Hi,
I've invested a small amount in Envveno. They crashed over 90% after and FDA rejection in August 2025, but they already had a next-gen device in the pipeline that is less risky and has a wider market. It seems like they keep hitting milestones and the price hasn't budged. They have >$20M in cash and are only at $7M market cap.
My approximate NPV/DCF says they should be worth more than $40M (\~4.5x current) before they even reach the clinic... not sure if I'm missing some risks or my probability assessment is incorrect. long hold could be significantly higher if large strategic acquires.
Negative EV for a very promising clinical pipeline? Any small cap biomedical people in the chain who can validate?