$PHAT - re-bought (sold at $10.50 in June) due to perceived over-reaction to (very unlikely to succeed) lawsuit. They've beat estimates 4 Qs in a row, will be profitable in 2H26 w con't growth ahead. Exceedingly cheap based on EV/prod rev ratios of 1.3 and 0.7 for '27/'28.

$VIR Re-bought full position at $10. I believe they'll have best-in-class data for HepD at YE/Q1, like the rest of their pipeline, and like the vote of confidence that partners like Norgene, AST, and GILD have shown. Enough cash for 2 more full years, no debt.

$ZURA - bought full position. A new name for me until @A_May_MD tweeted it - kudos to him for sharing such a detailed analysis. Did my dd and agree w him that the r/r at these levels is enticing. I like the show of confidence in lead drug via starting a 3rd (Ph2) indication.

$HROW - re-bought at $28. Will try to be patient and hold long-term, because in the long-run this is an impressive growth biotech company with increasing market share and profits - trends that should be in place for years to come.

$LYEL - bought 30% more at < $7.40 as it hit 52-wk lows w a negative EV. Ronde-cel w RMAT, data update Q4, final pivotal 3L+ data Q327, with head-to-head Ph3 2L trial current. 2nd drug to beg pivotal next yr w Ph1 updated res this Q. Promising data to date. Insiders own 35%.

$SPRB - re-bought full position at $43. EV of ~ $30m, will file NDA this Q for rare disease drug. FDA interactions have been positive, and gets Priority Review Voucher if drug gets approved in indication with no approval. tx. Sales price of PRV worth > 1.5x current market cap.

$VKTX - (NP) If they were so attractive, where are all the suitors for b/o or partnership? $MLYS (Long) - same could be said here, EXCEPT, bullish signal that they bought back previously owed royalties, data not in dispute, less comp in lead indic, and deal talks continue.

Sold $DERM to pay for others. Took a minor loss but have traded it a few times this year for net profits. I still like the company but just like others better.

$MLYS - re-bought full position. I think the data is unassailable and they bought back royalty stream which shows faith in the drug. I get the doubts about their ability to commercialize, but I think the r/r is just very attractive as we're now < 3 months from PDUFA date.

$KYTX - After reading transcript of CC re: updated data for SPS & MG, I've never been more confident in them. My cost basis is highest ever for me. I expect to hold shares longer than I ever have (i.e., > 20 months), & hope they DON'T get bought out. Last time I hype the stock.

$KARD - Red days are for buying. Bought shares at new lows @ $15. 3 drugs, each with a Ph2/3 data readout in 1H27 from some of the previous Myocardia management team. Cash not an issue. Plan to hold long-term through data (unless huge pre-data run-up), reassess afterwards.

$VKTX - Very predictable, but definitely the right move. Will continue to follow them closely, but remain on the sidelines.

$VKTX (NP): With all the bio-twitter hype, let's see what the price of their likely impending secondary raise brings. Company certainly needs cash or a lucrative partnership given cash on hand and burn rate. Expect a raise within 1-2 days.

$CLDX - sold it quickly, taking a small-moderate wash loss. My favorite saying that a client ever said during a therapy session was by an older southern gentleman banker: "If you have to eat a turd, don't nibble at it!"

$TARA - Bought full position. They have 3 Ph2/Ph3 shots on goal (w 2 different drugs and intriguing early-stage data), all w data updates in next 3-9 months, w an EV of ~ $50m and enough cash to get into 2028. At near 52-week lows, I love the risk/reward here.

$RARE - From the CC, they'll monetize 1st PRV "expeditiously", bide their time w 2nd one. Emphasized minimal extra expense to market the Sanfillp drug & that parents will be very aggressive to get kids on tx. given awful disease progression. Expense management info on Q3 call.

$RARE - If 111 is approved this weekend how can they be valued so cheap? EV = $800m - not counting $$ from their PRV - w 2026 revenues of ~ $750m (w minimal rev from just approved GSDIa drug & Sanfilipp drug). Profitable in 2027 + 2 late-stage trials in Wilson, OTC defic. Cheap!

$KYTX - Added 35% more shares on weakness today, making it now my #2 position. Remains a long-term hold for me as I think Mivcel, aside from being 1st approved tx. in SPS next year, could truly be a "pipeline in a product" given data to date. Also like Insiders owning 12%.

$RARE - bios typically get hammered when a Ph3 trial fails, but this was no binary. If the Sept. 19 PDUFA goes well, stock might/should recover most of tomorrow's losses as they may be profitable by 2H27. Add'l late-stage data Q426 & Q227 as well. Not selling pre-PDUFA.

Bought full position $CLDX yesterday, very bullish on Ph3s in CSU reporting data this Q. Plenty of cash, no need to immediately raise (unless stock hits ATHs w good results). While downside is > upside going into the catalyst, the prior Ph2 data was awfully strong.