# Codon Valuation Advisors

> Codon Valuation Advisors LLC is an independent valuation advisory firm focused exclusively on equity compensation valuations for technology and life science companies: IRC 409A valuations for companies granting equity to US taxpayers, HMRC-compliant UK EMI valuations (AMV and UMV), and coordinated cross-border engagements covering both.

Key facts:
- Services: 409A valuations, UK EMI valuations, and cross-border EMI and 409A valuations under one methodology and one engagement team.
- Clients: private technology and life science companies, including pre-revenue and clinical-stage biotech, in the US and the UK.
- Credentials: UK Chartered Accountants (ACA) and professionals Accredited in Business Valuation (ABV) by the AICPA.
- Turnaround: a draft conclusion within 10 business days of a complete information intake.
- Fees: scope and fee are agreed upfront before any work begins.
- Contact: info@codonvaluation.com or https://www.codonvaluation.com/#contact

## Services
- [409A Valuations](https://www.codonvaluation.com/409a-valuation): Independent IRC 409A valuations for private technology and life science companies, including pre-revenue biotech and non-US companies granting equity to US taxpayers. Draft in 10 business days.
- [UK EMI Valuations](https://www.codonvaluation.com/uk-emi-valuation): HMRC-compliant EMI share valuations for UK technology and life science companies: Actual Market Value (AMV) and Unrestricted Market Value (UMV) reports with VAL231 support.
- [Cross-Border EMI & 409A](https://www.codonvaluation.com/cross-border-emi-409a-valuation): Coordinated UK EMI and IRC 409A valuations for technology and life science companies granting equity to employees in both the UK and the US. One methodology, one team, two compliant reports.

## Guides
- [The complete 409A guide](https://www.codonvaluation.com/guides/409a-valuation-guide): What a 409A valuation is, why the safe harbor matters, when you need one, how the number is built from enterprise value through allocation and marketability discounts, and what auditors and the IRS look for.
- [409A valuations for UK companies](https://www.codonvaluation.com/guides/409a-valuation-for-uk-companies): When a UK company needs a 409A valuation, who counts as a US taxpayer, why an HMRC-agreed EMI valuation is not enough, and how to get one done before you grant.
- [The complete EMI valuation guide](https://www.codonvaluation.com/guides/emi-valuation-guide): What an EMI valuation is, the difference between AMV and UMV, the VAL231 process, the qualifying limits after the Autumn 2025 Budget, how ordinary shares are valued and discounted, and how EMI differs from a US 409A.
- [EMI vs 409A: do you need both?](https://www.codonvaluation.com/guides/emi-vs-409a-valuation): A side-by-side comparison of UK EMI valuations and US 409A valuations: who needs each, what is valued, how long each lasts, and what to do when employees are in both countries.
- [409A for pre-revenue biotech](https://www.codonvaluation.com/guides/409a-valuation-pre-revenue-biotech): How a 409A valuation works when a company has no revenue: backsolve, risk-adjusted NPV, OPM and PWERM allocation, and how clinical milestones affect timing.
- [409A cost and timeline](https://www.codonvaluation.com/guides/409a-valuation-cost-and-timeline): What drives the cost of a 409A valuation, typical market price ranges by company stage, how long the process takes, and how to avoid delays. Includes UK EMI timing.
- [AMV vs UMV explained](https://www.codonvaluation.com/guides/amv-vs-umv): What Actual Market Value (AMV) and Unrestricted Market Value (UMV) mean in a UK EMI valuation, which one sets the exercise price, which one tests the EMI limits, and a worked example.

## Comparisons
- [EMI vs CSOP](https://www.codonvaluation.com/guides/emi-vs-csop): A side-by-side comparison of Enterprise Management Incentive (EMI) and Company Share Option Plan (CSOP) schemes: eligibility, limits, tax treatment, and valuation requirements, updated for April 2026.
- [Independent advisor vs cap table software](https://www.codonvaluation.com/guides/independent-409a-vs-cap-table-software): How a 409A valuation from an independent advisory firm compares with one bundled into cap table software: method, complexity, audit readiness, cost, and when each is the right fit.

## Tools
- [Free estimate](https://www.codonvaluation.com/estimate): Indicative US 409A common stock or UK EMI ordinary share value from cap table and financial inputs, calculated in the browser.
- [Codon Valuation connector](https://mcp.codonvaluation.com): The same estimate model inside Claude and ChatGPT, as a remote MCP server.
- [Request a quote](https://www.codonvaluation.com/request-a-quote): Scope, fixed fee and timeline for a formal 409A or EMI valuation.

## Optional
- [Home](https://www.codonvaluation.com/): Firm overview, approach, and frequently asked questions.
- [All guides](https://www.codonvaluation.com/guides): Index of every guide and comparison.