$PTGX Icotyde what a beast. First 4 weeks were huge already and the launch is accelerating?

$SGMO 1) Mistyped 60 months 2) Maximize STAKEholder value instead of shareholder value (it´s what you write when your CFO is already filling out forms for Ch11) 3) Include biz dev e-mail lol 10/10 💩 Kind of sad, potentially big optionality in outlicensed programs. But probably not for shareholders

Unpopular opinion: For non-professionals, ChatGPT Codex is currently way more attractive than Claude (Coding/CoWork) for smallish tools. There might be a small performance difference, but you just have way more compute available in ChatGPT available for the ~20 bucks tier. To add in to the "what can you do with AI"-discussion: I built one tool that is basically an enhanced order ticket for IBKR but enables me to simultaneously trade monitor multiple accounts and trade %NLV- / % of position-orders . Sounds simple but that´s ~27k rows of code so far and I have not even implemented options truly yet. Used 1 month of Pro for the initial development. Think would´ve paid at least 1000$ in claude Tokens for that. I also built a Portfolio Dashboard to monitor (net) risk depending on strategy / beta and calculate custom risk numbers like effective cash (adding back SPACs / merger arbs / money market funds to cash etc.)

$AVR nice small insider buy from new Director Susan Knight

$MLYS Really is a strange name. Looked at their deal (buying back ~7% royalty, maybe a bit more, it´s tiered 5-10%) for 200m upfront 100m in m/s (lets call it 225m NPV). One hand, they buy like 14-20% (roughly?) of the economics of the drug (assuming a spending-heavy sales force to compete against AZN) for a ~6.9% dilution 75m in debt which is pretty damn great if you´re a bull. OTOH Tanabe sells its royalty for an implied "drug value" of ~1.1-1.6B (225/14-20%) against today´s market cap of 2.2B / EV 1.7B. All of that against AZN expectations they´ll be doing 5-10B with Baxfendy and MLYS possibly taking 15-30% of market? If they manage to sell the Co for a decent price, this will have been a very strong deal.

Really striking how basically everybody only makes money if Korea / SOXX trades down. Even large parts of Biotech and MedTech. MDT is up 10% from yday earnings that guided for 2027 EPS ~1% below estimates

$GUTS Even if there is an effect here (doubt?) against "projected regain" it´s probably just diet/lifestlye/study participation?

$TXMD Decently weak today with an active seller - an opportunity in my eyes. Last Q was a nice one. Strange accounting around the minimum royalties from MYX hides the actual PnL. Case simplified in a few bullets: - Net cash of ~5.5 mln (rising especially after MYX legal battle is over) - Just the contractual minimum royalties from MYX are sitting with a PV of 13.17 mln$ on the balance sheet. - NC min royalties = 18.64 mln or 1.61$/share Add the actual US royalties, currently about ~double the minimum royalties my guesstimate based on disclosed MYX sales (adding ~1.14/share) Add Canada (I think will be ~1mln/year after initial ramp) and Israel (no clue), let´say measly 3mln PV or 0.25/share Substract legal damage of your choice if they lose to MYX (I have zero clue tbh). Add ~10mln (0.86/share) valuation for the shell in a reverse merger (which they already prepared at the last AGM). Looks very asymmetric to me sub 2$ with a rough "value" of ~3.87/share before legal damages. Turning the logic around, the market is pricing in 21.6 mln$ in damages? And all of that excludes any possible future growth of the MYX US business - see post below how MYX thinks this royalty stream is worth multiple times the amount I am putting into this ... model (lol).

Think there is a decent trade to be made in the „selling this to buy ABVX stocks“ $NKTR $COGT

$AVR 9$ holla. Stock is up 22% since this news. In other words: it re-rated from 16.5% to 20.2% of the MiRus valuation (equivalent of AVR at ~45.5). So even if you think AVR will catch only half of MiRus (don´t know why, haven´t seen data to support that) AVR should trade at 22$ and is more than a double from here. Substract a "near control premium" of your choice. This is so far off doesn´t matter. Shows the main reason why I still tend to like a decent amount of biotechs: There are still lots of stocks anchored to bear market prices and financings (=folks average) instead of sensible comps. Edit: smartass in comments makes a good point. The thought holds but it´s probably a bit less extreme.