Anteris Technologies is a clinical-stage heart-valve company with its principal executive offices in Brisbane, Australia. It is the US-listed successor to Anteris Technologies Ltd, which moved its primary listing from the Australian exchange to Nasdaq in December 2024. Its product candidate is the DurAVR transcatheter heart valve (THV), a single-piece valve made from bovine tissue treated with Anteris's ADAPT anti-calcification process, for patients with aortic stenosis. DurAVR is not approved for sale anywhere. Its approval depends on the global pivotal PARADIGM Trial, which randomizes patients to DurAVR or to a commercially approved valve. The primary endpoint is a combination of death, stroke and cardiovascular hospitalization at one year, tested for non-inferiority. The first patients were treated in Denmark in October 2025. In November 2025 the FDA approved enrollment of the first 200 US patients, and more will need a further FDA approval. Today the company has essentially no revenue. Its only sales were small volumes of ADAPT tissue: $2.7 million in 2024 and $1.9 million in 2025. Supply to LeMaitre Vascular ended in January 2025. Anteris chose not to renew its supply agreement with 4C Medical, which ended on June 1, 2026. Cash generation. We measure owner earnings as operating cash flow, excluding swings in working capital and counting stock-based pay as a real cost, after capital spending. On that basis the business consumed $76.7 million in 2024 ($3.79 per share) and $93.8 million in 2025 ($2.54 per share). Those figures match net loss plus non-cash charges to the dollar. The per-share figure improved in 2025 only because many more shares were issued; the dollar burn rose 22%. The pace has quickened again in 2026. The operating loss was $55.0 million in the first half and $31.0 million in the second quarter alone, as trial enrollment got under way. Stock-based pay now runs at about $16 million a year. Only the 2024 and 2025 US filings were used. Earlier years were reported in Australia under a different structure. Intangible assets are negligible, so no amortization adjustment was needed. Interest expense was only $73,000 in 2025, so cash flow before lenders is the same as owner earnings. Balance sheet. In January 2026 Anteris raised $320 million gross: $230 million in a public offering of 40 million shares and $90 million from Medtronic for 15.65 million shares at $5.75 each. At June 30, 2026 it held $257.4 million of cash and short-term investments. That excludes $4.0 million of restricted cash that backs letters of credit. Against this it had $0.45 million of borrowings and leases and $0.28 million of outside interests in a subsidiary. Net cash is therefore $256.7 million, about $2.63 per share on 97.4 million shares. The company says the money funds operations for at least 12 months, and that it will need substantial additional funding to finish developing its products. How we valued it. We credit only earnings power that exists today or is contractually secured. DurAVR's approval, launch and sales would be a new product in a new market, and the trial has not read out, so none of that enters any case. That is the decisive judgement in this analysis. All three cases therefore turn on one question: how much of today's cash is left for current shareholders once the disclosed PARADIGM program has been paid for? All figures are discounted at 6%. Bear case: spending starts near the second-quarter 2026 pace of about $31 million a quarter. It rises about $1.5 million each quarter as enrollment expands beyond the first 200 US patients and into more European countries. Cash runs out around mid-2028. The program's costs to today's shareholders are worth about $271 million in today's money, against $256.7 million of net cash. The business is worth about minus $271 million, owes under $1 million and holds $257 million of cash, which leaves about $15 million less than nothing. With no debt, shareholders are not liable beyond the value of their shares, so this case is $0.00 per share. Base case: spending holds at the first-half 2026 average of about $27.5 million a quarter, roughly $110 million a year. That is 17% more than 2025, below the 22% increase in 2025, and supported by two reported quarters of 2026 results. Cash lasts until about early 2029. The program's costs are worth about $278 million in today's money, about $21 million more than the net cash. Value is $0.00 per share. Bull case: Anteris uses the FDA's staged approval to hold spending at the 2025 pace of about $23.5 million a quarter. Cash then lasts into late 2029, which gives the trial the best chance of reaching its one-year readout without new money. The cash is still fully spent, and the longer runway means more stock-based pay. Costs are worth about $281 million in today's money, against $257 million of cash. Value is $0.00 per share. None of the cases is negative because of borrowing. The shares show no value on secured terms because the cash is committed to a trial whose outcome we cannot yet count. They are not worth nothing because of debt. Other facts that matter. Medtronic, one of the two leading makers of these valves, is a significant shareholder. It has rights to take part in future share sales, collaboration rights, a board observer seat, and a right to negotiate if Anteris receives certain acquisition proposals. Those rights may matter to a future acquirer, but they are not a contract that pays Anteris anything, so we give them no value. The company has disclosed a material weakness in its internal controls over financial reporting. A sizeable pool of stock options and restricted units would dilute holders further. What would make this wrong: if PARADIGM meets its one-year endpoint and DurAVR wins FDA premarket approval or a CE Mark, the company would hold a valve with a different design from Edwards and Medtronic. It could then be worth far more than the cash that funded the trial. That outcome is a real possibility, but it has not happened and cannot be measured from today's filings. At any price, the shares represent a claim on the trial result, not on a business with earnings. The estimate would be revisited once DurAVR is approved and has reported commercial sales. Until then, no margin-of-safety price is supported by evidence.