I use a conservative cash-runway approach because Kartoon Studios does not yet have reliable positive earnings to support a P/E valuation. The company reported more than $40 million in cash and no debt as of June 30, 2026. I deduct approximately $11.7 million, representing one year of operating cash use annualized from Q1 2026, then divide the remaining $28.3 million by approximately 59.1 million basic shares. This produces a fair-value anchor of about $0.48 per share. This is not a liquidation value or earnings forecast. It assigns no value to unreceived settlement proceeds, warrant proceeds, retained intellectual property, or execution upside, while potential dilution remains a material risk. The estimate should be revised when the next quarterly filing verifies cash, liabilities, operating burn, and share count.