Changelog:

6/1/26
Advanced mode for rNPV Calculator (v1.8.2) and Sensitivity Analysis (v1.5.2):
	⁃	Added the same toggles to the Sensitivity Analysis page for Accelerated Approval, Erosion Tail, and Terminal Value from rNPV calculator
	⁃	Added capability to carry over inputs from Accelerated Approval and Erosion Tail into the .json file for the Sensitivity Analysis
	⁃	These inputs can be carried over to keep base rNPV consistent but do not sweep through the Sensitivity Analysis (only Terminal Growth Rate)
	⁃	Fixed an error in how Terminal Growth Rate was carried over in the .json file to the Sensitivity Analysis
	⁃	Changed the way the expenses were calculated in the Erosion column for the Cash Flow Breakeven by Period table to make consistent with how the net cash flow (NCF) was calculated

5/29/26
Advanced mode for rNPV Calculator (v1.7.4) and Sensitivity Analysis (v1.4):
	⁃	To the rNPV Calculator, added customizability to COGS, R&D, and SG&A expense ramps
	⁃	COGS - added option to modify slope from launch to maturity
	⁃	Curve shapes include: Linear, Concave (Fast Early), S-curve, or Flat
	⁃	R&D - changed how pre-launch and post-approval expenses are calculated (Standard and Accelerated)
	⁃	Pre-launch weight schedule remains independent of post-approval profile - each can be modified independently
	⁃	SG&A: can change the ramp profile through launch
	⁃	In CGT mode, Accelerated Approval is the default setting, but can still be toggled to Standard Approval
	⁃	Added a Sensitivity Analysis page where key inputs can be changed to see how it impacts the rNPV
	⁃	A Sensitivity Analysis button has been added to the bottom right of the rNPV calculator which will open up the Sensitivity Analysis page
	⁃	You can save your inputs from the rNPV calculator for the Sensitivity Analysis into a .json file, and load them in the Sensitivity Analysis page
	⁃	Note: These .json files are different than the files from the Save/Load buttons at the top of the page (which are to re-load inputs for the rNPV calculator); these .json files from the bottom button are specifically for the Sensitivity Analysis page
	⁃	Sensitivity Analysis page Includes Tornado Charts, Sensitivity Tables, and 2-variable heat maps
	⁃	Note: In the Sensitivity Analysis page, 
	⁃	SG&A weights, COGS ramp, and R&D phasing are kept fixed at configured base values & not yet customizable
	⁃	Accelerated Approval and Erosion Tail are not yet included or customizable 
	⁃	The rNPV’s between the calculator and sensitivity analysis are identical in their computation, but there is some rounding differences that come from floating point arithmetic order that may lead to a small difference of ~$1M (landing on opposite sides of a 0.5 boundary). The rNPV’s for all intents & purposes are identical
	⁃	A light/dark mode has been added for both pages (light mode is now default)

5/22/26
Advanced mode (v1.5.2):
	⁃	Changed COGS for CGT during erosion period to 1.5x (from 2.5x) - Next-gen platform competition, no commodity generic equivalent; ATC-concentrated volumes don't collapse the same way. This should boost the overall rNPV for CGT
	⁃	SM/RNAi 2.5x (unchanged)
	⁃	Biologics 2.0x (middle)
	⁃	SG&A margin for ‘Other’ modality reflects a new blend to 34% (from 27%) after recent updates

5/15/26
Advanced mode (v1.4.1):
	⁃	Added a fifth modality - Other for emerging modalities
	⁃	This mode is for: i.e. oncolytic viruses, digital therapies, radiopharmaceuticals, microbial therapies, etc.
	⁃	Blended default settings
	⁃	For RNA interference mode, extended erosion period to 7 years (from 5 years)
	⁃	Modified erosion logic for expenses post-launch (more gradual)

