{"ok":true,"disclaimer":"Illustrative pipeline for demonstration only. Not investment advice, and not derived from any client data.","source":"https://longrangeadvisory.com/model-lab","assumptions":{"discountRatePercent":10,"baseYear":2026,"operatingMargin":0.4812,"taxRate":0.21,"sharesOutstandingMillions":450,"netCashMillions":125},"totals":{"adjustedNpvMillions":4079,"unadjustedNpvMillions":5537,"riskGapMillions":1458,"adjustedNpv":"$4.08B","unadjustedNpv":"$5.54B","impliedSharePrice":9.34},"programs":[{"code":"LRA-045","indication":"Major Depressive Disorder","therapeuticArea":"Neuropsychiatry","status":"Filed","launchYear":2027,"peakSalesMillions":1460,"probabilityOfSuccess":0.8,"adjustedNpvMillions":1884,"unadjustedNpvMillions":2355},{"code":"LRA-201","indication":"Post-Traumatic Stress Disorder","therapeuticArea":"Neuropsychiatry","status":"Phase 3","launchYear":2028,"peakSalesMillions":1120,"probabilityOfSuccess":0.68,"adjustedNpvMillions":982,"unadjustedNpvMillions":1445},{"code":"LRA-114","indication":"Generalized Anxiety Disorder","therapeuticArea":"Neuroscience","status":"Phase 3","launchYear":2029,"peakSalesMillions":730,"probabilityOfSuccess":0.58,"adjustedNpvMillions":448,"unadjustedNpvMillions":773},{"code":"LRA-330","indication":"Social Anxiety Disorder","therapeuticArea":"Neuroscience","status":"Phase 2b","launchYear":2031,"peakSalesMillions":480,"probabilityOfSuccess":0.42,"adjustedNpvMillions":109,"unadjustedNpvMillions":260},{"code":"LRA-078","indication":"Chronic Insomnia","therapeuticArea":"Sleep Medicine","status":"Marketed","launchYear":2026,"peakSalesMillions":390,"probabilityOfSuccess":0.93,"adjustedNpvMillions":656,"unadjustedNpvMillions":705}],"summary":"At a 10.0% discount rate the illustrative five-asset pipeline is worth $4.08B on a risk-adjusted basis and $5.54B unadjusted. The $1.46B difference is the price of development risk. Implied share price is $9.34 on 450M shares with $125M net cash."}