Bellerophon Therapeutics, Inc.

(NASDAQ: BLPH)
May 16, 2017

Analyst Consensus About Bellerophon Therapeutics, Inc.

Rating1 Bellerophon Therapeutics, Inc., a clinical-stage therapeutics company, focuses on the development of products
at the intersection of drugs and devices that address unmet medical needs in the treatment of cardiopulmonary
diseases. Its product candidates are INOpulse, a pulsatile nitric oxide delivery device, which is in Phase III clini-
cal trials for the treatment of pulmonary arterial hypertension; and in Phase II clinical trials to treat pulmonary
hypertension associated with chronic obstructive pulmonary diseases and pulmonary hypertension associated
with idiopathic pulmonary fibrosis. Bellerophon Therapeutics, Inc. was founded in 2009 and is headquartered in
Warren, New Jersey.

Overview Key Data

Sector Healthcare Last Trade $1.49
Industry Biotechnology Price Range (52 week) 0.43 - 4.58
Full Time Employees 20 Avg Volume (13 Week) 1,430,924

Contents IPO Year N/A Shares Outstanding

Mkt Cap
32,990,000
$49,150,000
Enterprise Value $30,280,000
Book Value per Share $0.57
1. Overview
Dividend Yield N/A

2. Technical Data

3. Key Ratios

4. Earnings & Analyst

Highlights & Recent Developments
5.6. Financial Statements On May 15, 2017, Bellerophon Therapeutics Inc., a clinical-stage biotherapeutics
company, provided a business update and reported financial results for the first
7. Company Insiders quarter ended March 31, 2017.

8. Disclaimer The U.S. Food and Drug Administration (FDA) accepted modifications proposed
by the Company to its Phase 3 program for INOpulse in the treatment of PAH.
Under the newly modified accelerated Phase 3 program, the INOvation-1 study,
together with a second confirmatory randomized withdrawal study can serve as
the two adequate and well-controlled studies to support a New Drug Applica-
tion (NDA) filing for INOpulse in PAH. The randomized withdrawal study will
recruit approximately 40 patients directly from the INOvation-1 study, thereby
eliminating the need for recruiting additional patients. The accelerated program
eliminates the need for a second standalone Phase 3 study, resulting in signifi-
cant reduction in overall cost and development time, including reducing the total
planned patient enrollment from 470 subjects to 188 subjects.

1
Analyst Consensus Rating based on publicly Page 1 of 8 2017 Research Driven Investing.
reported third party data. See disclaimer. All rights reserved.
 Bellerophon Therapeutics, Inc.
(NASDAQ: BLPH)
May 16, 2017

Technical Data
Price Information
52 Week Low 0.43
52 Week High 4.58
50 Day Moving Average $1.40
200 Day Moving Average $1.02
Average Daily Volume (13Wk) 1,430,924

Support / Resistance
Type Value Confluence
resist. 1.87 2
resist. 1.59 2
supp 1.49 11
supp 1.36 8
supp 1.17 3
supp 1.04 5
supp 0.78 2
supp 0.58 12
supp 0.49 12

Technical Signals Indicator Signal Strength Direction

Composite Indicator Trend Spotter Buy Weak Weakest
7 Day Average Directional Indicator Buy Weak Weakening
10 - 8 Day Moving Average Hilo Channel Hold Bearish
Short-Term Indicators 20 Day Moving Average vs Price Buy Minimum Weakest
20 - 50 Day MACD Oscillator Sell Minimum Weakest
20 Day Bollinger Bands Hold Bearish
40 Day Commodity Channel Index Buy Minimum Weakening
50 Day Moving Average vs Price Buy Minimum Weakening
Medium-Term Indicators
20 - 100 Day MACD Oscillator Buy Average Strengthening
50 Day Parabolic Time/Price Buy Weak Strongest
60 Day Commodity Channel Index Hold Bearish
Long-Term Indicators 100 Day Moving Average vs Price Buy Weak Weakest
50 - 100 Day MACD Oscillator Buy Maximum Weakest

Page 2 of 8 2017 Research Driven Investing.

