Achieve Life Sciences: Advancements in Cytisinicline Propel Buy Rating Amid Regulatory Milestones and Clinical SuccessWe base our valuation on our discounted cash flow. We use a 10.9% weighted average cost of capital (WACC), and a 12.5x exit multiple on our 2031 estimates. We assume a 2026 approval and launch of cytisinicline in the U.S. for smoking, and assign a 75% probability of success. For vaping cessation we assign a 60% probability of success, and a 2028 launch. Risks to our thesis include: 1) Commercial execution risk, 2) Clinical trial risk, 3) Regulatory risk, 4) Financing risk, and 5) Risk that a partner may be required, and if so this partner could control commercialization efforts.