Pension Liability None in ’18 vs. None in ’17 INSTITUTIONAL DECISIONS TOTAL SHAREHOLDER RETURN 4Q’18 1Q’19 2Q’19 Pfd Stock None Pfd Div’d Paid None Dividends plus appreciation as of 10/31/2019 to Buy 39 9 29 Common Stock 13,751,000 shares 3 Mos. 6 Mos. 1 Yr. 3 Yrs. 5 Yrs. to Sell 48 72 31 NMF% of Cap’l Hld’s(000) 6728 3158 2692 -34.51% -40.64% -80.23% -99.43% -99.24% © 2019 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribe call 1-800-VALUELINE of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. RECENT TRAILING RELATIVE DIV’D VALUE MILLENDO THERAPEUTIC NDQ--MLND PRICE 8.26P/E RATIO NMF P/E RATIO NMFYLD Nil LINE 3693 RANKS 150.00 240.00 756.60 835.35 174.90 30.75 22.80 17.34 High 112.50 122.10 82.63 118.50 19.50 18.75 6.77 4.60 Low Below PERFORMANCE 4 Average LEGENDS 180 12 Mos Mov Avg Technical 3 Average ....Rel Price Strength 6.6% Rev split 12/18 Below Shaded area indicates recession 90 SAFETY 4 Average

BETA 2.00 (1.00 = Market) 45

27 Financial Strength B 18 Price Stability 5

Price Growth Persistence 5 9 850 Earnings Predictability 50 VOL. (thous.) © VALUE LINE PUBLISHING LLC 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020/2021 SALES PER SH ------.15 .27 .12 -- -- ‘‘CASH FLOW’’ PER SH -- -- d24.63 d30.55 d39.50 d33.66 d20.70 d2.03 -- EARNINGS PER SH -- -- d26.99 d32.83 d40.48 d38.38 d21.44 d17.58 d3.30 A,B d3.25 C/NA DIV’DS DECL’D PER SH ------CAP’L SPENDING PER SH -- -- .61 1.75 2.87 1.09 .07 .00 -- BOOK VALUE PER SH -- -- 35.64 34.44 69.66 45.52 26.98 5.31 -- COMMON SHS OUTST’G (MILL) -- -- 1.17 1.61 1.82 2.38 2.38 13.36 -- AVG ANN’L P/E RATIO ------NMF NMF/NA RELATIVE P/E RATIO ------AVG ANN’L DIV’D YIELD ------SALES ($MILL) ------.3 .7 .3 -- -- Bold figures OPERATING MARGIN ------NMF NMF NMF -- -- are consensus DEPRECIATION ($MILL) -- .1 .2 .5 1.3 2.2 1.7 .0 -- earnings NET PROFIT ($MILL) d2.6 d13.5 d29.0 d49.5 d73.2 d82.3 d51.0 d27.2 -- estimates INCOME TAX RATE ------and, using the NET PROFIT MARGIN ------NMF NMF NMF -- -- recent prices, WORKING CAP’L ($MILL) 3.9 29.9 39.3 51.7 118.7 103.2 61.0 73.6 -- P/E ratios. LONG-TERM DEBT ($MILL) ------.4 -- SHR. EQUITY ($MILL) 3.8 30.7 41.7 55.3 126.9 108.2 64.3 71.0 -- RETURN ON TOTAL CAP’L NMF NMF NMF NMF NMF NMF NMF NMF -- RETURN ON SHR. EQUITY NMF NMF NMF NMF NMF NMF NMF NMF -- RETAINED TO COM EQ -- NMF NMF NMF NMF NMF NMF NMF -- ALL DIV’DS TO NET PROF ------ANo. of analysts changing earn. est. in last 25 days: 0 up, 3 down, consensus 5-year earnings growth not available. BBased upon 5 analysts’ estimates. CBased upon 4 analysts’ estimates. ANNUAL RATES ASSETS ($mill.) 2017 2018 9/30/19 INDUSTRY: Biotechnology of change (per share) 5 Yrs. 1 Yr. Cash Assets 67.2 77.7 47.2 Sales -- -- Receivables .0 .0 .0 BUSINESS: In 2018, OvaScience merged with and into ‘‘Cash Flow’’ -- -- Inventory .0 .0 .0 Millendo Therapeutics. Together, Millendo Therapeutics, Earnings -- -- Other 1.6 5.7 6.5 Dividends -- -- Inc. is a late-stage biopharmaceutical company focused on Current Assets 68.8 83.4 53.7 Book Value -6.0% -80.5% developing novel treatments for orphan endocrine diseases Fiscal QUARTERLY SALES ($mill.) Full Property, Plant where current therapies do not exist or are insufficient. The Year 1Q 2Q 3Q 4Q Year & Equip, at cost 6.8 .0 - - company is currently conducting a pivotal Phase IIb/III Accum Depreciation 3.7 .0 - - 12/31/17 .1 .1 -- .1 .3 Net Property 3.1 .0 .0 clinical study for its lead program, livoletide for the 12/31/18 ------Other 1.0 .7 4.8 treatment of Prader-Willi syndrome; and a Phase IIb study 12/31/19 ------Total Assets 72.9 84.1 58.5 of nevanimibe for the treatment of classic congenital adre- 12/31/20 nal hyperplasia. MLE-301, a preclinical asset for the treat- LIABILITIES ($mill.) ment of vasomotor symptoms associated with menopause, Fiscal EARNINGS PER SHARE Full Accts Payable 2.2 2.0 2.7 Year 1Q 2Q 3Q 4Q Year Debt Due .0 .2 .2 is advancing toward the clinic. In November 2019, the 12/31/16 d11.99 d9.30 d8.10 d9.60 d38.38 Other 5.6 7.6 7.6 company announced that the Phase IIb portion of its pivotal 12/31/17 d6.30 d7.65 d3.90 d3.59 d21.44 Current Liab 7.8 9.8 10.5 Phase IIb/III clinical study of livoletide in patients with 12/31/18 d3.15 d3.30 d2.40 d8.73 d17.58 Prader-Willi syndrome (PWS), called ZEPHYR, completed 12/31/19 d.78 d.74 d.87 d.93 recruitment for patients ages 8 to 65. Has 32 employees. 12/31/20 d.93 d.76 LONG-TERM DEBT AND EQUITY C.E.O. & President: Julia C. Owens Address: 110 Miller as of 9/30/19 Cal- QUARTERLY DIVIDENDS PAID Full Avenue Suite 100, Ann Arbor, MI 48104. Tel.: (734) endar 1Q 2Q 3Q 4Q Year Total Debt $.4 mill. Due in 5 Yrs. NA 845-9000. Internet: www.millendo.com. 2016 ------LT Debt $.2 mill. Including Cap. Leases NA 2017 ------(1% of Cap’l) J.V. 2018 ------Leases, Uncapitalized Annual rentals NA 2019 ------December 6, 2019 Pension Liability None in ’18 vs. None in ’17 INSTITUTIONAL DECISIONS TOTAL SHAREHOLDER RETURN 4Q’18 1Q’19 2Q’19 Pfd Stock None Pfd Div’d Paid None Dividends plus appreciation as of 10/31/2019 to Buy 12 17 29 Common Stock 13,473,000 shares 3 Mos. 6 Mos. 1 Yr. 3 Yrs. 5 Yrs. to Sell 42 15 13 (99% of Cap’l) Hld’s(000) 5655 5896 6768 -26.50% -53.60% -32.30% -90.46% -97.54% © 2019 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribe call 1-800-VALUELINE of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. RECENT TRAILING RELATIVE DIV’D VALUE MERRIMACK PHARMA. NDQ--MACK PRICE 3.78P/E RATIO NMF P/E RATIO NMFYLD Nil LINE 3694 RANKS 111.10 70.90 114.70 138.40 90.15 48.60 11.70 7.50 High 56.60 20.50 41.30 72.10 40.30 10.04 3.34 3.51 Low Above PERFORMANCE 2 Average LEGENDS 12 Mos Mov Avg Technical 3 Average ....Rel Price Strength 1-for-10 Rev split 9/17 50 Below Shaded area indicates recession SAFETY 4 Average

BETA 1.30 (1.00 = Market) 25

15 Financial Strength C++ 10 Price Stability 5

Price Growth Persistence NMF 5 19600 Earnings Predictability 45 VOL. (thous.) © VALUE LINE PUBLISHING LLC 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020/2021 SALES PER SH -- 5.11 4.66 9.63 7.70 11.08 ------‘‘CASH FLOW’’ PER SH -- d9.59 d12.52 d7.50 d12.06 d11.17 d5.22 d4.30 -- EARNINGS PER SH -- d12.80 d13.20 d8.00 d13.30 d12.10 d5.66 d4.55 NA NA/NA DIV’DS DECL’D PER SH ------CAP’L SPENDING PER SH -- .33 .96 .57 1.10 .24 .07 .01 -- BOOK VALUE PER SH -- d.68 d4.24 d9.57 d15.87 d19.29 7.22 4.41 -- COMMON SHS OUTST’G (MILL) -- 9.58 10.25 10.67 11.59 13.02 13.34 13.34 -- AVG ANN’L P/E RATIO ------NA NA/NA RELATIVE P/E RATIO ------AVG ANN’L DIV’D YIELD ------SALES ($MILL) 34.2 48.9 47.8 102.8 89.3 144.3 ------Bold figures OPERATING MARGIN NMF NMF NMF NMF NMF NMF ------are consensus DEPRECIATION ($MILL) 5.3 3.7 2.6 3.2 8.2 6.2 5.2 3.4 -- earnings NET PROFIT ($MILL) d79.2 d91.3 d130.9 d83.3 d148.0 d151.7 d74.8 d60.8 -- estimates INCOME TAX RATE ------and, using the NET PROFIT MARGIN NMF NMF NMF NMF NMF NMF ------recent prices, WORKING CAP’L ($MILL) 39.4 89.8 108.9 21.0 97.6 d30.8 75.3 61.3 -- P/E ratios. LONG-TERM DEBT ($MILL) -- 37.5 103.4 106.8 257.7 216.9 -- 14.9 -- SHR. EQUITY ($MILL) d20.7 d6.5 d43.5 d102.1 d183.9 d251.1 96.3 58.8 -- RETURN ON TOTAL CAP’L -- NMF NMF NMF NMF -- NMF NMF -- RETURN ON SHR. EQUITY ------NMF NMF -- RETAINED TO COM EQ ------NMF NMF -- ALL DIV’DS TO NET PROF -- NMF 0% NMF ------Note: No analyst estimates available. ANNUAL RATES ASSETS ($mill.) 2017 2018 9/30/19 INDUSTRY: Biotechnology of change (per share) 5 Yrs. 1 Yr. Cash Assets 93.4 71.3 20.9 Sales -- -- Receivables .1 .0 .0 BUSINESS: Merrimack Pharmaceuticals, Inc. is a bio- ‘‘Cash Flow’’ -- -- Inventory .0 .0 .0 pharmaceutical company that is outthinking cancer to en- Earnings -- -- Other 1.5 4.8 1.5 Dividends -- -- sure that patients and their families live fulfilling lives. Its Current Assets 95.0 76.1 22.4 Book Value -- -39.0% product candidates are: MM-121, a human monoclonal Fiscal QUARTERLY SALES ($mill.) Full Property, Plant antibody that binds to the ErbB3 (HER3) receptor and Year 1Q 2Q 3Q 4Q Year & Equip, at cost 38.5 36.8 - - targets heregulin positive cancers; MM-141 (istiratumab), a Accum Depreciation 32.0 34.5 - - 12/31/17 ------Net Property 6.5 2.3 .0 human tetravalent bispecific antibody designed to block 12/31/18 ------Other 15.8 10.1 2.4 tumor survival signals by targeting receptor complexes 12/31/19 ------Total Assets 117.3 88.5 24.8 containing the insulin-like growth factor 1 (IGF-1), receptor 12/31/20 and ErbB3 (HER3) cell surface receptor; and MM-310 is an LIABILITIES ($mill.) antibody-directed nanotherapeutic that targets the ephrin Fiscal EARNINGS PER SHARE Full Accts Payable 2.9 1.0 .7 Year 1Q 2Q 3Q 4Q Year Debt Due .0 .0 .0 receptor A2, receptor and contains a novel prodrug of the 12/31/16 d3.30 d4.00 d2.30 d2.50 d12.10 Other 16.9 13.8 4.0 highly potent chemotherapy docetaxel. Its product candi- 12/31/17 d2.20 d2.20 d.93 d.33 d5.66 Current Liab 19.8 14.8 4.7 dates are in development, and none are approved for any 12/31/18 d1.33 d1.33 d.92 d.97 d4.55 indication by the US FDA or any other regulatory agency. 12/31/19 d.78 d.71 d.05 Merrimack currently owns worldwide development and 12/31/20 LONG-TERM DEBT AND EQUITY commercial rights to all of its clinical and preclinical as of 9/30/19 Cal- QUARTERLY DIVIDENDS PAID Full programs. Has 27 employees. C.E.O. & President: Richard endar 1Q 2Q 3Q 4Q Year Total Debt None Due in 5 Yrs. None Peters Address: One Kendall Square Suite B7201, Cam- 2016 ------LT Debt None bridge 02139. Tel.: (617) 441-1000. Internet: www.merri- Including Cap. Leases None 2017 ------Leases, Uncapitalized Annual rentals NA mack.com. J.V. 2018 ------2019 ------Pension Liability None in ’18 vs. None in ’17 December 6, 2019

INSTITUTIONAL DECISIONS Pfd Stock None Pfd Div’d Paid None TOTAL SHAREHOLDER RETURN 4Q’18 1Q’19 2Q’19 Dividends plus appreciation as of 10/31/2019 to Buy 21 17 17 Common Stock 13,363,000 shares (100% of Cap’l) 3 Mos. 6 Mos. 1 Yr. 3 Yrs. 5 Yrs. to Sell 34 28 22 Hld’s(000) 6139 5430 6849 -35.67% -39.60% 1.54% -89.06% -93.77% © 2019 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribe call 1-800-VALUELINE of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. RECENT TRAILING RELATIVE DIV’D VALUE MOLECULAR TEMPLATES NDQ--MTEM PRICE 10.72P/E RATIO NMF P/E RATIO NMFYLD Nil LINE 3695 RANKS 36.74 102.09 67.22 65.24 58.09 16.28 11.88 13.25 10.75 High 12.98 13.85 44.22 28.38 4.96 2.31 3.85 3.19 3.82 Low PERFORMANCE 3 Average LEGENDS 12 Mos Mov Avg 18 Technical 3 Average ....Rel Price Strength 9% Rev split 8/17 13 Below Shaded area indicates recession SAFETY 4 Average 8 BETA 2.00 (1.00 = Market) 5 4 Financial Strength B 3

Price Stability 5 2

Price Growth Persistence 20 2600 Earnings Predictability 5 VOL. (thous.) © VALUE LINE PUBLISHING LLC 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020/2021 SALES PER SH .01 1.14 2.32 2.58 11.84 -- .13 .36 -- ‘‘CASH FLOW’’ PER SH d5.63 d13.67 d5.00 d3.55 6.90 d3.64 d.85 d.80 -- EARNINGS PER SH d6.16 d14.41 d5.39 d5.39 5.94 d3.74 d2.11 d1.02 NA NA/NA DIV’DS DECL’D PER SH ------CAP’L SPENDING PER SH .12 .09 .03 .04 .02 -- .04 .16 -- BOOK VALUE PER SH 1.00 d2.70 d4.36 d4.19 6.29 3.06 2.87 2.75 -- COMMON SHS OUTST’G (MILL) 4.47 5.13 5.38 5.72 6.50 6.50 26.90 36.74 -- AVG ANN’L P/E RATIO ------7.0 ------NA NA/NA RELATIVE P/E RATIO ------.36 ------AVG ANN’L DIV’D YIELD ------SALES ($MILL) .1 5.9 12.5 14.7 76.9 -- 3.4 13.3 -- Bold figures OPERATING MARGIN NMF NMF NMF NMF 36.3% -- NMF NMF -- are consensus DEPRECIATION ($MILL) .5 1.0 1.5 1.3 1.0 .4 .2 1.0 -- earnings NET PROFIT ($MILL) d25.7 d71.1 d28.4 d21.6 43.8 d24.1 d23.1 d30.3 -- estimates INCOME TAX RATE ------and, using the NET PROFIT MARGIN NMF NMF NMF NMF 57.0% -- NMF NMF -- recent prices, WORKING CAP’L ($MILL) 11.9 70.2 59.0 40.7 42.4 21.6 50.0 72.4 -- P/E ratios. LONG-TERM DEBT ($MILL) ------1.1 3.3 -- SHR. EQUITY ($MILL) 4.5 d13.9 d23.5 d24.0 40.8 19.9 77.3 100.9 -- RETURN ON TOTAL CAP’L NMF ------107.3% NMF NMF NMF -- RETURN ON SHR. EQUITY NMF ------107.3% NMF NMF NMF -- RETAINED TO COM EQ NMF ------107.3% NMF NMF NMF -- ALL DIV’DS TO NET PROF ------Note: No analyst estimates available. ANNUAL RATES ASSETS ($mill.) 2017 2018 9/30/19 INDUSTRY: Biotechnology of change (per share) 5 Yrs. 1 Yr. Cash Assets 58.9 98.0 51.4 Sales -32.5% 186.5% Receivables .0 .0 .0 BUSINESS: Molecular Templates, Inc. is a clinical-stage ‘‘Cash Flow’’ -- -- Inventory .0 .0 .0 oncology company focused on the discovery and develop- Earnings -- -- Other 1.5 6.9 12.7 Dividends -- -- ment of biologic therapeutic for cancer. It utilizes its Current Assets 60.4 104.9 64.1 Book Value -- -4.5% biologic drug platform to design and generate engineered Fiscal QUARTERLY SALES ($mill.) Full Property, Plant toxin bodies (ETBs). ETBs utilize a genetically engineered Year 1Q 2Q 3Q 4Q Year & Equip, at cost 2.4 8.2 - - form of Shiga-like Toxin A subunit, or SLTA, a ribosome Accum Depreciation .4 1.3 - - 12/31/17 1.9 .1 .6 .8 3.4 Net Property 2.0 6.9 13.9 inactivating bacterial protein, that can be targeted to spe- 12/31/18 .5 1.4 6.7 4.7 13.3 Other 28.0 28.4 15.2 cifically destroy cancer cells. MT-3724 is an ETB specific 12/31/19 7.0 5.2 3.6 Total Assets 90.4 140.2 93.2 to the B-cell marker CD20 protein. The company developed 12/31/20 MT-3724 to target and kill cancer cells expressing CD20, a LIABILITIES ($mill.) not normally internalizing cell surface receptor, for the Fiscal EARNINGS PER SHARE Full Accts Payable 2.5 .8 1.4 Year 1Q 2Q 3Q 4Q Year Debt Due 2.4 .0 .0 treatment of non-Hodgkin’s lymphoma. Molecular Tem- 12/31/16 d1.21 d1.10 d.88 d.55 d3.74 Other 5.5 31.7 22.7 plates is also developing MT-4019, an ETB candidate that is 12/31/17 d.77 .22 d.62 d.26 d2.11 Current Liab 10.4 32.5 24.1 designed to target CD38-expressing myeloma cancer cells. 12/31/18 d.32 d.36 d.19 d.18 d1.02 Additionally, it has several other ETB candidates in pre- 12/31/19 d.17 d.25 d1.03 clinical development targeting both solid and hematological 12/31/20 LONG-TERM DEBT AND EQUITY cancers. Has 68 employees. C.E.O.: Eric E. Poma Address: as of 9/30/19 Cal- QUARTERLY DIVIDENDS PAID Full 9301 Amberglen Blvd. Suite 100, Austin, TX 78729. Tel.: endar 1Q 2Q 3Q 4Q Year Total Debt $3.0 mill. Due in 5 Yrs. NA (512) 869-1555. Internet: www.mtem.com. 2016 ------LT Debt $3.0 mill. Including Cap. Leases NA 2017 ------(5% of Cap’l) J.V. 2018 ------Leases, Uncapitalized Annual rentals NA 2019 ------December 6, 2019 Pension Liability None in ’18 vs. None in ’17 INSTITUTIONAL DECISIONS TOTAL SHAREHOLDER RETURN 4Q’18 1Q’19 2Q’19 Pfd Stock None Pfd Div’d Paid None Dividends plus appreciation as of 10/31/2019 to Buy 35 26 43 Common Stock 36,955,000 shares 3 Mos. 6 Mos. 1 Yr. 3 Yrs. 5 Yrs. to Sell 22 21 18 (95% of Cap’l) Hld’s(000) 13902 13667 14336 28.77% 15.10% 97.66% 92.75% -73.75% © 2019 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribe call 1-800-VALUELINE of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. RECENT TRAILING RELATIVE DIV’D VALUE MOMENTA PHARMA. NDQ--MNTA PRICE 16.54P/E RATIO NMF P/E RATIO NMFYLD Nil LINE 3696 RANKS 21.00 19.64 18.22 19.90 25.56 15.90 19.90 32.20 16.90 High 10.15 10.05 11.22 9.38 10.22 7.86 11.85 10.10 9.55 Low PERFORMANCE 3 Average LEGENDS 45 12 Mos Mov Avg Technical 3 Average ....Rel Price Strength 30 Shaded area indicates recession Below 22.5 SAFETY 4 Average

BETA 1.25 (1.00 = Market) 13 9 Financial Strength B+ 6

Price Stability 10 4 3 Price Growth Persistence 15 18100 Earnings Predictability 35 VOL. (thous.) © VALUE LINE PUBLISHING LLC 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020/2021 SALES PER SH 5.64 1.24 .68 .96 1.30 1.54 1.82 .77 -- ‘‘CASH FLOW’’ PER SH 3.70 d1.01 d1.93 d1.67 d1.10 d.19 d1.05 d1.69 -- EARNINGS PER SH 3.55 d1.16 d2.13 d1.91 d1.32 d.31 d1.20 d2.26 d2.58 A,B d2.10 C/NA DIV’DS DECL’D PER SH ------CAP’L SPENDING PER SH .26 .30 .18 .15 .06 .08 .22 .09 -- BOOK VALUE PER SH 8.03 6.97 5.15 3.79 5.35 5.23 4.90 4.68 -- COMMON SHS OUTST’G (MILL) 50.18 51.71 52.36 54.49 69.15 71.08 76.36 98.46 -- AVG ANN’L P/E RATIO 4.5 ------NMF NMF/NA RELATIVE P/E RATIO .28 ------AVG ANN’L DIV’D YIELD ------SALES ($MILL) 283.1 63.9 35.5 52.3 89.7 109.6 138.9 75.6 -- Bold figures OPERATING MARGIN 65.4% NMF NMF NMF NMF NMF NMF NMF -- are consensus DEPRECIATION ($MILL) 5.5 6.4 7.1 7.6 7.6 7.6 8.0 9.9 -- earnings NET PROFIT ($MILL) 180.4 d58.6 d108.4 d98.6 d83.3 d21.0 d88.1 d176.1 -- estimates INCOME TAX RATE ------and, using the NET PROFIT MARGIN 63.7% NMF NMF NMF NMF NMF NMF NMF -- recent prices, WORKING CAP’L ($MILL) 383.4 339.0 243.7 181.5 335.9 357.3 322.4 389.9 -- P/E ratios. LONG-TERM DEBT ($MILL) ------SHR. EQUITY ($MILL) 403.1 360.5 269.8 206.4 370.0 371.9 374.2 461.0 -- RETURN ON TOTAL CAP’L 44.8% NMF NMF NMF NMF NMF NMF NMF -- RETURN ON SHR. EQUITY 44.7% NMF NMF NMF NMF NMF NMF NMF -- RETAINED TO COM EQ 44.7% NMF NMF NMF NMF NMF NMF NMF -- ALL DIV’DS TO NET PROF ------ANo. of analysts changing earn. est. in last 25 days: 0 up, 4 down, consensus 5-year earnings growth not available. BBased upon 7 analysts’ estimates. CBased upon 5 analysts’ estimates. ANNUAL RATES ASSETS ($mill.) 2017 2018 9/30/19 INDUSTRY: Biotechnology of change (per share) 5 Yrs. 1 Yr. Cash Assets 342.7 422.4 271.7 Sales -11.5% -58.0% Receivables 15.0 11.4 5.7 BUSINESS: Momenta Pharmaceuticals, Inc. is a biotech- ‘‘Cash Flow’’ -- -- Inventory .0 .0 .0 nology company specializing in the detailed structural Earnings -- -- Other 9.2 7.6 8.7 Dividends -- -- analysis of complex mixture drugs. Momenta is applying its Current Assets 366.9 441.4 286.1 Book Value -6.0% -4.5% technology to the development of generic versions of Fiscal QUARTERLY SALES ($mill.) Full Property, Plant complex drugs, biosimilar and potentially interchangeable Year 1Q 2Q 3Q 4Q Year & Equip, at cost 93.3 57.4 - - biologics, and to the discovery and development of novel Accum Depreciation 63.4 36.5 - - 12/31/17 26.6 23.6 24.1 64.6 138.9 Net Property 29.9 20.9 11.6 products. In its Complex Generics product area, the com- 12/31/18 4.9 13.0 14.9 42.8 75.6 Other 62.6 69.3 100.1 pany develops generic versions of complex drugs that were 12/31/19 4.1 5.2 6.4 Total Assets 459.4 531.6 397.8 approved by the US FDA, under new drug applications, or 12/31/20 NDAs. Its biosimilars product area is seeking to develop LIABILITIES ($mill.) biosimilar medicines that were approved by the FDA under Fiscal EARNINGS PER SHARE Full Accts Payable 11.5 9.4 3.5 Year 1Q 2Q 3Q 4Q Year Debt Due .0 .0 .0 Biologics License Applications. Momenta’s novel drugs 12/31/16 d.34 d.31 d.26 .60 d.31 Other 33.0 42.1 37.1 program uses the established characterization and process 12/31/17 d.46 d.50 d.44 .18 d1.20 Current Liab 44.5 51.5 40.6 engineering capabilities from its complex generics and 12/31/18 d.63 d.91 d.65 d.07 d2.26 biosimilars programs with a focus on polysaccharides and 12/31/19 d.46 d1.16 d.45 d.59 therapeutic proteins. Momenta Pharmaceuticals, Inc. was 12/31/20 d.55 d.55 LONG-TERM DEBT AND EQUITY founded in 2001 and is headquartered in Cambridge, Mas- as of 9/30/19 Cal- QUARTERLY DIVIDENDS PAID Full sachusetts. Has 131 employees. C.E.O. & President: Craig endar 1Q 2Q 3Q 4Q Year Total Debt None Due in 5 Yrs. None A. Wheeler Address: 675 West Kendall Street, Cambridge, 2016 ------LT Debt None MA 02142. Tel.: (617) 491-9700. Internet: www.momen- Including Cap. Leases None 2017 ------Leases, Uncapitalized Annual rentals NA tapharma.com. J.V. 2018 ------2019 ------Pension Liability None in ’18 vs. None in ’17 December 6, 2019

INSTITUTIONAL DECISIONS Pfd Stock None Pfd Div’d Paid None TOTAL SHAREHOLDER RETURN 4Q’18 1Q’19 2Q’19 Dividends plus appreciation as of 10/31/2019 to Buy 103 95 85 Common Stock 98,806,000 shares (100% of Cap’l) 3 Mos. 6 Mos. 1 Yr. 3 Yrs. 5 Yrs. to Sell 71 53 55 Hld’s(000) 93664 96095 95482 36.99% 10.65% 23.74% 38.83% 41.89% © 2019 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribe call 1-800-VALUELINE of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. RECENT TRAILING RELATIVE DIV’D VALUE NEON THERAPEUTICS NYSE--NTGN PRICE 1.35P/E RATIO NMF P/E RATIO NMFYLD Nil LINE 3697 RANKS 13.51 7.51 High 4.88 1.33 Low PERFORMANCE 3 Average LEGENDS 12 Mos Mov Avg 18 Technical 3 Average ....Rel Price Strength Shaded area indicates recession Short 13 SAFETY – History 8 BETA NMF (1.00 = Market) 5 4 Financial Strength NMF 3

Price Stability NMF 2

Price Growth Persistence NMF 3900 Earnings Predictability NMF VOL. (thous.) © VALUE LINE PUBLISHING LLC 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020/2021 REVENUES PER SH ------‘‘CASH FLOW’’ PER SH ------d2.67 -- EARNINGS PER SH ------d5.54 d2.46 A,B d1.71 C/NA DIV’DS DECL’D PER SH ------CAP’L SPENDING PER SH ------.11 -- BOOK VALUE PER SH ------3.58 -- COMMON SHS OUTST’G (MILL) ------28.31 -- AVG ANN’L P/E RATIO ------NMF NMF/NA RELATIVE P/E RATIO ------AVG ANN’L DIV’D YIELD ------REVENUES ($MILL) ------Bold figures OPERATING MARGIN ------are consensus DEPRECIATION ($MILL) ------1.5 -- earnings NET PROFIT ($MILL) ------d76.9 -- estimates INCOME TAX RATE ------and, using the NET PROFIT MARGIN ------recent prices, WORKING CAP’L ($MILL) ------92.7 -- P/E ratios. LONG-TERM DEBT ($MILL) ------SHR. EQUITY ($MILL) ------101.2 -- RETURN ON TOTAL CAP’L ------NMF -- RETURN ON SHR. EQUITY ------NMF -- RETAINED TO COM EQ ------NMF -- ALL DIV’DS TO NET PROF ------ANo. of analysts changing earn. est. in last 25 days: 2 up, 1 down, consensus 5-year earnings growth 26.9% per year. BBased upon 5 analysts’ estimates. CBased upon 4 analysts’ estimates. ANNUAL RATES ASSETS ($mill.) 2017 2018 9/30/19 INDUSTRY: Biotechnology of change (per share) 5 Yrs. 1 Yr. Cash Assets -- 103.3 44.3 Sales -- -- Receivables -- .0 .0 BUSINESS: Neon Therapeutics, Inc. is a clinical-stage ″ ″ Cash Flow -- -- Inventory -- .0 .0 immuno-oncology company and a leader in the field of Earnings -- -- Other -- 2.1 2.0 Dividends -- -- neoantigen-targeted therapies, dedicated to transforming the Current Assets -- 105.4 46.3 Book Value -- -- treatment of cancer by directing the immune system towards Fiscal QUARTERLY SALES ($mill.) Full Property, Plant neoantigens. Neon is using its neoantigen platform to Year 1Q 2Q 3Q 4Q Year & Equip, at cost -- 11.0 - - develop both vaccine and T cell therapies, including NEO- Accum Depreciation -- 2.8 - - 12/31/17 ------Net Property -- 8.2 7.7 PV-01, a clinical stage neoantigen vaccine for the treatment 12/31/18 ------Other -- .5 8.3 of metastatic melanoma, non-small cell lung cancer, and 12/31/19 ------Total Assets -- 114.1 62.3 bladder cancer; NEO-PTC-01, a neoantigen T cell therapy 12/31/20 for the treatment of solid tumors; and NEO-SV-01, a LIABILITIES ($mill.) neoantigen vaccine for the treatment of a subset of estrogen- Fiscal EARNINGS PER SHARE Full Accts Payable -- 4.3 1.9 Year 1Q 2Q 3Q 4Q Year Debt Due -- .0 .0 receptor-positive breast cancer. The company is currently 12/31/16 ------Other -- 8.4 8.2 evaluating NEO-PV-01 in NT-001, an exploratory, single- 12/31/17 ------Current Liab -- 12.7 10.1 arm, Phase Ib open-label clinical trial designed to study the 12/31/18 -- -- d.67 d.84 d5.54 feasibility, safety, efficacy and immunogenicity of NEO- 12/31/19 d.76 d.79 d.68 d.58 PV-01 dosed in combination with nivolumab (marketed as 12/31/20 d.37 d.35 LONG-TERM DEBT AND EQUITY Opdivo), an anti-PD-1 checkpoint therapy, in patients with as of 9/30/19 Cal- QUARTERLY DIVIDENDS PAID Full advanced or metastatic disease. Has 102 employees. C.E.O. endar 1Q 2Q 3Q 4Q Year Total Debt None Due in 5 Yrs. None & President: Hugh O’Dowd Address: 40 Erie Street, Suite 2016 ------LT Debt None 110, Cambridge, MA 02139. Tel.: (617) 337-4701. Internet: Including Cap. Leases None 2017 ------Leases, Uncapitalized Annual rentals NA www.neontherapeutics.com. J.V. 2018 ------2019 ------Pension Liability None in ’18 vs. None in ’17 December 6, 2019

