Xiting, hi. If your Company is an startup and in the BioTech field I would not be worried about accounting models; instead focus on transparency and to show the potential of the technology. Investors in the Science based technologies will understand.
Also, I would be interested in learning more about the Company, I am local in St. Pete.

Xiting:
1) I agree with Juan Ocano answer.
2) Using EBITDA multiple is just a shortcut to determine value. In reality, value depends on cash flow, not on EBITDA. Hence, whether you expense R&D or not is irrelevant. If anything, if you capitalize R&D, your taxable income will go up. You will pay taxes and hence you will have less cash (of course most startups do not have taxable income). For start-ups you want to preserve cash.
3) Having said all of this theory, if buyer/investor is a public company, or wants to go public, they often want to see "earnings". In that case you want to capitalize and maximize the optics of earnings. Another variable to keep in mind is to use what others do in your industry. Meaning, the financials (or at least your presentation) should be consistent with the normal accounting expectations for investors in your vertical.