Strategic Advancements and Promising Developments Drive Buy Rating for Zentalis PharmaceuticalsValuation and risk to achievement of price target. Our price target of $10 is based on an equally-weighted composite of: (a) $11.06/share, as a 20x multiple of taxed and diluted $1.53 discounted back to 12/31/25 at 12% (in line with the expected P/E multiple and discount rate of an early development stage biotechnology company); and (b) an NPV of $9.2/share (discounted cash flow analysis using a 12% discount rate and 2% growth rate, in line with the expected discount and growth parameters of an early development-stage biotechnology company). Risks to achieving our price target include regulatory, commercial, clinical development, competition, manufacturing, financial, liability and intellectual property risks.