INSTITUTIONAL DECISIONS Pfd Stock None Pfd Div’d Paid None TOTAL SHAREHOLDER RETURN 4Q’18 1Q’19 2Q’19 Dividends plus appreciation as of 10/31/2019 to Buy 24 33 21 Common Stock 28,339,000 shares (100% of Cap’l) 3 Mos. 6 Mos. 1 Yr. 3 Yrs. 5 Yrs. to Sell 17 12 21 Hld’s(000) 20405 20298 19641 -26.22% -65.75% -63.99% -- -- © 2019 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribe call 1-800-VALUELINE of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. RECENT TRAILING RELATIVE DIV’D VALUE NEUROCRINE BIOSCI. NDQ--NBIX PRICE 114.98P/E RATIO NMF P/E RATIO NMFYLD Nil LINE 3698 RANKS 8.75 9.98 16.74 24.86 58.46 55.94 78.05 126.98 116.86 High 5.42 6.25 7.56 9.19 19.68 31.25 38.38 64.72 67.10 Low Above PERFORMANCE 2 Average LEGENDS 180 Above 12 Mos Mov Avg Technical 2 Average ....Rel Price Strength Shaded area indicates recession 90 SAFETY 3 Average

BETA 1.35 (1.00 = Market) 45

27 Financial Strength B+ 18 Price Stability 10

Price Growth Persistence 95 9 24700 Earnings Predictability 20 VOL. (thous.) © VALUE LINE PUBLISHING LLC 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020/2021 SALES PER SH 1.40 .80 .04 -- .23 .17 1.82 4.97 -- ‘‘CASH FLOW’’ PER SH .69 .09 d.67 d.78 d1.02 d1.61 d1.58 .28 -- EARNINGS PER SH .67 .08 d.69 d.81 d1.05 d1.63 d1.62 .22 .82 A,B 3.35 C/NA DIV’DS DECL’D PER SH ------CAP’L SPENDING PER SH .01 .01 .01 .02 .02 .05 .08 .27 -- BOOK VALUE PER SH 1.09 2.32 1.79 2.73 4.92 3.62 4.19 5.30 -- COMMON SHS OUTST’G (MILL) 55.26 66.45 67.35 76.47 86.26 86.88 88.79 90.80 -- AVG ANN’L P/E RATIO 10.6 96.4 ------NMF NMF 34.3/NA RELATIVE P/E RATIO .66 6.18 ------NMF -- AVG ANN’L DIV’D YIELD ------SALES ($MILL) 77.4 53.1 2.9 -- 19.8 15.0 161.6 451.2 -- Bold figures OPERATING MARGIN 44.8% 6.0% NMF -- NMF NMF NMF 9.1% -- are consensus DEPRECIATION ($MILL) .7 .7 .7 .8 1.0 1.5 2.4 4.0 -- earnings NET PROFIT ($MILL) 37.6 5.0 d46.1 d60.5 d88.9 d141.1 d142.5 21.1 -- estimates INCOME TAX RATE ------3.3% -- and, using the NET PROFIT MARGIN 48.5% 9.5% NMF -- NMF NMF NMF 4.7% -- recent prices, WORKING CAP’L ($MILL) 85.4 173.6 136.8 182.5 358.4 280.0 500.5 649.6 -- P/E ratios. LONG-TERM DEBT ($MILL) ------369.6 388.5 -- SHR. EQUITY ($MILL) 60.1 154.4 120.4 208.7 424.5 314.9 372.1 480.8 -- RETURN ON TOTAL CAP’L 62.5% 3.3% NMF NMF NMF NMF NMF 4.2% -- RETURN ON SHR. EQUITY 62.5% 3.3% NMF NMF NMF NMF NMF 4.4% -- RETAINED TO COM EQ 62.5% 3.3% NMF NMF NMF NMF NMF 4.4% -- ALL DIV’DS TO NET PROF ------ANo. of analysts changing earn. est. in last 25 days: 5 up, 3 down, consensus 5-year earnings growth 24.0% per year. BBased upon 7 analysts’ estimates. CBased upon 8 analysts’ estimates. ANNUAL RATES ASSETS ($mill.) 2017 2018 9/30/19 INDUSTRY: Biotechnology of change (per share) 5 Yrs. 1 Yr. Cash Assets 515.9 650.9 670.2 Sales 25.5% 173.0% Receivables 31.1 56.2 115.3 BUSINESS: Neurocrine Biosciences, Inc. is a San Diego ‘‘Cash Flow’’ -- -- Inventory .0 10.9 10.8 based biotechnology company focused on neurologic, psy- Earnings -- -- Other 7.9 19.8 22.9 Dividends -- -- chiatric and endocrine related disorders. The company Current Assets 554.9 737.8 819.2 Book Value 20.5% 26.5% markets INGREZZA(R) (valbenazine) capsules in the Fiscal QUARTERLY SALES ($mill.) Full Property, Plant United States for the treatment of adults with tardive Year 1Q 2Q 3Q 4Q Year & Equip, at cost 38.4 62.1 - - dyskinesia. INGREZZA is a novel, selective vesicular Accum Depreciation 27.6 28.2 - - 12/31/17 -- 6.3 60.8 94.5 161.6 Net Property 10.8 33.9 40.3 monoamine transporter 2 (VMAT2) inhibitor, and is the first 12/31/18 71.1 96.9 151.7 131.5 451.2 Other 251.9 221.5 320.4 FDA approved product indicated for the treatment of adults 12/31/19 138.4 183.6 222.1 Total Assets 817.6 993.2 1179.9 with tardive dyskinesia. The company’s three late-stage 12/31/20 clinical programs are: elagolix, a gonadotropin-releasing LIABILITIES ($mill.) hormone antagonist for women’s health that is partnered Fiscal EARNINGS PER SHARE Full Accts Payable 5.6 13.8 102.4 Year 1Q 2Q 3Q 4Q Year Debt Due .0 .0 .0 with AbbVie Inc.; opicapone, a novel, once-daily, 12/31/16 d.22 d.46 d.43 d.52 d1.63 Other 48.8 74.4 13.3 peripherally-acting, highly-selective catechol-o- 12/31/17 d.90 d.68 d.13 .09 d1.62 Current Liab 54.4 88.2 115.7 methyltransferase inhibitor under investigation as adjunct 12/31/18 d.47 d.07 .52 .19 .22 therapy to levodopa in Parkinson’s patients; and INGR- 12/31/19 d1.12 .54 .59 .72 EZZA, a novel, once-daily, selective VMAT2 inhibitor 12/31/20 .61 .93 LONG-TERM DEBT AND EQUITY under investigation for the treatment of Tourette syndrome. as of 9/30/19 Cal- QUARTERLY DIVIDENDS PAID Full Has 670 employees. C.E.O. & President: Kevin C. Gorman endar 1Q 2Q 3Q 4Q Year Total Debt $478.1 mill. Due in 5 Yrs. NA Address: 12780 El Camino Real, San Diego, CA 92130. 2016 ------LT Debt $478.1 mill. Tel.: (858) 617-7600. Internet: www.neurocrine.com. Including Cap. Leases NA 2017 ------(45% of Cap’l) J.V. 2018 ------Leases, Uncapitalized Annual rentals NA 2019 ------December 6, 2019 Pension Liability None in ’18 vs. None in ’17 INSTITUTIONAL DECISIONS TOTAL SHAREHOLDER RETURN 4Q’18 1Q’19 2Q’19 Pfd Stock None Pfd Div’d Paid None Dividends plus appreciation as of 10/31/2019 to Buy 182 185 154 Common Stock 92,080,000 shares 3 Mos. 6 Mos. 1 Yr. 3 Yrs. 5 Yrs. to Sell 199 147 156 (55% of Cap’l) Hld’s(000) 90938 87592 92677 3.22% 37.72% -7.15% 127.30% 437.20% © 2019 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribe call 1-800-VALUELINE of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. RECENT TRAILING RELATIVE DIV’D VALUE NEWLINK GENETICS NDQ--NLNK PRICE 1.59P/E RATIO NMF P/E RATIO NMFYLD Nil LINE 3699 RANKS 7.30 18.00 23.76 53.48 58.73 35.86 25.17 10.41 2.27 High 6.25 6.33 11.19 17.32 31.56 9.23 5.90 1.28 1.13 Low Below PERFORMANCE 4 Average LEGENDS 45 12 Mos Mov Avg Technical 3 Average ....Rel Price Strength 30 Shaded area indicates recession Below 22.5 SAFETY 4 Average

BETA 1.45 (1.00 = Market) 13 9 Financial Strength C++ 6

Price Stability 5 4 3 Price Growth Persistence 15 17100 Earnings Predictability 5 VOL. (thous.) © VALUE LINE PUBLISHING LLC 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020/2021 SALES PER SH .09 .08 .04 6.17 2.37 1.23 .77 .33 -- ‘‘CASH FLOW’’ PER SH d.85 d1.07 d1.14 3.72 d1.34 d2.85 d1.90 d1.40 -- EARNINGS PER SH d2.98 d1.12 d1.23 3.32 d1.41 d2.94 d2.30 d1.44 d1.09 A,B d.22 C/NA DIV’DS DECL’D PER SH ------CAP’L SPENDING PER SH .01 .06 .05 .06 .14 .08 .00 .00 -- BOOK VALUE PER SH 1.79 .85 2.20 7.28 6.78 4.44 4.08 3.08 -- COMMON SHS OUTST’G (MILL) 20.59 20.99 26.57 27.98 28.86 29.16 37.11 37.34 -- AVG ANN’L P/E RATIO ------8.6 ------NMF NMF/NA RELATIVE P/E RATIO ------.45 ------AVG ANN’L DIV’D YIELD ------SALES ($MILL) 1.9 1.7 1.1 172.6 68.5 35.8 28.7 12.5 -- Bold figures OPERATING MARGIN NMF NMF NMF 68.8% NMF NMF NMF NMF -- are consensus DEPRECIATION ($MILL) .7 .8 .9 1.1 1.6 2.1 1.4 1.1 -- earnings NET PROFIT ($MILL) d18.1 d23.3 d31.2 102.9 d40.4 d85.2 d72.0 d53.6 -- estimates INCOME TAX RATE ------12.6% ------and, using the NET PROFIT MARGIN NMF NMF NMF 59.6% NMF NMF NMF NMF -- recent prices, WORKING CAP’L ($MILL) 32.1 20.5 60.1 205.5 193.3 130.0 153.5 118.2 -- P/E ratios. LONG-TERM DEBT ($MILL) .9 1.2 1.0 .9 .4 .3 .1 .0 -- SHR. EQUITY ($MILL) 36.8 17.9 58.3 203.8 195.8 129.5 151.6 115.1 -- RETURN ON TOTAL CAP’L NMF NMF NMF 50.3% NMF NMF NMF NMF -- RETURN ON SHR. EQUITY NMF NMF NMF 50.5% NMF NMF NMF NMF -- RETAINED TO COM EQ NMF NMF NMF 50.5% NMF NMF NMF NMF -- ALL DIV’DS TO NET PROF ------ANo. of analysts changing earn. est. in last 25 days: 0 up, 1 down, consensus 5-year earnings growth not available. BBased upon one analyst’s estimate. CBased upon one analyst’s estimate. ANNUAL RATES ASSETS ($mill.) 2017 2018 9/30/19 INDUSTRY: Biotechnology of change (per share) 5 Yrs. 1 Yr. Cash Assets 158.7 120.7 98.5 Sales 61.5% -57.0% Receivables .0 .0 .0 BUSINESS: NewLink Genetics Corporation is a biophar- ‘‘Cash Flow’’ -- -- Inventory .0 .0 .0 maceutical company focused on discovering, developing, Earnings -- -- Other 16.8 6.4 4.2 Dividends -- -- and commercializing novel immunotherapeutic products to Current Assets 175.5 127.1 102.7 Book Value 19.0% -24.5% improve treatment options for patients with cancer. Its Fiscal QUARTERLY SALES ($mill.) Full Property, Plant portfolio includes both biologic and small-molecule immu- Year 1Q 2Q 3Q 4Q Year & Equip, at cost 11.7 10.7 - - notherapy product candidates. Much of the focus in its Accum Depreciation 6.6 7.0 - - 12/31/17 2.8 10.4 5.5 10.0 28.7 Net Property 5.1 3.7 2.9 research and development is on indoleamine 2,3- 12/31/18 9.9 2.3 .1 .2 12.5 Other .1 .1 1.1 dioxygenase (IDO). IDO is an increasingly important and 12/31/19 .1 .2 .2 Total Assets 180.7 130.9 106.7 validated immuno-oncology target. The product candidates, 12/31/20 indoximod, NLG802 and NLG919, are IDO pathway inhibi- LIABILITIES ($mill.) tors with mechanisms of action that center around breaking Fiscal EARNINGS PER SHARE Full Accts Payable 9.3 .6 .1 Year 1Q 2Q 3Q 4Q Year Debt Due .2 .1 .1 the immune system’s tolerance to cancer. Additional 12/31/16 d.82 d1.12 d.54 d.46 d2.94 Other 12.5 8.1 13.8 clinical-stage product candidates in its pipeline include two 12/31/17 d.72 d.57 d.69 d.37 d2.30 Current Liab 22.0 8.8 14.0 product candidates that utilize its HyperAcute, Cellular 12/31/18 d.49 d.47 d.20 d.28 d1.44 Immunotherapy technology and two small molecules. The 12/31/19 d.27 d.27 d.39 d.28 HyperAcute Immunology candidates, tergenpumatucel-L 12/31/20 LONG-TERM DEBT AND EQUITY and dorgenmeltucel-L, are for patients with advanced lung as of 9/30/19 Cal- QUARTERLY DIVIDENDS PAID Full cancer and melanoma, respectively. Has 55 employees. endar 1Q 2Q 3Q 4Q Year Total Debt $.1 mill. Due in 5 Yrs. NA C.F.O.: Carl W. Langren Address: 2503 South Loop Drive, 2016 ------LT Debt None Ames, IA 50010 . Tel.: (515) 296-5555. Internet: www.new- Including Cap. Leases NA 2017 ------Leases, Uncapitalized Annual rentals NA linkgenetics.com. J.V. 2018 ------2019 ------Pension Liability None in ’18 vs. None in ’17 December 6, 2019

INSTITUTIONAL DECISIONS Pfd Stock None Pfd Div’d Paid None TOTAL SHAREHOLDER RETURN 4Q’18 1Q’19 2Q’19 Dividends plus appreciation as of 10/31/2019 to Buy 33 32 23 Common Stock 37,314,000 shares (100% of Cap’l) 3 Mos. 6 Mos. 1 Yr. 3 Yrs. 5 Yrs. to Sell 46 39 43 Hld’s(000) 12807 12682 11047 -16.38% -13.45% -21.69% -87.82% -95.47% © 2019 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribe call 1-800-VALUELINE of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. RECENT TRAILING RELATIVE DIV’D VALUE OSMOTICA PHARMA NYSE--OSMT PRICE 6.58P/E RATIO NMF P/E RATIO NMFYLD Nil LINE 3700 RANKS 9.90 9.35 High 6.21 2.20 Low Short PERFORMANCE – History LEGENDS Short 12 Mos Mov Avg Technical – History ....Rel Price Strength 8 Shaded area indicates recession Short SAFETY – History 5 4 BETA NMF (1.00 = Market) 3 2 Financial Strength NMF

Price Stability NMF 1

Price Growth Persistence NMF 2200 Earnings Predictability NMF VOL. (thous.) © VALUE LINE PUBLISHING LLC 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020/2021 REVENUES PER SH ------5.02 -- ‘‘CASH FLOW’’ PER SH ------d.50 -- EARNINGS PER SH ------d2.42 .64 A,B d.13 C/NA DIV’DS DECL’D PER SH ------CAP’L SPENDING PER SH ------.08 -- BOOK VALUE PER SH ------7.35 -- COMMON SHS OUTST’G (MILL) ------52.52 -- AVG ANN’L P/E RATIO ------10.3 NMF/NA RELATIVE P/E RATIO ------AVG ANN’L DIV’D YIELD ------REVENUES ($MILL) ------263.7 -- Bold figures OPERATING MARGIN ------33.7% -- are consensus DEPRECIATION ($MILL) ------83.2 -- earnings NET PROFIT ($MILL) ------d109.4 -- estimates INCOME TAX RATE ------and, using the NET PROFIT MARGIN ------NMF -- recent prices, WORKING CAP’L ($MILL) ------58.0 -- P/E ratios. LONG-TERM DEBT ($MILL) ------266.9 -- SHR. EQUITY ($MILL) ------386.3 -- RETURN ON TOTAL CAP’L ------NMF -- RETURN ON SHR. EQUITY ------NMF -- RETAINED TO COM EQ ------NMF -- ALL DIV’DS TO NET PROF ------ANo. of analysts changing earn. est. in last 25 days: 1 up, 0 down, consensus 5-year earnings growth 10.0% per year. BBased upon one analyst’s estimate. CBased upon one analyst’s estimate. ANNUAL RATES ASSETS ($mill.) 2017 2018 9/30/19 INDUSTRY: Biotechnology of change (per share) 5 Yrs. 1 Yr. Cash Assets -- 70.8 98.0 Sales -- -- Receivables -- 56.4 33.9 BUSINESS: Osmotica Pharmaceuticals PLC, an inte- ″ ″ Cash Flow -- -- Inventory -- 24.4 27.2 grated biopharmaceutical company, focused on the devel- Earnings -- -- Other -- 20.8 8.2 Dividends -- -- opment and commercialization of products that target mar- Current Assets -- 172.4 167.3 Book Value -- -- kets with underserved patient populations. The company Fiscal QUARTERLY SALES ($mill.) Full Property, Plant sells a range of portfolio consisting of promoted products Year 1Q 2Q 3Q 4Q Year & Equip, at cost -- 41.5 - - and non-promoted products, several of which incorporate its Accum Depreciation -- 10.2 - - 12/31/17 ------Net Property -- 31.3 30.3 proprietary Osmodex drug delivery system. The company 12/31/18 59.8 71.9 66.3 65.7 263.7 Other -- 591.9 293.6 also has a development pipeline that is highlighted by two 12/31/19 57.1 57.5 65.5 Total Assets -- 795.6 491.2 new drug application candidates in Phase III clinical trial. 12/31/20 The company’s non-promoted product portfolio includes LIABILITIES ($mill.) methylphenidate extended-release and venlafaxine Fiscal EARNINGS PER SHARE Full Accts Payable -- 24.9 9.9 Year 1Q 2Q 3Q 4Q Year Debt Due -- 1.9 .5 extended-release tablets as well as smaller volume abbrevi- 12/31/16 ------Other -- - - 68.2 ated new drug applications and prescription dietary supple- 12/31/17 ------Current Liab -- 114.4 78.6 ments. Osmotica Pharmaceuticals PLC is headquartered in 12/31/18 ------d2.42 Bridgewater, New Jersey. In November 2019, Osmotica 12/31/19 d.12 d2.37 d2.15 .06 Pharmaceuticals announced the appointment of Michael J. 12/31/20 LONG-TERM DEBT AND EQUITY DeBiasi to the company’s board of directors. Has 466 as of 9/30/19 Cal- QUARTERLY DIVIDENDS PAID Full employees. Chairman, C.E.O. & President: Brian A. Marki- endar 1Q 2Q 3Q 4Q Year Total Debt $268.2 mill. Due in 5 Yrs. NA son Address: 400 Crossing Boulevard, Bridgewater, NJ 2016 ------LT Debt $267.7 mill. 08807. Tel.: (908) 809-1300. Internet: www.osmotica.com. Including Cap. Leases NA 2017 ------(65% of Cap’l) N.A. 2018 ------Leases, Uncapitalized Annual rentals NA 2019 ------December 6, 2019 Pension Liability None in ’18 vs. None in ’17 INSTITUTIONAL DECISIONS TOTAL SHAREHOLDER RETURN 4Q’18 1Q’19 2Q’19 Pfd Stock None Pfd Div’d Paid None Dividends plus appreciation as of 10/31/2019 to Buy 34 19 25 Common Stock 52,163,353 shares 3 Mos. 6 Mos. 1 Yr. 3 Yrs. 5 Yrs. to Sell -- 17 18 (35% of Cap’l) Hld’s(000) 6573 5996 3627 35.89% 10.20% -49.08% -- -- © 2019 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribe call 1-800-VALUELINE of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. RECENT TRAILING RELATIVE DIV’D VALUE PTC THERAPEUTICS NDQ--PTCT PRICE 45.56P/E RATIO NMF P/E RATIO NMFYLD Nil LINE 3701 RANKS 24.38 57.50 78.72 31.89 22.00 52.95 48.54 High 13.15 14.51 22.67 4.03 8.12 16.38 27.53 Low Above PERFORMANCE 2 Average LEGENDS 12 Mos Mov Avg Technical 3 Average ....Rel Price Strength Shaded area indicates recession Below 50 SAFETY 4 Average

BETA 1.30 (1.00 = Market) 25

15 Financial Strength B+ 10 Price Stability 5

Price Growth Persistence 40 5 25300 Earnings Predictability 35 VOL. (thous.) © VALUE LINE PUBLISHING LLC 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020/2021 SALES PER SH -- -- 1.46 .77 1.08 2.42 4.67 5.23 -- ‘‘CASH FLOW’’ PER SH -- -- d2.07 d2.78 d4.94 d4.06 d1.47 d2.02 -- EARNINGS PER SH -- -- d5.18 d2.97 d5.07 d4.17 d2.02 d2.75 d2.86 A,B d1.53 C/NA DIV’DS DECL’D PER SH ------CAP’L SPENDING PER SH -- -- .04 .14 .08 .05 .07 .14 -- BOOK VALUE PER SH -- -- 5.74 9.07 6.66 3.50 3.76 6.93 -- COMMON SHS OUTST’G (MILL) -- -- 23.80 32.90 33.92 34.17 41.61 50.61 -- AVG ANN’L P/E RATIO ------NMF NMF/NA RELATIVE P/E RATIO ------AVG ANN’L DIV’D YIELD ------SALES ($MILL) -- 33.9 34.7 25.2 36.8 82.7 194.4 264.7 -- Bold figures OPERATING MARGIN -- NMF NMF NMF NMF NMF NMF NMF -- are consensus DEPRECIATION ($MILL) -- 2.7 2.4 2.2 2.9 3.3 17.7 26.1 -- earnings NET PROFIT ($MILL) -- d26.2 d51.6 d93.8 d170.4 d142.1 d79.0 d128.1 -- estimates INCOME TAX RATE ------and, using the NET PROFIT MARGIN -- NMF NMF NMF NMF NMF NMF NMF -- recent prices, WORKING CAP’L ($MILL) -- d23.6 131.9 291.1 310.6 211.7 167.0 154.1 -- P/E ratios. LONG-TERM DEBT ($MILL) -- .4 -- -- 94.6 98.2 145.0 141.3 -- SHR. EQUITY ($MILL) -- d18.8 136.5 298.5 226.0 119.6 156.4 350.7 -- RETURN ON TOTAL CAP’L -- -- NMF NMF NMF NMF NMF NMF -- RETURN ON SHR. EQUITY -- -- NMF NMF NMF NMF NMF NMF -- RETAINED TO COM EQ -- -- NMF NMF NMF NMF NMF NMF -- ALL DIV’DS TO NET PROF ------ANo. of analysts changing earn. est. in last 25 days: 0 up, 1 down, consensus 5-year earnings growth not available. BBased upon 3 analysts’ estimates. CBased upon 3 analysts’ estimates. ANNUAL RATES ASSETS ($mill.) 2017 2018 9/30/19 INDUSTRY: Biotechnology of change (per share) 5 Yrs. 1 Yr. Cash Assets 191.2 227.6 708.6 Sales 23.0% 12.0% Receivables 40.4 67.9 60.4 BUSINESS: PTC Therapeutics, Inc. is a global biophar- ‘‘Cash Flow’’ -- -- Inventory 10.8 16.1 17.1 maceutical company focused on the discovery, development Earnings -- -- Other 6.7 9.3 20.8 Dividends -- -- and commercialization of clinically-differentiated medi- Current Assets 249.1 320.9 806.9 Book Value -4.0% 84.5% cines that provide benefits to patients with rare disorders. Fiscal QUARTERLY SALES ($mill.) Full Property, Plant The company has two products, Translarna (ataluren) and Year 1Q 2Q 3Q 4Q Year & Equip, at cost 41.2 20.2 - - Emflaza (deflazacort), for the treatment of Duchenne mus- Accum Depreciation 32.8 7.5 - - 12/31/17 26.5 48.0 41.9 78.0 194.4 Net Property 8.4 12.7 18.5 cular dystrophy, a rare, life threatening disorder. Its spinal 12/31/18 56.1 68.7 53.6 86.3 264.7 Other 134.2 785.6 816.1 muscular atrophy (SMA) collaboration is with F. 12/31/19 53.9 85.5 71.4 Total Assets 391.7 1119.2 1641.5 Hoffman-La Roche, Ltd. and Hoffman-La Roche, Inc., and 12/31/20 the Spinal Muscular Atrophy Foundation. The company’s LIABILITIES ($mill.) collaboration has three clinical trials ongoing to evaluate the Fiscal EARNINGS PER SHARE Full Accts Payable 17.6 22.4 18.9 Year 1Q 2Q 3Q 4Q Year Debt Due .0 11.7 20.0 safety and effectiveness of RG7916 (RO7034067), the key 12/31/16 d1.22 d1.14 d1.03 d.78 d4.17 Other 64.4 132.7 144.6 compound in the SMA program. In November 2019, the 12/31/17 d.85 d.44 d.82 .03 d2.02 Current Liab 82.0 166.8 183.5 company announced the launch of a no-cost testing program 12/31/18 d.46 d.21 d1.06 d.96 d2.75 for aromatic L-amino acid decarboxylase (AADC) defi- 12/31/19 d1.29 d.75 d1.06 d.40 ciency, a rare genetic condition. Has 511 employees. 12/31/20 d.48 d.22 LONG-TERM DEBT AND EQUITY C.E.O.: Dr. Stuart W. Peltz Address: 100 Corporate Court, as of 9/30/19 Cal- QUARTERLY DIVIDENDS PAID Full South Plainfield, NJ 07080. Tel.: (908) 222-7000. Internet: endar 1Q 2Q 3Q 4Q Year Total Debt $313.1 mill. Due in 5 Yrs. NA www.ptcbio.com. 2016 ------LT Debt $293.1 mill. Including Cap. Leases NA 2017 ------(31% of Cap’l) J.V. 2018 ------Leases, Uncapitalized Annual rentals NA 2019 ------December 6, 2019 Pension Liability None in ’18 vs. None in ’17 INSTITUTIONAL DECISIONS TOTAL SHAREHOLDER RETURN 4Q’18 1Q’19 2Q’19 Pfd Stock None Pfd Div’d Paid None Dividends plus appreciation as of 10/31/2019 to Buy 90 109 94 Common Stock 61,579,000 shares 3 Mos. 6 Mos. 1 Yr. 3 Yrs. 5 Yrs. to Sell 84 59 82 (69% of Cap’l) Hld’s(000) 48756 58564 58472 -15.11% 9.27% 6.15% 558.45% 0.05% © 2019 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribe call 1-800-VALUELINE of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. RECENT TRAILING RELATIVE DIV’D VALUE PACIFIC BIOSCIENCES NDQ--PACB PRICE 5.11P/E RATIO NMF P/E RATIO NMFYLD Nil LINE 3702 RANKS 16.85 5.27 6.50 8.20 14.00 13.98 5.74 7.84 7.50 High 2.25 1.06 1.60 3.87 3.58 3.76 2.51 2.02 4.37 Low

PERFORMANCE ★ Suspended LEGENDS 12 Mos Mov Avg 18 Technical ★ Suspended ....Rel Price Strength Shaded area indicates recession Below 13 SAFETY 4 Average 8 BETA 1.25 (1.00 = Market) 5 4 Financial Strength B+ 3

Price Stability 5 2

Price Growth Persistence 35 -29636 Earnings Predictability 45 VOL. (thous.) © VALUE LINE PUBLISHING LLC 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020/2021 SALES PER SH .62 .46 .43 .82 1.16 .98 .80 .52 -- ‘‘CASH FLOW’’ PER SH d1.88 d1.56 d1.11 d.84 d.34 d.75 d.71 d.63 -- EARNINGS PER SH d2.03 d1.69 d1.26 d.94 d.42 d.83 d.87 d.76 d.71 A,B d.51 C/NA DIV’DS DECL’D PER SH ------CAP’L SPENDING PER SH .17 .03 .01 .02 .04 .09 .09 .01 -- BOOK VALUE PER SH 3.48 1.95 1.04 .74 .92 .91 .74 .76 -- COMMON SHS OUTST’G (MILL) 54.96 56.17 66.28 73.93 79.98 92.68 116.28 150.24 -- AVG ANN’L P/E RATIO ------NMF NMF/NA RELATIVE P/E RATIO ------AVG ANN’L DIV’D YIELD ------SALES ($MILL) 33.9 26.0 28.2 60.6 92.8 90.7 93.5 78.6 -- Bold figures OPERATING MARGIN NMF NMF NMF NMF NMF NMF NMF NMF -- are consensus DEPRECIATION ($MILL) 5.8 6.6 5.6 4.2 4.6 5.0 9.6 7.5 -- earnings NET PROFIT ($MILL) d109.4 d94.5 d79.3 d66.2 d31.7 d74.4 d92.2 d102.6 -- estimates INCOME TAX RATE ------and, using the NET PROFIT MARGIN NMF NMF NMF NMF NMF NMF NMF NMF -- recent prices, WORKING CAP’L ($MILL) 180.2 100.3 103.9 86.3 72.3 75.2 73.0 104.8 -- P/E ratios. LONG-TERM DEBT ($MILL) 2.8 2.6 15.8 14.1 14.9 16.1 13.6 14.7 -- SHR. EQUITY ($MILL) 191.5 109.4 69.2 54.9 73.5 84.7 86.1 114.1 -- RETURN ON TOTAL CAP’L NMF NMF NMF NMF NMF NMF NMF NMF -- RETURN ON SHR. EQUITY NMF NMF NMF NMF NMF NMF NMF NMF -- RETAINED TO COM EQ NMF NMF NMF NMF NMF NMF NMF NMF -- ALL DIV’DS TO NET PROF ------ANo. of analysts changing earn. est. in last 25 days: 0 up, 2 down, consensus 5-year earnings growth not available. BBased upon 2 analysts’ estimates. CBased upon 2 analysts’ estimates. ANNUAL RATES ASSETS ($mill.) 2017 2018 9/30/19 INDUSTRY: Biotechnology of change (per share) 5 Yrs. 1 Yr. Cash Assets 62.9 102.4 49.2 Sales 9.0% -35.0% Receivables 13.4 8.6 10.0 BUSINESS: On November 1, 2018, Pacific Biosciences ‘‘Cash Flow’’ -- -- Inventory 23.1 17.9 15.1 of California, Inc. reached an agreement to be acquired by Earnings -- -- Other 2.2 2.8 2.6 Dividends -- -- Illumina, Inc. for roughly $1.2 billion. Under the terms of Current Assets 101.6 131.7 76.9 Book Value -18.0% 2.5% the agreement, Pacific Biosciences shareholders are entitled Fiscal QUARTERLY SALES ($mill.) Full Property, Plant to receive $8.00 per share in an all-cash deal. At present, the Year 1Q 2Q 3Q 4Q Year & Equip, at cost 70.1 71.2 - - merger is being delayed as the companies are having Accum Depreciation 32.2 37.1 - - 12/31/17 24.9 20.1 23.5 25.0 93.5 Net Property 37.9 34.1 31.6 difficulty gaining regulatory approvals in both the U.S. and 12/31/18 19.4 21.6 18.1 19.5 78.6 Other 4.6 4.5 37.6 U.K. The hope is that the deal can still be completed early 12/31/19 16.4 24.6 21.9 Total Assets 144.1 170.3 146.1 next year. As a result of this agreement, the company’s 12/31/20 ranks were suspended. Pacific Biosciences of California LIABILITIES ($mill.) designs, develops, manufactures, and markets an integrated Fiscal EARNINGS PER SHARE Full Accts Payable 9.1 6.7 8.1 Year 1Q 2Q 3Q 4Q Year Debt Due .0 .0 .0 platform for genetic analysis. The company provides a 12/31/16 d.22 d.21 d.19 d.21 d.83 Other 19.5 20.2 42.6 single-molecule real-time (SMRT) technology platform, 12/31/17 d.26 d.26 d.19 d.16 d.87 Current Liab 28.6 26.9 50.7 which enables single-molecule real-time detection of bio- 12/31/18 d.20 d.16 d.19 d.21 d.76 logical processes. It offers PacBio RS II high resolution 12/31/19 d.20 d.16 d.19 d.16 genetic analyzer, an instrument that conducts, monitors, and 12/31/20 d.13 d.10 LONG-TERM DEBT AND EQUITY analyzes single-molecule biochemical reactions in real time. as of 9/30/19 Cal- QUARTERLY DIVIDENDS PAID Full Has 401 employees. Chairman, C.E.O. & President: Dr. endar 1Q 2Q 3Q 4Q Year Total Debt None Due in 5 Yrs. None Michael Hunkapiller Address: 1305 O’Brien Drive, Menlo 2016 ------LT Debt None Park, CA 94025. Tel.: (650) 521-8000. Internet: www.pacb- Including Cap. Leases None 2017 ------Leases, Uncapitalized Annual rentals NA .com. J.V. 2018 ------2019 ------Pension Liability None in ’18 vs. None in ’17 December 6, 2019

