Stock Compensation Valuations for Life Science & Technology Companies
Backed by deep sector expertise, dual-jurisdiction fluency, and a track record running IRC 409A and HMRC EMI valuations concurrently.
Fair market value of common stock for companies granting options to US taxpayers, documented to meet the safe harbor and to support ASC 718 reporting.
About 409A valuationsActual Market Value and Unrestricted Market Value for companies operating Enterprise Management Incentive schemes, with VAL231 support through to HMRC agreement.
About EMI valuationsAbout the firm
A codon is the smallest unit that translates genetic code into a precise, functional outcome. That's the discipline we bring to valuation: taking complex financial, legal, and market inputs and translating them into a single, defensible number.
Codon Valuation Advisors LLC is an independent valuation advisory firm focused exclusively on equity compensation valuations for technology and life science companies — IRC 409A reports for US private companies and HMRC-compliant EMI valuations for UK companies granting share options. Our clients range from pre-revenue biotech and clinical-stage companies to SaaS and deep-tech startups, and the multinational groups that span both.
Our team is built for this work: UK Chartered Accountants (ACA) and professionals holding the Accredited in Business Valuation (ABV) credential, issued by the American Institute of CPAs (AICPA) in the US, with a combined wealth of experience performing 409A and UK EMI valuations specifically for technology and life science businesses — complex cap tables, multiple financing rounds, IP-heavy balance sheets, and pre-revenue economics included.
Credentialed, sector-specific team. UK Chartered Accountants and US professionals Accredited in Business Valuation (ABV) under the AICPA, focused exclusively on technology and life science equity valuations — not general practitioners applying a generic template.
Fluent in pre-revenue & IP-heavy companies. Deep familiarity with clinical milestones, platform technology, multiple liquidation preferences, and other structures common to tech and life science cap tables.
Cross-border fluency. One engagement team that understands both IRC 409A / ASC 718 and UK EMI legislation, so multinational grants stay consistent.
Services
Purpose-built for technology and life science companies — whichever side of the border your option pool sits on, we deliver a valuation your counsel, auditors, and tax authorities can rely on.
Independent fair market value determinations for US technology and life science private companies issuing stock options, satisfying IRC 409A safe-harbor requirements and ASC 718 financial reporting.
HMRC-compliant Actual Market Value (AMV) and Unrestricted Market Value (UMV) reports for UK technology and life science companies operating Enterprise Management Incentive schemes.
Coordinated valuations for technology and life science groups granting equity to both US and UK employees — one methodology, one engagement team, two compliant deliverables.
Enter your cap table and a few financial figures and the free estimate tool returns a low, mid and high value per share with the method and every assumption shown. Nothing you enter leaves your browser. The same model is available to AI assistants through the Codon Valuation connector.
US and UK
Same shares, same purpose, two different sets of rules. The five differences founders ask about most.
Questions
The questions we hear most often from founders, finance teams, and counsel — on both sides of the Atlantic.
A 409A valuation is an independent determination of a US private company's common stock fair market value, required under IRC 409A before granting stock options to any US tax resident — employee, advisor, or contractor.
Every 12 months at minimum, and sooner after any material event — a financing round, acquisition, or major shift in the business — that could affect the company's value.
AMV (Actual Market Value) accounts for restrictions on the shares and sets the income-tax point at exercise, while UMV (Unrestricted Market Value) ignores those restrictions and is used only to test the per-employee and company-wide EMI limits.
A draft conclusion is delivered within 10 business days of a complete information intake, for both 409A and UK EMI engagements.
Yes — our Cross-Border service runs one consistent valuation methodology across both jurisdictions, with a single engagement team producing both compliant deliverables.
Yes — pre-revenue economics, clinical milestones, and IP-heavy balance sheets are a core part of our practice, not an edge case.
A properly documented, independent valuation completed within the required timeframe qualifies for IRS safe-harbor protection, shifting the burden of proof to the IRS rather than the company — and our reports are built to withstand review from HMRC's Shares and Assets Valuation team as well.
A current cap table, recent financials or projections, and details of the financing round or option grant driving the request — we'll guide you through anything else needed during intake.
Scope and fee are agreed upfront before any work begins, so there are no surprises when the invoice arrives.
Why Codon
Every engagement is led directly by a credentialed partner — never handed off to junior analysts for the analysis that matters most.
Our reports are constructed to hold up under review from the IRS, HMRC's Shares and Assets Valuation team, and your auditors alike.
A clear, guided intake process keeps engagements moving — you'll have a draft conclusion in hand within 10 business days of kickoff.
One of the few firms delivering both IRC 409A and HMRC EMI valuations under a single, consistent methodology — not two disconnected engagements.
Scope and fee are agreed before any work begins, so there are no surprises when the invoice arrives.
Approach
Every engagement follows the same disciplined sequence, run by our team of UK Chartered Accountants and US professionals Accredited in Business Valuation (ABV) under the AICPA — the inputs change, the rigor doesn't.
We gather cap table, financials, transaction history, IP/pipeline milestones, and option plan documents — scoped to a short, guided checklist built for tech and life science companies.
We apply market, income, and cost approaches as appropriate, allocating enterprise value across the capital structure.
You review a draft conclusion and methodology summary before the report is finalized — no surprises at delivery.
A signed, audit-ready report, plus support if auditors, HMRC, or the IRS have follow-up questions.
Contact
Tell us a little about your technology or life science company and the grant you're planning, and our team of UK Chartered Accountants and US professionals Accredited in Business Valuation (ABV) under the AICPA will follow up with next steps and a fee estimate — typically within one business day.