The three numbers that decide your round
Residual risk - WRXS
The share of your enterprise value still exposed to unresolved risk. You cannot name it. You can name which milestones you have hit across clinical, regulatory, technical, commercial and capital — and that is what we ask. The score falls out of twenty yes-or-no answers you already know.
Probability of clearing the next gate
We start from a published base rate for your milestone and pathway, then move it on four pieces of evidence you can produce: predicate strength, pre-sub feedback, your strongest data tier, and pathway status. The result is a range with a build-up an investor can inspect.
What the company is worth if it fails
Rarely zero. IP, team and data retain value. Pick the realistic failure path and the recovery figure follows from today’s valuation — with the reasoning visible.
The number, and the defence of the number.
Anyone can hand you a valuation. Almost nobody will show you the arithmetic underneath it, tell you which inputs it is hostage to, and state plainly what it cannot prove.
What you get from Core Delta is not an opinion with a decimal point. It is a price your evidence supports, the build-up behind it, what each level costs you in dilution, and the objections you should expect — with the answer to each.
Two ways to start
The first pass — free, live, about an hour
The first pass — free, live, about an hour
The first pass — free, live, about an hour
We run your numbers together on a screen share with the model open. You see your residual risk score, the band your class and stage actually price into, and the cap or pre-money where the arithmetic breaks even. Nothing is sent afterwards — the hour is the deliverable.
Round positioning engagement
The first pass — free, live, about an hour
The first pass — free, live, about an hour
The full build on your numbers. The six-step diagnostic, the price your evidence supports for your instrument, the dilution consequence at each level, the investor objection pack, a ninety-minute session to rehearse the negotiation, and the model itself.
Half on signature, half on delivery — roughly what you are paying counsel to paper the round, for the price rather than the paperwork.
What we do NOT do
We take no fee contingent on a transaction. We are paid for the analysis whether you raise or not — it is the only arrangement in which the number stays honest.
We do not provide legal, regulatory, tax or investment-banking services, and we do not issue valuation opinions.
We do not claim the model predicts outcomes. It has not been back-tested, and we say so on the front page of every deliverable.
If there is a number on the table, start with the hour.
If you are not in a financing conversation yet, and not planning one soon, this will not help you — come back when you are, and it will.