INSTITUTIONAL DECISIONS Pfd Stock None Pfd Div’d Paid None TOTAL SHAREHOLDER RETURN 4Q’18 1Q’19 2Q’19 Dividends plus appreciation as of 10/31/2019 to Buy 113 90 83 Common Stock 153,031,000 shares (100% of Cap’l) 3 Mos. 6 Mos. 1 Yr. 3 Yrs. 5 Yrs. to Sell 60 62 63 Hld’s(000) 100350 109174 107194 -10.37% -34.51% 8.76% -43.06% -26.22% © 2019 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribe call 1-800-VALUELINE of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. RECENT TRAILING RELATIVE DIV’D VALUE PALATIN TECH. AMEX--PTN PRICE 0.83P/E RATIO 4.6 P/E RATIO 0.26YLD Nil LINE 3703 RANKS 1.45 1.20 0.83 1.50 1.58 0.90 1.05 1.59 1.78 High 0.39 0.39 0.51 0.59 0.62 0.37 0.29 0.59 0.66 Low PERFORMANCE 3 Average LEGENDS 12 Mos Mov Avg Technical 3 Average ....Rel Price Strength 8 1-for-10 Rev split 9/10 Below Shaded area indicates recession SAFETY 4 Average 5 4 BETA .95 (1.00 = Market) 3 2 Financial Strength B

Price Stability 5 1

Price Growth Persistence 25 -18236 Earnings Predictability 25 VOL. (thous.) © VALUE LINE PUBLISHING LLC 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020/2021 SALES PER SH .04 .00 .00 -- .23 -- .28 .33 .27 ‘‘CASH FLOW’’ PER SH d.33 d.47 d.53 d.35 d.31 d.76 d.09 .12 .16 EARNINGS PER SH d.64 d.49 d.21 d.13 d.15 d.33 d.07 .12 .16 d.04 A,B/NA DIV’DS DECL’D PER SH ------CAP’L SPENDING PER SH -- .00 .00 .00 -- .00 .00 .00 .00 BOOK VALUE PER SH .51 .04 .58 .24 .21 d.26 d.03 .13 .44 COMMON SHS OUTST’G (MILL) 34.90 34.90 39.12 39.42 57.13 68.57 160.52 200.55 226.82 AVG ANN’L P/E RATIO ------7.1 6.1 NMF/NA RELATIVE P/E RATIO ------.40 .37 AVG ANN’L DIV’D YIELD ------SALES ($MILL) 1.5 .1 .0 -- 13.0 -- 44.7 67.1 60.3 Bold figures OPERATING MARGIN NMF NMF NMF -- NMF -- NMF 38.7% 59.4% are consensus DEPRECIATION ($MILL) 1.1 1.0 .1 .1 .1 .0 .0 .1 .1 earnings NET PROFIT ($MILL) d12.8 d17.3 d20.9 d13.9 d17.7 d51.7 d13.3 24.7 35.8 estimates INCOME TAX RATE ------.3% -- and, using the NET PROFIT MARGIN NMF NMF NMF -- NMF -- NMF 36.8% 59.3% recent prices, WORKING CAP’L ($MILL) 16.5 1.2 22.7 9.5 21.8 d3.2 1.6 27.7 100.2 P/E ratios. LONG-TERM DEBT ($MILL) .0 .0 -- -- 9.8 14.2 6.3 .3 -- SHR. EQUITY ($MILL) 18.2 1.8 23.0 9.8 12.2 d17.6 d5.2 27.0 100.5 RETURN ON TOTAL CAP’L NMF NMF NMF NMF NMF -- NMF 93.2% 35.8% RETURN ON SHR. EQUITY NMF NMF NMF NMF NMF -- -- 91.6% 35.6% RETAINED TO COM EQ NMF NMF NMF NMF NMF -- -- 91.5% 35.3% ALL DIV’DS TO NET PROF ------ANo. of analysts changing earn. est. in last 25 days: 1 up, 0 down, consensus 5-year earnings growth not available. BBased upon one analyst’s estimate. ANNUAL RATES ASSETS ($mill.) 2018 2019 9/30/19 INDUSTRY: Biotechnology of change (per share) 5 Yrs. 1 Yr. Cash Assets 38.0 43.5 96.7 Sales 227.0% -20.5% Receivables .0 60.3 .1 BUSINESS: Palatin Technologies, Inc., a biopharmaceu- ‘‘Cash Flow’’ -- 28.5% Inventory .0 .0 .0 tical company, develops peptide therapeutics for the treat- Earnings -- 33.5% Other .5 .6 .6 Dividends -- -- ment of diseases. The company’s clinical development Current Assets 38.5 104.4 97.4 Book Value -8.5% 233.5% product is Bremelanotide, a peptide melanocortin receptor Fiscal QUARTERLY SALES ($mill.) Full Property, Plant agonist that has completed a Phase IIb clinical trial for the Year 1Q 2Q 3Q 4Q Year & Equip, at cost 2.5 2.5 - - treatment of female sexual dysfunction (FSD). Its drug Accum Depreciation 2.3 2.4 - - 06/30/17 -- -- 10.8 33.9 44.7 Net Property .2 .1 .2 development programs include Melanocortin receptor-1 06/30/18 26.9 10.6 9.0 20.6 67.1 Other .3 .2 .4 agonist peptides for the treatment of inflammatory and 06/30/19 ------60.3 60.3 Total Assets 39.0 104.7 98.0 dermatologic disease indications; Next Generation Melano- 06/30/20 .1 cortin receptor-4 peptide agonists, which is in preclinical LIABILITIES ($mill.) trials for the treatment of erectile dysfunction; and PL-3994, Fiscal EARNINGS PER SHARE Full Accts Payable 2.2 .5 .1 Year 1Q 2Q 3Q 4Q Year Debt Due 5.9 .3 .0 a natriuretic peptide receptor-A agonist that has completed 06/30/16 d.08 d.08 d.08 d.09 d.33 Other 2.7 3.4 1.8 Phase I clinical trial for the treatment of cardiovascular and 06/30/17 d.08 d.06 d.02 .07 d.07 Current Liab 10.8 4.2 1.9 pulmonary indications, as well as other melanocortin pro- 06/30/18 .05 .01 -- .06 .12 grams. The company has a license, co-development, and 06/30/19 d.04 d.02 d.03 .25 .16 commercialization agreement with Gedeon Richter plc to 06/30/20 d.02 .00 d.01 LONG-TERM DEBT AND EQUITY commercialize Bremelanotide for FSD in Europe and se- as of 9/30/19 Cal- QUARTERLY DIVIDENDS PAID Full lected countries. Has 18 employees. C.E.O. & President: endar 1Q 2Q 3Q 4Q Year Total Debt None Due in 5 Yrs. None Carl Spana Address: 4B Cedar Brook Drive, Cranbury, NJ 2016 ------LT Debt None 08512. Tel.: (609) 495-2200. Internet: www.palatin.com. Including Cap. Leases None 2017 ------Leases, Uncapitalized Annual rentals NA J.V. 2018 ------2019 ------Pension Liability None in ’19 vs. None in ’18 December 6, 2019

INSTITUTIONAL DECISIONS Pfd Stock None Pfd Div’d Paid None TOTAL SHAREHOLDER RETURN 4Q’18 1Q’19 2Q’19 Dividends plus appreciation as of 10/31/2019 to Buy 29 26 52 Common Stock 227,697,000 shares (100% of Cap’l) 3 Mos. 6 Mos. 1 Yr. 3 Yrs. 5 Yrs. to Sell 37 27 23 Hld’s(000) 41647 40510 44209 -10.99% -34.68% -10.00% 55.77% 28.57% © 2019 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribe call 1-800-VALUELINE of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. RECENT TRAILING RELATIVE DIV’D VALUE PARATEK PHARMA. NDQ--PRTK PRICE 3.00P/E RATIO NMF P/E RATIO NMFYLD Nil LINE 3704 RANKS 142.56 155.88 81.24 45.96 38.88 19.45 29.00 19.35 7.39 High 30.96 49.20 30.24 16.00 15.01 9.80 13.95 4.50 2.66 Low PERFORMANCE 3 Average LEGENDS 45 12 Mos Mov Avg Technical 3 Average ....Rel Price Strength 30 8.3% Rev split 10/14 Shaded area indicates recession 22.5 SAFETY 5 Lowest

BETA 1.45 (1.00 = Market) 13 9 Financial Strength C+ 6

Price Stability 5 4 3 Price Growth Persistence 5 13200 Earnings Predictability 35 VOL. (thous.) © VALUE LINE PUBLISHING LLC 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020/2021 SALES PER SH 17.00 7.09 1.11 .30 -- .00 .45 .53 -- ‘‘CASH FLOW’’ PER SH d3.04 d7.70 d17.43 d1.22 d3.98 d4.68 d3.14 d3.45 -- EARNINGS PER SH d3.48 d8.40 d17.53 d7.82 d4.29 d5.51 d3.32 d3.57 d4.19 A,B d3.25 C/NA DIV’DS DECL’D PER SH ------CAP’L SPENDING PER SH .05 .03 -- -- .05 .03 .04 .00 -- BOOK VALUE PER SH 56.77 61.32 45.71 6.60 5.75 3.06 2.95 1.47 -- COMMON SHS OUTST’G (MILL) 1.16 1.56 1.57 14.42 17.61 23.36 27.94 32.26 -- AVG ANN’L P/E RATIO ------NMF NMF/NA RELATIVE P/E RATIO ------AVG ANN’L DIV’D YIELD ------SALES ($MILL) 19.7 11.0 1.7 4.3 -- .0 12.6 17.1 -- Bold figures OPERATING MARGIN NMF NMF NMF NMF -- NMF NMF NMF -- are consensus DEPRECIATION ($MILL) .4 .0 .1 .2 .7 2.3 1.3 1.1 -- earnings NET PROFIT ($MILL) d3.9 d12.0 d27.4 d17.8 d70.9 d111.6 d89.1 d112.4 -- estimates INCOME TAX RATE ------and, using the NET PROFIT MARGIN NMF NMF NMF NMF -- NMF NMF NMF -- recent prices, WORKING CAP’L ($MILL) 62.5 92.3 71.7 97.6 121.9 111.7 143.7 237.5 -- P/E ratios. LONG-TERM DEBT ($MILL) ------19.6 39.0 59.2 229.0 -- SHR. EQUITY ($MILL) 65.8 95.4 71.7 95.2 101.2 71.6 82.5 47.6 -- RETURN ON TOTAL CAP’L NMF NMF NMF NMF NMF NMF NMF NMF -- RETURN ON SHR. EQUITY NMF NMF NMF NMF NMF NMF NMF NMF -- RETAINED TO COM EQ NMF NMF NMF NMF NMF NMF NMF NMF -- ALL DIV’DS TO NET PROF ------ANo. of analysts changing earn. est. in last 25 days: 3 up, 1 down, consensus 5-year earnings growth not available. BBased upon 6 analysts’ estimates. CBased upon 6 analysts’ estimates. ANNUAL RATES ASSETS ($mill.) 2017 2018 9/30/19 INDUSTRY: Biotechnology of change (per share) 5 Yrs. 1 Yr. Cash Assets 151.7 250.4 225.6 Sales -47.5% 17.5% Receivables 5.0 .0 4.0 BUSINESS: Paratek Pharmaceuticals, Inc. is a biophar- ‘‘Cash Flow’’ -- -- Inventory .0 .0 8.8 maceutical company focused on the development and com- Earnings -- -- Other 3.8 4.8 6.8 Dividends -- -- mercialization of innovative therapies based upon its exper- Current Assets 160.5 255.2 245.2 Book Value -46.0% -50.0% tise in novel tetracycline chemistry. Paratek’s lead product Fiscal QUARTERLY SALES ($mill.) Full Property, Plant candidate, omadacycline, is a new tetracycline-derived, Year 1Q 2Q 3Q 4Q Year & Equip, at cost 2.9 3.0 - - broad-spectrum antibiotic being developed in both oral Accum Depreciation 1.2 1.8 - - 12/31/17 -- 7.5 -- 5.1 12.6 Net Property 1.7 1.2 1.0 tablet and intravenous formulations for use as a first-line 12/31/18 -- -- .1 17.0 17.1 Other 1.5 43.8 6.6 monotherapy antibiotic for ABSSSI, CABP, urinary tract 12/31/19 1.6 1.7 3.9 Total Assets 163.7 300.2 252.8 infections (UTI), and other serious community-acquired 12/31/20 bacterial infections, particularly when antibiotic resistance LIABILITIES ($mill.) is of concern to prescribing physicians. The company’s Fiscal EARNINGS PER SHARE Full Accts Payable 3.6 2.1 4.0 Year 1Q 2Q 3Q 4Q Year Debt Due .0 .0 .0 second FDA approved product, SEYSARA(TM) (sarecy- 12/31/16 d1.78 d1.69 d1.04 d1.16 d5.51 Other 13.2 15.6 21.0 cline), is marketed by Almirall, LLC in the US as a new 12/31/17 d1.14 d.66 d.77 d.78 d3.32 Current Liab 16.8 17.7 25.0 once-daily oral therapy for the treatment of moderate to 12/31/18 d.91 d.94 d1.01 d.71 d3.57 severe acne vulgaris. Paratek retains development and 12/31/19 d1.10 d1.02 d1.00 d1.07 commercialization rights in the rest of the world. Has 101 12/31/20 d.99 d.98 LONG-TERM DEBT AND EQUITY employees. Chairman & C.E.O.: Michael F. Bigham Ad- as of 9/30/19 Cal- QUARTERLY DIVIDENDS PAID Full dress: 75 Park Plaza, Boston, MA 02116. Tel.: (617) endar 1Q 2Q 3Q 4Q Year Total Debt $260.4 mill. Due in 5 Yrs. NA 807-6600. Internet: www.paratekpharma.com. 2016 ------LT Debt $260.4 mill. Including Cap. Leases NA 2017 ------(118% of Cap’l) J.V. 2018 ------Leases, Uncapitalized Annual rentals NA 2019 ------December 6, 2019 Pension Liability None in ’18 vs. None in ’17 INSTITUTIONAL DECISIONS TOTAL SHAREHOLDER RETURN 4Q’18 1Q’19 2Q’19 Pfd Stock None Pfd Div’d Paid None Dividends plus appreciation as of 10/31/2019 to Buy 53 41 38 Common Stock 32,901,000 shares 3 Mos. 6 Mos. 1 Yr. 3 Yrs. 5 Yrs. to Sell 56 46 42 (-18% of Cap’l) Hld’s(000) 23613 24320 23372 -4.33% -43.92% -58.52% -71.12% -80.69% © 2019 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribe call 1-800-VALUELINE of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. RECENT TRAILING RELATIVE DIV’D VALUE PLURISTEM THERA. NDQ--PSTI PRICE 3.38P/E RATIO NMF P/E RATIO NMFYLD Nil LINE 3705 RANKS 29.90 50.00 37.50 46.30 37.80 18.50 21.20 16.50 11.90 High 19.80 20.20 24.70 23.20 9.80 7.10 10.40 6.60 3.11 Low PERFORMANCE 3 Average LEGENDS 12 Mos Mov Avg 18 Technical 3 Average ....Rel Price Strength 1-for-10 Rev split 7/19 13 Below Shaded area indicates recession SAFETY 4 Average 8 BETA 1.30 (1.00 = Market) 5 4 Financial Strength B 3

Price Stability 10 2

Price Growth Persistence 5 8400 Earnings Predictability 65 VOL. (thous.) © VALUE LINE PUBLISHING LLC 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020/2021 SALES PER SH -- .15 .11 .06 .05 .35 -- .00 .00 ‘‘CASH FLOW’’ PER SH d2.48 d3.11 d3.40 d3.65 d2.87 d2.64 d2.64 d2.12 d2.21 EARNINGS PER SH d3.50 d3.42 d3.80 d4.20 d3.50 d2.90 d3.20 d2.50 d2.90 d1.70 A,B/d.70 C DIV’DS DECL’D PER SH ------CAP’L SPENDING PER SH .23 .32 .73 .23 .11 .22 .04 .03 .02 BOOK VALUE PER SH 10.23 8.13 9.71 9.06 7.38 4.75 3.12 2.51 1.45 COMMON SHS OUTST’G (MILL) 4.24 4.64 5.92 6.86 7.88 8.03 9.69 11.36 15.08 AVG ANN’L P/E RATIO ------NMF/NMF RELATIVE P/E RATIO ------AVG ANN’L DIV’D YIELD ------SALES ($MILL) -- .7 .7 .4 .4 2.8 -- .1 .1 Bold figures OPERATING MARGIN -- NMF NMF NMF NMF NMF -- NMF NMF are consensus DEPRECIATION ($MILL) .3 .4 1.0 1.9 2.1 2.0 2.2 2.0 2.0 earnings NET PROFIT ($MILL) d10.8 d14.9 d21.2 d26.9 d24.7 d23.2 d27.8 d26.1 d35.3 estimates INCOME TAX RATE ------and, using the NET PROFIT MARGIN -- NMF NMF NMF NMF NMF -- NMF NMF recent prices, WORKING CAP’L ($MILL) 41.3 32.7 49.2 54.6 50.7 29.8 23.6 23.4 18.2 P/E ratios. LONG-TERM DEBT ($MILL) ------SHR. EQUITY ($MILL) 43.4 37.7 57.5 62.1 58.1 38.2 30.3 28.5 21.8 RETURN ON TOTAL CAP’L NMF NMF NMF NMF NMF NMF NMF NMF NMF RETURN ON SHR. EQUITY NMF NMF NMF NMF NMF NMF NMF NMF NMF RETAINED TO COM EQ NMF NMF NMF NMF NMF NMF NMF NMF NMF ALL DIV’DS TO NET PROF ------ANo. of analysts changing earn. est. in last 25 days: 0 up, 0 down, consensus 5-year earnings growth not available. BBased upon 2 analysts’ estimates. CBased upon one analyst’s estimate. ANNUAL RATES ASSETS ($mill.) 2018 2019 9/30/19 INDUSTRY: Biotechnology of change (per share) 5 Yrs. 1 Yr. Cash Assets 30.6 24.4 19.1 Sales -52.5% -18.5% Receivables .7 1.2 .0 BUSINESS: Pluristem Therapeutics, Inc. is a leading ‘‘Cash Flow’’ -- -- Inventory .0 .0 .0 regenerative medicine company developing novel placenta- Earnings -- -- Other .7 .8 2.4 Dividends -- -- based cell therapy products. The company has reported Current Assets 32.0 26.4 21.5 Book Value -23.5% -42.5% robust clinical trial data in multiple indications for its Fiscal QUARTERLY SALES ($mill.) Full Property, Plant patented PLX cell product and is currently conducting late Year 1Q 2Q 3Q 4Q Year & Equip, at cost 16.9 17.0 - - stage clinical trials in several indications. PLX cell products Accum Depreciation 11.2 13.2 - - 06/30/17 ------Net Property 5.7 3.8 3.4 release a range of therapeutic proteins in response to 06/30/18 -- .1 -- -- .1 Other 1.3 1.1 2.7 inflammation, ischemia, muscle trauma, hematological dis- 06/30/19 -- .1 -- -- .1 Total Assets 39.0 31.3 27.6 orders and radiation damage. The cells are grown using its 06/30/20 -- proprietary three-dimensional expansion technology and LIABILITIES ($mill.) can be administered to patients off-the-shelf, without tissue Fiscal EARNINGS PER SHARE Full Accts Payable 3.7 2.7 4.5 Year 1Q 2Q 3Q 4Q Year Debt Due .0 .0 .0 matching. Pluristem has a strong intellectual property posi- 06/30/16 d.70 d.50 d.90 d.80 d2.90 Other 4.8 5.5 3.3 tion; a company-owned and operated GMP-certified manu- 06/30/17 d.80 d.80 d.90 d.70 d3.20 Current Liab 8.5 8.2 7.8 facturing and research facility; strategic relationships with 06/30/18 d.80 d.80 d.10 d.80 d2.50 major research institutions; and a seasoned management 06/30/19 d.80 d.70 d.90 d.50 d2.90 team. Has 172 employees. C.E.O.: Yaky Yanay Address: 06/30/20 d.46 d.47 d.25 d.28 LONG-TERM DEBT AND EQUITY MATAM Advanced Technology Park Building No.5, Haifa as of 9/30/19 Cal- QUARTERLY DIVIDENDS PAID Full 3508409 IL. Tel.: (972) 74 71086. Internet: www.pluristem- endar 1Q 2Q 3Q 4Q Year Total Debt None Due in 5 Yrs. None .com. 2016 ------LT Debt None Including Cap. Leases None 2017 ------Leases, Uncapitalized Annual rentals NA J.V. 2018 ------2019 ------Pension Liability None in ’19 vs. None in ’18 December 6, 2019

INSTITUTIONAL DECISIONS Pfd Stock None Pfd Div’d Paid None TOTAL SHAREHOLDER RETURN 4Q’18 1Q’19 2Q’19 Dividends plus appreciation as of 10/31/2019 to Buy 11 17 11 Common Stock 15,620,000 shares (100% of Cap’l) 3 Mos. 6 Mos. 1 Yr. 3 Yrs. 5 Yrs. to Sell 17 9 16 Hld’s(000) 629 872 1467 -37.64% -46.29% -70.79% -78.52% -88.63% © 2019 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribe call 1-800-VALUELINE of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. RECENT TRAILING RELATIVE DIV’D VALUE PROGENICS PHARM. NDQ--PGNX PRICE 5.41P/E RATIO NMF P/E RATIO NMFYLD Nil LINE 3706 RANKS 9.19 11.34 6.47 7.62 11.15 9.77 11.72 9.42 6.22 High 4.50 1.41 2.53 3.10 4.86 3.61 4.60 3.62 3.42 Low

PERFORMANCE ★ Suspended LEGENDS 12 Mos Mov Avg Technical ★ Suspended ....Rel Price Strength 8 Shaded area indicates recession Below SAFETY 4 Average 5 4 BETA 1.75 (1.00 = Market) 3 2 Financial Strength B

Price Stability 5 1

Price Growth Persistence 20 -32736 Earnings Predictability 15 VOL. (thous.) © VALUE LINE PUBLISHING LLC 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020/2021 SALES PER SH 2.51 .30 .13 .64 .12 .99 .16 .18 -- ‘‘CASH FLOW’’ PER SH .37 d.73 d.68 .07 d.55 .18 d.70 d.78 -- EARNINGS PER SH .31 d1.02 d.76 .06 d.56 .15 d.73 d.87 d1.00 A,B d.85 C/NA DIV’DS DECL’D PER SH ------CAP’L SPENDING PER SH .01 .02 .00 .01 .01 .06 .00 .01 -- BOOK VALUE PER SH 2.13 1.43 1.30 1.79 1.29 1.49 .89 1.20 -- COMMON SHS OUTST’G (MILL) 33.75 46.54 60.83 69.63 69.95 70.19 71.45 84.54 -- AVG ANN’L P/E RATIO 21.3 -- -- 83.7 -- 37.9 -- -- NMF NMF/NA RELATIVE P/E RATIO 1.33 -- -- 4.42 -- 2.07 ------AVG ANN’L DIV’D YIELD ------SALES ($MILL) 84.8 14.0 7.9 44.4 8.7 69.4 11.7 15.6 -- Bold figures OPERATING MARGIN 14.6% NMF NMF 1.9% NMF 15.2% NMF NMF -- are consensus DEPRECIATION ($MILL) 2.1 1.3 .9 .5 .6 2.1 1.1 1.5 -- earnings NET PROFIT ($MILL) 10.4 d35.4 d42.6 4.4 d39.1 10.8 d51.0 d67.7 -- estimates INCOME TAX RATE ------14.7% ------and, using the NET PROFIT MARGIN 12.2% NMF NMF 9.9% NMF 15.6% NMF NMF -- recent prices, WORKING CAP’L ($MILL) 65.8 58.8 64.1 115.2 73.6 131.7 81.5 120.6 -- P/E ratios. LONG-TERM DEBT ($MILL) ------49.5 47.2 39.2 -- SHR. EQUITY ($MILL) 71.8 66.6 79.0 124.9 90.5 104.8 63.5 101.1 -- RETURN ON TOTAL CAP’L 14.5% NMF NMF 3.5% NMF 7.2% NMF NMF -- RETURN ON SHR. EQUITY 14.5% NMF NMF 3.5% NMF 10.3% NMF NMF -- RETAINED TO COM EQ 14.5% NMF NMF 3.5% NMF 10.3% NMF NMF -- ALL DIV’DS TO NET PROF ------ANo. of analysts changing earn. est. in last 25 days: 0 up, 0 down, consensus 5-year earnings growth not available. BBased upon one analyst’s estimate. CBased upon one analyst’s estimate. ANNUAL RATES ASSETS ($mill.) 2017 2018 9/30/19 INDUSTRY: Biotechnology of change (per share) 5 Yrs. 1 Yr. Cash Assets 90.6 137.7 64.5 Sales -14.5% 13.0% Receivables 4.0 3.8 6.2 BUSINESS: In October 2019, Progenics Pharmaceuticals, ‘‘Cash Flow’’ -- -- Inventory .0 .0 .0 Inc. and Lantheus Holdings, Inc. announced a definitive Earnings -- -- Other 2.3 2.6 5.1 Dividends -- -- agreement for Lantheus to acquire Progenics in an all-stock Current Assets 96.9 144.1 75.8 Book Value -6.0% 34.5% transaction. Lantheus will acquire all of the issued and Fiscal QUARTERLY SALES ($mill.) Full Property, Plant outstanding common shares of Progenics stock at a fixed Year 1Q 2Q 3Q 4Q Year & Equip, at cost 5.8 6.6 - - exchange ratio. Progenics shareholders will receive 0.2502 Accum Depreciation 1.7 2.7 - - 12/31/17 2.3 2.8 2.7 3.9 11.7 Net Property 4.1 3.9 9.3 shares of Lantheus Holdings stock for each share of 12/31/18 3.2 3.9 5.3 3.2 15.6 Other 45.0 21.5 45.0 Progenics stock. Due to this news, the company’s ranks 12/31/19 4.3 10.0 5.6 Total Assets 146.0 169.5 130.1 were suspended. Progenics Pharmaceuticals, Inc. develops 12/31/20 medicines for oncology in the United States and interna- LIABILITIES ($mill.) tionally. Its clinical-stage product candidates include: pros- Fiscal EARNINGS PER SHARE Full Accts Payable 3.4 .4 .7 Year 1Q 2Q 3Q 4Q Year Debt Due 2.4 5.4 6.4 tate specific membrane antigen (PSMA) antibody-drug 12/31/16 d.19 d.08 .52 d.10 .15 Other 9.6 17.6 13.0 conjugate, which has completed Phase II testing in 12/31/17 d.23 d.24 d.22 d.04 d.73 Current Liab 15.4 23.4 20.1 chemotherapy-experienced patients and is an ongoing sec- 12/31/18 d.19 d.21 d.30 d.17 d.87 ond cohort in chemotherapy-naive patients for the treatment 12/31/19 d.22 d.23 d.22 d.16 of prostate cancer; 1404, a radio-labeled small molecule that 12/31/20 LONG-TERM DEBT AND EQUITY has completed Phase II testing, and acts as an imaging agent as of 9/30/19 Cal- QUARTERLY DIVIDENDS PAID Full to diagnose and detect prostate cancer. Has 79 employees. endar 1Q 2Q 3Q 4Q Year Total Debt $40.9 mill. Due in 5 Yrs. NA C.E.O.: Mark R. Baker Address: One World Trade Center 2016 ------LT Debt $34.5 mill. 47th Floor, New York, NY 10007. Tel.: (646) 975-2500. Including Cap. Leases NA 2017 ------(38% of Cap’l) Internet: www.progenics.com. N.A. 2018 ------Leases, Uncapitalized Annual rentals NA 2019 ------December 6, 2019 Pension Liability None in ’18 vs. None in ’17 INSTITUTIONAL DECISIONS TOTAL SHAREHOLDER RETURN 4Q’18 1Q’19 2Q’19 Pfd Stock None Pfd Div’d Paid None Dividends plus appreciation as of 10/31/2019 to Buy 75 79 65 Common Stock 86,621,000 shares 3 Mos. 6 Mos. 1 Yr. 3 Yrs. 5 Yrs. to Sell 72 55 63 (62% of Cap’l) Hld’s(000) 74048 68452 68124 -1.30% 3.31% 5.99% 5.57% 9.94% © 2019 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribe call 1-800-VALUELINE of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. RECENT TRAILING RELATIVE DIV’D VALUE PROTALIX BIOTHERA AMEX--PLX PRICE 0.25P/E RATIO NMF P/E RATIO NMFYLD Nil LINE 3707 RANKS 10.60 7.70 6.73 5.30 2.40 1.02 1.52 0.83 0.60 High 4.06 4.71 3.70 1.71 0.74 0.26 0.38 0.27 0.17 Low PERFORMANCE 3 Average LEGENDS 12 Mos Mov Avg Technical 3 Average ....Rel Price Strength 8 Shaded area indicates recession SAFETY 5 Lowest 5 4 BETA 1.25 (1.00 = Market) 3 2 Financial Strength C+

Price Stability 5 1

Price Growth Persistence 5 27900 Earnings Predictability 35 VOL. (thous.) © VALUE LINE PUBLISHING LLC 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020/2021 SALES PER SH .10 .37 .12 .16 .04 .07 .13 .23 -- ‘‘CASH FLOW’’ PER SH d.38 d.09 d.26 d.29 d.25 d.22 d.58 d.17 -- EARNINGS PER SH d.43 d.13 d.30 d.32 d.29 d.29 d.65 d.18 d.14 A,B d.09 C/NA DIV’DS DECL’D PER SH ------CAP’L SPENDING PER SH .07 .02 .02 .01 .00 .01 .01 .00 -- BOOK VALUE PER SH d.30 d.04 d.29 d.60 .11 d.08 d.22 d.36 -- COMMON SHS OUTST’G (MILL) 85.63 93.49 92.58 93.22 99.80 124.13 143.73 148.38 -- AVG ANN’L P/E RATIO ------NMF NMF/NA RELATIVE P/E RATIO ------AVG ANN’L DIV’D YIELD ------SALES ($MILL) 8.8 34.9 11.5 15.2 4.4 9.2 19.2 34.2 -- Bold figures OPERATING MARGIN NMF NMF NMF NMF NMF NMF NMF NMF -- are consensus DEPRECIATION ($MILL) 3.6 3.1 3.5 3.1 2.4 2.0 1.9 1.7 -- earnings NET PROFIT ($MILL) d36.5 d11.6 d27.8 d29.9 d27.3 d29.2 d85.3 d26.5 -- estimates INCOME TAX RATE ------and, using the NET PROFIT MARGIN NMF NMF NMF NMF NMF NMF NMF NMF -- recent prices, WORKING CAP’L ($MILL) 13.8 35.4 71.2 39.3 74.7 5.7 39.9 27.6 -- P/E ratios. LONG-TERM DEBT ($MILL) 6.6 5.4 67.0 67.5 72.1 23.6 51.3 48.0 -- SHR. EQUITY ($MILL) d26.1 d3.4 d26.9 d55.6 10.9 d10.0 d31.3 d52.9 -- RETURN ON TOTAL CAP’L -- NMF NMF NMF NMF NMF NMF -- -- RETURN ON SHR. EQUITY ------NMF ------RETAINED TO COM EQ ------NMF ------ALL DIV’DS TO NET PROF ------ANo. of analysts changing earn. est. in last 25 days: 0 up, 0 down, consensus 5-year earnings growth not available. BBased upon 2 analysts’ estimates. CBased upon 2 analysts’ estimates. ANNUAL RATES ASSETS ($mill.) 2017 2018 9/30/19 INDUSTRY: Biotechnology of change (per share) 5 Yrs. 1 Yr. Cash Assets 51.2 37.8 21.4 Sales -6.0% 72.5% Receivables 1.7 4.7 8.7 BUSINESS: Protalix BioTherapeutics, Inc., a biopharma- ‘‘Cash Flow’’ -- -- Inventory 7.8 8.6 7.5 ceutical company, focuses on the development and commer- Earnings -- -- Other 2.0 1.9 2.8 Dividends -- -- cialization of recombinant therapeutic proteins based on its Current Assets 62.7 53.0 40.4 Book Value -- -- proprietary ProCellEx protein expression system. The com- Fiscal QUARTERLY SALES ($mill.) Full Property, Plant pany offers taliglucerase alfa for injection, which is mar- Year 1Q 2Q 3Q 4Q Year & Equip, at cost 35.1 35.5 - - keted under the ELELYSO brand name, as an enzyme Accum Depreciation 27.4 29.1 - - 12/31/17 2.9 6.3 7.5 2.5 19.2 Net Property 7.7 6.4 5.6 replacement therapy for the long-term treatment of adult 12/31/18 6.7 4.8 12.3 10.4 34.2 Other 1.8 1.7 7.7 patients with a confirmed diagnosis of Type I Gaucher 12/31/19 3.5 3.4 5.1 Total Assets 72.2 61.1 53.7 disease. Its product pipeline includes PRX-102, a therapeu- 12/31/20 tic protein candidate for the treatment of Fabry disease; LIABILITIES ($mill.) PRX-112, an orally administered glucocerebrosidase en- Fiscal EARNINGS PER SHARE Full Accts Payable 7.5 5.2 20.5 Year 1Q 2Q 3Q 4Q Year Debt Due 5.9 .0 .0 zyme for the treatment of Gaucher patients utilizing oral 12/31/16 d.09 d.11 d.07 d.02 d.29 Other 9.4 20.2 12.8 delivery of the recombinant glucocerebrosidase enzyme 12/31/17 d.48 -- d.09 d.10 d.65 Current Liab 22.8 25.4 33.3 produced and encapsulated within carrot cells; and PRX- 12/31/18 d.04 d.06 d.04 d.04 d.18 106, an oral antiTNF, a plant cell expressed recombinant 12/31/19 d.05 d.05 d.02 d.03 fusion protein combined of the binding domain of the 12/31/20 .00 .02 LONG-TERM DEBT AND EQUITY human TNF receptor and an antibody portion. Protalix as of 9/30/19 Cal- QUARTERLY DIVIDENDS PAID Full BioTherapeutics, Inc. was founded in 1993. Has 184 em- endar 1Q 2Q 3Q 4Q Year Total Debt $50.2 mill. Due in 5 Yrs. NA ployees. C.E.O. & President: Moshe Manor Address: 2 2016 ------LT Debt $50.2 mill. Snunit St., Science Park POB 455, Carmiel 20100 IL. Tel.: Including Cap. Leases NA 2017 ------NMF% of Cap’l 972-4-988-9488. Internet: www.protalix.com. N.A. 2018 ------Leases, Uncapitalized Annual rentals NA 2019 ------December 6, 2019 Pension Liability None in ’18 vs. None in ’17 INSTITUTIONAL DECISIONS TOTAL SHAREHOLDER RETURN 4Q’18 1Q’19 2Q’19 Pfd Stock None Pfd Div’d Paid None Dividends plus appreciation as of 10/31/2019 to Buy 9 10 13 Common Stock 148,382,299 shares 3 Mos. 6 Mos. 1 Yr. 3 Yrs. 5 Yrs. to Sell 14 10 12 NMF% of Cap’l Hld’s(000) 11187 9525 12389 -40.54% -50.00% -55.10% -53.19% -90.00% © 2019 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribe call 1-800-VALUELINE of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. RECENT TRAILING RELATIVE DIV’D VALUE PUMA BIOTECHNOLOGY NDQ--PBYI PRICE 9.62P/E RATIO NMF P/E RATIO NMFYLD Nil LINE 3708 RANKS 23.25 112.46 279.37 252.92 77.99 136.90 101.50 43.90 High 9.95 18.47 53.63 56.11 19.74 28.35 17.60 6.26 Low Below PERFORMANCE 4 Average LEGENDS 180 12 Mos Mov Avg Technical 5 Lowest ....Rel Price Strength Shaded area indicates recession Below 90 SAFETY 4 Average

