How do you value pre-revenue or early-stage growth companies?

For pre-revenue names (biotech, early SaaS, pre-launch hardware) classic multiples fail. Methods:

• Risk-adjusted DCF: cash-flow forecasts with probability weights (e.g. Phase-2 pharma: 30% probability of success through approval).
• Comparable pre-money valuations from VC funding rounds.
• Real options: for optionality (patent portfolios, drug pipelines), Black-Scholes-style option valuations.
• Replacement cost: the value to an acquirer who would build the asset / technology itself.
• EV/Customer for SaaS with an existing customer base but no significant revenue. For pre-revenue pharma, rNPV (risk-adjusted NPV) is the standard. Many biotech names were valued pre-revenue on exactly this rNPV logic before a product reached the market.