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Small-Cap Research

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FINANCIAL MODEL EyeGate

FINANCIAL MODEL EyeGate Pharmaceuticals Inc. (figures in 000s of $) 2015 A Q1A Q2A Q3A Q4E 2016 E 2017 E 2018 E 2019 E Le g a c y Ey e g a t e A nte rio r Uv e itis Pro b ab ility reaches market - - - - - 8 0 % 8 0 % 8 0 % 8 0 % U.S. Market Size - - - - - 110 ,0 0 0 112 ,2 0 0 114 ,4 4 4 116 ,73 3 Penetratio n % - 0 .0 % 0 .0 % 0 .0 % 0 .0 % 0 .0 % 0 .0 % 0 .3 % 0 .7% Numb er o f p atients - - - - - 0 0 3 4 3 8 17 EYEG Ro yalty rate - - - - - 8 % 8 % 8 % 8 % Co st p er p ro ced ure - - - - - $9 0 0 $9 2 3 $9 4 6 $9 6 9 Revenue (0 0 0 's) w/haircut - - - - - $ 0 . 0 0 $ 0 . 0 0 $ 2 0 . 7 8 $ 5 0 . 6 9 Milesto nes w/ haircut - - - - - $ 0 . 0 0 $ 4 , 0 0 0 . 0 0 $ 5 , 6 0 0 . 0 0 $ 2 , 8 0 0 . 0 0 A U To t a l R e v e nue - - - - - $ 0 . 0 $ 4 , 0 0 0 . 0 $ 5 , 6 2 0 . 8 $ 2 , 8 5 0 . 7 C a ta ra c t S urg e ry Pro b ab ility reaches market - - - - - 15% 15% 15% 15% U.S. Market Size - - - - - 1,10 0 ,0 0 0 1,12 2 ,0 0 0 1,14 4 ,4 4 0 1,16 7,3 2 9 Penetratio n % - 0 .0 % 0 .0 % 0 .0 % 0 .0 % 0 .0 % 0 .0 % 0 .2 % 1.7% Numb er o f p atients - - - - - 0 0 2 , 2 8 9 19 , 8 4 5 EYEG Ro yalty rate - - - - - 8 % 8 % 8 % 8 % Co st p er p ro ced ure - - - - - $6 0 0 $6 15 $6 3 0 $6 4 6 Revenue (0 0 0 's) w/haircut - - - - - $ 0 . 0 0 $ 0 . 0 0 $ 17 . 3 1 $ 15 3 . 8 7 Milesto nes w/ haircut - - - - - $ 0 . 0 0 $ 3 7 5 . 0 0 $ 7 5 0 . 0 0 $ 5 2 5 . 0 0 C S To t a l R e v e nue - - - - - $ 0 . 0 $ 3 7 5 . 0 $ 7 6 7 . 3 $ 6 7 8 . 9 P ro duct Sales /Ro yalites - - - - - $ 0.0 $ 0.0 $ 38.1 $ 204.6 Dvlpmnt / Reg Miles to nes - - - - - $ 0.0 $ 4,375.0 $ 6,350.0 $ 3,325.0 J a d e 's P ip e line J D E-0 0 3 (C o rne a l R e pa ir) Pro b ab ility reaches market - - - - - 50 % 50 % 50 % 50 % U.S. Market Size - - - - - 12 5,0 0 0 12 7,50 0 13 0 ,0 50 13 2 ,6 51 Penetratio n % - 0 .0 % 0 .0 % 0 .0 % 0 .0 % 0 .0 % 0 .0 % 1.0 % 3 .0 % Numb er o f p atients - - - - - 0 0 1, 3 0 1 3 , 9 8 0 EYEG Ro yalty rate - - - - - 2 0 % 2 0 % 2 0 % 2 0 % Co st p er p ro ced ure - - - - - $4 50 $4 6 1 $4 73 $4 8 5 Net Revenue (0 0 0 's) w/haircut - - - - - $ 0 . 0 0 $ 0 . 0 0 $ 5 9 . 0 3 $ 18 5 . 13 Milesto nes w/ haircut - - - - - $ 0 . 0 0 $ 0 . 0 0 $ 0 . 0 0 $ 0 . 0 0 C o rne a l R e p a ir To t a l R e v e nue - - - - - $ 0 . 0 $ 0 . 0 $ 5 9 . 0 $ 18 5 . 1 To tal Miles to nes - - - - $ 0 $ 4,375 $ 6,350 $ 3,325 Co llab o ratio n Revenue (Jad e, Go v't $ 0 $ 235 $ 274 $ 203 $ 712 $ 825 $ 0 $ 0 Total Revenues $0.0 $0.0 $234.6 $274.3 $203.0 $711.9 $5,200.0 $6,447.1 $3,714.7 Y OY Gro wth - - - - - - 6 3 0 .5% 2 4 .0 % -4 2 .4 % Cost of Revenues $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.00 $0.0 $0.0 Gross Income $0.0 $0.0 $234.6 $274.3 $203.0 $711.9 $5,200.0 $6,447.1 $3,714.7 Gro ss M arg in - - - - - - - - - R&D $2,717.1 $914.0 $2,481.5 $2,449.4 $2,468.0 $8,313.0 $8,644.0 $9,178.0 $9,210.0 % R &D - - 10 57.8 % 8 9 3 .0 % 12 15.8 % 116 7.7% 16 6 .2 % 14 2 .4 % 2 4 7.9 % SG&A $3,960.5 $1,528.8 $1,579.2 $1,201.8 $1,644.0 $5,953.7 $6,915.0 $7,391.0 $7,603.0 % S G&A - - 6 73 .1% 4 3 8 .2 % 8 0 9 .9 % 8 3 6 .3 % 13 3 .0 % 114 .6 % 2 0 4 .7% Operating Income ($6,677.6) ($2,442.8) ($3,826.1) ($3,377.0) ($3,909.0) ($13,554.8) ($10,359.0) ($10,121.9) ($13,098.3) Op erating M arg in - - -16 3 0 .9 % -12 3 1.2 % -19 2 5.6 % -19 0 4 .1% -19 9 .2 % -157.0 % -3 52 .6 % Total, other income (exp) ($1,710.4) $0.3 $2.8 $0.3 $1.4 $4.8 $0.0 $0.0 $0.0 Pre-Tax Income ($8,388.0) ($2,442.4) ($3,823.3) ($3,376.7) ($3,907.6) ($13,550.0) ($10,359.0) ($10,121.9) ($13,098.3) Taxes $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 Tax R ate 0 .0 % 0 .0 % 0 .0 % 0 .0 % 0 .0 % 0 .0 % 0 .0 % 0 .0 % 0 .0 % Net Income ($16,615.2) ($2,442.4) ($3,823.3) ($3,376.7) ($3,907.6) ($13,550.0) ($10,359.0) ($10,121.9) ($13,098.3) Y OY Gro wth - - - - - - - - 2 9 .4 % Net M arg in - - - - - - - - - EPS ($2.70) ($0.31) ($0.46) ($0.36) ($0.42) ($1.55) ($0.83) ($0.67) ($0.77) Y OY Gro wth -70 .7% -9 0 .4 % 8 8 .5% 9 2 .5% 19 .2 % -4 2 .4 % -4 6 .7% -18 .6 % 14 .2 % Diluted Shares O/ S 6,164 7,847 8,375 9,270 9,400 8,723 12,500 15,000 17,000 B rian M arckx, CFA © Copyright 2017, Zacks Investment Research. All Rights Reserved.

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