BETA 1.20 (1.00 = Market) 45

27 Financial Strength B 18 Price Stability 5

Price Growth Persistence 10 9 29000 Earnings Predictability 40 VOL. (thous.) © VALUE LINE PUBLISHING LLC 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020/2021 REVENUES PER SH ------.74 6.55 -- ‘‘CASH FLOW’’ PER SH -- d2.58 d1.87 d4.63 d7.35 d7.46 d7.69 d2.77 -- EARNINGS PER SH -- d3.42 d1.90 d4.73 d7.45 d8.29 d7.85 d2.99 d2.15 A,B d1.54 C/NA DIV’DS DECL’D PER SH ------CAP’L SPENDING PER SH -- .02 .02 .04 .04 .20 .01 .02 -- BOOK VALUE PER SH -- 4.50 2.90 3.83 6.35 5.70 1.42 .90 -- COMMON SHS OUTST’G (MILL) -- 28.68 28.99 30.55 32.47 36.83 37.60 38.33 -- AVG ANN’L P/E RATIO ------NMF NMF/NA RELATIVE P/E RATIO ------AVG ANN’L DIV’D YIELD ------REVENUES ($MILL) ------27.7 251.0 -- Bold figures OPERATING MARGIN ------NMF NMF -- are consensus DEPRECIATION ($MILL) -- .3 .4 .6 .8 1.1 2.8 7.4 -- earnings NET PROFIT ($MILL) -- d74.4 d54.7 d142.0 d239.3 d276.0 d292.0 d113.6 -- estimates INCOME TAX RATE ------and, using the NET PROFIT MARGIN ------NMF NMF -- recent prices, WORKING CAP’L ($MILL) -- 127.3 77.1 105.0 191.2 199.0 48.1 135.9 -- P/E ratios. LONG-TERM DEBT ($MILL) ------48.5 151.9 -- SHR. EQUITY ($MILL) -- 128.9 84.0 117.0 206.0 209.8 53.3 34.3 -- RETURN ON TOTAL CAP’L -- NMF NMF NMF NMF NMF NMF NMF -- RETURN ON SHR. EQUITY -- NMF NMF NMF NMF NMF NMF NMF -- RETAINED TO COM EQ -- NMF NMF NMF NMF NMF NMF NMF -- ALL DIV’DS TO NET PROF ------ANo. of analysts changing earn. est. in last 25 days: 2 up, 0 down, consensus 5-year earnings growth not available. BBased upon 3 analysts’ estimates. CBased upon 2 analysts’ estimates. ANNUAL RATES ASSETS ($mill.) 2017 2018 9/30/19 INDUSTRY: Biotechnology of change (per share) 5 Yrs. 1 Yr. Cash Assets 81.7 165.4 110.4 Sales -- 789.5% Receivables 9.7 20.8 27.2 BUSINESS: Puma Biotechnology, Inc. develops and com- ‘‘Cash Flow’’ -- -- Inventory 2.0 2.6 3.1 mercializes products to improve cancer care. Its drug Earnings -- -- Other 13.0 14.2 10.4 Dividends -- -- candidates include: PB272 for the treatment of early stage Current Assets 106.4 203.0 151.1 Book Value -6.5% -37.0% breast cancer, metastatic breast cancer, non-small cell lung Fiscal QUARTERLY SALES ($mill.) Full Property, Plant cancer, HER2 mutation-positive solid tumors, and HER2- Year 1Q 2Q 3Q 4Q Year & Equip, at cost 8.5 9.1 - - mutated non-amplified breast cancer; and PB272. The Accum Depreciation 4.0 5.1 - - 12/31/17 -- -- 6.1 21.6 27.7 Net Property 4.5 4.0 23.4 company also develops PB357, an orally administered agent 12/31/18 66.5 50.8 62.6 71.1 251.0 Other 54.6 52.1 57.5 that is an irreversible tyrosine kinase inhibitor that blocks 12/31/19 45.6 53.9 56.4 Total Assets 165.5 259.1 232.0 signal transduction through the epidermal growth factor 12/31/20 receptors, HER1, HER2, and HER4. It has a license LIABILITIES ($mill.) agreement with Pfizer for the development and commercial- Fiscal EARNINGS PER SHARE Full Accts Payable 27.7 20.7 9.1 Year 1Q 2Q 3Q 4Q Year Debt Due .0 .0 .0 ization of PB272 neratinib (oral), PB272 neratinib, PB357, 12/31/16 d2.19 d2.05 d2.02 d2.03 d8.29 Other 30.6 46.4 79.2 and certain related compounds. In November 2019, the 12/31/17 d1.97 d2.10 d2.07 d1.71 d7.85 Current Liab 58.3 67.1 88.3 company received approval from the Department of Health 12/31/18 d.65 d1.17 d.37 d.80 d2.99 in Hong Kong to market NERLYNX(R) for the extended 12/31/19 d.26 d.97 d.44 d.51 adjuvant treatment of adult patients with early stage hor- 12/31/20 LONG-TERM DEBT AND EQUITY mone receptor positive HER2-overexpressed/amplified as of 9/30/19 Cal- QUARTERLY DIVIDENDS PAID Full breast cancer. Has 272 employees. Chairman, C.E.O. & endar 1Q 2Q 3Q 4Q Year Total Debt $94.2 mill. Due in 5 Yrs. NA President: Alan H. Auebach Address: 10880 Wilshire Blvd. 2016 ------LT Debt $94.2 mill. Suite 2150, Los Angeles, CA 90024. Tel.: (424) 248-6500. Including Cap. Leases NA 2017 ------(85% of Cap’l) Internet: www.pumabiotechnology.com. N.A. 2018 ------Leases, Uncapitalized Annual rentals NA 2019 ------December 6, 2019 Pension Liability None in ’18 vs. None in ’17 INSTITUTIONAL DECISIONS TOTAL SHAREHOLDER RETURN 4Q’18 1Q’19 2Q’19 Pfd Stock None Pfd Div’d Paid None Dividends plus appreciation as of 10/31/2019 to Buy 74 92 84 Common Stock 38,943,774 shares 3 Mos. 6 Mos. 1 Yr. 3 Yrs. 5 Yrs. to Sell 90 67 71 (15% of Cap’l) Hld’s(000) 34690 33235 34468 -29.53% -78.83% -81.65% -82.25% -97.29% © 2019 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribe call 1-800-VALUELINE of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. RECENT TRAILING RELATIVE DIV’D VALUE REGENXBIO, INC. NDQ--RGNX PRICE 41.46P/E RATIO NMF P/E RATIO NMFYLD Nil LINE 3709 RANKS 32.00 24.55 36.10 85.10 63.21 High 13.77 7.07 16.30 23.25 30.40 Low PERFORMANCE 5 Lowest LEGENDS 12 Mos Mov Avg Technical 5 Lowest ....Rel Price Strength Shaded area indicates recession Below 50 SAFETY 4 Average

BETA 1.55 (1.00 = Market) 25

15 Financial Strength B+ 10 Price Stability 5

Price Growth Persistence NMF 5 11700 Earnings Predictability NMF VOL. (thous.) © VALUE LINE PUBLISHING LLC 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020/2021 SALES PER SH ------.29 .17 .33 6.05 -- ‘‘CASH FLOW’’ PER SH ------d.85 d2.28 d2.25 2.88 -- EARNINGS PER SH ------d2.59 d2.38 d2.45 2.73 d2.80 A,B d.91 C/NA DIV’DS DECL’D PER SH ------CAP’L SPENDING PER SH ------.02 .31 .23 .37 -- BOOK VALUE PER SH ------8.24 6.11 5.85 14.09 -- COMMON SHS OUTST’G (MILL) ------26.31 26.48 31.30 36.12 -- AVG ANN’L P/E RATIO ------18.9 NMF NMF/NA RELATIVE P/E RATIO ------1.07 -- AVG ANN’L DIV’D YIELD ------SALES ($MILL) ------6.1 7.6 4.6 10.4 218.5 -- Bold figures OPERATING MARGIN ------NMF NMF NMF NMF 42.1% -- are consensus DEPRECIATION ($MILL) ------.4 2.5 2.7 4.0 -- earnings NET PROFIT ($MILL) ------d4.0 d22.8 d63.0 d73.2 99.9 -- estimates INCOME TAX RATE ------4.0% -- and, using the NET PROFIT MARGIN ------NMF NMF NMF NMF 45.7% -- recent prices, WORKING CAP’L ($MILL) ------d6.2 113.9 83.7 153.6 315.7 -- P/E ratios. LONG-TERM DEBT ($MILL) ------5.9 -- SHR. EQUITY ($MILL) ------d5.7 216.8 161.7 183.0 508.8 -- RETURN ON TOTAL CAP’L ------NMF NMF NMF 19.4% -- RETURN ON SHR. EQUITY ------NMF NMF NMF 19.6% -- RETAINED TO COM EQ ------NMF NMF NMF 19.6% -- ALL DIV’DS TO NET PROF ------ANo. of analysts changing earn. est. in last 25 days: 1 up, 2 down, consensus 5-year earnings growth not available. BBased upon 3 analysts’ estimates. CBased upon 3 analysts’ estimates. ANNUAL RATES ASSETS ($mill.) 2017 2018 9/30/19 INDUSTRY: Biotechnology of change (per share) 5 Yrs. 1 Yr. Cash Assets 160.8 319.8 331.7 Sales -- NMF Receivables .5 8.6 19.2 BUSINESS: REGENXBIO, Inc., a clinical-stage biotech- ‘‘Cash Flow’’ -- -- Inventory .0 .0 .0 nology company, provides gene therapy product candidates Earnings -- -- Other 6.7 9.5 9.3 Dividends -- -- to deliver genes to cells to address genetic defects or to Current Assets 168.0 337.9 360.2 Book Value -- 141.0% enable cells in the body to produce therapeutic proteins that Fiscal QUARTERLY SALES ($mill.) Full Property, Plant are intended to impact disease. Its gene therapy product Year 1Q 2Q 3Q 4Q Year & Equip, at cost 17.3 35.9 - - candidates are based on NAV Technology Platform, a Accum Depreciation 3.3 7.2 - - 12/31/17 .5 6.6 1.3 2.0 10.4 Net Property 14.0 28.7 28.3 proprietary adeno-associated virus (AAV) gene delivery 12/31/18 132.4 40.0 5.3 40.8 218.5 Other 16.7 177.2 120.7 platform. The company’s lead product candidate is RGX- 12/31/19 .9 7.9 14.7 Total Assets 198.7 543.8 509.2 314 for the treatment of wet age-related macular degenera- 12/31/20 tion. It is also developing RGX-501 for the treatment of LIABILITIES ($mill.) homozygous familial hypercholesterolemia, which uses the Fiscal EARNINGS PER SHARE Full Accts Payable 4.8 4.4 9.6 Year 1Q 2Q 3Q 4Q Year Debt Due .0 .0 .0 AAV8 vector to deliver the human low-density lipoprotein 12/31/16 d.41 d.55 d.69 d.73 d2.38 Other 9.6 17.8 21.7 receptor gene to liver cells; and RGX-111 to treat the 12/31/17 d.82 d.47 d.67 d.51 d2.45 Current Liab 14.4 22.2 31.3 neurological symptoms of Mucopolysaccharidosis Type I 12/31/18 3.04 .30 d.56 .11 2.73 that uses the AAV9 vector to deliver the human a-l- 12/31/19 d.89 d.04 d.94 d.40 iduronidase gene to the central nervous system (CNS). 12/31/20 d.83 d.77 LONG-TERM DEBT AND EQUITY REGENXBIO, Inc. was founded in 2008 and is headquar- as of 9/30/19 Cal- QUARTERLY DIVIDENDS PAID Full tered in Rockville, Maryland. Has 192 employees. C.E.O. & endar 1Q 2Q 3Q 4Q Year Total Debt None Due in 5 Yrs. None President: Kenneth T. MIlls Address: 9600 Blackwell Road 2016 ------LT Debt None Suite 210, Rockville, MD 20850. Tel.: (240) 552-8181. Including Cap. Leases None 2017 ------Leases, Uncapitalized Annual rentals NA Internet: www.regenxbio.com. N.A. 2018 ------2019 ------Pension Liability None in ’18 vs. None in ’17 December 6, 2019

INSTITUTIONAL DECISIONS Pfd Stock None Pfd Div’d Paid None TOTAL SHAREHOLDER RETURN 4Q’18 1Q’19 2Q’19 Dividends plus appreciation as of 10/31/2019 to Buy 111 134 88 Common Stock 36,840,000 shares (100% of Cap’l) 3 Mos. 6 Mos. 1 Yr. 3 Yrs. 5 Yrs. to Sell 91 65 102 Hld’s(000) 29736 29915 29653 -19.64% -29.19% -46.47% 126.60% -- © 2019 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribe call 1-800-VALUELINE of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. RECENT TRAILING RELATIVE DIV’D VALUE REPLIGEN CORP NDQ--RGEN PRICE 87.25P/E RATIO NMF P/E RATIO NMFYLD Nil LINE 3710 RANKS 5.36 7.29 14.05 26.75 42.48 34.06 46.81 70.50 99.25 High 2.90 3.40 5.73 11.70 19.53 20.07 28.47 29.56 49.07 Low PERFORMANCE 3 Average LEGENDS Above 12 Mos Mov Avg Technical 2 Average ....Rel Price Strength Shaded area indicates recession 50 SAFETY 3 Average

BETA 1.15 (1.00 = Market) 25

15 Financial Strength B+ 10 Price Stability 20

Price Growth Persistence 90 5 10000 Earnings Predictability 40 VOL. (thous.) © VALUE LINE PUBLISHING LLC 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020/2021 SALES PER SH .76 2.00 2.14 1.94 2.54 3.09 3.24 4.42 -- ‘‘CASH FLOW’’ PER SH d.01 .57 .60 .41 .50 .57 .89 .74 -- EARNINGS PER SH d.05 .45 .50 .29 .36 .40 .72 .37 1.03 A,B 1.10 C/NA DIV’DS DECL’D PER SH ------CAP’L SPENDING PER SH .02 .04 .15 .17 .08 .13 .13 .24 -- BOOK VALUE PER SH 2.15 2.70 3.25 3.41 3.73 4.99 13.57 14.02 -- COMMON SHS OUTST’G (MILL) 30.71 31.20 31.93 32.77 32.95 33.84 43.59 43.92 -- AVG ANN’L P/E RATIO -- 11.1 18.7 65.4 88.3 69.3 50.9 NMF 84.7 79.3/NA RELATIVE P/E RATIO -- .71 1.05 3.45 4.55 3.78 2.55 NMF -- AVG ANN’L DIV’D YIELD ------SALES ($MILL) 23.5 62.3 68.2 63.5 83.5 104.5 141.2 194.0 -- Bold figures OPERATING MARGIN NMF 23.9% 38.3% 26.4% 26.9% 23.5% 17.4% 21.5% -- are consensus DEPRECIATION ($MILL) 1.3 3.5 3.1 4.0 4.6 5.3 10.5 15.8 -- earnings NET PROFIT ($MILL) d1.6 14.2 16.1 9.5 12.0 13.8 28.4 16.6 -- estimates INCOME TAX RATE -- -- 30.2% 28.0% 31.5% 7.7% -- 22.5% -- and, using the NET PROFIT MARGIN NMF 22.7% 23.6% 15.0% 14.4% 13.2% 20.1% 8.6% -- recent prices, WORKING CAP’L ($MILL) 39.4 55.4 75.1 70.3 84.5 163.1 217.6 145.9 -- P/E ratios. LONG-TERM DEBT ($MILL) ------95.3 99.3 -- -- SHR. EQUITY ($MILL) 66.0 84.1 103.9 111.7 122.7 168.8 591.5 615.6 -- RETURN ON TOTAL CAP’L NMF 16.9% 15.5% 8.5% 9.8% 5.9% 4.6% 2.7% -- RETURN ON SHR. EQUITY NMF 16.8% 15.5% 8.5% 9.8% 8.2% 4.8% 2.7% -- RETAINED TO COM EQ NMF 16.8% 15.5% 8.5% 9.8% 8.2% 4.8% 2.7% -- ALL DIV’DS TO NET PROF ------ANo. of analysts changing earn. est. in last 25 days: 1 up, 4 down, consensus 5-year earnings growth 19.8% per year. BBased upon 7 analysts’ estimates. CBased upon 7 analysts’ estimates. ANNUAL RATES ASSETS ($mill.) 2017 2018 9/30/19 INDUSTRY: Biotechnology of change (per share) 5 Yrs. 1 Yr. Cash Assets 173.8 193.8 513.5 Sales 17.0% 36.5% Receivables 27.7 33.0 42.0 BUSINESS: Repligen Corp., a life sciences company, ‘‘Cash Flow’’ 13.5% -17.5% Inventory 39.0 42.3 51.6 develops, manufactures, and markets consumable biopro- Earnings 10.5% -48.5% Other 2.3 6.6 14.4 Dividends -- -- cessing products for use in the production of monoclonal Current Assets 242.8 275.7 621.5 Book Value 32.0% 3.5% antibodies and other biologic drugs. The company manu- Fiscal QUARTERLY SALES ($mill.) Full Property, Plant factures various forms of Protein A, a critical reagent used Year 1Q 2Q 3Q 4Q Year & Equip, at cost 46.2 60.5 - - in biomanufacturing to separate and purify monoclonal Accum Depreciation 23.8 28.3 - - 12/31/17 30.6 32.4 36.6 41.6 141.2 Net Property 22.4 32.2 43.0 antibodies. It also supplies various growth factor and cell 12/31/18 44.8 47.7 49.5 52.0 194.0 Other 478.3 466.7 714.2 filtration products, which are used to increase cell growth 12/31/19 60.6 70.7 69.4 Total Assets 743.5 774.6 1378.7 and productivity during the fermentation step of biomanu- 12/31/20 facturing, and chromatography products for purification of LIABILITIES ($mill.) biologic products. In addition, the company offers chroma- Fiscal EARNINGS PER SHARE Full Accts Payable 7.3 10.5 10.0 Year 1Q 2Q 3Q 4Q Year Debt Due .0 103.5 .0 tography products, such as OPUS pre-packed columns for 12/31/16 .05 .11 .03 .21 .40 Other 17.9 15.8 28.8 biologics purification, as well as proprietary Protein A 12/31/17 .09 .25 .11 .27 .72 Current Liab 25.2 129.8 38.8 media and quality control test kits. Further, it has a portfolio 12/31/18 .08 .06 .11 .12 .37 of therapeutic product candidates, which include histone 12/31/19 .17 .17 .03 .18 deacetylase inhibitor to treat Friedreich’s ataxia disease; and 12/31/20 .28 .30 LONG-TERM DEBT AND EQUITY RG1068, a synthetic human hormone developed as a novel as of 9/30/19 Cal- QUARTERLY DIVIDENDS PAID Full imaging agent. Has 548 employees. Chairman, C.E.O. & endar 1Q 2Q 3Q 4Q Year Total Debt $230.2 mill. Due in 5 Yrs. NA President: Tony J. Hunt Address: 41 Seyon Street Bldg. 1, 2016 ------LT Debt $230.2 mill. Suite 100, Waltham, MA 02453. Tel.: (781) 250-0111. Including Cap. Leases NA 2017 ------(18% of Cap’l) Internet: www.repligen.com. N.A. 2018 ------Leases, Uncapitalized Annual rentals NA 2019 ------December 6, 2019 Pension Liability None in ’18 vs. None in ’17 INSTITUTIONAL DECISIONS TOTAL SHAREHOLDER RETURN 4Q’18 1Q’19 2Q’19 Pfd Stock None Pfd Div’d Paid None Dividends plus appreciation as of 10/31/2019 to Buy 143 136 148 Common Stock 52,052,581 shares 3 Mos. 6 Mos. 1 Yr. 3 Yrs. 5 Yrs. to Sell 87 112 107 (82% of Cap’l) Hld’s(000) 39754 40099 46057 -15.79% 17.97% 46.61% 178.23% 215.19% © 2019 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribe call 1-800-VALUELINE of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. RECENT TRAILING RELATIVE DIV’D VALUE ROCKET PHARMA. NDQ--RCKT PRICE 17.71P/E RATIO NMF P/E RATIO NMFYLD Nil LINE 3711 RANKS 77.80 47.55 15.20 25.96 20.79 High 18.72 23.24 3.40 9.64 10.76 Low Below PERFORMANCE 4 Average LEGENDS 45 12 Mos Mov Avg Technical 5 Lowest ....Rel Price Strength 30 1-for-4 Rev split 1/18 Below Shaded area indicates recession 22.5 SAFETY 4 Average

BETA 1.90 (1.00 = Market) 13 9 Financial Strength B 6

Price Stability 5 4 3 Price Growth Persistence NMF 7400 Earnings Predictability NMF VOL. (thous.) © VALUE LINE PUBLISHING LLC 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020/2021 REVENUES PER SH ------‘‘CASH FLOW’’ PER SH ------d3.25 d6.33 d4.30 d1.64 -- EARNINGS PER SH ------d4.72 d6.40 d4.36 d1.89 d1.68 A,B d2.28 C/NA DIV’DS DECL’D PER SH ------CAP’L SPENDING PER SH ------.06 .07 .01 .03 -- BOOK VALUE PER SH ------16.47 10.85 7.02 4.29 -- COMMON SHS OUTST’G (MILL) ------6.61 6.75 6.81 45.20 -- AVG ANN’L P/E RATIO ------NMF NMF/NA RELATIVE P/E RATIO ------AVG ANN’L DIV’D YIELD ------REVENUES ($MILL) ------Bold figures OPERATING MARGIN ------are consensus DEPRECIATION ($MILL) ------.0 .2 .2 .3 -- earnings NET PROFIT ($MILL) ------d9.5 d21.5 d42.9 d29.5 d74.5 -- estimates INCOME TAX RATE ------and, using the NET PROFIT MARGIN ------recent prices, WORKING CAP’L ($MILL) ------d3.5 108.3 121.2 97.0 193.7 -- P/E ratios. LONG-TERM DEBT ($MILL) ------2.6 -- 49.0 49.5 41.4 -- SHR. EQUITY ($MILL) ------d4.3 108.8 73.2 47.8 194.0 -- RETURN ON TOTAL CAP’L ------NMF NMF NMF NMF -- RETURN ON SHR. EQUITY ------NMF NMF NMF NMF -- RETAINED TO COM EQ ------NMF NMF NMF NMF -- ALL DIV’DS TO NET PROF ------ANo. of analysts changing earn. est. in last 25 days: 4 up, 0 down, consensus 5-year earnings growth not available. BBased upon 7 analysts’ estimates. CBased upon 5 analysts’ estimates. ANNUAL RATES ASSETS ($mill.) 2017 2018 9/30/19 INDUSTRY: Biotechnology of change (per share) 5 Yrs. 1 Yr. Cash Assets 100.0 205.7 240.6 Sales -- -- Receivables .0 .0 .0 BUSINESS: Rocket Pharmaceuticals, Inc. operates as a ‘‘Cash Flow’’ -- -- Inventory .0 .0 .0 multi-platform biotechnology company that focuses on Earnings -- -- Other 1.0 3.4 5.0 Dividends -- -- developing gene therapies for rare and devastating pediatric Current Assets 101.0 209.1 245.6 Book Value -- -39.0% diseases. The company has clinical-stage lentiviral vector Fiscal QUARTERLY SALES ($mill.) Full Property, Plant (LVV) programs under clinical testing to treat fanconi Year 1Q 2Q 3Q 4Q Year & Equip, at cost .9 2.5 - - anemia, a genetic defect in the bone marrow that reduces Accum Depreciation .3 .5 - - 12/31/17 ------Net Property .6 2.0 19.3 production of blood cells or promotes the production of 12/31/18 ------Other .2 40.2 35.0 faulty blood cells; and leukocyte adhesion deficiency-I, a 12/31/19 ------Total Assets 101.8 251.3 299.9 genetic disorder that causes the immune system to malfunc- 12/31/20 tion. It also has additional pre-clinical stage LVV programs LIABILITIES ($mill.) for pyruvate kinase deficiency, a rare red blood cell auto- Fiscal EARNINGS PER SHARE Full Accts Payable .5 .6 .6 Year 1Q 2Q 3Q 4Q Year Debt Due .0 .0 .0 somal recessive disorder that results in chronic non- 12/31/16 d1.52 d1.32 d1.64 d1.92 d6.40 Other 3.6 14.8 21.6 spherocytic hemolytic anemia; and infantile malignant os- 12/31/17 d1.60 d.96 d1.08 d.72 d4.36 Current Liab 4.1 15.4 22.2 teopetrosis, a genetic disorder characterized by increased 12/31/18 d.43 d.40 d.40 d.66 d1.89 bone density and bone mass secondary to impaired bone 12/31/19 d.43 d.38 d.38 d.52 resorption. Rocket Pharmaceuticals, Inc. is headquartered in 12/31/20 d.64 d.65 LONG-TERM DEBT AND EQUITY New York, New York. Has 33 employees. C.E.O.: Gaurav as of 9/30/19 Cal- QUARTERLY DIVIDENDS PAID Full Shah Address: 430 East 29th Street Suite 1040, New York, endar 1Q 2Q 3Q 4Q Year Total Debt $44.1 mill. Due in 5 Yrs. NA NY 10016. Tel.: (646) 440-9100. Internet: www.rocketphar- 2016 ------LT Debt $44.1 mill. ma.com. Including Cap. Leases NA 2017 ------(16% of Cap’l) N.A. 2018 ------Leases, Uncapitalized Annual rentals NA 2019 ------December 6, 2019 Pension Liability None in ’18 vs. None in ’17 INSTITUTIONAL DECISIONS TOTAL SHAREHOLDER RETURN 4Q’18 1Q’19 2Q’19 Pfd Stock None Pfd Div’d Paid None Dividends plus appreciation as of 10/31/2019 to Buy 55 42 71 Common Stock 50,376,030 shares 3 Mos. 6 Mos. 1 Yr. 3 Yrs. 5 Yrs. to Sell 29 31 20 (84% of Cap’l) Hld’s(000) 42234 42853 49041 19.38% -21.66% -8.21% -48.07% -- © 2019 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribe call 1-800-VALUELINE of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. RECENT TRAILING RELATIVE DIV’D VALUE SANGAMO THERAPEUTICS NDQ--SGMO PRICE 10.35P/E RATIO NMF P/E RATIO NMFYLD Nil LINE 3712 RANKS 9.15 6.80 14.60 24.69 19.25 9.22 18.40 27.50 13.91 High 2.36 2.81 6.03 9.39 5.30 2.65 3.00 9.00 6.26 Low Below PERFORMANCE 4 Average LEGENDS 45 12 Mos Mov Avg Technical 3 Average ....Rel Price Strength 30 Shaded area indicates recession Below 22.5 SAFETY 4 Average