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 Bellerophon Therapeutics, Inc.
(NASDAQ: BLPH)
May 16, 2017

Key Statistics & Ratios

Valuation Ratios
Company Industry Sector
P/E Ratio (TTM) 0.00 122.35 17.57
P/E High - Last 5 Yrs. 0.00 235.25 43.47
P/E Low - Last 5 Yrs. 0.00 81.96 23.10
Beta 0.00 0.98 0.86
Price to Sales (TTM) 0.00 94.31 6.55
Price to Book (MRQ) 2.77 10.11 4.52
Price to Tangible Book (MRQ) 2.88 11.22 8.43
Price to Cash Flow (TTM) 0.00 76.72 11.25

% Owned Institutions 56.9% 12.4% 1.0%

Growth Rates
Company Industry Sector
Sales (MRQ) vs Qtr. 1 Yr. Ago 0.0% 499.9% 13.0%
Sales (TTM) vs TTM 1 Yr. Ago 0.0% 115.2% 7.9%
Sales - 5 Yr. Growth Rate 0.0% 19.4% 10.4%
EPS (MRQ) vs Qtr. 1 Yr. Ago 55.8% -10.9% -260.2%
EPS (TTM) vs TTM 1 Yr. Ago 58.5% 0.0% 0.0%
EPS - 5 Yr. Growth Rate 0.0% 7.7% 10.3%
Capital Spending - 5 Yr. Growth 0.0% 18.9% 14.9%
Rate
Management Effectiveness
Financial Strength Company Industry Sector
Company Industry Sector Return On Assets (TTM) -69.9% -0.6% -11.4%
Quick Ratio (MRQ) 0.00 2.81 2.37 Return On Assets - 5 Yr. Avg. 0.0% -2.1% 11.6%
Current Ratio (MRQ) 4.08 5.99 3.24 Return On Investment (TTM) -89.0% 3.1% -5.7%
LT Debt to Equity (MRQ) 0.00 22.46 10.14 Return On Investment - 5 Yr Avg 0.0% -1.2% 15.3%
Total Debt to Equity (MRQ) 0.00 31.39 15.30 Return On Equity (TTM) -98.6% 0.3% -5.1%
Interest Coverage (TTM) 0.00 7.89 38.45 Return On Equity - 5 Yr. Avg. 0.0% 1.1% 16.6%

Profitability Efficiency
Company Industry Sector Company Industry Sector
Gross Margin (TTM) 0.0% 8.8% 55.3% Revenue/Employee (TTM) 0 12,967,349
Gross Margin - 5 Yr. Avg. 0.0% 50.6% 52.0% Net Income/Employee (TTM) 0 -2,006,005 -93,814,016
EBITD Margin (TTM) 0.0% 0.0% 0.0% Receivable Turnover (TTM) 0.00 5.79 5.45
EBITD - 5 Yr. Avg. 0.0% -327.5% 0.0% Inventory Turnover (TTM) 0.00 5.63 3.40
Operating Margin (TTM) 0.0% -708.2% -4.6% Asset Turnover (TTM) 0.00 0.47 0.87
Operating Margin - 5 Yr. Avg. 0.0% -345.8% 9.9%
Pre-Tax Margin (TTM) 0.0% -721.6% -4.4%
Dividends
Company Industry Sector
Pre-Tax Margin - 5 Yr. Avg. 0.0% -349.1% 10.3%
Dividend Yield 0.0% 0.5% 1.5%
Net Profit Margin (TTM) 0.0% -723.3% -8.2%
Dividend Yield - 5 Year Avg. 0.0% 0.4% 0.8%
Net Profit Margin - 5 Yr. Avg. 0.0% -351.4% 6.6%
Dividend 5 Year Growth Rate 0.0% 4.3% 3.7%
Effective Tax Rate (TTM) 0.0% 20.9% 13.5%
Payout Ratio (TTM) 0.0% 79.1% 15.9%
Effective Tax Rate - 5 Yr. Avg. 0.0% 17.3% 23.5%

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 Bellerophon Therapeutics, Inc.
(NASDAQ: BLPH)
May 16, 2017

Earnings & Analyst Data

EPS Estimates Dividend Payments
# of Ests. Mean Est. High Est. Low Est. Dividend Ex-dividend Date Payable
Quarter Ending Jun-17 1 -$0.27 -$0.27 -$0.27 Amount Date
Quarter Ending Sep-17 1 -$0.30 -$0.30 -$0.30
Year Ending Dec-17 2 -$1.07 -$0.98 -$1.15
Year Ending Dec-18 2 -$1.13 -$1.11 -$1.15

