Changelog:

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)