BETA 1.50 (1.00 = Market) 13 9 Financial Strength B+ 6

Price Stability 5 4 3 Price Growth Persistence 45 -19136 Earnings Predictability 45 VOL. (thous.) © VALUE LINE PUBLISHING LLC 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020/2021 SALES PER SH .20 .41 .39 .66 .56 .27 .43 .83 -- ‘‘CASH FLOW’’ PER SH d.67 d.41 d.42 d.37 d.56 d1.00 d.62 d.65 -- EARNINGS PER SH d.71 d.42 d.48 d.39 d.58 d1.02 d.70 d.70 d1.21 A,B d1.15 C/NA DIV’DS DECL’D PER SH ------CAP’L SPENDING PER SH .01 .01 .01 .01 .03 .01 .04 .42 -- BOOK VALUE PER SH 1.52 1.22 1.96 2.99 2.73 1.92 2.20 3.59 -- COMMON SHS OUTST’G (MILL) 52.55 53.06 62.24 69.06 70.37 70.87 85.60 102.19 -- AVG ANN’L P/E RATIO ------NMF NMF/NA RELATIVE P/E RATIO ------AVG ANN’L DIV’D YIELD ------SALES ($MILL) 10.3 21.7 24.1 45.9 39.5 19.4 36.6 84.5 -- Bold figures OPERATING MARGIN NMF NMF NMF NMF NMF NMF NMF NMF -- are consensus DEPRECIATION ($MILL) .6 .7 .6 .5 1.0 1.0 1.5 2.4 -- earnings NET PROFIT ($MILL) d35.8 d22.3 d26.6 d26.4 d40.7 d71.7 d54.6 d68.3 -- estimates INCOME TAX RATE ------and, using the NET PROFIT MARGIN NMF NMF NMF NMF NMF NMF NMF NMF -- recent prices, WORKING CAP’L ($MILL) 78.5 59.6 87.2 170.0 192.5 136.3 203.5 332.0 -- P/E ratios. LONG-TERM DEBT ($MILL) ------3.9 24.7 27.7 -- SHR. EQUITY ($MILL) 80.1 64.9 121.7 206.6 192.4 136.2 187.9 366.5 -- RETURN ON TOTAL CAP’L NMF NMF NMF NMF NMF NMF NMF NMF -- RETURN ON SHR. EQUITY NMF NMF NMF NMF NMF NMF NMF NMF -- RETAINED TO COM EQ NMF NMF NMF NMF NMF NMF NMF NMF -- ALL DIV’DS TO NET PROF ------ANo. of analysts changing earn. est. in last 25 days: 1 up, 1 down, consensus 5-year earnings growth not available. BBased upon 5 analysts’ estimates. CBased upon 5 analysts’ estimates. ANNUAL RATES ASSETS ($mill.) 2017 2018 9/30/19 INDUSTRY: Biotechnology of change (per share) 5 Yrs. 1 Yr. Cash Assets 243.3 400.1 356.9 Sales 9.0% 93.5% Receivables 3.3 4.7 22.0 BUSINESS: Sangamo Therapeutics, Inc. is a biotechnol- ‘‘Cash Flow’’ -- -- Inventory .0 .0 .0 ogy company that focuses on the research, development, Earnings -- -- Other 1.8 5.7 5.3 Dividends -- -- and commercialization of zinc finger DNA-binding proteins Current Assets 248.4 410.5 384.2 Book Value 10.5% 63.5% (ZFPs) for gene regulation and gene modification in the Fiscal QUARTERLY SALES ($mill.) Full Property, Plant United States. Its ZFPs could be engineered to make ZFP Year 1Q 2Q 3Q 4Q Year & Equip, at cost 38.0 88.0 - - nucleases (ZFNs) proteins, which could be used to modify Accum Depreciation 6.9 9.3 - - 12/31/17 3.4 8.3 11.8 13.1 36.6 Net Property 31.1 78.7 26.5 DNA sequences in various ways; and ZFP transcription 12/31/18 12.6 21.4 23.6 26.9 84.5 Other 7.2 101.2 229.5 factors (ZFP TFs) proteins that could be used to turn genes 12/31/19 8.1 17.5 22.0 Total Assets 286.7 590.4 640.2 on or off. The company’s principal ZFP therapeutic is 12/31/20 SB-728-T, a ZFN-modified autologous T-cell product, LIABILITIES ($mill.) which is in Phase II and Phase I/II clinical trials to treat Fiscal EARNINGS PER SHARE Full Accts Payable 1.4 8.3 .0 Year 1Q 2Q 3Q 4Q Year Debt Due .0 .0 .0 human immunodeficiency virus and acquired immunodefi- 12/31/16 d.23 d.38 d.27 d.14 d1.02 Other 43.5 70.2 80.6 ciency syndrome. It also develops CERE-110 that is in 12/31/17 d.23 d.17 d.15 d.15 d.70 Current Liab 44.9 78.5 80.6 Phase II study for the treatment of Alzheimer’s disease. In 12/31/18 d.22 d.17 d.13 d.18 d.70 addition, the company has ZFP therapeutic preclinical stage 12/31/19 d.41 d.26 d.24 d.30 programs for hemophilia A and B, and Huntington’s dis- 12/31/20 d.31 d.38 LONG-TERM DEBT AND EQUITY ease; and proprietary programs in the areas of hemoglobin- as of 9/30/19 Cal- QUARTERLY DIVIDENDS PAID Full opathies and lysosomal storage disorders. Has 302 employ- endar 1Q 2Q 3Q 4Q Year Total Debt $40.6 mill. Due in 5 Yrs. NA ees. C.E.O. & President: Alexander (Sandy) Macrae 2016 ------LT Debt $40.6 mill. Address: 501 Canal Boulevard, Richmond, CA 94804. Tel.: Including Cap. Leases NA 2017 ------(9% of Cap’l) (510) 970-6000. Internet: www.sangamo.com. N.A. 2018 ------Leases, Uncapitalized Annual rentals NA 2019 ------December 6, 2019 Pension Liability None in ’18 vs. None in ’17 INSTITUTIONAL DECISIONS TOTAL SHAREHOLDER RETURN 4Q’18 1Q’19 2Q’19 Pfd Stock None Pfd Div’d Paid None Dividends plus appreciation as of 10/31/2019 to Buy 75 82 105 Common Stock 115,937,618 shares 3 Mos. 6 Mos. 1 Yr. 3 Yrs. 5 Yrs. to Sell 119 82 72 (91% of Cap’l) Hld’s(000) 64051 65962 83328 -24.65% -22.58% -28.57% 154.93% -25.45% © 2019 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribe call 1-800-VALUELINE of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. RECENT TRAILING RELATIVE DIV’D VALUE SAREPTA THERAPEUTICS NDQ--SRPT PRICE 107.09P/E RATIO NMF P/E RATIO NMFYLD Nil LINE 3713 RANKS 16.45 45.00 55.61 40.00 41.97 63.73 57.57 176.50 155.75 High 3.02 2.60 12.12 12.58 11.33 8.00 26.26 50.68 72.10 Low Below PERFORMANCE 4 Average LEGENDS 180 12 Mos Mov Avg Technical 5 Lowest ....Rel Price Strength 1-for-6 Rev split 7/12 Below Shaded area indicates recession 90 SAFETY 4 Average

BETA 1.50 (1.00 = Market) 45

27 Financial Strength B+ 18 Price Stability 5

Price Growth Persistence 80 9 -20336 Earnings Predictability 30 VOL. (thous.) © VALUE LINE PUBLISHING LLC 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020/2021 SALES PER SH 2.08 1.18 .38 .24 .03 .10 2.39 4.24 -- ‘‘CASH FLOW’’ PER SH d.05 d3.78 d2.93 d3.20 d4.70 d4.78 d.66 d4.92 -- EARNINGS PER SH d.12 d5.14 d3.31 d3.39 d5.20 d5.49 d.86 d5.46 d6.00 A,B d6.63 C/NA DIV’DS DECL’D PER SH ------CAP’L SPENDING PER SH .05 .00 .06 .62 .07 .10 .19 .86 -- BOOK VALUE PER SH 1.37 3.90 6.55 5.99 4.17 6.15 12.18 14.52 -- COMMON SHS OUTST’G (MILL) 22.61 31.70 37.75 41.31 45.67 54.76 64.79 71.07 -- AVG ANN’L P/E RATIO ------NMF NMF/NA RELATIVE P/E RATIO ------AVG ANN’L DIV’D YIELD ------SALES ($MILL) 47.0 37.3 14.2 9.8 1.3 5.4 154.6 301.0 -- Bold figures OPERATING MARGIN NMF NMF NMF NMF NMF NMF NMF NMF -- are consensus DEPRECIATION ($MILL) 1.3 1.5 1.3 3.7 5.2 5.7 8.1 12.2 -- earnings NET PROFIT ($MILL) d2.3 d121.3 d112.0 d135.9 d220.0 d267.3 d50.7 d361.9 -- estimates INCOME TAX RATE ------and, using the NET PROFIT MARGIN NMF NMF NMF NMF NMF NMF NMF NMF -- recent prices, WORKING CAP’L ($MILL) 24.6 115.0 234.8 210.9 162.2 298.1 1140.3 1252.5 -- P/E ratios. LONG-TERM DEBT ($MILL) 1.8 1.7 1.6 1.5 15.0 6.0 424.9 420.6 -- SHR. EQUITY ($MILL) 31.0 123.7 247.2 247.7 190.3 336.7 789.2 1032.3 -- RETURN ON TOTAL CAP’L NMF NMF NMF NMF NMF NMF NMF NMF -- RETURN ON SHR. EQUITY NMF NMF NMF NMF NMF NMF NMF NMF -- RETAINED TO COM EQ NMF NMF NMF NMF NMF NMF NMF NMF -- ALL DIV’DS TO NET PROF ------ANo. of analysts changing earn. est. in last 25 days: 0 up, 6 down, consensus 5-year earnings growth not available. BBased upon 8 analysts’ estimates. CBased upon 9 analysts’ estimates. ANNUAL RATES ASSETS ($mill.) 2017 2018 9/30/19 INDUSTRY: Biotechnology of change (per share) 5 Yrs. 1 Yr. Cash Assets 1079.1 1173.9 1048.9 Sales 13.0% 77.5% Receivables 29.5 49.0 68.0 BUSINESS: Sarepta Therapeutics, Inc., a biopharmaceu- ‘‘Cash Flow’’ -- -- Inventory 83.6 125.4 166.4 tical company, focuses on the discovery and development of Earnings -- -- Other 36.4 77.9 79.0 Dividends -- -- RNA-based therapeutics for the treatment of rare, infec- Current Assets 1228.6 1426.2 1362.3 Book Value 22.5% 19.0% tious, and other diseases. The company’s lead product Fiscal QUARTERLY SALES ($mill.) Full Property, Plant candidate is Eteplirsen, an antisense phosphorodiamidate Year 1Q 2Q 3Q 4Q Year & Equip, at cost 61.2 125.2 - - morpholino oligomer therapeutic, which is in Phase III Accum Depreciation 18.0 28.2 - - 12/31/17 16.3 35.0 46.0 57.3 154.6 Net Property 43.2 97.0 119.5 clinical development for the treatment of individuals with 12/31/18 64.6 73.5 78.5 84.4 301.0 Other 36.2 118.9 220.7 Duchenne muscular dystrophy (DMD), a genetic muscle- 12/31/19 87.0 94.7 99.0 Total Assets 1308.0 1642.1 1702.5 wasting disease caused by the absence of dystrophin. It is 12/31/20 also developing exon-skipping drugs for the treatment of LIABILITIES ($mill.) DMD; and therapeutic candidates for the treatment of Fiscal EARNINGS PER SHARE Full Accts Payable 8.5 33.8 81.9 Year 1Q 2Q 3Q 4Q Year Debt Due 6.2 .0 .0 infectious diseases, such as influenza, Marburg, and Ebola. 12/31/16 d1.31 d1.35 d1.18 d1.62 d5.49 Other 73.6 139.9 134.0 The company has a strategic alliance with Charley’s Fund, 12/31/17 1.50 d1.15 d.78 d.37 d.86 Current Liab 88.3 173.7 215.9 Inc. to support the development of product candidates using 12/31/18 d.55 d1.67 d1.15 d2.05 d5.46 its proprietary exon-skipping technologies; and a license 12/31/19 d1.07 d3.74 d1.70 d1.81 agreement with the University of Western Australia for the 12/31/20 d1.76 d1.62 LONG-TERM DEBT AND EQUITY use of antisense sequences in the treatment of DMD. Has as of 9/30/19 Cal- QUARTERLY DIVIDENDS PAID Full 499 employees. C.E.O. & President: Douglas S. Ingram endar 1Q 2Q 3Q 4Q Year Total Debt $436.4 mill. Due in 5 Yrs. NA Address: 215 First Street Suite 415, Cambridge, MA 02142. 2016 ------LT Debt $436.4 mill. Tel.: (617) 274-4000. Internet: www.sarepta.com. Including Cap. Leases NA 2017 ------(30% of Cap’l) N.A. 2018 ------Leases, Uncapitalized Annual rentals NA 2019 ------December 6, 2019 Pension Liability None in ’18 vs. None in ’17 INSTITUTIONAL DECISIONS TOTAL SHAREHOLDER RETURN 4Q’18 1Q’19 2Q’19 Pfd Stock None Pfd Div’d Paid None Dividends plus appreciation as of 10/31/2019 to Buy 175 209 180 Common Stock 74,504,835 shares 3 Mos. 6 Mos. 1 Yr. 3 Yrs. 5 Yrs. to Sell 170 143 176 (70% of Cap’l) Hld’s(000) 67742 75692 71827 -44.20% -28.97% -37.90% 111.67% 413.67% © 2019 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribe call 1-800-VALUELINE of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. RECENT TRAILING RELATIVE DIV’D VALUE SERES THERAPEUTICS NDQ--MCRB PRICE 4.14P/E RATIO NMF P/E RATIO NMFYLD Nil LINE 3714 RANKS 52.00 35.98 17.42 11.34 8.39 High 25.00 8.05 8.85 4.52 2.02 Low Below PERFORMANCE 4 Average LEGENDS 45 12 Mos Mov Avg Technical 3 Average ....Rel Price Strength 30 Shaded area indicates recession Below 22.5 SAFETY 4 Average

BETA 1.65 (1.00 = Market) 13 9 Financial Strength B 6

Price Stability 5 4 3 Price Growth Persistence NMF 5900 Earnings Predictability NMF VOL. (thous.) © VALUE LINE PUBLISHING LLC 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020/2021 SALES PER SH ------.54 .79 .69 -- ‘‘CASH FLOW’’ PER SH ------d1.38 d2.17 d2.02 d2.22 -- EARNINGS PER SH ------d2.33 d2.30 d2.21 d2.43 d1.43 A,B d.88 C/NA DIV’DS DECL’D PER SH ------CAP’L SPENDING PER SH ------.11 .53 .12 .05 -- BOOK VALUE PER SH ------5.26 3.29 1.50 d1.17 -- COMMON SHS OUTST’G (MILL) ------39.08 40.36 40.57 40.94 -- AVG ANN’L P/E RATIO ------NMF NMF/NA RELATIVE P/E RATIO ------AVG ANN’L DIV’D YIELD ------SALES ($MILL) ------21.8 32.1 28.3 -- Bold figures OPERATING MARGIN ------NMF NMF NMF -- are consensus DEPRECIATION ($MILL) ------.2 .7 4.2 7.3 7.9 -- earnings NET PROFIT ($MILL) ------d16.7 d54.8 d91.6 d89.4 d98.9 -- estimates INCOME TAX RATE ------and, using the NET PROFIT MARGIN ------NMF NMF NMF -- recent prices, WORKING CAP’L ($MILL) ------109.1 196.7 167.9 123.5 50.7 -- P/E ratios. LONG-TERM DEBT ($MILL) ------1.3 -- -- 9.0 7.3 -- SHR. EQUITY ($MILL) ------110.9 205.4 132.6 60.7 d48.0 -- RETURN ON TOTAL CAP’L ------NMF NMF NMF NMF -- -- RETURN ON SHR. EQUITY ------NMF NMF NMF NMF -- -- RETAINED TO COM EQ ------NMF NMF NMF -- -- ALL DIV’DS TO NET PROF ------ANo. of analysts changing earn. est. in last 25 days: 1 up, 0 down, consensus 5-year earnings growth not available. BBased upon 5 analysts’ estimates. CBased upon 4 analysts’ estimates. ANNUAL RATES ASSETS ($mill.) 2017 2018 9/30/19 INDUSTRY: Biotechnology of change (per share) 5 Yrs. 1 Yr. Cash Assets 150.0 85.8 83.8 Sales -- -12.5% Receivables .0 .0 1.7 BUSINESS: Seres Therapeutics, Inc. focuses on the de- ‘‘Cash Flow’’ -- -- Inventory .0 .0 .0 velopment of biological drugs designed to restore health by Earnings -- -- Other 5.1 6.9 4.1 Dividends -- -- repairing the function of a dysbiotic microbiome. Its lead Current Assets 155.1 92.7 89.6 Book Value -- -- product candidate is SER-109, a bacterial spore ecology, Fiscal QUARTERLY SALES ($mill.) Full Property, Plant which has completed open label Phase Ib/II clinical study Year 1Q 2Q 3Q 4Q Year & Equip, at cost 45.4 46.6 - - for the prevention of further recurrences of Clostridium Accum Depreciation 12.5 20.3 - - 12/31/17 3.0 3.0 23.0 3.1 32.1 Net Property 32.9 26.3 21.2 difficile infection (CDI). The company also develops SER- 12/31/18 4.0 4.6 9.1 10.6 28.3 Other 1.5 1.5 13.4 287 that is in phase Ib clinical study to treat inflammatory 12/31/19 7.3 12.5 7.0 Total Assets 189.5 120.5 124.2 bowel disease, including ulcerative colitis. Its product 12/31/20 candidates in pre-clinical development comprise SER-262, LIABILITIES ($mill.) an Ecobiotic microbiome therapeutic designed to be used Fiscal EARNINGS PER SHARE Full Accts Payable 7.0 6.4 4.5 Year 1Q 2Q 3Q 4Q Year Debt Due .0 .0 .0 following antibiotic treatment of primary CDI; and SER- 12/31/16 d.51 d.70 d.46 d.63 d2.30 Other 24.6 35.6 37.7 155 for the prevention of transplant-related mortality. Seres 12/31/17 d.63 d.69 d.17 d.72 d2.21 Current Liab 31.6 42.0 42.2 has a strategic collaboration with Nestle Health Science and 12/31/18 d.69 d.68 d.54 d.52 d2.43 Memorial Sloan Kettering Cancer Center; and a collabora- 12/31/19 d.59 d.24 d.23 d.26 tion agreement with the University of Pennsylvania. Seres 12/31/20 d.21 d.22 LONG-TERM DEBT AND EQUITY Therapeutics was founded in 2010 and is headquartered in as of 9/30/19 Cal- QUARTERLY DIVIDENDS PAID Full Cambridge, Massachusetts. Has 145 employees. Chairman, endar 1Q 2Q 3Q 4Q Year Total Debt None Due in 5 Yrs. None C.E.O. & President: Roger James Pomerantz Address: 200 2016 ------LT Debt None Sidney Street - 4th Floor, Cambridge, MA 02139. Tel.: Including Cap. Leases None 2017 ------Leases, Uncapitalized Annual rentals NA (617) 945-9626. Internet: www.serestherapeutics.com. N.A. 2018 ------2019 ------Pension Liability None in ’18 vs. None in ’17 December 6, 2019

INSTITUTIONAL DECISIONS Pfd Stock None Pfd Div’d Paid None TOTAL SHAREHOLDER RETURN 4Q’18 1Q’19 2Q’19 Dividends plus appreciation as of 10/31/2019 to Buy 26 46 56 Common Stock 69,994,000 shares NMF% of Cap’l 3 Mos. 6 Mos. 1 Yr. 3 Yrs. 5 Yrs. to Sell 34 19 27 Hld’s(000) 31707 33706 61604 28.21% -46.48% -49.05% -67.56% -- © 2019 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribe call 1-800-VALUELINE of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. RECENT TRAILING RELATIVE DIV’D VALUE SESEN BIO, INC. NDQ--SESN PRICE 1.13P/E RATIO NMF P/E RATIO NMFYLD Nil LINE 3715 RANKS 19.33 13.77 5.97 2.54 3.50 2.60 High 9.50 2.24 0.25 0.62 0.75 0.66 Low PERFORMANCE 3 Average LEGENDS 12 Mos Mov Avg Technical 3 Average ....Rel Price Strength 8 Shaded area indicates recession Below SAFETY 4 Average 5 4 BETA 1.95 (1.00 = Market) 3 2 Financial Strength B

Price Stability 5 1

Price Growth Persistence 10 -28136 Earnings Predictability 10 VOL. (thous.) © VALUE LINE PUBLISHING LLC 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020/2021 SALES PER SH ------.13 .05 1.22 .01 -- -- ‘‘CASH FLOW’’ PER SH ------d1.88 d1.69 .08 d.57 d.43 -- EARNINGS PER SH ------d2.37 d1.76 .09 d.76 d.55 d.37 A,B d.38 C/NA DIV’DS DECL’D PER SH ------CAP’L SPENDING PER SH ------.01 .01 -- -- .00 -- BOOK VALUE PER SH ------2.05 .97 1.58 .52 .57 -- COMMON SHS OUTST’G (MILL) ------17.93 19.62 24.53 34.70 77.46 -- AVG ANN’L P/E RATIO ------22.1 -- -- NMF NMF/NA RELATIVE P/E RATIO ------1.21 ------AVG ANN’L DIV’D YIELD ------SALES ($MILL) -- -- 1.3 2.2 1.0 30.0 .4 -- -- Bold figures OPERATING MARGIN -- -- NMF NMF NMF 6.5% NMF -- -- are consensus DEPRECIATION ($MILL) -- -- .4 .4 .4 .2 .3 .2 -- earnings NET PROFIT ($MILL) -- -- d18.0 d34.2 d33.5 1.9 d19.9 d33.7 -- estimates INCOME TAX RATE ------.3% ------and, using the NET PROFIT MARGIN -- -- NMF NMF NMF 6.3% NMF -- -- recent prices, WORKING CAP’L ($MILL) -- -- 2.6 49.2 28.7 21.9 10.3 45.7 -- P/E ratios. LONG-TERM DEBT ($MILL) -- -- 2.9 9.7 9.8 ------SHR. EQUITY ($MILL) -- -- 2.3 36.8 18.9 38.7 18.0 44.2 -- RETURN ON TOTAL CAP’L -- -- NMF NMF NMF 4.9% NMF NMF -- RETURN ON SHR. EQUITY -- -- NMF NMF NMF 4.9% NMF NMF -- RETAINED TO COM EQ ------NMF NMF 4.9% NMF NMF -- ALL DIV’DS TO NET PROF ------ANo. of analysts changing earn. est. in last 25 days: 0 up, 1 down, consensus 5-year earnings growth not available. BBased upon 2 analysts’ estimates. CBased upon 2 analysts’ estimates. ANNUAL RATES ASSETS ($mill.) 2017 2018 9/30/19 INDUSTRY: Biotechnology of change (per share) 5 Yrs. 1 Yr. Cash Assets 14.7 50.4 57.9 Sales -- -- Receivables .0 .0 .0 BUSINESS: Sesen Bio, Inc. develops next-generation ‘‘Cash Flow’’ -- -- Inventory .0 .0 .0 antibody-drug conjugate therapies for patients with cancer. Earnings -- -- Other .3 1.4 1.5 Dividends -- -- It develops its products based on its Targeted Protein Current Assets 15.0 51.8 59.4 Book Value -- 10.0% Therapeutics (TPTs) platform. The company’s lead product Fiscal QUARTERLY SALES ($mill.) Full Property, Plant candidate is Vicinium, a fusion protein that is in Phase III Year 1Q 2Q 3Q 4Q Year & Equip, at cost .9 .9 - - clinical trial for the treatment of high-grade non-muscle Accum Depreciation .4 .6 - - 12/31/17 .4 ------.4 Net Property .5 .3 .3 invasive bladder cancer. It also develops Vicinium in 12/31/18 ------Other 59.6 59.5 59.7 combination with Durvalumab, which is in Phase I clinical 12/31/19 ------Total Assets 75.1 111.6 119.4 trial for the treatment of high-grade non-muscle invasive 12/31/20 bladder cancer; and Vicinium in combination with Astra- LIABILITIES ($mill.) Zeneca’s checkpoint inhibitor for the treatment of squamous Fiscal EARNINGS PER SHARE Full Accts Payable .9 1.4 2.6 Year 1Q 2Q 3Q 4Q Year Debt Due .0 .0 .0 cell carcinoma of the head and neck. The company is 12/31/16 d.39 d.31 .91 d.12 .09 Other 3.8 4.7 6.5 developing systemically-administered TPTs, including 12/31/17 d.19 d.21 d.21 d.15 d.76 Current Liab 4.7 6.1 9.1 VB6-845d for the treatment of solid tumors. Sesen Bio, Inc. 12/31/18 d.12 d.16 d.18 d.09 d.55 was founded in 2008 and is headquartered in Cambridge, 12/31/19 d.08 d.67 d.13 d.08 Massachusetts. In November 2019, the company reported 12/31/20 d.10 d.10 LONG-TERM DEBT AND EQUITY alignment with the FDA on the design of its post-marketing as of 9/30/19 Cal- QUARTERLY DIVIDENDS PAID Full confirmatory trial for Vicinium. Has 24 employees. C.E.O. endar 1Q 2Q 3Q 4Q Year Total Debt None Due in 5 Yrs. None & President: Thomas R. Cannell Address: 245 First Street 2016 ------LT Debt None Suite 1800, Cambridge, MA 02142. Tel.: (617) 444-8550. Including Cap. Leases None 2017 ------Leases, Uncapitalized Annual rentals NA Internet: www.sesenbio.com. N.A. 2018 ------2019 ------Pension Liability None in ’18 vs. None in ’17 December 6, 2019

INSTITUTIONAL DECISIONS Pfd Stock None Pfd Div’d Paid None TOTAL SHAREHOLDER RETURN 4Q’18 1Q’19 2Q’19 Dividends plus appreciation as of 10/31/2019 to Buy 24 24 25 Common Stock 101,267,578 shares (100% of Cap’l) 3 Mos. 6 Mos. 1 Yr. 3 Yrs. 5 Yrs. to Sell 21 22 24 Hld’s(000) 30492 18698 29038 -0.81% -1.61% -17.57% -30.68% -88.45% © 2019 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribe call 1-800-VALUELINE of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. RECENT TRAILING RELATIVE DIV’D VALUE SPECTRUM PHARMA. NDQ--SPPI PRICE 8.78P/E RATIO NMF P/E RATIO NMFYLD Nil LINE 3716 RANKS 15.22 17.48 13.15 10.32 7.74 7.74 21.95 25.29 12.15 High 5.76 9.31 6.92 6.36 4.89 3.21 4.28 6.22 6.80 Low PERFORMANCE 3 Average LEGENDS Below 12 Mos Mov Avg 18 Technical 4 Average ....Rel Price Strength Shaded area indicates recession Below 13 SAFETY 4 Average 8 BETA 1.40 (1.00 = Market) 5 4 Financial Strength B+ 3

Price Stability 10 2

Price Growth Persistence 30 30200 Earnings Predictability 20 VOL. (thous.) © VALUE LINE PUBLISHING LLC 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020/2021 SALES PER SH 3.33 4.46 2.47 2.87 2.38 1.82 1.27 .99 -- ‘‘CASH FLOW’’ PER SH .94 1.74 d.63 d.31 d.28 d.52 d.63 d.83 -- EARNINGS PER SH .84 1.46 d1.02 d.71 d.78 d.94 d1.07 d1.16 d1.09 A,B d1.15 C/NA DIV’DS DECL’D PER SH ------CAP’L SPENDING PER SH .01 .01 .00 .01 .00 .00 .00 .00 -- BOOK VALUE PER SH 3.24 4.74 4.46 3.90 3.12 2.93 3.49 2.56 -- COMMON SHS OUTST’G (MILL) 57.93 60.03 63.10 65.15 68.23 80.47 100.74 110.53 -- AVG ANN’L P/E RATIO 10.9 8.7 ------NMF NMF/NA RELATIVE P/E RATIO .68 .56 ------AVG ANN’L DIV’D YIELD ------SALES ($MILL) 193.0 267.7 155.9 186.8 162.6 146.4 128.4 109.3 -- Bold figures OPERATING MARGIN 31.5% 33.6% NMF NMF NMF NMF NMF NMF -- are consensus DEPRECIATION ($MILL) 5.7 10.2 22.1 25.4 31.9 26.5 28.0 28.4 -- earnings NET PROFIT ($MILL) 48.5 94.5 d62.1 d45.7 d50.8 d68.5 d91.2 d120.0 -- estimates INCOME TAX RATE 7.1% ------and, using the NET PROFIT MARGIN 25.1% 35.3% NMF NMF NMF NMF NMF NMF -- recent prices, WORKING CAP’L ($MILL) 147.3 136.5 145.2 113.1 115.0 151.2 168.0 164.2 -- P/E ratios. LONG-TERM DEBT ($MILL) .0 -- 91.5 96.3 101.5 97.0 ------SHR. EQUITY ($MILL) 187.9 284.8 281.6 254.6 212.9 236.0 351.3 283.3 -- RETURN ON TOTAL CAP’L 25.8% 33.2% NMF NMF NMF NMF NMF NMF -- RETURN ON SHR. EQUITY 25.8% 33.2% NMF NMF NMF NMF NMF NMF -- RETAINED TO COM EQ 25.9% 33.2% NMF NMF NMF NMF NMF NMF -- ALL DIV’DS TO NET PROF ------ANo. of analysts changing earn. est. in last 25 days: 1 up, 0 down, consensus 5-year earnings growth not available. BBased upon one analyst’s estimate. CBased upon one analyst’s estimate. ANNUAL RATES ASSETS ($mill.) 2017 2018 9/30/19 INDUSTRY: Biotechnology of change (per share) 5 Yrs. 1 Yr. Cash Assets 227.6 204.0 251.8 Sales -17.0% -22.5% Receivables 32.3 29.9 .5 BUSINESS: Spectrum Pharmaceuticals, Inc. develops and ‘‘Cash Flow’’ -- -- Inventory 5.7 3.6 .0 commercializes oncology and hematology drug products. Earnings -- -- Other 12.1 13.2 20.4 Dividends -- -- The company offers FUSILEV for patients with metastatic Current Assets 277.7 250.7 272.7 Book Value -6.5% -26.5% colorectal cancer, rescue after high-dose methotrexate Fiscal QUARTERLY SALES ($mill.) Full Property, Plant therapy in osteosarcoma; FOLOTYN, a folate analogue Year 1Q 2Q 3Q 4Q Year & Equip, at cost 6.8 6.9 - - metabolic inhibitor to treat patients with relapsed or refrac- Accum Depreciation 6.2 6.5 - - 12/31/17 29.1 34.3 36.4 28.6 128.4 Net Property .6 .4 9.0 tory PTCL; ZEVALIN injection for patients with follicular 12/31/18 30.5 24.2 25.2 29.4 109.3 Other 209.1 139.8 12.1 non-Hodgkin’s lymphoma; MARQIBO, a sphingomyelin, 12/31/19 ------Total Assets 487.4 390.9 293.8 cholesterol liposome-encapsulated formulation of the anti- 12/31/20 cancer drug vincristine for adult patients with Philadelphia LIABILITIES ($mill.) chromosome-negative acute lymphoblastic leukemia; BE- Fiscal EARNINGS PER SHARE Full Accts Payable 33.6 44.9 40.0 Year 1Q 2Q 3Q 4Q Year Debt Due 38.2 .0 .0 LEODAQ injection for patients with relapsed or refractory 12/31/16 d.15 d.35 d.22 d.22 d.94 Other 37.9 41.6 7.8 PTCL; and EVOMELA for use as a conditioning treatment 12/31/17 d.29 d.27 d.22 d.29 d1.07 Current Liab 109.7 86.5 47.8 for myeloma patients. It is also developing POZIOTINIB 12/31/18 d.16 .13 d.66 d.47 d1.16 for treating breast, gastric, colorectal, and lung cancers; 12/31/19 d.17 d.26 d.24 d.26 EOQUIN for non-muscle invasive bladder cancer; and 12/31/20 LONG-TERM DEBT AND EQUITY SPI-2012 for chemotherapy-induced neutropenia in patients as of 9/30/19 Cal- QUARTERLY DIVIDENDS PAID Full with breast cancer. Has 235 employees. C.E.O. & President: endar 1Q 2Q 3Q 4Q Year Total Debt None Due in 5 Yrs. None Joseph W. Turgeon Address: 11500 South Eastern Ave. 2016 ------LT Debt None Suite 240, Henderson, NV 89052. Tel.: (702) 835-6300. Including Cap. Leases None 2017 ------Leases, Uncapitalized Annual rentals NA Internet: www.sppirx.com. N.A. 2018 ------2019 ------Pension Liability None in ’18 vs. None in ’17 December 6, 2019

INSTITUTIONAL DECISIONS Pfd Stock None Pfd Div’d Paid None TOTAL SHAREHOLDER RETURN 4Q’18 1Q’19 2Q’19 Dividends plus appreciation as of 10/31/2019 to Buy 86 95 97 Common Stock 112,988,706 shares (100% of Cap’l) 3 Mos. 6 Mos. 1 Yr. 3 Yrs. 5 Yrs. to Sell 88 60 51 Hld’s(000) 84576 79581 83486 2.37% -17.18% -34.79% 119.21% 2.37% © 2019 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribe call 1-800-VALUELINE of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. RECENT TRAILING RELATIVE DIV’D VALUE STEMLINE THERAPEUTIC NDQ--STML PRICE 10.83P/E RATIO NMF P/E RATIO NMFYLD Nil LINE 3717 RANKS 47.25 31.48 18.94 14.60 16.00 20.55 18.22 High 10.33 10.50 5.88 3.88 5.50 7.82 8.45 Low Below PERFORMANCE 4 Average LEGENDS 12 Mos Mov Avg 18 Technical 5 Lowest ....Rel Price Strength Shaded area indicates recession Below 13 SAFETY 4 Average 8 BETA 1.20 (1.00 = Market) 5 4 Financial Strength B 3

