Microglia - today's results brought me to the page for a look and some of the forecasting you have done is incredibly accurate for sales / op ex impact - kudos!

In your DCF though, the final ForEx adjustment is backwards: (circa) $0.12 USD / 0.72 exchange rate should imply $0.16-$0.17 AUD valuation.

 I would also question the inclusion of capital raising as free cash - I think the intrinsic value of a business is based upon the capacity to generate cashflows internally, not the ability to perpetually raise cash. Including this also heightens sensitivity to market conditions/sentiment at the time of the raise. May need more experienced input on that point though as it is not something I have ever attempted to include.

Again congrats on the forecasting though, have a far stronger handle on the company's trajectory to scale than I, and I hope you do well with OSP !! :)