Frame
Define the question and implied market expectation.
ScienceBiotech
Methodology
A repeatable process for differentiated research.
Every conclusion should be traceable to evidence, assumptions and a defined valuation method.
Understand
Map the product, customer, economics and constraints.
Model
Build estimates from operating drivers and cash economics.
Challenge
Write the bear case and define thesis-breaking evidence.
Value
Use scenarios and more than one valuation method.
Track
Timestamp conclusions and preserve every material revision.
Source hierarchy
SEC filings and regulatory records → peer-reviewed evidence → company disclosures → industry data → clearly attributed secondary reporting. Facts, estimates and opinions are labeled separately.