Price Stability 5 2

Price Growth Persistence 30 9500 Earnings Predictability 80 VOL. (thous.) © VALUE LINE PUBLISHING LLC 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020/2021 SALES PER SH -- -- .01 .03 .04 .05 .04 .02 -- ‘‘CASH FLOW’’ PER SH -- -- d1.87 d2.21 d2.03 d1.99 d2.68 d2.66 -- EARNINGS PER SH -- -- d2.35 d2.23 d2.15 d2.15 d2.94 d2.99 d1.77 A,B d.49 C/NA DIV’DS DECL’D PER SH ------CAP’L SPENDING PER SH -- -- .04 -- .00 .00 .01 .00 -- BOOK VALUE PER SH -- -- 6.19 4.26 4.83 3.00 1.86 1.32 -- COMMON SHS OUTST’G (MILL) -- -- 12.87 13.00 18.24 19.22 25.31 31.94 -- AVG ANN’L P/E RATIO ------NMF NMF/NA RELATIVE P/E RATIO ------AVG ANN’L DIV’D YIELD ------SALES ($MILL) -- -- .1 .3 .7 1.0 .9 .5 -- Bold figures OPERATING MARGIN -- -- NMF NMF NMF NMF NMF NMF -- are consensus DEPRECIATION ($MILL) -- -- .1 .2 .2 .1 .0 .1 -- earnings NET PROFIT ($MILL) d2.8 d6.3 d24.2 d28.8 d37.2 d38.3 d67.8 d85.0 -- estimates INCOME TAX RATE ------and, using the NET PROFIT MARGIN -- -- NMF NMF NMF NMF NMF NMF -- recent prices, WORKING CAP’L ($MILL) 4.5 d3.2 39.7 51.1 37.2 36.9 32.4 41.9 -- P/E ratios. LONG-TERM DEBT ($MILL) 1.6 2.0 ------SHR. EQUITY ($MILL) 3.2 d2.5 79.6 55.4 88.1 57.7 47.1 42.2 -- RETURN ON TOTAL CAP’L NMF -- NMF NMF NMF NMF NMF NMF -- RETURN ON SHR. EQUITY NMF -- NMF NMF NMF NMF NMF NMF -- RETAINED TO COM EQ NMF -- NMF NMF NMF NMF NMF NMF -- ALL DIV’DS TO NET PROF ------ANo. of analysts changing earn. est. in last 25 days: 4 up, 0 down, consensus 5-year earnings growth not available. BBased upon 6 analysts’ estimates. CBased upon 6 analysts’ estimates. ANNUAL RATES ASSETS ($mill.) 2017 2018 9/30/19 INDUSTRY: Biotechnology of change (per share) 5 Yrs. 1 Yr. Cash Assets 51.7 60.1 174.5 Sales 45.0% -56.0% Receivables .0 .0 16.6 BUSINESS: Stemline Therapeutics, Inc. is a clinical-stage ‘‘Cash Flow’’ -- -- Inventory .0 .0 2.9 biopharmaceutical company focused on developing and Earnings -- -- Other .5 3.0 2.5 Dividends -- -- commercializing proprietary therapeutics that target both Current Assets 52.2 63.1 196.5 Book Value -19.5% -29.0% cancer stem cells, or CSCs, and tumor bulk. It is currently Fiscal QUARTERLY SALES ($mill.) Full Property, Plant developing two clinical-stage product candidates, SL-401 Year 1Q 2Q 3Q 4Q Year & Equip, at cost .6 .8 - - and SL-701. SL-401 is a biologic targeted therapy directed Accum Depreciation .5 .6 - - 12/31/17 .3 .3 .3 -- .9 Net Property .1 .2 .2 to CSCs and tumor bulk, and is currently being developed 12/31/18 -- .5 -- -- .5 Other 14.7 .2 1.5 for orphan indications, such as: blastic plasmacytoid den- 12/31/19 5.0 13.0 13.3 Total Assets 67.0 63.5 198.2 dritic cell neoplasm, or BPDCN, a rare hematologic cancer, 12/31/20 and third-line acute myeloid leukemia, or AML. SL-701 is LIABILITIES ($mill.) a subcutaneously delivered therapeutic cancer vaccine com- Fiscal EARNINGS PER SHARE Full Accts Payable .0 .0 .0 Year 1Q 2Q 3Q 4Q Year Debt Due .0 .0 .0 prised of synthetic peptides, and is currently being devel- 12/31/16 d.51 d.52 d.56 d.56 d2.15 Other 19.8 21.2 22.4 oped for use in advanced pediatric and adult brain cancer. In 12/31/17 d.67 d.66 d.68 d.93 d2.94 Current Liab 19.8 21.2 22.4 completed Phase I/II clinical trials, both SL-401 and SL-701 12/31/18 d.68 d.66 d.73 d.92 d2.99 have demonstrated single agent activity, including durable 12/31/19 d.73 d.42 d.34 d.34 complete responses, and longer overall survival in pre- 12/31/20 d.11 d.06 LONG-TERM DEBT AND EQUITY treated patients compared with that achieved in the past with as of 9/30/19 Cal- QUARTERLY DIVIDENDS PAID Full traditional therapies. Has 92 employees. Chairman, C.E.O. endar 1Q 2Q 3Q 4Q Year Total Debt None Due in 5 Yrs. None & President: Ivan Bergstein Address: 750 Lexington Avenue 2016 ------LT Debt None 11th Fl, New York, NY 10022. Tel.: (646) 502-2311. Including Cap. Leases None 2017 ------Leases, Uncapitalized Annual rentals NA Internet: www.stemline.com. N.A. 2018 ------2019 ------Pension Liability None in ’18 vs. None in ’17 December 6, 2019

INSTITUTIONAL DECISIONS Pfd Stock None Pfd Div’d Paid None TOTAL SHAREHOLDER RETURN 4Q’18 1Q’19 2Q’19 Dividends plus appreciation as of 10/31/2019 to Buy 56 63 55 Common Stock 50,010,233 shares (100% of Cap’l) 3 Mos. 6 Mos. 1 Yr. 3 Yrs. 5 Yrs. to Sell 33 36 47 Hld’s(000) 20612 33921 36368 -24.64% -33.33% -33.24% -12.28% -35.02% © 2019 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribe call 1-800-VALUELINE of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. RECENT TRAILING RELATIVE DIV’D VALUE SUNESIS PHARMA. NDQ--SNSS PRICE 0.43P/E RATIO NMF P/E RATIO NMFYLD Nil LINE 3718 RANKS 19.25 41.10 39.24 50.73 22.32 6.30 4.45 7.69 1.77 High 6.06 7.02 23.52 6.00 4.45 2.63 1.82 0.20 0.30 Low Above PERFORMANCE 2 Average LEGENDS 12 Mos Mov Avg Technical 3 Average ....Rel Price Strength 8 1-for-6 Rev split 2/11 1-for-6 Rev split 9/16 SAFETY 5 Lowest Shaded area indicates recession 5 4 BETA 1.75 (1.00 = Market) 3 2 Financial Strength C++

Price Stability 5 1

Price Growth Persistence 10 9000 Earnings Predictability 55 VOL. (thous.) © VALUE LINE PUBLISHING LLC 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020/2021 SALES PER SH .64 .44 .88 .52 .21 .12 .02 .01 -- ‘‘CASH FLOW’’ PER SH d2.58 d5.11 d3.82 d3.90 d2.53 d1.80 d1.03 d.71 -- EARNINGS PER SH d2.58 d5.46 d3.96 d4.56 d3.00 d2.42 d1.45 d.75 d.28 A,B d.36 C/NA DIV’DS DECL’D PER SH ------CAP’L SPENDING PER SH .00 -- -- .00 -- -- .00 -- -- BOOK VALUE PER SH 3.59 1.39 d.68 1.25 1.90 1.00 .02 d.45 -- COMMON SHS OUTST’G (MILL) 7.80 8.60 9.06 11.02 14.42 20.93 34.29 37.47 -- AVG ANN’L P/E RATIO ------NMF NMF/NA RELATIVE P/E RATIO ------AVG ANN’L DIV’D YIELD ------SALES ($MILL) 5.0 3.8 8.0 5.7 3.1 2.5 .7 .2 -- Bold figures OPERATING MARGIN NMF NMF NMF NMF NMF NMF NMF NMF -- are consensus DEPRECIATION ($MILL) .1 .0 .0 .0 .2 .4 .0 .0 -- earnings NET PROFIT ($MILL) d20.1 d44.0 d34.6 d43.0 d36.7 d38.0 d35.5 d26.6 -- estimates INCOME TAX RATE ------and, using the NET PROFIT MARGIN NMF NMF NMF NMF NMF NMF NMF NMF -- recent prices, WORKING CAP’L ($MILL) 37.3 41.2 6.5 16.3 28.0 32.3 20.2 3.9 -- P/E ratios. LONG-TERM DEBT ($MILL) 9.5 17.7 9.0 -- -- 11.1 ------SHR. EQUITY ($MILL) 28.0 12.0 d6.2 13.8 27.4 21.0 21.5 4.0 -- RETURN ON TOTAL CAP’L NMF NMF NMF NMF NMF NMF NMF NMF -- RETURN ON SHR. EQUITY NMF NMF -- NMF NMF NMF NMF NMF -- RETAINED TO COM EQ NMF NMF -- NMF NMF NMF NMF -- -- ALL DIV’DS TO NET PROF ------ANo. of analysts changing earn. est. in last 25 days: 2 up, 0 down, consensus 5-year earnings growth not available. BBased upon 3 analysts’ estimates. CBased upon 2 analysts’ estimates. ANNUAL RATES ASSETS ($mill.) 2017 2018 9/30/19 INDUSTRY: Biotechnology of change (per share) 5 Yrs. 1 Yr. Cash Assets 31.8 13.7 38.3 Sales -40.5% -67.5% Receivables .0 .0 .0 BUSINESS: Sunesis Pharmaceuticals, Inc. develops and ‘‘Cash Flow’’ -- -- Inventory .0 .0 .0 commercializes oncology therapeutics for the treatment of Earnings -- -- Other 1.1 1.5 2.2 Dividends -- -- solid and hematologic cancers. The company is developing Current Assets 32.9 15.2 40.5 Book Value -33.5% -- vosaroxin, an anticancer quinolone derivative for the treat- Fiscal QUARTERLY SALES ($mill.) Full Property, Plant ment of acute myeloid leukemia (AML). It has completed a Year 1Q 2Q 3Q 4Q Year & Equip, at cost .0 .0 - - Phase III, randomized, double-blind, and placebo-controlled Accum Depreciation .0 .0 - - 12/31/17 .7 ------.7 Net Property .0 .0 .0 trial of vosaroxin in combination with cytarabine in patients 12/31/18 .2 ------.2 Other 1.4 .1 1.1 with relapsed or refractory AML. It completed a Phase II 12/31/19 ------Total Assets 34.3 15.3 41.6 single-agent trial of vosaroxin in platinum-resistant ovarian 12/31/20 cancer. The company is involved in the initiation of an LIABILITIES ($mill.) investigator-sponsored trial of vosaroxin in combination Fiscal EARNINGS PER SHARE Full Accts Payable 1.7 1.4 .8 Year 1Q 2Q 3Q 4Q Year Debt Due 7.2 7.4 5.5 with decitabine in older patients with untreated AML and 12/31/16 d.72 d.72 d.62 d.44 d2.42 Other 3.8 2.5 2.6 high-risk myelodysplastic syndrome; and development of 12/31/17 d.47 d.41 d.43 d.21 d1.45 Current Liab 12.7 11.3 8.9 SNS-062, a non-covalently binding inhibitor of the human 12/31/18 d.21 d.20 d.18 d.16 d.75 protein Bruton’s tyrosine kinase. In September 2019, Sune- 12/31/19 d.10 d.09 d.06 d.09 sis Pharmaceuticals, Inc. appointed Dr. Nicole Onetto, M.D. 12/31/20 LONG-TERM DEBT AND EQUITY to its board of directors. Has 29 employees. C.E.O.: Dayton as of 9/30/19 Cal- QUARTERLY DIVIDENDS PAID Full Misfeldt Address: 395 Oyster Point Blvd. Suite 400, S. San endar 1Q 2Q 3Q 4Q Year Total Debt $5.5 mill. Due in 5 Yrs. NA Franc, CA 94080. Tel.: (650) 266-3500. Internet: www- 2016 ------LT Debt None .sunesis.com. Including Cap. Leases NA 2017 ------Leases, Uncapitalized Annual rentals NA N.A. 2018 ------2019 ------Pension Liability None in ’18 vs. None in ’17 December 6, 2019

INSTITUTIONAL DECISIONS Pfd Stock None Pfd Div’d Paid None TOTAL SHAREHOLDER RETURN 4Q’18 1Q’19 2Q’19 Dividends plus appreciation as of 10/31/2019 to Buy 13 24 21 Common Stock 105,070,000 shares (100% of Cap’l) 3 Mos. 6 Mos. 1 Yr. 3 Yrs. 5 Yrs. to Sell 28 10 17 Hld’s(000) 15428 31190 36568 -32.56% -58.87% -58.57% -83.66% -94.31% © 2019 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribe call 1-800-VALUELINE of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. RECENT TRAILING RELATIVE DIV’D VALUE SURFACE ONCOLOGY NYSE--SURF PRICE 1.84P/E RATIO NMF P/E RATIO NMFYLD Nil LINE 3719 RANKS 18.18 6.17 High 3.45 1.15 Low PERFORMANCE 3 Average LEGENDS 12 Mos Mov Avg 18 Technical 3 Average ....Rel Price Strength Shaded area indicates recession Short 13 SAFETY – History 8 BETA NMF (1.00 = Market) 5 4 Financial Strength NMF 3

Price Stability NMF 2

Price Growth Persistence NMF 3000 Earnings Predictability NMF VOL. (thous.) © VALUE LINE PUBLISHING LLC 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020/2021 REVENUES PER SH ------2.14 -- ‘‘CASH FLOW’’ PER SH ------d.19 -- EARNINGS PER SH ------d.33 d1.97 A,B d2.27 C/NA DIV’DS DECL’D PER SH ------CAP’L SPENDING PER SH ------.07 -- BOOK VALUE PER SH ------3.70 -- COMMON SHS OUTST’G (MILL) ------27.77 -- AVG ANN’L P/E RATIO ------NMF NMF/NA RELATIVE P/E RATIO ------AVG ANN’L DIV’D YIELD ------REVENUES ($MILL) ------12.8 59.4 -- Bold figures OPERATING MARGIN ------NMF NMF -- are consensus DEPRECIATION ($MILL) ------1.5 1.3 -- earnings NET PROFIT ($MILL) ------d45.4 d6.6 -- estimates INCOME TAX RATE ------and, using the NET PROFIT MARGIN ------NMF NMF -- recent prices, WORKING CAP’L ($MILL) ------47.9 137.4 -- P/E ratios. LONG-TERM DEBT ($MILL) ------SHR. EQUITY ($MILL) ------d18.8 102.9 -- RETURN ON TOTAL CAP’L ------NMF -- RETURN ON SHR. EQUITY ------NMF -- RETAINED TO COM EQ ------NMF -- ALL DIV’DS TO NET PROF ------ANo. of analysts changing earn. est. in last 25 days: 1 up, 0 down, consensus 5-year earnings growth not available. BBased upon 2 analysts’ estimates. CBased upon 2 analysts’ estimates. ANNUAL RATES ASSETS ($mill.) 2017 2018 9/30/19 INDUSTRY: Biotechnology of change (per share) 5 Yrs. 1 Yr. Cash Assets 63.3 158.8 111.8 Sales -- -- Receivables .0 .0 .0 BUSINESS: Surface Oncology, Inc. is a company focused ″ ″ Cash Flow -- -- Inventory .0 .0 .0 on using its knowledge of the biological pathways critical to Earnings -- -- Other 8.0 5.8 2.5 Dividends -- -- the immunosuppressive tumor microenvironment (TME) Current Assets 71.3 164.6 114.3 Book Value -- -- for the development of cancer therapies. The company Fiscal QUARTERLY SALES ($mill.) Full Property, Plant programs targets several components of the immunosup- Year 1Q 2Q 3Q 4Q Year & Equip, at cost 8.7 11.0 - - pressive TME, including metabolites, cytokines and macro- Accum Depreciation 1.4 2.8 - - 12/31/17 1.6 6.2 2.5 2.5 12.8 Net Property 7.3 8.2 7.6 phages. It is modulating the Adenosine Pathway to treat 12/31/18 45.5 2.4 1.7 9.8 59.4 Other 2.9 1.3 17.1 cancer with NZV930 and SRF617. SRF388 is an antibody 12/31/19 14.4 .1 .3 Total Assets 81.5 174.1 139.0 targeting interleukin 27, or IL-27, an immunosuppressive 12/31/20 cytokine in the TME that is overexpressed in certain LIABILITIES ($mill.) cancers. SRF231 is an antibody targeting CD47, which is a Fiscal EARNINGS PER SHARE Full Accts Payable 3.2 3.4 1.6 Year 1Q 2Q 3Q 4Q Year Debt Due .0 .0 .0 protein expressed on many cells, but overexpressed on 12/31/16 ------Other 20.2 23.8 14.0 tumor cells. It also develops various earlier stage programs 12/31/17 ------Current Liab 23.4 27.2 15.6 that target other critical components of the tumor microen- 12/31/18 -- d.73 d.62 d.17 d.33 vironment, including regulatory T cells. It has a pipeline of 12/31/19 d.15 d.64 d.61 d.57 six novel immunotherapies and a strategic collaboration 12/31/20 LONG-TERM DEBT AND EQUITY with Novartis focused on NZV930 (CD73) and potentially as of 9/30/19 Cal- QUARTERLY DIVIDENDS PAID Full one additional undisclosed program. Has 76 employees. endar 1Q 2Q 3Q 4Q Year Total Debt None Due in 5 Yrs. None C.E.O. & President: Daniel S. Lynch Address: 50 Hamp- 2016 ------LT Debt None shire Street, 8th Floor, Cambridge, MA 02139. Tel.: (617) Including Cap. Leases None 2017 ------Leases, Uncapitalized Annual rentals NA 714-4096. Internet: www.surfaceoncology.com. N.A. 2018 ------2019 ------Pension Liability None in ’18 vs. None in ’17 December 6, 2019

INSTITUTIONAL DECISIONS Pfd Stock None Pfd Div’d Paid None TOTAL SHAREHOLDER RETURN 4Q’18 1Q’19 2Q’19 Dividends plus appreciation as of 10/31/2019 to Buy 34 28 21 Common Stock 27,882,756 shares (100% of Cap’l) 3 Mos. 6 Mos. 1 Yr. 3 Yrs. 5 Yrs. to Sell 14 20 34 Hld’s(000) 16630 16436 15793 -27.15% -65.60% -79.39% -- -- © 2019 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribe call 1-800-VALUELINE of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. RECENT TRAILING RELATIVE DIV’D VALUE SYNTHETIC BIOLOGICS AMEX--SYN PRICE 0.40P/E RATIO NMF P/E RATIO NMFYLD Nil LINE 3720 RANKS 78.67 103.15 73.43 127.27 151.05 95.63 36.71 20.98 0.85 High 14.72 41.96 33.22 40.56 50.45 25.70 14.34 0.51 0.37 Low PERFORMANCE 3 Average LEGENDS 12 Mos Mov Avg Technical 3 Average ....Rel Price Strength 2.8% Rev split 8/18 50 Shaded area indicates recession SAFETY 5 Lowest

BETA 1.75 (1.00 = Market) 25

15 Financial Strength C+ 10 Price Stability 5

Price Growth Persistence 20 5 19700 Earnings Predictability 40 VOL. (thous.) © VALUE LINE PUBLISHING LLC 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020/2021 SALES PER SH ------‘‘CASH FLOW’’ PER SH d8.36 d13.57 d7.37 d9.53 d16.81 d8.09 d4.06 d1.44 -- EARNINGS PER SH d9.44 d17.48 d9.44 d11.19 d18.88 d10.14 d6.29 d4.06 NA NA/NA DIV’DS DECL’D PER SH ------CAP’L SPENDING PER SH -- -- .02 .02 .19 .17 .06 .00 -- BOOK VALUE PER SH 7.89 10.27 9.15 4.61 6.18 1.15 d.41 .73 -- COMMON SHS OUTST’G (MILL) .90 1.27 1.67 2.07 2.60 3.35 3.68 15.48 -- AVG ANN’L P/E RATIO ------NA NA/NA RELATIVE P/E RATIO ------AVG ANN’L DIV’D YIELD ------SALES ($MILL) ------Bold figures OPERATING MARGIN ------are consensus DEPRECIATION ($MILL) .1 .1 .0 .0 .1 .2 .2 .3 -- earnings NET PROFIT ($MILL) d7.6 d17.3 d12.3 d19.8 d43.7 d27.3 d15.2 d13.4 -- estimates INCOME TAX RATE ------and, using the NET PROFIT MARGIN ------recent prices, WORKING CAP’L ($MILL) 6.7 12.1 15.2 9.5 14.7 1.8 8.1 26.1 -- P/E ratios. LONG-TERM DEBT ($MILL) ------SHR. EQUITY ($MILL) 7.1 13.0 15.2 9.6 16.1 3.8 d1.5 29.4 -- RETURN ON TOTAL CAP’L NMF NMF NMF NMF NMF NMF -- NMF -- RETURN ON SHR. EQUITY NMF NMF NMF NMF NMF NMF -- NMF -- RETAINED TO COM EQ NMF NMF NMF NMF NMF NMF -- NMF -- ALL DIV’DS TO NET PROF ------Note: No analyst estimates available. ANNUAL RATES ASSETS ($mill.) 2017 2018 9/30/19 INDUSTRY: Biotechnology of change (per share) 5 Yrs. 1 Yr. Cash Assets 17.1 28.9 18.7 Sales -- -- Receivables .0 .0 .0 BUSINESS: Synthetic Biologics, Inc., a late-stage clinical ‘‘Cash Flow’’ -- -- Inventory .0 .0 .0 company, develops therapeutics designed to preserve the Earnings -- -- Other .8 .6 1.1 Dividends -- -- microbiome to protect and restore the health of patients. Its Current Assets 17.9 29.5 19.8 Book Value -44.0% -- lead product candidates are in Phase III development, such Fiscal QUARTERLY SALES ($mill.) Full Property, Plant as SYN-004 that is designed to protect the gut microbiome Year 1Q 2Q 3Q 4Q Year & Equip, at cost 1.3 1.3 - - from the effects of commonly used intravenous (IV) beta- Accum Depreciation .4 .7 - - 12/31/17 ------Net Property .9 .6 .4 lactam antibiotics for the prevention of C. difficile infection, 12/31/18 ------Other .0 .0 .5 overgrowth of pathogenic organisms, and the emergence of 12/31/19 ------Total Assets 18.8 30.1 20.7 antimicrobial resistance; and SYN-010 which is intended to 12/31/20 reduce the impact of methane-producing organisms in the LIABILITIES ($mill.) gut microbiome to treat an underlying cause of irritable Fiscal EARNINGS PER SHARE Full Accts Payable 2.0 1.0 2.5 Year 1Q 2Q 3Q 4Q Year Debt Due .0 .0 .0 bowel syndrome with constipation. The company’s preclini- 12/31/16 d4.20 d2.10 d3.15 d.69 d10.14 Other 7.8 2.4 3.1 cal products include an oral formulation of the enzyme 12/31/17 d.70 d1.05 d4.90 .36 d6.29 Current Liab 9.8 3.4 5.6 intestinal alkaline phosphatase to treat local GI disorders 12/31/18 d.70 d1.05 d.93 d1.12 d4.06 and systemic diseases; monoclonal antibody therapies for 12/31/19 d.25 d.23 d.31 the prevention and treatment of pertussis; and novel discov- 12/31/20 LONG-TERM DEBT AND EQUITY ery stage biotherapeutics for the treatment of phenylke- as of 9/30/19 Cal- QUARTERLY DIVIDENDS PAID Full tonuria. Has 13 employees. C.E.O.: Steven A. Shallcross endar 1Q 2Q 3Q 4Q Year Total Debt None Due in 5 Yrs. None Address: 9605 Medical Center Drive Suite 270, Rockville, 2016 ------LT Debt None MD 20850. Tel.: (301) 417-4364. Internet: www.synthet- Including Cap. Leases None 2017 ------Leases, Uncapitalized Annual rentals NA icbiologics.com. N.A. 2018 ------2019 ------Pension Liability None in ’18 vs. None in ’17 December 6, 2019

INSTITUTIONAL DECISIONS Pfd Stock None Pfd Div’d Paid None TOTAL SHAREHOLDER RETURN 4Q’18 1Q’19 2Q’19 Dividends plus appreciation as of 10/31/2019 to Buy 12 10 5 Common Stock 16,806,000 shares (100% of Cap’l) 3 Mos. 6 Mos. 1 Yr. 3 Yrs. 5 Yrs. to Sell 15 10 11 Hld’s(000) 2876 1914 1681 -14.58% -32.79% -51.19% -99.16% -99.22% © 2019 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribe call 1-800-VALUELINE of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. RECENT TRAILING RELATIVE DIV’D VALUE ULTRAGENYX PHARMA. NDQ--RARE PRICE 38.91P/E RATIO NMF P/E RATIO NMFYLD Nil LINE 3721 RANKS 69.77 137.05 110.06 91.35 90.98 74.50 High 32.02 44.27 46.52 43.14 37.44 35.41 Low PERFORMANCE 3 Average LEGENDS 100 Below 12 Mos Mov Avg Technical 4 Average ....Rel Price Strength 80 Shaded area indicates recession SAFETY 3 Average 50

BETA 1.50 (1.00 = Market) 30

Financial Strength B+ 15

Price Stability 10 8 Price Growth Persistence 5 13800 Earnings Predictability 40 VOL. (thous.) © VALUE LINE PUBLISHING LLC 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020/2021 SALES PER SH ------.00 .06 1.01 -- ‘‘CASH FLOW’’ PER SH ------d1.99 d3.70 d5.88 d6.71 d6.15 -- EARNINGS PER SH ------d2.25 d3.96 d6.21 d7.12 d6.67 d7.28 A,B d5.72 C/NA DIV’DS DECL’D PER SH ------CAP’L SPENDING PER SH ------.07 .13 .25 .06 .08 -- BOOK VALUE PER SH ------5.79 13.62 11.49 8.68 11.97 -- COMMON SHS OUTST’G (MILL) ------31.93 38.98 41.24 44.17 50.86 -- AVG ANN’L P/E RATIO ------NMF NMF/NA RELATIVE P/E RATIO ------AVG ANN’L DIV’D YIELD ------SALES ($MILL) ------.1 2.6 51.5 -- Bold figures OPERATING MARGIN ------NMF NMF NMF -- are consensus DEPRECIATION ($MILL) -- .3 .4 .7 1.4 3.4 5.8 19.5 -- earnings NET PROFIT ($MILL) -- d16.3 d35.1 d59.8 d145.6 d245.9 d302.1 d332.2 -- estimates INCOME TAX RATE ------and, using the NET PROFIT MARGIN ------NMF NMF NMF -- recent prices, WORKING CAP’L ($MILL) -- 83.3 49.3 180.9 422.3 341.4 198.6 447.7 -- P/E ratios. LONG-TERM DEBT ($MILL) ------SHR. EQUITY ($MILL) -- 84.9 53.5 184.9 531.1 474.0 383.5 608.9 -- RETURN ON TOTAL CAP’L -- NMF NMF NMF NMF NMF NMF NMF -- RETURN ON SHR. EQUITY -- NMF NMF NMF NMF NMF NMF NMF -- RETAINED TO COM EQ ------NMF NMF NMF NMF NMF -- ALL DIV’DS TO NET PROF ------NMF ------ANo. of analysts changing earn. est. in last 25 days: 1 up, 7 down, consensus 5-year earnings growth not available. BBased upon 8 analysts’ estimates. CBased upon 10 analysts’ estimates. ANNUAL RATES ASSETS ($mill.) 2017 2018 9/30/19 INDUSTRY: Biotechnology of change (per share) 5 Yrs. 1 Yr. Cash Assets 234.5 459.7 527.1 Sales -- NMF Receivables 5.2 12.7 23.1 BUSINESS: Ultragenyx Pharmaceutical, Inc., a clinical- ‘‘Cash Flow’’ -- -- Inventory .8 7.1 14.1 stage biopharmaceutical company, focuses on the identifi- Earnings -- -- Other 29.1 42.9 49.2 Dividends -- -- cation, acquisition, development, and commercialization of Current Assets 269.6 522.4 613.5 Book Value -- 38.0% various products for the treatment of rare and ultra-rare Fiscal QUARTERLY SALES ($mill.) Full Property, Plant diseases in the United States. The company develops Year 1Q 2Q 3Q 4Q Year & Equip, at cost 32.8 38.3 - - various biologics product candidates, including KRN23, a Accum Depreciation 11.0 18.3 - - 12/31/17 -- -- .2 2.4 2.6 Net Property 21.8 20.0 31.9 human monoclonal antibody in Phase II pediatric study to 12/31/18 10.7 12.8 11.8 16.2 51.5 Other 199.4 177.2 234.5 bind and reduce the biological activity of fibroblast growth 12/31/19 18.2 24.1 25.8 Total Assets 490.8 719.6 879.9 factor to enhance abnormally low phosphate levels in 12/31/20 patients with X-linked hypophosphatemia, as well as is LIABILITIES ($mill.) intended for the treatment of adult inoperable tumor- Fiscal EARNINGS PER SHARE Full Accts Payable 8.9 12.3 13.5 Year 1Q 2Q 3Q 4Q Year Debt Due .0 .0 .0 induced osteomalacia patients. Its biologics product candi- 12/31/16 d1.36 d1.46 d1.64 d1.75 d6.21 Other 62.1 62.4 76.8 dates also comprise recombinant human beta- 12/31/17 d1.63 d1.72 d1.87 d1.90 d7.12 Current Liab 71.0 74.7 90.3 glucuronidase, an intravenous enzyme replacement therapy 12/31/18 .62 d1.06 d1.74 d4.49 d6.67 in Phase III clinical study for the treatment of mucopoly- 12/31/19 d1.82 d1.72 d1.96 d1.65 saccharidosis 7; and recombinant human protective protein 12/31/20 d1.56 d1.51 LONG-TERM DEBT AND EQUITY cathepsin-A, an enzyme replacement therapy in preclinical as of 9/30/19 Cal- QUARTERLY DIVIDENDS PAID Full development for galactosialidosis. Has 610 employees. endar 1Q 2Q 3Q 4Q Year Total Debt None Due in 5 Yrs. None C.E.O. & President: Emil D. Kakkis Address: 60 Leveroni 2016 ------LT Debt None Court, Novato, CA 94949. Tel.: (415) 483-8800. Internet: Including Cap. Leases None 2017 ------Leases, Uncapitalized Annual rentals NA www.ultragenyx.com. N.A. 2018 ------2019 ------Pension Liability None in ’18 vs. None in ’17 December 6, 2019

INSTITUTIONAL DECISIONS Pfd Stock None Pfd Div’d Paid None TOTAL SHAREHOLDER RETURN 4Q’18 1Q’19 2Q’19 Dividends plus appreciation as of 10/31/2019 to Buy 84 117 93 Common Stock 57,750,000 shares (100% of Cap’l) 3 Mos. 6 Mos. 1 Yr. 3 Yrs. 5 Yrs. to Sell 86 49 71 Hld’s(000) 50239 57837 58601 -33.39% -39.18% -17.15% -31.95% -14.61% © 2019 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribe call 1-800-VALUELINE of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. RECENT TRAILING RELATIVE DIV’D VALUE VIVUS INC. NDQ--VVUS PRICE 2.80P/E RATIO NMF P/E RATIO NMFYLD Nil LINE 3722 RANKS 114.80 312.10 156.20 98.00 34.00 18.50 13.80 9.88 5.78 High 60.00 95.00 80.00 27.20 9.40 9.15 4.81 2.19 2.15 Low PERFORMANCE 3 Average LEGENDS 12 Mos Mov Avg 18 Technical 3 Average ....Rel Price Strength 1-for-10 Rev split 9/18 13 Shaded area indicates recession SAFETY 5 Lowest 8 BETA 1.20 (1.00 = Market) 5 4 Financial Strength C 3

