$BLLN: I think I found my next >20 bagger Many of you know that I’m a very concentrated investor. I went very heavy into $HIMS at $6-12 and then shortly thereafter into $IREN sub $5, with an average price of about $7.50. Today, I’m still pretty much all-in $IREN since I think the stock has yet to reach its full potential, with plenty of gains still to be had. That said, I’m always on the lookout for my next big “bet,” which prompted me to launch our Radar Report series on Substack and X. The goal of the series is to explore stocks that are still flying under the radar and figure out whether any of them have a realistic chance of becoming major multibaggers. The stocks I’ve deep dived on so far as part of the series: $GROY / $REAX / $PGY / $SLDE / $BLLN I might end up investing in each one of those in the future given their potential, but the one I’m most excited about is $BLLN, the most recent company we covered in a new Radar Report released yesterday. There are certain companies that eventually become almost synonymous with the industry they dominate. Electric cars make people think of $TSLA, smartphones of $AAPL, while $NVDA has become the defining name in AI hardware. I think early cancer detection could eventually have a name attached to it as well, and from everything I have seen so far, BillionToOne has a serious chance of becoming that company. Before I explain why, this is not one of those biotech moonshots that spends hundreds of millions of dollars every year hoping that one experimental drug eventually makes it through clinical trials. $BLLN is already a profitable diagnostics company with an established prenatal business, 22 consecutive quarters of revenue growth and another major business in oncology that is still in the early stages of scaling. The technology behind all of this came from founders Oguzhan Atay and David Tsao, both of whom distinguished themselves at Princeton before pursuing doctoral work at Stanford and Rice. What they eventually built is surprisingly elegant for something that solves such a difficult problem. Genetic testing requires DNA to be copied before it can be properly analyzed, yet that copying process distorts the original quantities because some fragments get duplicated more than others. $BLLN figured out a way to measure that distortion and mathematically subtract it afterward, allowing the company to count incredibly small quantities of DNA with a level of precision that conventional methods struggle to achieve. That sounds more complicated than it actually is in practice, and we break the mechanism down much more clearly in the full report. In any case, the same basic idea is now being applied across several completely different markets. $BLLN started in prenatal testing because it offered the quickest route to an established business. Its UNITY platform can use an ordinary blood draw from the mother to screen the baby for genetic conditions that competing prenatal tests either cannot detect directly or struggle to detect with the same approach, which helped the company build its way to roughly 20% of pregnancies that actually undergo prenatal screening in the US. The company then took essentially the same technology into oncology, because tumor DNA floating through a cancer patient’s bloodstream presents a very similar problem. The signal is tiny, surrounded by an enormous amount of normal DNA, yet finding and accurately measuring that signal can tell an oncologist which mutations are driving the cancer and whether a treatment is actually working. The next step is MRD, or minimal residual disease, where $BLLN wants to detect microscopic traces of cancer left behind after surgery before they grow large enough to become visible on a scan. That product is expected to launch around the end of this year and moves the company one step closer to the market I find most interesting of all. Early cancer detection. Cancer would be a very different problem if a routine blood test could find a tumor while it was still at stage 1, when it is small, localized and in many cases still removable through surgery. The problem today is that these tumors shed almost no DNA into the bloodstream, while a screening test used on millions of healthy people also needs to avoid false alarms with extraordinary accuracy. Nobody has properly solved both sides of that equation yet... There is obviously a lot more to the story than what I’ve laid out here. In the full Radar Report, I go much deeper into the technology, business model, competitive landscape, regulatory environment, risks, valuation and the different markets $BLLN is ultimately trying to attack. After spending the last few weeks researching the company from pretty much every angle I could think of, I genuinely believe this could become a >$100B company over time. At a market cap of ~$5B today, the potential upside for shareholders is enormous if that thesis proves right. I’m not personally invested yet, since most of my capital remains concentrated in $IREN and I still think there is a major re-rating ahead there. But once that happens, $BLLN is currently the company I’m most seriously considering for my next major position. If I eventually make that move, I’ll start covering the company on an ongoing basis, both publicly here on X and in considerably more depth for subscribers. The full Radar Report, BLLN: Genomic’s Disruptive Dark Horse, is available to all X subscribers and Advanced+ subscribers on Substack. Links to the full report in the comments below. Wishing you all a great weekend! ✌️