LPL Financial

LPL Financial (NASDAQ: LPLA) provides an integrated platform of proprietary technology, brokerage and investment advisory services to independent financial advisors, financial advisors at regional banks and credit unions, and advisors affiliated with insurance companies.

Caliber has provided services to LPL Financial since 2008 to calculate the fair value and expense amounts associated with interest rate swap hedges placed on LPL’s floating rate notes (FRNs). The hedge is split into multiple tranches with differing maturity dates. Hedge effectiveness can be tested using different methodologies such as the dollar-offset method or statistical analysis. Caliber uses sophisticated tools for valuing the hedge in accordance with ASC Topics 815 and 820, and presents the analysis in a simple, easy-to-audit format.


Averion is a contract research organization providing services to small and large biotech companies around the world. The company merged with three other contract research organizations (CROs) to form a single, global CRO. CRO branches are now located in the US, Europe, and Japan.

We were engaged to provide purchase price allocation for intangible assets of each CRO pursuant to FASB ASC 805 Intangibles – Goodwill and Other. Additional efforts were made to consider requirements of IFRS 3 – Business Combinations so that the fair values could also be established under International GAAP.


Apthera is a biotech company developing a HER-2 adjuvant therapy. Apthera was in negotiations with an acquiring entity but required audited financial statements to proceed in the negotiation process. We were engaged to provide common stock valuations from 2006 to 2011 to determine the fair value of issued stock options and warrants so the auditors could complete the audit and time was of the essence.

As a Phase 2 development stage company, the company has no current revenue or profits and no near term outlook to achieve revenue. Consequently, our valuations were based on unwinding prior preferred stock and convertible debt investments to determine the indicated fair value of common stock at the time of the investments. We then extrapolated from each transaction to the next transaction using changes in the market value of peer companies with consideration of milestone developments achieved by the company.