Market capitalization
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Market capitalization is the public equity value of a listed company, calculated by multiplying its share price by the number of shares outstanding. For biotechnology companies, market cap is a market-derived measure of equity value rather than a direct measure of pipeline quality, cash, debt or enterprise value. It can be used to compare public-company size and investor valuation, but interpretation requires attention to share count, dilution and capital structure rather than relying on the stock price alone.