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Cerebral palsy is one of the leading causes of chronic disability in children. The current pilot study investigated (1) whether an exoskeleton system enables physiological gait patterns and (2) whether the system is user-friendly enough to envision its use in a clinical setting.

Participants included a convenience sample of six children with cerebral palsy. Following informed consent, study volunteers underwent baseline assessments, participated in eight sessions during which they used the exoskeleton system with the objective of achieving proficiency in use of the system, and underwent an end-of-study assessment of walking. Satisfaction and usability questionnaires were given to the family/caregiver.

All participants achieved a more regular gait pattern and improved their 6-Minute Walk Test scores. Overall satisfaction and usability were rated as good.

The exoskeleton system enabled physiological gait patterns, and the system was user-friendly enough to envision its use in a clinical setting.

There is potential for guiding treatment plans for individuals with cerebral palsy.

This paper provides a structural model to value startup companies and determine the optimal level of research and development (R&D) spending by these companies.

This paper describes a new variant of float-the-money options, which can act as a financial instrument for financing R&D expenses for a specific time horizon or development stage, allowing the investor to share in the startup's value appreciation over that duration. Another innovation of this paper is that it develops a structural model for evaluating optimal level of R&D spending over a given time horizon. The paper deploys the Gompertz-Cox model for the R&D project outcomes, which facilitates investigation of how increased level of R&D input can enhance the company's value growth.

The author first introduces a time-varying drift term into standard Black-Scholes model to account for the varying growth rates of the startup at different stages, and the author interprets venture capital's investment in the startup as a “float-the-money” option. The author then incorporates the probabilities of startup failures at multiple stages into their financial valuation. The author gets a closed-form pricing formula for the contingent option of value appreciation. Finally, the author utilizes Cox proportional hazards model to analyze the optimal level of R&D input that maximizes the return on investment.

The integrated contingent claims model links the change in the financial valuation of startups with the incremental R&D spending. The Gompertz-Cox contingency model for R&D success rate is used to quantify the optimal level of R&D input. This model assumption may be simplistic, but nevertheless illustrative.

Once supplemented with actual transaction data, the model can serve as a reference benchmark valuation of new project deals and previously invested projects seeking exit.

The integrated structural model can potentially have much wider applications beyond valuation of startup companies. For instance, in valuing a company's risk management, the level of R&D spending in the model can be replaced by the company's budget for risk management. As another promising application, in evaluating a country's economic growth rate in the face of rising climate risks, the level of R&D spending in this paper can be replaced by a country's investment in addressing climate risks.

This paper is the first to develop an integrated valuation model for startups by combining the real-world R&D project contingencies with risk-neutral valuation of the potential payoffs.