5/8/26
Advanced mode (v1.3.5):
	⁃	Added a fourth modality - RNA Interference
	⁃	This mode is for: siRNA, ASO, GalNAc conjugates, etc.
	⁃	For Years to Approval - allowed for negative numbers to capture instances where the drug of interest is already approved
	⁃	Added toggle for Standard Approval and Accelerated Approval scenarios
	⁃	7-year development timeline for Standard Approval is shortened to a 4-year timeline in Accelerated Approval scenarios 
	⁃	Accelerated Approval path assumes use of a surrogate endpoint in earlier phase trials + confirmatory trial post-launch (no Phase III trials)
	⁃	Accelerated Approval selection opens new inputs for:
	⁃	Confirmatory Trial Length (Years)
	⁃	Confirmatory Success Probability (%)
	⁃	Net Price Haircut During Confirmatory (%)
	⁃	Confirmatory R&D Premium (% of revenue)
	⁃	Weights for R&D spend are adjusted to reflect differences between pathways during development and post-launch phases

5/1/26
Advanced mode (v1.2.2):
	⁃	Added a third modality - Biologics
	⁃	This mode is for: monoclonal antibodies, bispecifics, ADCs, etc.
	⁃	Added erosion period post-LOE (loss of exclusivity) - extends the last year beyond the last patent year, to model generic erosion, which may differ between the different modalities (default inputs are set to reflect these differences, and can be adjusted)
	⁃	Erosion tail includes several input parameters:
	⁃	Erosion period (years)
	⁃	Year 1 revenue retained (%)
	⁃	Annual decay rate (%)
	⁃	Post-LOE operating margin (%)
	⁃	Post-LOE tax rate (%)
	⁃	Note: Terminal value (TV) can still be enabled when erosion period is included. However, the TV anchors to the final erosion-year of net cash flow (NCF), not the last patent year
	⁃	Added a warning about selecting Approved for Development Stage and a positive number for Years to Approval shows up when they are in conflict

4/24/26
Advanced mode (v1.1.1):
	⁃	There are now 2 modes: Small molecule and Cell & Gene Therapy
	⁃	Cell & Gene Therapy (CGT) mode has default settings tailored to the class of therapies
	⁃	This mode is for: autologous or allogeneic CAR-T cell therapies, tumor infiltrating lymphocyte (TIL) therapies, gene therapies & editing, etc.
	⁃	Toggle between prevalence vs. incidence-based models
	⁃	Allows for differences in how chronic & curative/one-time treatments are modeled
	⁃	Curative/one-time treatments are defaulted to an incidence-based model
	⁃	Terminal values (TV) are defaulted to (but can be toggled):
	⁃	Small molecule mode: Exclude TV (due to generic erosion)
	⁃	CGT mode: Exclude TV (given dynamics of curative therapies)
	⁃	Save / Load Input buttons added to allow users to save their work for later use and/or send the inputs to others (as .json file)
	⁃	Revised how post-approval R&D and SG&A expenses are calculated. Added input to adjust post-approval R&D that is independent from pre-approval R&D.
	⁃	R&D: 
	⁃	Initially, for simplicity, the pre- and post-approval R&D expenses were tied together as a % of total R&D budget which was estimated based on the input
	⁃	Calculation is now:
	⁃	Pre-launch = lifetimeRev x rdRate (phased by schedule)
	⁃	Post-approval = revenue x rdPostRate
	⁃	Post-approval R&D estimates should better reflect the true cost of ongoing commercial-stage research
	⁃	SG&A: 
	⁃	Revised calculation so that steady-state SG&A expenses are more inline with industry benchmarks:
	⁃	Steady-state SG&A = Peak Sales x SGA Rate x 100%
	⁃	Excel sheet for download:
	⁃	rNPV Build: Key inputs & formulas are updated to reflect the above changes to the rNPV Build tab to allow smooth transition for Claude.ai to rewrite the page with live formulas
	⁃	Expense methodology tab is also updated to reflect the above changes

Simple mode (v1.1):
	⁃	Revised how post-approval R&D and SG&A expenses are calculated, similar to how it was changed in Advanced mode

4/17/26
Initial launch (v1.0)