COMP <GO>

IRIX vs VBIO // EV/EBITDA & P/E VALUATION

IRIDEX Corporation (NASDAQ) VS. Valion Bio Inc. (NASDAQ) • 15-METRIC TALLY: IRIX 3 — VBIO 0

■ METRIC PARITY

LAST: $0.72 (-2.92%) • MKT CAP: $12.7M

valuation

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LAST: $0.62 (-9.13%) • MKT CAP: $1.3M

valuation

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15-METRIC INSTITUTIONAL SIDE-BY-SIDE SCORECARD (IRIX VS. VBIO) EMERALD CELL = QUANTITATIVE EDGE

INSTITUTIONAL METRIC	IRIX	VBIO	SPREAD (A - B)	ADVANTAGE	DEDICATED URL
Gross Profit Margin	36.50%	—	—	TIE	/gross-margins <GO>
Return on Invested Capital (ROIC)	-35.00%	-35.00%	0.00	TIE	/roic <GO>
EV/EBITDA & P/E Valuation ACTIVE	—	—	—	TIE	/valuation <GO>
Free Cash Flow Yield	-17.75%	—	—	TIE	/fcf-yield <GO>
Operating Margin	-4.90%	—	—	TIE	/operating-margins <GO>
Net Profit Margin	-8.40%	—	—	TIE	/net-margins <GO>
Revenue Growth (YoY)	8.20%	—	—	TIE	/revenue-growth <GO>
Dividend Yield & FCF Payout Safety	0.00%	0.00%	0.00	TIE	/dividend-safety <GO>
Altman Z-Score & Debt/Equity	0.20	—	—	TIE	/balance-sheet <GO>
Piotroski F-Score Quality	5/9	2/9	+3.00	IRIX	/piotroski-score <GO>
Options Implied Move & Put/Call Skew	—	—	—	TIE	/options-implied-move <GO>
RSI-14 & 200D SMA Momentum	42.3	20.1	+22.22	IRIX	/rsi-technicals <GO>
10Y Yield & FRED Macro Beta	—	—	—	TIE	/macro-sensitivity <GO>
Forward P/E Multiple	—	—	—	TIE	/forward-pe <GO>
Enterprise Scale & Market Cap	$12.7M	$1.3M	$11.4M	IRIX	/market-cap <GO>

5-YEAR HISTORICAL XBRL REVENUE & MARGIN TRAJECTORY SEC FORM 10-K FY

FISCAL YEAR	IRIX REV	VBIO REV	IRIX GROSS %	VBIO GROSS %	IRIX FCF	VBIO FCF
FY 2025	$52.7M	$0	36.5%	—	-$2.3M	-$7.0M
FY 2024	$48.7M	$780.0K	40.1%	0.3%	-$7.3M	-$5.7M
FY 2023	$51.9M	$1.2M	—	—	-$6.7M	-$8.5M

FRED MACRO REGIME CORRELATION COMPARISON PEARSON r

IRIX // BETA —

VBIO // BETA —