Promising Phase 3 Results for BriaCell's Bria-IMT in Metastatic Breast CancerValuation and Risks. Our Buy rating and $40 price target are based on a discounted cash flow analysis (DCF). In our DCF, we extend our estimates to 2037 and assign a 15% discount rate and no terminal value, as we believe BCTX has a novel technology platform. We currently only assume value for Bria-IMT in 3L mBC, with a 25% POS, and have not included other pipeline assets or indications in our valuation.