EPS Historical Surprises

Estimates Actual Difference Surprise %
Quarter Ending Dec-16 -$0.21 -$0.36 $0.15 -71.43%
Quarter Ending Sep-16 -$0.42 -$0.30 $0.12 -28.01%
Quarter Ending Jun-16 -$0.51 -$0.39 $0.12 -23.53%
Quarter Ending Mar-16 -$0.66 -$0.54 $0.12 -17.87%
Quarter Ending Dec-15 -$1.06 -$0.82 $0.24 -22.82%

Analyst Recommendation Summary

1-5 Linear Scale Current 1 Month Ago 2 Months 3 Months
Month Ago Ago
(1) BUY 1 0 0 0
(2) OUTPERFORM 1 1 1 1
(3) HOLD 0 0 0 0
(4) UNDERPERFORM 0 0 0 0
(5) SELL 0 0 0 0
Mean Rating 1.50 2.00 2.00 2.00
Current Consensus Buy

Analyst Upgrades & Downgrades

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 Bellerophon Therapeutics, Inc.
(NASDAQ: BLPH)
May 16, 2017

Financial Statements
Figures in Millions of US Dollars (exept per share values)

Balance Sheet Annual Quarterly

Period Ending 31-Dec-16 31-Dec-15 31-Dec-14

Assets
Cash And Cash Equivalents 15 6 26 - - - -
Short Term Investments 6 18 18 - - - -
Net Receivables -- -- -- - - - -
Inventory -- -- -- - - - -
Other Current Assets 6 5 2 - - - -
Total Current Assets 27 29 28 - - - -
Long Term Investments -- -- -- - - - -
Property Plant and Equipment 1 2 2 - - - -
Goodwill -- -- -- - - - -
Intangible Assets -- -- -- - - - -
Accumulated Amortization -- -- -- - - - -
Other Assets 2 7 2 - - - -
Deferred Long Term Asset Charges -- -- 2 - - - -
Total Assets 30 38 33 - - - -

Liabilities
Accounts Payable 6 8 10 - - - -
Short/Current Long Term Debt -- -- -- - - - -
Other Current Liabilities -- -- -- - - - -
Total Current Liabilities 6 8 10 - - - -
Long Term Debt -- -- -- - - - -
Other Liabilities 5 5 5 - - - -
Deferred Long Term Liability Charges -- -- -- - - - -
Total Liabilities 12 8 10 -

Stockholders Equity
Misc Stocks Options Warrants -- -- -- - - - -
Redeemable Preferred Stock -- -- -- - - - -
Preferred Stock -- -- -- - - - -
Common Stock 0 0 0 - - - -
Retained Earnings (124) (101) (54) - - - -
Treasury Stock -- -- -- - - - -
Capital Surplus 142 131 131 - - - -
Other Stockholder Equity -- (0) 77 - - - -
Total Stockholder Equity 18 30 23 - - - -
Net Tangible Assets (Book Value) 18 30 23 - - - -

Page 5 of 8 2017 Research Driven Investing.

All rights reserved.
 Bellerophon Therapeutics, Inc.
(NASDAQ: BLPH)
May 16, 2017

Income Statement Annual Quarterly

Period Ending 31-Dec-16 31-Dec-15 31-Dec-14
Total Revenue -- -- -- -- -- -- --
Cost of Revenue -- -- -- -- -- -- --
Gross Income -- -- -- -- -- -- --
Research and Development 17 33 46 -- -- -- --
Selling General and Administrative 7 13 14 -- -- -- --
Non Recurring -- -- -- -- -- -- --
Others -- -- -- -- -- -- --
Total Operating Expenses 24 47 60 -- -- -- --
Operating Income or Loss (24) (47) (60) -- -- -- --
Total Other Income(Expenses) Net (0) 0 0 -- -- -- --
Earnings Before Interest And Taxes (24) (46) (60) -- -- -- --
Interest Expense -- -- -- -- -- -- --
Income Tax Expense (0) -- -- -- -- -- --
Net Income From Continuing Ops (24) (46) (60) -- -- -- --
Other Items not from Continuing Operations -- -- -- -- -- -- --
Net Income attributable to the Company (24) (46) (60) -- -- -- --
Preferred Stock And Other Adjustments -- -- -- -- -- -- --
Net Income Applicable To Common Shares (24) (46) (60) -- -- -- --

Cash Flow Statement Annual Quarterly

Period Ending 31-Dec-16 31-Dec-15 31-Dec-14
Net Income (24) (46) (60) -- -- -- --