Price Stability 5 2

Price Growth Persistence 10 2200 Earnings Predictability 5 VOL. (thous.) © VALUE LINE PUBLISHING LLC 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020/2021 SALES PER SH -- .20 7.86 11.01 9.17 11.85 6.17 6.12 -- ‘‘CASH FLOW’’ PER SH d5.27 d13.85 d13.70 d7.86 d4.08 2.32 d2.80 d2.64 -- EARNINGS PER SH d5.60 d14.20 d14.40 d8.00 d6.10 2.20 d2.90 d3.48 d2.94 A,B d2.27 C/NA DIV’DS DECL’D PER SH ------CAP’L SPENDING PER SH .02 .17 .17 .03 .03 .02 .00 .00 -- BOOK VALUE PER SH 15.86 22.15 14.87 7.96 d.68 1.73 d.88 d3.76 -- COMMON SHS OUTST’G (MILL) 8.90 10.07 10.32 10.37 10.41 10.49 10.60 10.64 -- AVG ANN’L P/E RATIO ------5.4 -- -- NMF NMF/NA RELATIVE P/E RATIO ------.29 ------AVG ANN’L DIV’D YIELD ------SALES ($MILL) -- 2.0 81.1 114.2 95.4 124.3 65.4 65.1 -- Bold figures OPERATING MARGIN -- NMF NMF NMF NMF 45.7% 5.5% 8.3% -- are consensus DEPRECIATION ($MILL) .1 .3 1.0 1.1 18.6 1.1 .8 8.9 -- earnings NET PROFIT ($MILL) d47.0 d139.7 d142.3 d82.6 d61.0 23.3 d30.5 d37.0 -- estimates INCOME TAX RATE ------.3% ------and, using the NET PROFIT MARGIN -- NMF NMF NMF NMF 18.8% NMF NMF -- recent prices, WORKING CAP’L ($MILL) 140.7 221.0 371.9 301.0 214.2 255.1 224.6 124.3 -- P/E ratios. LONG-TERM DEBT ($MILL) -- -- 213.1 217.3 219.2 232.6 230.5 294.4 -- SHR. EQUITY ($MILL) 141.1 222.9 153.4 82.5 d7.1 18.2 d9.3 d40.0 -- RETURN ON TOTAL CAP’L NMF NMF NMF NMF NMF 15.8% NMF NMF -- RETURN ON SHR. EQUITY NMF NMF NMF NMF -- 128.1% ------RETAINED TO COM EQ NMF NMF NMF NMF -- 128.1% ------ALL DIV’DS TO NET PROF ------ANo. of analysts changing earn. est. in last 25 days: 0 up, 1 down, consensus 5-year earnings growth not available. BBased upon one analyst’s estimate. CBased upon one analyst’s estimate. ANNUAL RATES ASSETS ($mill.) 2017 2018 9/30/19 INDUSTRY: Biotechnology of change (per share) 5 Yrs. 1 Yr. Cash Assets 226.3 111.2 40.1 Sales 24.5% -1.0% Receivables 12.2 25.6 24.1 BUSINESS: VIVUS, Inc., a biopharmaceutical company, ‘‘Cash Flow’’ -- -- Inventory 17.7 23.1 30.0 develops and commercializes novel therapeutic products to Earnings -- -- Other 7.2 7.6 7.0 Dividends -- -- address unmet medical needs in human health in the United Current Assets 263.4 167.5 101.2 Book Value -- -- States and the European Union. The company offers Fiscal QUARTERLY SALES ($mill.) Full Property, Plant Qsymia for the treatment of obesity as an adjunct to a Year 1Q 2Q 3Q 4Q Year & Equip, at cost 2.9 2.9 - - reduced-calorie diet and increased physical activity for Accum Depreciation 2.4 2.6 - - 12/31/17 27.0 11.2 15.2 12.0 65.4 Net Property .5 .3 .3 chronic weight management in adult patients with an initial 12/31/18 11.9 15.0 18.1 20.1 65.1 Other 1.1 134.3 124.6 body mass index of 30 or greater, or obese patients, or 27 or 12/31/19 16.1 18.4 18.0 Total Assets 265.0 302.1 226.1 greater, or overweight patients in the presence of at least one 12/31/20 weight-related comorbidity, such as hypertension, type 2 LIABILITIES ($mill.) diabetes mellitus or high cholesterol; and STENDRA, an Fiscal EARNINGS PER SHARE Full Accts Payable 10.1 8.9 6.2 Year 1Q 2Q 3Q 4Q Year Debt Due 5.1 .0 184.2 oral phosphodiesterase type 5 inhibitor for the treatment of 12/31/16 d1.20 d1.10 d.90 5.40 2.20 Other 23.6 34.3 36.3 erectile dysfunction. It is also involved in developing 12/31/17 d.10 d1.20 d.60 d1.00 d2.90 Current Liab 38.8 43.2 226.7 Qsymia, which has completed Phase II studies for the 12/31/18 d1.00 d1.19 d.87 d.42 d3.48 treatment of various diseases, including obstructive sleep 12/31/19 d.75 d.56 d1.04 d.59 apnea and diabetes, nonalcoholic steatohepatitis and fatty 12/31/20 LONG-TERM DEBT AND EQUITY liver disease, hyperlipidemia, and hypertension. Has 57 as of 9/30/19 Cal- QUARTERLY DIVIDENDS PAID Full employees. C.E.O.: John P. Amos Address: 900 E. Hamilton endar 1Q 2Q 3Q 4Q Year Total Debt $242.7 mill. Due in 5 Yrs. NA Avenue, Suite, Campbell, CA 95008. Tel.: (650) 934-5200. 2016 ------LT Debt $58.5 mill. Internet: www.vivus.com. Including Cap. Leases NA 2017 ------NMF% of Cap’l N.A. 2018 ------Leases, Uncapitalized Annual rentals NA 2019 ------December 6, 2019 Pension Liability None in ’18 vs. None in ’17 INSTITUTIONAL DECISIONS TOTAL SHAREHOLDER RETURN 4Q’18 1Q’19 2Q’19 Pfd Stock None Pfd Div’d Paid None Dividends plus appreciation as of 10/31/2019 to Buy 12 16 10 Common Stock 10,643,000 shares 3 Mos. 6 Mos. 1 Yr. 3 Yrs. 5 Yrs. to Sell 17 9 17 NMF% of Cap’l Hld’s(000) 1695 1659 1566 1.80% -9.09% -2.02% -67.62% -89.97% © 2019 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribe call 1-800-VALUELINE of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. RECENT TRAILING RELATIVE DIV’D VALUE VANDA PHARMA. NDQ--VNDA PRICE 16.53P/E RATIO 7.4 P/E RATIO 0.42YLD Nil LINE 3723 RANKS 10.17 5.47 15.65 19.25 15.00 18.00 18.99 33.44 31.30 High 4.33 2.92 3.57 8.33 8.00 6.91 11.90 13.75 12.32 Low Below PERFORMANCE 4 Average LEGENDS 45 12 Mos Mov Avg Technical 5 Lowest ....Rel Price Strength 30 Shaded area indicates recession 22.5 SAFETY 3 Average

BETA .90 (1.00 = Market) 13 9 Financial Strength B+ 6

Price Stability 15 4 3 Price Growth Persistence 70 17500 Earnings Predictability 25 VOL. (thous.) © VALUE LINE PUBLISHING LLC 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020/2021 SALES PER SH 1.11 1.16 1.02 1.21 2.57 3.32 3.67 3.68 -- ‘‘CASH FLOW’’ PER SH d.28 d.90 d.59 d1.32 d.61 d.14 d.28 .54 -- EARNINGS PER SH d.35 d.98 d.67 d1.42 d.94 d.41 d.35 .48 2.16 A,B .98 C/NA DIV’DS DECL’D PER SH ------CAP’L SPENDING PER SH .01 .07 .01 .02 .06 .03 .04 .01 -- BOOK VALUE PER SH 1.19 .35 1.32 3.88 3.11 2.98 2.92 5.25 -- COMMON SHS OUTST’G (MILL) 28.12 28.24 33.34 41.49 42.82 44.00 44.94 52.48 -- AVG ANN’L P/E RATIO ------40.3 7.7 16.9/NA RELATIVE P/E RATIO ------2.27 -- AVG ANN’L DIV’D YIELD ------SALES ($MILL) 31.3 32.7 33.9 50.2 109.9 146.0 165.1 193.1 -- Bold figures OPERATING MARGIN NMF NMF NMF NMF NMF NMF NMF 12.8% -- are consensus DEPRECIATION ($MILL) 2.0 2.1 .4 2.8 13.6 11.9 3.0 3.0 -- earnings NET PROFIT ($MILL) d9.8 d27.7 d20.3 d57.4 d39.9 d18.0 d15.6 25.2 -- estimates INCOME TAX RATE ------.5% -- and, using the NET PROFIT MARGIN NMF NMF NMF NMF NMF NMF NMF 13.1% -- recent prices, WORKING CAP’L ($MILL) 121.9 93.7 102.7 133.9 115.3 123.9 99.5 246.1 -- P/E ratios. LONG-TERM DEBT ($MILL) ------25.0 25.0 ------SHR. EQUITY ($MILL) 33.5 9.9 44.1 160.8 133.0 131.3 131.4 275.4 -- RETURN ON TOTAL CAP’L NMF NMF NMF NMF NMF NMF NMF 9.2% -- RETURN ON SHR. EQUITY NMF NMF NMF NMF NMF NMF NMF 9.2% -- RETAINED TO COM EQ NMF NMF NMF NMF NMF NMF NMF 9.2% -- ALL DIV’DS TO NET PROF ------ANo. of analysts changing earn. est. in last 25 days: 2 up, 0 down, consensus 5-year earnings growth not available. BBased upon 2 analysts’ estimates. CBased upon 2 analysts’ estimates. ANNUAL RATES ASSETS ($mill.) 2017 2018 9/30/19 INDUSTRY: Biotechnology of change (per share) 5 Yrs. 1 Yr. Cash Assets 143.4 257.4 237.8 Sales 26.5% -- Receivables 17.6 28.8 26.8 BUSINESS: Vanda Pharmaceuticals, Inc. is a biopharma- ‘‘Cash Flow’’ -- -- Inventory (FIFO) .8 1.0 1.0 ceutical company focused on the development and commer- Earnings -- -- Other 8.1 11.9 14.4 Dividends -- -- cialization of products for the treatment of central nervous Current Assets 169.9 299.1 280.0 Book Value 31.0% 79.5% system disorders. Its product portfolio includes tasimelteon, Fiscal QUARTERLY SALES ($mill.) Full Property, Plant a compound for the treatment of circadian rhythm sleep Year 1Q 2Q 3Q 4Q Year & Equip, at cost 9.8 9.6 - - disorders; Fanapt, a compound for the treatment of schizo- Accum Depreciation 4.5 5.2 - - 12/31/17 37.4 42.1 41.3 44.3 165.1 Net Property 5.3 4.4 4.2 phrenia, the oral formulation of which is currently being 12/31/18 43.6 47.4 49.1 53.0 193.1 Other 30.2 28.6 190.2 marketed and sold in the US by Novartis Pharma AG; and 12/31/19 47.7 59.1 54.5 Total Assets 205.4 332.1 474.4 VLY-686, a small molecule neurokinin-1 receptor antago- 12/31/20 nist. Tasimelteon has also been studied in major depressive LIABILITIES ($mill.) disorder and insomnia. Fanapt and its metabolites, formu- Fiscal EARNINGS PER SHARE Full Accts Payable 4.4 5.2 .0 Year 1Q 2Q 3Q 4Q Year Debt Due 27.0 .2 .0 lations, and genetic markers are covered by a total of 18 12/31/16 d.28 d.11 d.01 d.01 d.41 Other 39.0 47.6 60.0 patent and patent application families worldwide. VLY-686 12/31/17 d.18 d.03 d.10 d.04 d.35 Current Liab 70.4 53.0 60.0 is covered by a total of three patent and patent application 12/31/18 .06 .09 .13 .20 .48 families worldwide. The company markets its products in 12/31/19 d.01 .21 1.84 .12 the US, Canada, Europe, Israel, and Mexico. In October 12/31/20 LONG-TERM DEBT AND EQUITY 2019, the company appointed Anne Sempowksi Ward to its as of 9/30/19 Cal- QUARTERLY DIVIDENDS PAID Full board of directors. Has 270 employees. C.E.O. & President: endar 1Q 2Q 3Q 4Q Year Total Debt None Due in 5 Yrs. None Mihael H. Polymeropoulos Address: 2200 Pennsylvania 2016 ------LT Debt None Avenue Suite 300 E, Washington, DC 20037. Tel.: (202) Including Cap. Leases None 2017 ------Leases, Uncapitalized Annual rentals NA 734-3400. Internet: www.vandapharma.com. N.A. 2018 ------2019 ------Pension Liability None in ’18 vs. None in ’17 December 6, 2019

INSTITUTIONAL DECISIONS Pfd Stock None Pfd Div’d Paid None TOTAL SHAREHOLDER RETURN 4Q’18 1Q’19 2Q’19 Dividends plus appreciation as of 10/31/2019 to Buy 110 113 84 Common Stock 53,333,211 shares (100% of Cap’l) 3 Mos. 6 Mos. 1 Yr. 3 Yrs. 5 Yrs. to Sell 85 80 91 Hld’s(000) 52882 54363 55395 8.51% -17.07% -28.78% -9.02% 12.49% © 2019 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribe call 1-800-VALUELINE of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. RECENT TRAILING RELATIVE DIV’D VALUE VAXART, INC. NDQ--VXRT PRICE 0.31P/E RATIO NMF P/E RATIO NMFYLD Nil LINE 3724 RANKS 390.06 133.98 48.84 77.77 33.00 24.97 16.50 9.46 5.00 High 99.00 38.72 33.11 23.10 18.70 12.54 4.74 1.83 0.27 Low PERFORMANCE 3 Average LEGENDS 12 Mos Mov Avg 18 Technical 3 Average ....Rel Price Strength 1-for-6 Rev split 11/12 13 9% Rev split 2/18 SAFETY 5 Lowest Shaded area indicates recession 8 BETA .70 (1.00 = Market) 5 4 Financial Strength C+ 3

Price Stability 5 2

Price Growth Persistence 5 4800 Earnings Predictability 35 VOL. (thous.) © VALUE LINE PUBLISHING LLC 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020/2021 SALES PER SH 23.05 9.88 13.00 21.53 7.01 2.65 2.53 .58 -- ‘‘CASH FLOW’’ PER SH d11.42 d7.80 d5.28 d2.70 d5.13 d7.20 d8.34 d2.07 -- EARNINGS PER SH d11.88 d9.35 d6.49 d3.85 d5.94 d7.26 d8.36 d2.90 NA NA/NA DIV’DS DECL’D PER SH ------CAP’L SPENDING PER SH .00 .63 .39 .03 .03 .06 -- .10 -- BOOK VALUE PER SH 91.46 28.72 26.40 27.24 19.80 13.15 5.32 1.57 -- COMMON SHS OUTST’G (MILL) .64 2.06 2.58 3.19 3.51 3.51 3.51 7.14 -- AVG ANN’L P/E RATIO ------NA NA/NA RELATIVE P/E RATIO ------AVG ANN’L DIV’D YIELD ------SALES ($MILL) 14.8 20.4 33.6 68.7 24.6 9.3 8.9 4.2 -- Bold figures OPERATING MARGIN NMF NMF NMF NMF NMF NMF NMF NMF -- are consensus DEPRECIATION ($MILL) .2 3.1 3.0 2.4 1.1 .1 .1 3.2 -- earnings NET PROFIT ($MILL) d7.5 d19.2 d16.6 d11.0 d19.1 d25.4 d29.4 d18.0 -- estimates INCOME TAX RATE ------and, using the NET PROFIT MARGIN NMF NMF NMF NMF NMF NMF NMF NMF -- recent prices, WORKING CAP’L ($MILL) 91.6 51.7 64.1 74.2 61.8 63.2 34.0 7.2 -- P/E ratios. LONG-TERM DEBT ($MILL) ------.8 .3 .1 1.9 -- SHR. EQUITY ($MILL) 58.9 59.3 68.2 86.9 69.5 46.2 18.7 11.2 -- RETURN ON TOTAL CAP’L NMF NMF NMF NMF NMF NMF NMF NMF -- RETURN ON SHR. EQUITY NMF NMF NMF NMF NMF NMF NMF NMF -- RETAINED TO COM EQ NMF NMF NMF NMF NMF NMF NMF NMF -- ALL DIV’DS TO NET PROF ------Note: No analyst estimates available. ANNUAL RATES ASSETS ($mill.) 2017 2018 9/30/19 INDUSTRY: Biotechnology of change (per share) 5 Yrs. 1 Yr. Cash Assets 38.6 11.5 19.6 Sales -34.0% -77.0% Receivables .6 1.8 .6 BUSINESS: Vaxart, Inc. is focused on developing oral ‘‘Cash Flow’’ -- -- Inventory .0 .0 .0 recombinant protein vaccines based on its proprietary oral Earnings -- -- Other .7 1.3 1.1 Dividends -- -- vaccine platform. Its vaccines are designed to generate Current Assets 39.9 14.6 21.3 Book Value -33.0% -70.5% broad and durable immune responses that protect against a Fiscal QUARTERLY SALES ($mill.) Full Property, Plant wide range of infectious diseases and may be useful for the Year 1Q 2Q 3Q 4Q Year & Equip, at cost .6 2.6 - - treatment of chronic viral infections and cancer. The com- Accum Depreciation .4 1.5 - - 06/30/17 .1 3.8 4.9 .1 8.9 Net Property .2 1.1 1.5 pany’s development programs include oral tablet vaccines 12/31/18 1.5 .6 .3 1.8 4.2 Other .0 19.5 19.9 that are designed to protect against norovirus, seasonal 12/31/19 5.4 .1 .5 Total Assets 40.1 35.2 42.7 influenza, and respiratory syncytial virus, and a therapeutic 12/31/20 vaccine for HPV. The company is headquartered in South LIABILITIES ($mill.) San Francisco, California. In September 2019, the company Fiscal EARNINGS PER SHARE Full Accts Payable 1.4 1.0 1.0 Year 1Q 2Q 3Q 4Q Year Debt Due .2 1.7 2.5 announced the pricing of an underwritten public offering of 06/30/16 d1.87 d1.87 d1.54 d1.98 d7.26 Other 4.3 4.8 5.7 26,666,667 shares of common stock (which includes pre- 06/30/17 d2.86 d2.64 d1.21 d1.65 d8.36 Current Liab 5.9 7.5 9.2 funded warrants to purchase up to an aggregate of 4,100,000 12/31/18 .49 d1.24 d.92 d.69 d2.90 shares of common stock in lieu thereof), and common 12/31/19 d.18 d.39 d.32 warrants to purchase up to an aggregate of 26,666,667 12/31/20 LONG-TERM DEBT AND EQUITY shares of common stock. Has 34 employees. C.E.O. & as of 9/30/19 Cal- QUARTERLY DIVIDENDS PAID Full President: Wouter W. Latour Address: 290 Utah Ave., Suite endar 1Q 2Q 3Q 4Q Year Total Debt $4.1 mill. Due in 5 Yrs. NA 200 South San Francisco, CA 94080. Tel.: (650) 550-3500. 2016 ------LT Debt $1.7 mill. Internet: www.vaxart.com. Including Cap. Leases NA 2017 ------(8% of Cap’l) N.A. 2018 ------Leases, Uncapitalized Annual rentals NA 2019 ------December 6, 2019 Pension Liability None in ’18 vs. None in ’17 INSTITUTIONAL DECISIONS TOTAL SHAREHOLDER RETURN 4Q’18 1Q’19 2Q’19 Pfd Stock None Pfd Div’d Paid None Dividends plus appreciation as of 10/31/2019 to Buy 6 5 11 Common Stock 47,722,985 shares 3 Mos. 6 Mos. 1 Yr. 3 Yrs. 5 Yrs. to Sell 9 9 4 (92% of Cap’l) Hld’s(000) 490 717 1974 -53.62% -56.76% -89.08% -97.69% -98.81% © 2019 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribe call 1-800-VALUELINE of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. RECENT TRAILING RELATIVE DIV’D VALUE VERASTEM INC. NDQ--VSTM PRICE 1.16P/E RATIO NMF P/E RATIO NMFYLD Nil LINE 3725 RANKS 12.24 18.82 16.60 12.35 1.93 5.71 10.35 4.25 High 6.25 8.27 7.10 1.50 1.05 1.11 2.77 0.83 Low Above PERFORMANCE 2 Average LEGENDS 12 Mos Mov Avg Technical 3 Average ....Rel Price Strength 8 Shaded area indicates recession SAFETY 5 Lowest 5 4 BETA 1.60 (1.00 = Market) 3 2 Financial Strength C+

Price Stability 5 1

Price Growth Persistence 15 -26236 Earnings Predictability 50 VOL. (thous.) © VALUE LINE PUBLISHING LLC 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020/2021 SALES PER SH ------.36 -- ‘‘CASH FLOW’’ PER SH -- d1.56 d1.62 d1.94 d1.55 d.97 d1.32 d.96 -- EARNINGS PER SH -- d1.70 d1.82 d2.07 d1.61 d.99 d1.76 d1.37 d1.85 A,B d1.22 C/NA DIV’DS DECL’D PER SH ------CAP’L SPENDING PER SH -- .02 .00 .09 .01 .00 -- .02 -- BOOK VALUE PER SH -- 4.44 4.64 3.26 2.77 1.95 1.14 1.68 -- COMMON SHS OUTST’G (MILL) -- 20.36 25.33 27.26 36.94 36.99 50.80 73.81 -- AVG ANN’L P/E RATIO ------NMF NMF/NA RELATIVE P/E RATIO ------AVG ANN’L DIV’D YIELD ------SALES ($MILL) ------26.7 -- Bold figures OPERATING MARGIN ------NMF -- are consensus DEPRECIATION ($MILL) .1 .2 .2 .4 .8 .7 .6 1.4 -- earnings NET PROFIT ($MILL) d13.7 d32.0 d41.2 d53.4 d57.9 d36.4 d67.8 d72.4 -- estimates INCOME TAX RATE ------and, using the NET PROFIT MARGIN ------NMF -- recent prices, WORKING CAP’L ($MILL) 44.7 54.7 94.2 86.1 100.7 70.3 70.7 216.2 -- P/E ratios. LONG-TERM DEBT ($MILL) ------14.8 114.7 -- SHR. EQUITY ($MILL) 55.4 90.5 117.4 88.8 102.5 72.3 57.7 124.3 -- RETURN ON TOTAL CAP’L NMF NMF NMF NMF NMF NMF NMF NMF -- RETURN ON SHR. EQUITY NMF NMF NMF NMF NMF NMF NMF NMF -- RETAINED TO COM EQ -- NMF NMF NMF NMF NMF NMF NMF -- ALL DIV’DS TO NET PROF ------ANo. of analysts changing earn. est. in last 25 days: 1 up, 0 down, consensus 5-year earnings growth not available. BBased upon 2 analysts’ estimates. CBased upon one analyst’s estimate. ANNUAL RATES ASSETS ($mill.) 2017 2018 9/30/19 INDUSTRY: Biotechnology of change (per share) 5 Yrs. 1 Yr. Cash Assets 86.7 249.7 160.2 Sales -- -- Receivables .0 .3 2.2 BUSINESS: Verastem, Inc., a biopharmaceutical com- ‘‘Cash Flow’’ -- -- Inventory .0 .3 .5 pany, focuses on discovering and developing proprietary Earnings -- -- Other 1.1 3.0 4.1 Dividends -- -- small molecule drugs targeting cancer stem cells (CSCs) Current Assets 87.8 253.3 167.0 Book Value -19.0% 48.5% with companion diagnostics. Its programs target the focal Fiscal QUARTERLY SALES ($mill.) Full Property, Plant adhesion kinase (FAK) and the PI3K/mTOR signaling Year 1Q 2Q 3Q 4Q Year & Equip, at cost 3.6 1.9 - - pathways. The company’s lead FAK inhibitor, VS-6063, is Accum Depreciation 2.7 .5 - - 12/31/17 ------Net Property .9 1.4 1.0 in a registration-directed trial in patients with mesothe- 12/31/18 -- 10.0 15.5 1.2 26.7 Other 1.1 22.5 24.6 lioma; a Phase Ib trial in combination with weekly pacli- 12/31/19 1.7 3.1 9.0 Total Assets 89.8 277.2 192.6 taxel for patients with ovarian cancer; a Phase II study in 12/31/20 patients with non-small cell lung cancer; and a Phase I trial LIABILITIES ($mill.) in Japan in patients with solid tumors. It is also developing Fiscal EARNINGS PER SHARE Full Accts Payable 9.2 10.3 8.8 Year 1Q 2Q 3Q 4Q Year Debt Due .0 5.7 .0 FAK inhibitor, VS-4718; and dual mTORC1/2 and PI3K 12/31/16 d.22 d.23 d.21 d.33 d.99 Other 7.9 21.1 21.7 inhibitor, VS-5584, which are in Phase I clinical trials in 12/31/17 d.35 d.37 d.61 d.43 d1.76 Current Liab 17.1 37.1 30.5 patients with advanced cancers. The company’s product 12/31/18 d.41 d.30 d.29 d.37 d1.37 candidates target CSCs that have been implicated in aggres- 12/31/19 d.52 d.57 d.41 d.33 sive cancers, metastasis, and chemotherapeutic resistance. 12/31/20 d.29 d.29 LONG-TERM DEBT AND EQUITY Verastem, Inc. was founded in 2010 and is based in as of 9/30/19 Cal- QUARTERLY DIVIDENDS PAID Full Needham, Massachusetts. Has 169 employees. C.E.O.: endar 1Q 2Q 3Q 4Q Year Total Debt $136.1 mill. Due in 5 Yrs. NA Robert Forrester Address: 117 Kendrick Street Suite 500, 2016 ------LT Debt $136.1 mill. Needham, MA 02494. Tel.: (781) 292-4200. Internet: Including Cap. Leases NA 2017 ------(86% of Cap’l) www.verastem.com. N.A. 2018 ------Leases, Uncapitalized Annual rentals NA 2019 ------December 6, 2019 Pension Liability None in ’18 vs. None in ’17 INSTITUTIONAL DECISIONS TOTAL SHAREHOLDER RETURN 4Q’18 1Q’19 2Q’19 Pfd Stock None Pfd Div’d Paid None Dividends plus appreciation as of 10/31/2019 to Buy 61 56 38 Common Stock 74,314,000 shares 3 Mos. 6 Mos. 1 Yr. 3 Yrs. 5 Yrs. to Sell 55 52 63 (14% of Cap’l) Hld’s(000) 43691 32377 27958 -27.33% -48.83% -78.50% -12.80% -88.51% © 2019 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribe call 1-800-VALUELINE of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. RECENT TRAILING RELATIVE DIV’D VALUE VERICEL CORP. NDQ--VCEL PRICE 18.87P/E RATIO NMF P/E RATIO NMFYLD Nil LINE 3726 RANKS 69.40 54.40 29.40 7.00 4.35 6.69 6.30 18.87 21.01 High 35.20 22.20 3.16 2.55 1.69 1.76 2.25 5.32 13.40 Low Above PERFORMANCE 2 Average LEGENDS 12 Mos Mov Avg 18 Technical 3 Average ....Rel Price Strength 13% Rev split 2/10 13 Below 1-for-20 Rev split 10/13 SAFETY 4 Average Shaded area indicates recession 8 BETA 1.55 (1.00 = Market) 5 4 Financial Strength B 3

Price Stability 5 2

Price Growth Persistence 20 19300 Earnings Predictability 40 VOL. (thous.) © VALUE LINE PUBLISHING LLC 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020/2021 SALES PER SH .01 .01 .00 1.21 2.27 1.72 1.78 2.09 -- ‘‘CASH FLOW’’ PER SH d9.85 d13.17 d3.20 d.81 d.65 d.56 d.44 d.15 -- EARNINGS PER SH d10.20 d16.20 d6.95 d2.23 d.97 d1.18 d.52 d.20 .16 A,B .32 C/NA DIV’DS DECL’D PER SH ------CAP’L SPENDING PER SH .53 .12 .01 .03 .11 .04 .04 .06 -- BOOK VALUE PER SH d6.71 d14.66 d7.30 d.12 .98 .78 .63 2.35 -- COMMON SHS OUTST’G (MILL) 1.93 2.19 4.72 23.79 22.54 31.60 35.86 43.58 -- AVG ANN’L P/E RATIO ------NMF 59.0/NA RELATIVE P/E RATIO ------AVG ANN’L DIV’D YIELD ------SALES ($MILL) .0 .0 .0 28.8 51.2 54.4 63.9 90.9 -- Bold figures OPERATING MARGIN NMF NMF NMF NMF NMF NMF NMF NMF -- are consensus DEPRECIATION ($MILL) .6 .6 .5 .8 1.6 1.9 1.6 1.4 -- earnings NET PROFIT ($MILL) d19.7 d29.5 d15.6 d19.9 d16.3 d19.6 d17.3 d8.1 -- estimates INCOME TAX RATE ------and, using the NET PROFIT MARGIN NMF NMF NMF NMF NMF NMF NMF NMF -- recent prices, WORKING CAP’L ($MILL) d14.5 8.3 3.2 29.7 15.2 31.8 37.4 98.0 -- P/E ratios. LONG-TERM DEBT ($MILL) .0 .0 -- .1 .1 9.4 16.9 -- -- SHR. EQUITY ($MILL) d13.0 9.5 3.9 35.6 22.1 24.7 22.5 102.2 -- RETURN ON TOTAL CAP’L -- NMF NMF NMF NMF NMF NMF NMF -- RETURN ON SHR. EQUITY -- NMF NMF NMF NMF NMF NMF NMF -- RETAINED TO COM EQ ------NMF NMF NMF NMF -- ALL DIV’DS TO NET PROF ------ANo. of analysts changing earn. est. in last 25 days: 1 up, 2 down, consensus 5-year earnings growth not available. BBased upon 3 analysts’ estimates. CBased upon 3 analysts’ estimates. ANNUAL RATES ASSETS ($mill.) 2017 2018 9/30/19 INDUSTRY: Biotechnology of change (per share) 5 Yrs. 1 Yr. Cash Assets 26.9 82.9 74.7 Sales 200.0% 17.0% Receivables 18.3 23.5 20.0 BUSINESS: Vericel Corp. is a leader in developing ‘‘Cash Flow’’ -- -- Inventory 3.8 3.6 6.8 patient-specific expanded cellular therapies for use in the Earnings -- -- Other 1.5 2.8 3.2 Dividends -- -- treatment of patients with severe diseases and conditions. Current Assets 50.5 112.8 104.7 Book Value -- 273.0% The company markets two autologous cell therapy products Fiscal QUARTERLY SALES ($mill.) Full Property, Plant in the US: Carticel(R) (autologous cultured chondrocytes), Year 1Q 2Q 3Q 4Q Year & Equip, at cost 10.7 13.4 - - an autologous chondrocyte implant for the treatment of Accum Depreciation 6.6 7.5 - - 12/31/17 9.4 16.9 14.3 23.3 63.9 Net Property 4.1 5.9 7.2 cartilage defects in the knee, and Epicel(R) (cultured 12/31/18 18.0 19.0 22.5 31.4 90.9 Other .0 .0 25.6 epidermal autografts), a permanent skin replacement for the 12/31/19 21.8 26.2 30.5 Total Assets 54.6 118.7 137.5 treatment of patients with deep-dermal or full-thickness 12/31/20 burns comprising greater than or equal to 30% of total body LIABILITIES ($mill.) surface area. Vericel is developing MACI(TM), a third- Fiscal EARNINGS PER SHARE Full Accts Payable 5.6 7.1 5.3 Year 1Q 2Q 3Q 4Q Year Debt Due .4 .0 .0 generation autologous chondrocyte implant for the treat- 12/31/16 d.24 d.22 d.38 d.34 d1.18 Other 7.1 7.7 9.8 ment of cartilage defects in the knee, and ixmyelocel-T, a 12/31/17 d.30 d.07 d.16 .01 d.52 Current Liab 13.1 14.8 15.1 patient-specific multicellular therapy for the treatment of 12/31/18 d.21 d.12 d.02 .11 d.20 advanced heart failure due to ischemic dilated cardiomyopa- 12/31/19 d.07 d.45 .07 .19 thy. Vericel Corporation was founded in 1989 and is 12/31/20 d.03 LONG-TERM DEBT AND EQUITY headquartered in Cambridge, Massachusetts. Has 216 em- as of 9/30/19 Cal- QUARTERLY DIVIDENDS PAID Full ployees. C.E.O. & President: Dominick C. Colanglo Esq. endar 1Q 2Q 3Q 4Q Year Total Debt None Due in 5 Yrs. None Address: 64 Sidney Street, Cambridge, MA 02139. Tel.: 2016 ------LT Debt None (617) 588-5555. Internet: www.vcel.com. Including Cap. Leases None 2017 ------Leases, Uncapitalized Annual rentals NA N.A. 2018 ------2019 ------Pension Liability None in ’18 vs. None in ’17 December 6, 2019

INSTITUTIONAL DECISIONS Pfd Stock None Pfd Div’d Paid None TOTAL SHAREHOLDER RETURN 4Q’18 1Q’19 2Q’19 Dividends plus appreciation as of 10/31/2019 to Buy 95 89 71 Common Stock 44,520,000 shares (100% of Cap’l) 3 Mos. 6 Mos. 1 Yr. 3 Yrs. 5 Yrs. to Sell 61 71 90 Hld’s(000) 36483 37420 40224 -17.00% -6.59% 42.33% 621.36% 436.15% © 2019 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribe call 1-800-VALUELINE of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. RECENT TRAILING RELATIVE DIV’D VALUE VERRICA PHARMA. NYSE--VRCA PRICE 16.20P/E RATIO NMF P/E RATIO NMFYLD Nil LINE 3727 RANKS 23.29 16.49 High 6.44 6.84 Low Above PERFORMANCE 2 Average LEGENDS Above 12 Mos Mov Avg 18 Technical 2 Average ....Rel Price Strength Shaded area indicates recession Short 13 SAFETY – History 8 BETA NMF (1.00 = Market) 5 4 Financial Strength NMF 3

