Hello all,

A quick question about the R&D expense.

I am working at an early-stage BioTech company that has not yet generated any revenue. Right now we are trying to find investors of our series A.

When conducting the valuation, how to treat the R&D expense? Can we capitalize them as assets instead of expenses, then boost the EBITDA? Or it is not allowed to do so under regulation.

Thanks for any advise in advance!!