BioStock today launches BioVal™, an in-house valuation tool for drugs in development, publishing the first BioVal analysis alongside the launch – a valuation of Elicera Therapeutics and its CAR T-cell programme ELC-301.

The launch marks the starting point for BioVal™, a transparent rNPV model (risk-adjusted net present value) developed by BioStock to put a fundamental, source-backed value on individual assets – from preclinical stage to launch. The model draws on Probability of Success estimates alongside established industry data from sources including BIO/Informa/QLS, Tufts CSDD and IQVIA. In the name of transparency, every step in the calculation is visible and traceable.

– This is a milestone for BioStock. BioVal is the result of a long-term effort to make BioStock's content more analytical in nature, and as a part of that work we have built a tool that makes the valuation of clinical assets transparent and source-backed. Launching BioVal and its first published analysis feels fantastic, says Hanna Norrlid, CEO of BioStock.

BioVal analyses value fundamentals – that is, the underlying clinical and commercial value of a specific project. The analysis does not address share price targets or recommendations. The risk-adjusted project value (rNPV) is then converted into a company value by adding net cash, with the aim of making the asset's fundamental value visible, rather than forecasting share price performance.

– The BioVal analyses are meant to give investors and other stakeholders a sense of a project's real value in a negotiation, for example ahead of an exit. It's that value – future revenue and costs weighted against the probability of success – that ultimately underpins this kind of deal. With BioVal, we want to make that type of valuation accessible and understandable, with every assumption open to scrutiny. That is how we believe trust in valuations is built, says Hanna Norrlid.

In addition to the published analysis, readers can interact with the model directly, adjusting the assumptions that have the greatest impact on the valuation: time to market, the discount rate (WACC), peak sales market share, and Probability of Success. This makes it possible to see in real time how each individual assumption feeds through to the risk-adjusted project value.

– We want to give users the chance to experiment with the assumptions that carry the most weight in the calculation, to deepen their understanding of how the valuation is built, says Hanna Norrlid.

The first published analysis has been commissioned by Elicera Therapeutics and it covers the company's lead programme ELC-301, a CD20-directed, iTANK-armoured CAR T-cell therapy for relapsed or refractory diffuse large B-cell lymphoma (DLBCL). The analysis arrives at a risk-adjusted project value (rNPV) for ELC-301 of SEK 631M and a company value of SEK 691M when adding cash, compared with Elicera Therapeutics' current market cap of SEK 178M.

BioVal™ has been trialled during the spring by a small group of Nordic analysts, specialist investors and company management teams during an invitation-only beta phase, and is now being rolled out gradually to more listed Nordic life science companies.

Read the first BioVal analysis at https://biostock.se/2026/07/bioval-analysis-elicera-therapeutics-elc-301-valued-at-sek-631m/

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BioStock is the Nordic region's leading information channel for life science. Focusing on biotech, medtech, diagnostics and pharmaceutical development, we provide daily news updates, in-depth analyses via BioStock Analytics, exclusive interviews and innovation-driving networking events – all to keep you up to date on developments in the sector.

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