Company	Price	Valuation					Profitability					Cash & leverage					Quality				Rating
		P/E	P/B	P/S	EV / EBITDA	DCF upside	Gross margin	Operating margin	Net margin	ROE	ROIC	FCF yield	Debt / equity	Net debt / EBITDA	Interest coverage	Current ratio	Dividend yield	Piotroski (0-9)	Altman Z	Rating score (1-5)
ZBIOthis companyZenas BioPharma, Inc.	$29.26	-4.3×	6.71×	162.41×	-4.3×	-100.8%	100.0%	-2113.8%	-3777.4%	-156.0%	-65.6%	-10.6%	0.33×	0.08×	-28.85×	5.61×	0.0%	3	-0.68	1	D+
ACRSAclaris Therapeutics, Inc.	$4.19	-5.68×	3.58×	47.18×	-5.45×	-122.2%	73.3%	-975.9%	-829.6%	-63.0%	-57.7%	-12.8%	0.02×	0.28×	0×	5.28×	0.0%	2	-2.65	1	D+
ANNXAnnexon, Inc.	$4.22	-3.75×	3.68×	0×	-3.14×	-80.0%	0.0%	0.0%	0.0%	-97.7%	-91.0%	-24.0%	0.12×	0.66×	0×	5.68×	0.0%	1	-1.2	2	C
IMVTImmunovant, Inc.	$34.17	-8.97×	5.31×	0×	-7.19×	-83.0%	0.0%	0.0%	0.0%	-59.3%	-62.5%	-9.0%	0×	1.79×	0×	9.09×	0.0%	3	26.71	1	D+
QTTBQ32 Bio Inc.	$9.38	1.37×	0.97×	0.76×	0.25×	5.9%	100.0%	31.5%	55.5%	71.0%	29.5%	-82.1%	0.37×	-1.05×	15.37×	4.85×	0.0%	5	15.46	5	A+
TRAXFirst Tracks Biotherapeutics Inc	$49.27	-3.98×	2.3×	0×	-2.47×	-85.9%	0.0%	0.0%	0.0%	-57.8%	-59.4%	-21.7%	0.05×	1.27×	0×	10.2×	0.0%	—	—	2	C
Peer median	—	-3.98×	3.58×	0×	-3.14×	-83.0%	0.0%	0.0%	0.0%	-59.3%	-59.4%	-21.7%	0.05×	0.66×	0×	5.68×	0.0%	3	7.13	2	—