Pulse Biosciences, Inc.

For companies expected to have a high growth period followed by a mature steady state.

Formula: Fair Value = Σ CFₙ ÷ (1 + Discount Rate)ⁿ for n = 1…High-Growth Years — years 1…High-Growth Years grow at the High-Growth Rate — plus Terminal Value ÷ (1 + Discount Rate)^High-Growth Years, where Terminal Value = Final Cash Flow × (1 + Terminal Growth Rate) ÷ (Discount Rate − Terminal Growth Rate)