Price Stability NMF 2

Price Growth Persistence NMF 1400 Earnings Predictability NMF VOL. (thous.) © VALUE LINE PUBLISHING LLC 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020/2021 SALES PER SH ------‘‘CASH FLOW’’ PER SH ------d.80 -- EARNINGS PER SH ------d1.41 d1.17 A,B d2.04 C/NA DIV’DS DECL’D PER SH ------CAP’L SPENDING PER SH ------.01 -- BOOK VALUE PER SH ------3.48 -- COMMON SHS OUTST’G (MILL) ------25.71 -- AVG ANN’L P/E RATIO ------NMF NMF/NA RELATIVE P/E RATIO ------AVG ANN’L DIV’D YIELD ------SALES ($MILL) ------Bold figures OPERATING MARGIN ------are consensus DEPRECIATION ($MILL) ------.0 -- earnings NET PROFIT ($MILL) ------d20.6 -- estimates INCOME TAX RATE ------and, using the NET PROFIT MARGIN ------recent prices, WORKING CAP’L ($MILL) ------88.7 -- P/E ratios. LONG-TERM DEBT ($MILL) ------SHR. EQUITY ($MILL) ------89.4 -- RETURN ON TOTAL CAP’L ------NMF -- RETURN ON SHR. EQUITY ------NMF -- RETAINED TO COM EQ ------NMF -- ALL DIV’DS TO NET PROF ------ANo. of analysts changing earn. est. in last 25 days: 0 up, 0 down, consensus 5-year earnings growth not available. BBased upon 3 analysts’ estimates. CBased upon 2 analysts’ estimates. ANNUAL RATES ASSETS ($mill.) 2017 2018 9/30/19 INDUSTRY: Biotechnology of change (per share) 5 Yrs. 1 Yr. Cash Assets -- 89.8 71.1 Sales -- -- Receivables -- .0 .0 BUSINESS: Verrica Pharmaceuticals Inc., a clinical stage ″ ″ Cash Flow -- -- Inventory -- .0 .0 medical dermatology company, develops and commercial- Earnings -- -- Other -- 1.4 2.9 Dividends -- -- izes dermatological treatments in the United States. The Current Assets -- 91.2 74.0 Book Value -- -- company’s lead product candidate include VP-102 that is in Fiscal QUARTERLY SALES ($mill.) Full Property, Plant Phase III clinical trial for the treatment of molluscum Year 1Q 2Q 3Q 4Q Year & Equip, at cost -- .3 - - contagiosum; in Phase II clinical trial for the treatment of Accum Depreciation -- .0 - - 12/31/17 ------Net Property -- .3 1.8 common warts; and completed Phase I clinical trial for the 12/31/18 ------Other -- .4 .3 treatment of Genital warts. It is also developing cantharidin- 12/31/19 ------Total Assets -- 91.9 76.1 based product candidate, VP-103 for the treatment of 12/31/20 plantar warts. The company was founded in 2013 and is LIABILITIES ($mill.) headquartered in West Chester, Pennsylvania. In September Fiscal EARNINGS PER SHARE Full Accts Payable -- .9 1.0 Year 1Q 2Q 3Q 4Q Year Debt Due -- .0 .0 2019, the company announced that it submitted a New Drug 12/31/16 ------Other -- 1.6 3.3 Application (NDA) to the U.S. Food and Drug Administra- 12/31/17 ------Current Liab -- 2.5 4.3 tion (FDA) for VP-102 (cantharidin 0.7% Topical Solution), 12/31/18 -- d.92 d.23 d.30 d1.41 a proprietary topical therapy, for the treatment of molluscum 12/31/19 d.30 d.28 d.24 d.32 contagiosum (molluscum). Has 16 employees. C.E.O. & 12/31/20 LONG-TERM DEBT AND EQUITY President: Ted White Address: 10 North High Street, Suite as of 9/30/19 Cal- QUARTERLY DIVIDENDS PAID Full 20, West Chester, PA 19380. Tel.: (484) 453-3300. Internet: endar 1Q 2Q 3Q 4Q Year Total Debt None Due in 5 Yrs. None www.verrica.com. 2016 ------LT Debt None Including Cap. Leases None 2017 ------Leases, Uncapitalized Annual rentals NA N.A. 2018 ------2019 ------Pension Liability None in ’18 vs. None in ’17 December 6, 2019

INSTITUTIONAL DECISIONS Pfd Stock None Pfd Div’d Paid None TOTAL SHAREHOLDER RETURN 4Q’18 1Q’19 2Q’19 Dividends plus appreciation as of 10/31/2019 to Buy 24 23 23 Common Stock 25,849,941 shares (100% of Cap’l) 3 Mos. 6 Mos. 1 Yr. 3 Yrs. 5 Yrs. to Sell 16 9 9 Hld’s(000) 8444 8933 9132 10.46% 35.20% 2.42% -- -- © 2019 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribe call 1-800-VALUELINE of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. RECENT TRAILING RELATIVE DIV’D VALUE XBIOTECH, INC. NDQ--XBIT PRICE 12.59P/E RATIO NMF P/E RATIO NMFYLD Nil LINE 3728 RANKS 32.50 25.00 20.18 6.50 15.32 High 7.17 6.36 2.77 2.13 4.78 Low PERFORMANCE 3 Average LEGENDS 12 Mos Mov Avg 18 Technical 3 Average ....Rel Price Strength Shaded area indicates recession Below 13 SAFETY 4 Average 8 BETA .20 (1.00 = Market) 5 4 Financial Strength B 3

Price Stability 5 2

Price Growth Persistence NMF 3300 Earnings Predictability NMF VOL. (thous.) © VALUE LINE PUBLISHING LLC 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020/2021 SALES PER SH ------‘‘CASH FLOW’’ PER SH ------d1.14 d1.60 d.89 d.52 -- EARNINGS PER SH ------d1.22 d1.63 d.95 d.59 d.62 A,B d.83 C/NA DIV’DS DECL’D PER SH ------CAP’L SPENDING PER SH ------.32 .43 .04 .00 -- BOOK VALUE PER SH ------3.19 1.81 1.70 1.15 -- COMMON SHS OUTST’G (MILL) ------32.28 32.63 35.44 35.90 -- AVG ANN’L P/E RATIO ------NMF NMF/NA RELATIVE P/E RATIO ------AVG ANN’L DIV’D YIELD ------SALES ($MILL) ------Bold figures OPERATING MARGIN ------are consensus DEPRECIATION ($MILL) -- -- .8 .7 .7 .7 1.5 2.4 -- earnings NET PROFIT ($MILL) -- -- d9.9 d21.7 d37.5 d52.8 d33.2 d21.1 -- estimates INCOME TAX RATE ------and, using the NET PROFIT MARGIN ------recent prices, WORKING CAP’L ($MILL) -- -- 6.8 54.9 86.7 28.9 30.5 14.1 -- P/E ratios. LONG-TERM DEBT ($MILL) ------SHR. EQUITY ($MILL) -- -- 10.2 59.0 103.1 59.1 60.2 41.4 -- RETURN ON TOTAL CAP’L -- -- NMF NMF NMF NMF NMF NMF -- RETURN ON SHR. EQUITY -- -- NMF NMF NMF NMF NMF NMF -- RETAINED TO COM EQ -- -- NMF NMF NMF NMF NMF NMF -- ALL DIV’DS TO NET PROF ------ANo. of analysts changing earn. est. in last 25 days: 0 up, 0 down, consensus 5-year earnings growth not available. BBased upon one analyst’s estimate. CBased upon one analyst’s estimate. ANNUAL RATES ASSETS ($mill.) 2017 2018 9/30/19 INDUSTRY: Biotechnology of change (per share) 5 Yrs. 1 Yr. Cash Assets 31.8 15.8 40.3 Sales -- -- Receivables .0 .0 .0 BUSINESS: XBiotech, Inc., a biopharmaceutical com- ‘‘Cash Flow’’ -- -- Inventory .0 .0 .0 pany, engages in discovering and developing True Human Earnings -- -- Other 1.5 1.2 .6 Dividends -- -- monoclonal antibodies for treating various diseases. XBio- Current Assets 33.3 17.0 40.9 Book Value -- -32.0% tech’s True Human antibodies are 100% human, derived Fiscal QUARTERLY SALES ($mill.) Full Property, Plant from individuals who possess natural immunity to certain Year 1Q 2Q 3Q 4Q Year & Equip, at cost 36.6 36.7 - - diseases. With discovery and clinical programs across Accum Depreciation 7.0 9.4 - - 12/31/17 ------Net Property 29.6 27.3 25.7 multiple disease areas, XBiotech’s True Human antibodies 12/31/18 ------Other .0 .2 .0 have the potential to harness the body’s natural immunity to 12/31/19 ------Total Assets 62.9 44.5 66.6 fight disease with increased safety, efficacy and tolerability. 12/31/20 Its lead product is MABp1, a novel anti-cancer agent, has LIABILITIES ($mill.) completed Phase III clinical trial in Europe for the treatment Fiscal EARNINGS PER SHARE Full Accts Payable 1.7 1.7 1.1 Year 1Q 2Q 3Q 4Q Year Debt Due .0 .0 .0 of advanced colorectal cancer. MABp1 (also known as 12/31/16 d.32 d.42 d.38 d.51 d1.63 Other 1.1 1.2 .9 Xilonix, CA-18C3, CV-18C3, RA-18C3, and T2-18C3) 12/31/17 d.31 d.26 d.18 d.20 d.95 Current Liab 2.8 2.9 2.0 targets and neutralizes interleukin-1 alpha (IL-1a). IL-1a is 12/31/18 d.12 d.16 d.14 d.17 d.59 a pro-inflammatory protein produced by leukocytes and 12/31/19 d.16 d.16 d.15 d.15 other cells, where it plays a key role in inflammation. 12/31/20 d.18 d.20 LONG-TERM DEBT AND EQUITY XBiotech, Inc. was founded in 2005 and is headquartered in as of 9/30/19 Cal- QUARTERLY DIVIDENDS PAID Full Austin, Texas. Has 51 employees. Chairman, C.E.O. & endar 1Q 2Q 3Q 4Q Year Total Debt None Due in 5 Yrs. None President: John Simard Address: 5217 Winnebago Ln NA, 2016 ------LT Debt None Austin, TX 78744. Tel.: (512) 386-2900. Internet: Including Cap. Leases None 2017 ------Leases, Uncapitalized Annual rentals NA www.xbiotech.com. N.A. 2018 ------2019 ------Pension Liability None in ’18 vs. None in ’17 December 6, 2019

INSTITUTIONAL DECISIONS Pfd Stock None Pfd Div’d Paid None TOTAL SHAREHOLDER RETURN 4Q’18 1Q’19 2Q’19 Dividends plus appreciation as of 10/31/2019 to Buy 11 26 29 Common Stock 41,066,467 shares (100% of Cap’l) 3 Mos. 6 Mos. 1 Yr. 3 Yrs. 5 Yrs. to Sell 11 11 23 Hld’s(000) 1117 2545 4408 54.40% 22.00% 178.72% -17.96% -- © 2019 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribe call 1-800-VALUELINE of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. RECENT TRAILING RELATIVE DIV’D VALUE XENCOR, INC. NDQ--XNCR PRICE 38.29P/E RATIO 59.8 P/E RATIO 3.35YLD Nil LINE 3729 RANKS 10.90 17.64 24.82 29.38 28.64 48.38 46.33 High 7.28 7.77 10.68 9.89 18.55 20.16 27.75 Low PERFORMANCE 3 Average LEGENDS 45 12 Mos Mov Avg Technical 3 Average ....Rel Price Strength 30 Shaded area indicates recession Below 22.5 SAFETY 4 Average

BETA 1.25 (1.00 = Market) 13 9 Financial Strength B+ 6

Price Stability 10 4 3 Price Growth Persistence 100 7100 Earnings Predictability 5 VOL. (thous.) © VALUE LINE PUBLISHING LLC 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020/2021 SALES PER SH -- -- .32 .30 .68 1.88 .76 .72 -- ‘‘CASH FLOW’’ PER SH -- -- d1.90 d.49 d.38 .54 d1.00 d1.19 -- EARNINGS PER SH -- -- d3.85 d.52 d.45 .56 d1.05 d1.31 .50 A,B d1.67 C/NA DIV’DS DECL’D PER SH ------CAP’L SPENDING PER SH -- -- .00 .02 .05 .03 .11 .13 -- BOOK VALUE PER SH -- -- 2.35 1.89 4.01 6.74 6.00 9.27 -- COMMON SHS OUTST’G (MILL) -- -- 31.35 31.43 40.55 46.57 47.00 56.28 -- AVG ANN’L P/E RATIO ------31.7 -- -- 76.6 NMF/NA RELATIVE P/E RATIO ------1.73 ------AVG ANN’L DIV’D YIELD ------SALES ($MILL) -- -- 10.2 9.5 27.8 87.5 35.7 40.6 -- Bold figures OPERATING MARGIN -- -- NMF NMF NMF 27.4% NMF NMF -- are consensus DEPRECIATION ($MILL) -- -- .7 .9 2.2 1.5 2.0 3.3 -- earnings NET PROFIT ($MILL) -- -- d60.3 d16.4 d17.6 23.6 d48.9 d70.4 -- estimates INCOME TAX RATE ------4.0% ------and, using the NET PROFIT MARGIN -- -- NMF NMF NMF 27.0% NMF NMF -- recent prices, WORKING CAP’L ($MILL) -- -- 70.6 51.6 54.3 35.4 129.5 261.8 -- P/E ratios. LONG-TERM DEBT ($MILL) -- -- .0 ------SHR. EQUITY ($MILL) -- -- 73.5 59.3 162.4 314.0 282.0 521.7 -- RETURN ON TOTAL CAP’L -- -- NMF NMF NMF 7.5% NMF NMF -- RETURN ON SHR. EQUITY -- -- NMF NMF NMF 7.5% NMF NMF -- RETAINED TO COM EQ -- -- NMF NMF NMF 7.5% NMF NMF -- ALL DIV’DS TO NET PROF ------ANo. of analysts changing earn. est. in last 25 days: 3 up, 1 down, consensus 5-year earnings growth not available. BBased upon 3 analysts’ estimates. CBased upon 4 analysts’ estimates. ANNUAL RATES ASSETS ($mill.) 2017 2018 9/30/19 INDUSTRY: Biotechnology of change (per share) 5 Yrs. 1 Yr. Cash Assets 224.1 294.4 546.5 Sales 28.0% -5.0% Receivables 1.1 10.2 4.3 BUSINESS: Xencor, Inc., a clinical-stage biopharmaceu- ‘‘Cash Flow’’ -- -- Inventory .0 .0 .0 tical company, focused on discovering and developing Earnings -- -- Other 5.7 11.1 23.0 Dividends -- -- engineered monoclonal antibody therapeutics to treat severe Current Assets 230.9 315.7 573.8 Book Value 25.5% 54.5% and life-threatening diseases with unmet medical needs. The Fiscal QUARTERLY SALES ($mill.) Full Property, Plant company developed a proprietary XmAb® technology plat- Year 1Q 2Q 3Q 4Q Year & Equip, at cost 15.0 21.2 - - form that is used to create next-generation antibody product Accum Depreciation 7.9 9.4 - - 12/31/17 4.3 13.3 7.1 11.0 35.7 Net Property 7.1 11.8 13.9 candidates designed to treat autoimmune and allergic dis- 12/31/18 -- -- 29.0 11.6 40.6 Other 152.1 249.2 98.5 eases, cancer and other conditions. In contrast to conven- 12/31/19 111.9 19.5 21.8 Total Assets 390.1 576.7 686.2 tional approaches to antibody design, which focus on the 12/31/20 portion of antibodies that interact with target antigens, it LIABILITIES ($mill.) focuses on the portion of the antibody that interacts with Fiscal EARNINGS PER SHARE Full Accts Payable 6.9 3.8 8.3 Year 1Q 2Q 3Q 4Q Year Debt Due .0 .0 .0 multiple segments of the immune system and controls 12/31/16 d.16 1.13 d.20 d.21 .56 Other 94.4 50.1 56.0 antibody structure. This portion, referred to as the Fc 12/31/17 d.32 d.15 d.33 d.25 d1.05 Current Liab 101.3 53.9 64.3 domain, is constant and interchangeable among antibodies. 12/31/18 d.62 d.46 .05 d.28 d1.31 Its engineered Fc domains, the XmAb technology, can be 12/31/19 1.38 d.28 d.18 d.52 readily substituted for natural Fc domains. Xencor, Inc. was 12/31/20 d.51 d.56 LONG-TERM DEBT AND EQUITY founded in 1997 and is headquartered in Monrovia, Cali- as of 9/30/19 Cal- QUARTERLY DIVIDENDS PAID Full fornia. Has 156 employees. C.E.O. & President: Bassil I. endar 1Q 2Q 3Q 4Q Year Total Debt None Due in 5 Yrs. None Dahiyat Address: 111 West Lemon Avenue, Monrovia, CA 2016 ------LT Debt None 91016. Tel.: (626) 305-5900. Internet: www.xencor.com. Including Cap. Leases None 2017 ------Leases, Uncapitalized Annual rentals NA N.A. 2018 ------2019 ------Pension Liability None in ’18 vs. None in ’17 December 6, 2019

INSTITUTIONAL DECISIONS Pfd Stock None Pfd Div’d Paid None TOTAL SHAREHOLDER RETURN 4Q’18 1Q’19 2Q’19 Dividends plus appreciation as of 10/31/2019 to Buy 55 63 62 Common Stock 56,715,000 shares (100% of Cap’l) 3 Mos. 6 Mos. 1 Yr. 3 Yrs. 5 Yrs. to Sell 59 49 50 Hld’s(000) 46968 47086 47798 -22.29% 11.40% 4.55% 60.69% 217.05% © 2019 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribe call 1-800-VALUELINE of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. RECENT TRAILING RELATIVE DIV’D VALUE XOMA CORP. NDQ--XOMA PRICE 24.13P/E RATIO NMF P/E RATIO NMFYLD Nil LINE 3730 RANKS 154.20 82.60 149.00 191.40 98.60 27.20 37.25 36.86 26.90 High 20.80 22.40 48.60 68.40 13.80 4.16 3.96 11.02 11.50 Low Above PERFORMANCE 2 Average LEGENDS 45 Above 12 Mos Mov Avg Technical 2 Average ....Rel Price Strength 30 6.6% Rev split 8/10 1-for-20 Rev split 10/16 22.5 SAFETY 5 Lowest Shaded area indicates recession BETA 2.00 (1.00 = Market) 13 9 Financial Strength C++ 6

Price Stability 5 4 3 Price Growth Persistence 15 2900 Earnings Predictability 5 VOL. (thous.) © VALUE LINE PUBLISHING LLC 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020/2021 SALES PER SH 33.15 8.19 6.73 3.26 9.32 .91 6.39 .61 -- ‘‘CASH FLOW’’ PER SH d15.60 d15.34 d23.05 d6.29 d2.97 d8.63 1.81 d1.53 -- EARNINGS PER SH d20.80 d20.80 d28.60 d13.40 d3.40 d8.89 .73 d1.59 d.22 A,B d1.05 C/NA DIV’DS DECL’D PER SH ------CAP’L SPENDING PER SH 1.88 .61 .22 .06 .07 .01 .00 .00 -- BOOK VALUE PER SH 8.55 5.21 d.76 .53 d.39 d7.72 .70 2.16 -- COMMON SHS OUTST’G (MILL) 1.76 4.12 5.27 5.79 5.95 6.11 8.25 8.69 -- AVG ANN’L P/E RATIO ------17.1 -- NMF NMF/NA RELATIVE P/E RATIO ------.86 -- -- AVG ANN’L DIV’D YIELD ------SALES ($MILL) 58.2 33.8 35.5 18.9 55.4 5.6 52.7 5.3 -- Bold figures OPERATING MARGIN NMF NMF NMF NMF NMF NMF 39.4% NMF -- are consensus DEPRECIATION ($MILL) 5.4 4.1 2.6 1.9 2.9 .8 .3 .0 -- earnings NET PROFIT ($MILL) d32.7 d67.3 d124.1 d38.3 d20.6 d53.5 14.6 d13.3 -- estimates INCOME TAX RATE ------10.2% -- -- and, using the NET PROFIT MARGIN NMF NMF NMF NMF NMF NMF 27.7% NMF -- recent prices, WORKING CAP’L ($MILL) 41.7 72.0 97.4 47.3 48.9 d5.3 36.8 41.9 -- P/E ratios. LONG-TERM DEBT ($MILL) 33.5 37.7 35.2 16.3 42.8 25.3 14.6 21.7 -- SHR. EQUITY ($MILL) 15.0 21.5 d4.0 3.1 d2.3 d47.2 5.8 18.8 -- RETURN ON TOTAL CAP’L NMF NMF NMF NMF NMF -- 74.7% NMF -- RETURN ON SHR. EQUITY NMF NMF -- NMF -- -- 252.3% NMF -- RETAINED TO COM EQ NMF NMF -- NMF -- -- 252.3% NMF -- ALL DIV’DS TO NET PROF ------ANo. of analysts changing earn. est. in last 25 days: 2 up, 0 down, consensus 5-year earnings growth not available. BBased upon 3 analysts’ estimates. CBased upon 3 analysts’ estimates. ANNUAL RATES ASSETS ($mill.) 2017 2018 9/30/19 INDUSTRY: Biotechnology of change (per share) 5 Yrs. 1 Yr. Cash Assets 43.5 45.8 39.7 Sales -30.5% -90.5% Receivables .4 1.5 3.8 BUSINESS: XOMA Corp. engages in the discovery, ‘‘Cash Flow’’ -- -- Inventory .0 .0 .0 development, and licensing of therapeutic antibodies in the Earnings -- -- Other .3 .3 .5 Dividends -- -- United States, Europe, and the Asia Pacific. The company Current Assets 44.2 47.6 44.0 Book Value -- 208.0% has a portfolio of monoclonal antibodies and technologies to Fiscal QUARTERLY SALES ($mill.) Full Property, Plant license to pharmaceutical and biotechnology companies to Year 1Q 2Q 3Q 4Q Year & Equip, at cost .1 .1 - - further their clinical development. Its proprietary product Accum Depreciation .0 .0 - - 12/31/17 .3 10.9 36.2 5.3 52.7 Net Property .1 .1 .0 candidates include X213, an allosteric inhibitor of prolactin 12/31/18 .5 2.3 .9 1.6 5.3 Other .6 16.1 42.1 action; XMetA, an insulin receptor-activating antibody 12/31/19 8.1 1.0 8.9 Total Assets 44.9 63.8 86.1 designed to provide long-acting reduction of hyperglycemia 12/31/20 in Type 2 diabetic patients; and other preclinical product LIABILITIES ($mill.) candidates, such as interleukin 2, a therapy for metastatic Fiscal EARNINGS PER SHARE Full Accts Payable 1.7 1.2 .9 Year 1Q 2Q 3Q 4Q Year Debt Due .0 .8 4.0 melanoma and renal cell carcinoma, as well as anti- 12/31/16 d1.45 d2.57 d2.10 d2.89 d8.89 Other 5.7 3.7 5.2 parathyroid receptor to address unmet medical needs. The 12/31/17 d1.11 .02 1.98 d.16 .73 Current Liab 7.4 5.7 10.1 company also licenses antibody discovery, optimization, 12/31/18 d.46 d.23 d.55 d.35 d1.59 and development technologies, including Antibody Discov- 12/31/19 .21 d.47 .20 d.28 ery Advanced Platform Technologies, ModulX, and Op- 12/31/20 d.31 d.31 LONG-TERM DEBT AND EQUITY timX. XOMA Corporation was founded in 1981 and is as of 9/30/19 Cal- QUARTERLY DIVIDENDS PAID Full headquartered in Emeryville, California. Has 11 employees. endar 1Q 2Q 3Q 4Q Year Total Debt $32.7 mill. Due in 5 Yrs. NA C.E.O.: James R. Neal Address: 2200 Powell Street Suite 2016 ------LT Debt $28.7 mill. 310, Emeryville, CA 94608. Tel.: (510) 204-7200. Internet: Including Cap. Leases NA 2017 ------(53% of Cap’l) www.xoma.com. N.A. 2018 ------Leases, Uncapitalized Annual rentals NA 2019 ------December 6, 2019 Pension Liability None in ’18 vs. None in ’17 INSTITUTIONAL DECISIONS TOTAL SHAREHOLDER RETURN 4Q’18 1Q’19 2Q’19 Pfd Stock None Pfd Div’d Paid None Dividends plus appreciation as of 10/31/2019 to Buy 28 17 16 Common Stock 8,752,000 shares 3 Mos. 6 Mos. 1 Yr. 3 Yrs. 5 Yrs. to Sell 25 22 29 (47% of Cap’l) Hld’s(000) 4113 4230 3877 5.64% 62.65% 56.70% 259.22% -77.52% © 2019 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribe call 1-800-VALUELINE of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. RECENT TRAILING RELATIVE DIV’D VALUE ZIOPHARM ONCOLOGY NDQ--ZIOP PRICE 5.17P/E RATIO 7.5 P/E RATIO 0.42YLD Nil LINE 3731 RANKS 7.85 6.33 5.95 5.58 14.93 9.74 7.88 5.24 7.10 High 3.55 3.36 1.49 2.31 4.87 4.45 3.90 1.56 1.81 Low PERFORMANCE 3 Average LEGENDS 12 Mos Mov Avg Technical 3 Average ....Rel Price Strength 8 Shaded area indicates recession Below SAFETY 4 Average 5 4 BETA 1.75 (1.00 = Market) 3 2 Financial Strength B

Price Stability 5 1

Price Growth Persistence 25 -23136 Earnings Predictability 20 VOL. (thous.) © VALUE LINE PUBLISHING LLC 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020/2021 SALES PER SH .01 .01 .01 .01 .03 .05 .04 .00 -- ‘‘CASH FLOW’’ PER SH d.92 d1.16 d.56 d.30 d.91 d1.25 d1.38 d.33 -- EARNINGS PER SH d.97 d1.22 d.66 d.31 d.96 d1.32 d.53 .96 d.33 A,B d.33 C/NA DIV’DS DECL’D PER SH ------CAP’L SPENDING PER SH .02 .02 .00 .00 .00 .00 .01 .00 -- BOOK VALUE PER SH 1.03 .59 .49 .32 .66 d1.55 d.68 .53 -- COMMON SHS OUTST’G (MILL) 69.21 82.50 100.16 104.45 131.72 132.38 142.66 161.07 -- AVG ANN’L P/E RATIO ------3.6 NMF NMF/NA RELATIVE P/E RATIO ------.20 -- AVG ANN’L DIV’D YIELD ------SALES ($MILL) .7 .8 .8 1.4 4.3 6.9 6.4 .1 -- Bold figures OPERATING MARGIN NMF NMF NMF NMF NMF NMF NMF NMF -- are consensus DEPRECIATION ($MILL) .3 .7 .7 .5 .4 .3 .4 .6 -- earnings NET PROFIT ($MILL) d63.8 d96.1 d57.1 d31.8 d120.1 d165.3 d54.3 d53.1 -- estimates INCOME TAX RATE ------and, using the NET PROFIT MARGIN NMF NMF NMF NMF NMF NMF NMF NMF -- recent prices, WORKING CAP’L ($MILL) 92.7 61.4 62.5 33.3 134.4 89.1 69.9 74.8 -- P/E ratios. LONG-TERM DEBT ($MILL) ------SHR. EQUITY ($MILL) 71.6 48.4 49.4 33.8 87.4 d77.3 47.2 85.6 -- RETURN ON TOTAL CAP’L NMF NMF NMF NMF NMF -- NMF NMF -- RETURN ON SHR. EQUITY NMF NMF NMF NMF NMF -- NMF NMF -- RETAINED TO COM EQ NMF NMF NMF NMF NMF -- -- NMF -- ALL DIV’DS TO NET PROF ------ANo. of analysts changing earn. est. in last 25 days: 2 up, 1 down, consensus 5-year earnings growth not available. BBased upon 3 analysts’ estimates. CBased upon 3 analysts’ estimates. ANNUAL RATES ASSETS ($mill.) 2017 2018 9/30/19 INDUSTRY: Biotechnology of change (per share) 5 Yrs. 1 Yr. Cash Assets 70.9 61.7 88.4 Sales 29.0% -98.0% Receivables .0 .0 3.4 BUSINESS: Ziopharm Oncology, Inc. is an immuno- ‘‘Cash Flow’’ -- -- Inventory .0 .0 .0 oncology company focused on developing end-to-end cost- Earnings -- -- Other 19.9 22.6 23.8 Dividends -- -- effective solutions using its non-viral Sleeping Beauty Current Assets 90.8 84.3 115.6 Book Value -- -- platform for TCR and CAR T-cell therapies and immune- Fiscal QUARTERLY SALES ($mill.) Full Property, Plant stimulating gene therapy with Controlled interleukin 12 Year 1Q 2Q 3Q 4Q Year & Equip, at cost 4.8 5.3 - - (IL-12). The Sleeping Beauty platform genetically modifies Accum Depreciation 3.6 4.2 - - 12/31/17 1.6 1.6 1.6 1.6 6.4 Net Property 1.2 1.1 .8 T cells with DNA plasmids to express T-cell receptors 12/31/18 .1 ------.1 Other 13.6 9.7 1.5 (TCRs) to target specific antigens in solid tumors and 12/31/19 ------Total Assets 105.6 95.1 117.9 chimeric antigen receptors (CARs) to target CD19 in blood 12/31/20 cancers with the company’s very rapid T-cell manufacturing LIABILITIES ($mill.) process. The Sleeping Beauty platform is being advanced in Fiscal EARNINGS PER SHARE Full Accts Payable 4.4 .7 .9 Year 1Q 2Q 3Q 4Q Year Debt Due .0 .0 .0 collaboration with the National Cancer Institute, The Uni- 12/31/16 d.09 d1.01 d.11 d.11 d1.32 Other 16.5 8.8 10.3 versity of Texas MD Anderson Cancer Center and Eden 12/31/17 d.15 d.13 d.13 d.12 d.53 Current Liab 20.9 9.5 11.2 BioCell. The company also is developing its Controlled 12/31/18 d.15 d.12 d.13 1.29 .96 IL-12 platform, or Ad-RTS-hIL-12 plus veledimex, as 12/31/19 d.08 d.09 d.43 d.07 monotherapy and in combination with immune checkpoint 12/31/20 d.09 d.09 LONG-TERM DEBT AND EQUITY inhibitors to treat brain cancer, including in collaboration as of 9/30/19 Cal- QUARTERLY DIVIDENDS PAID Full with Regeneron Pharmaceuticals. Has 48 employees. endar 1Q 2Q 3Q 4Q Year Total Debt None Due in 5 Yrs. None C.E.O.: Laurence J.N. Cooper Address: One First Avenue, 2016 ------LT Debt None Parris Bldg 34, Navy Yard Plaza, Boston, MA 02129. Tel.: Including Cap. Leases None 2017 ------Leases, Uncapitalized Annual rentals NA (617) 259-1970. Internet: www.ziopharm.com. N.A. 2018 ------2019 ------Pension Liability None in ’18 vs. None in ’17 December 6, 2019

INSTITUTIONAL DECISIONS Pfd Stock None Pfd Div’d Paid None TOTAL SHAREHOLDER RETURN 4Q’18 1Q’19 2Q’19 Dividends plus appreciation as of 10/31/2019 to Buy 60 48 79 Common Stock 181,030,020 shares (100% of Cap’l) 3 Mos. 6 Mos. 1 Yr. 3 Yrs. 5 Yrs. to Sell 59 52 39 Hld’s(000) 54204 62497 70839 -39.19% -4.52% 113.13% -25.70% 27.11% © 2019 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribe call 1-800-VALUELINE of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. December 6, 2019 THE VALUE LINE INVESTMENT SURVEY — SMALL and MID-CAP 3732 Supplementary Reports

APPROACH RESOURCES, INC. (AREXQ) (0.02) Latest Report Page 4840 Approach Resources, Inc., an independent energy company focused on the exploration, development, production and acquisition of unconventional oil and natural gas reserves in the Midland Basin of the greater Permian Basin in West Texas, has filed for chapter 11 bankruptcy protection. Due to this new, we are ceasing coverage of Approach Resources, Inc. A.M.

AVEDRO, INC. (AVDR) (22.99) Latest Report Page 4091 Avedro, Inc., an ophthalmic pharmaceutical and medical technology company focused on treating corneal disease and disorders, has been acquired by Glaukos Corp., an ophthalmic medical technology and pharmaceuticals company focused on novel therapies for the treatment of glaucoma, corneal disorders and retinal diseases. Under the terms of the agreement, shareholders of Avedro stock re- ceived 0.365 shares of Glaukos stock for each Avedro stock they own. Due to this new, we are ceasing coverage of Avedro, Inc. Glaukos Corp. is covered in the Standard Edition. A.M.

TONIX PHARMACEUTICALS HOLDING CORP. (TNXP) (1.25) Latest Report Page 4465 Tonix Pharmaceuticals Holding Corp., a clinical-stage biopharmaceutical company focused on discovering and developing small molecules and biologics to treat psychiatric, pain and addiction conditions, effected a 1-for-10 reverse split. This would be the third reverse split in the last few years. Due to this news, we are ceasing coverage of Tonix Pharmaceuticals Holding Corp., in order to make room for other issues of greater subscriber interest. A.M.

Especially Noteworthy

(Continued from front cover)

We have ceased coverage of Alder Biopharmaceuticals Inc. since it has been acquired. Also, we will no longer cover Sinovac Biotech Ltd. in order to make room for other issues of greater subscriber interest.

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© 2019 Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN OR ANY DAMAGES OR LOSSES ARISING FROM ANY USE OF THE INFORMATION To subscribe call 1-800-VALUELINE CONTAINED HEREIN. This publication is strictly for subscriber's own, non-commercial, internal use. No part of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. December 6, 2019 THE VALUE LINE INVESTMENT SURVEY — SMALL and MID-CAP 3733

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