Operating Activities
Depreciation 0 0 0 -- -- -- --
Adjustments To Net Income 4 2 2 -- -- -- --
Changes In Accounts Receivables -- -- -- -- -- -- --
Changes In Liabilities (2) (2) (2) -- -- -- --
Changes In Inventories -- -- -- -- -- -- --
Changes In Other Operating Activities 4 (0) (11) -- -- -- --
Total Cash Flow From Operating Activities (17) (46) (71) -- -- -- --
Investing Activities
Capital Expenditures (0) (0) (0) -- -- -- --
Investments 12 (18) (18) -- -- -- --
Other Cash flows from Investing Activities -- -- -- -- -- -- --
Total Cash Flows From Investing Activities 12 (18) (18) -- -- -- --

Financing Activities
Dividends Paid -- -- -- -- -- -- --
Sale Purchase of Stock 13 54 89 -- -- -- --
Net Borrowings -- -- -- -- -- -- --
Other Cash Flows from Financing Activities (0) (0) (2) -- -- -- --
Total Cash Flows From Financing Activities 13 54 87 -- -- -- --
Effect Of Exchange Rate Changes -- -- -- -- -- -- --
Other Liabilities 5 5 5 - - - -

Page 6 of 8 2017 Research Driven Investing.

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 Bellerophon Therapeutics, Inc.
(NASDAQ: BLPH)
May 16, 2017

Company Insiders

Company Officers
Name Age Since Current Position Basic Compensation Options Options Value
Jonathan Peacock 58 2016 Chairman of the Board, President $4,954,720 -- --
Fabian Tenenbaum 42 2016 Chief Executive Officer, Chief Financial Officer, Chief -- -- --
Business Officer, Director
Megan Schoeps 2017 Principal Financial Officer -- -- --
Martin Meglasson 65 2014 Chief Scientific Officer, Vice President $652,560 -- --
Reinilde Heyrman 54 2014 Vice President, Chief Clinical Development Officer and $734,774 -- --
Secretary
Martin Dekker 42 2015 Vice President - Device Engineering -- -- --
Manesh Naidu 45 2014 Vice President, Chief Business Officer -- -- --
Deborah Quinn 60 2015 Vice President - Medical Lead for INOpulse Programs -- -- --
Daniel Tasse 55 2014 Director -- -- --
Naseem Amin 2015 Independent Director -- -- --
Scott Bruder 52 2015 Independent Director -- -- --
Mary Cloyd 2016 Independent Director -- -- --
Jens Luehring 41 Independent Director -- -- --
Andre Moura 33 2014 Independent Director -- -- --
Robert Nelsen 53 2014 Independent Director -- -- --

Insider Transactions
Trading Date Name Title Type Shares Traded Price
15 Mar 2017 Fernandes (Peter) Officer Buy 82052 $0.00
15 Mar 2017 Quinn (Deborah A M.D.) Officer Buy 76924 $0.00
15 Mar 2017 Dekker (Martin) Officer Buy 56411 $0.00
15 Mar 2017 Schoeps (Megan) Officer Buy 24039 $0.00
15 Mar 2017 Edmonds (Amy) Officer Buy 56411 $0.00
15 Mar 2017 Shah (Parag Suresh) Officer Buy 53847 $0.00
15 Mar 2017 Tenenbaum (Fabian) Chief Executive Officer Buy 120193 $0.00
28 Nov 2016 Tenenbaum (Fabian) Chief Executive Officer Buy 142857 $0.70
28 Nov 2016 Peacock (Jonathan M) Director Buy 285715 $0.00
28 Nov 2016 Amin (Naseem M.D.) Director Buy 714285 $0.70
11 Sep 2016 Edmonds (Amy) Officer Sell 13301 $1.38
11 Sep 2016 Dekker (Martin) Officer Sell 13333 $1.38
11 Sep 2016 Shah (Parag Suresh) Officer Sell 4673 $1.38
11 Sep 2016 Quinn (Deborah A M.D.) Officer Sell 18548 $1.38
11 Sep 2016 Fernandes (Peter) Officer Sell 19785 $1.38
16 May 2016 Peacock (Jonathan M) Chief Executive Officer Buy 5000 $1.37
27 Apr 2016 Weinstein (Adam B) Director and Beneficial Buy 16767 $0.00
Owner
27 Apr 2016 Tasse (Daniel) Director Buy 16356 $0.00
27 Apr 2016 Bruder Scott P Director Buy 18692 $0.00

Page 7 of 8 2017 Research Driven Investing.

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 Bellerophon Therapeutics, Inc.
(NASDAQ: BLPH)
May 16, 2017

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