Of course it’s happened before. I suspect the point is that “investors” (haha) would rather buy outright quantum ponzi’s or potential AI frauds instead of doing some work and sourcing rare disease sole treatment candidates trading at cash and wait for the FDA to actually wake up.
From the DYOD perspective, GTCR has been involved with Maravai since co-founding the company. I'm trying to think through why they wouldn't have wanted to exit twice before but now want to at the bottom.
Love the overall set-up and thesis but to play devil’s advocate / a more nuanced view on the “zero enterprise value ==> free options” argument: isn’t it more accurate to view enterprise = equity value (instead of adding net debt / (cash)) for loss-making venture assets? The assumption is that these businesses need to burn cash to execute business plan, so one shouldn’t give them credit for “cash” on B/S as these businesses would go nowhere without burning the B/S cash, so the cash doesn’t really belong to the equity holders anyway…the market is indeed giving us opportunities with these “zero enterprise” situations, but my point is that they aren’t really 0 EV…let me know if I’m missing anything!!
I would recommend anyone interested in CLPT to take a look at their partner Clinical Laserthermia System (CLS) (swedish listed: CLS.SS), a company that has arrived at an inflection point today;
CLS provides CLPT with their ClearPoint Prism Neuro Lasertherapy System. The company is loss making today but estimates it will be CF+ in 2026. Recently did their, hopefully, last raise.
Each time I encounter "the unholy offspring of Cathie Wood and TLT," my heart races with excitement. An involuntary smile spreads across my face, a testament to the phrase's clever charm. This whimsical financial quip never fails to ignite a spark of joy within me.
Of course it’s happened before. I suspect the point is that “investors” (haha) would rather buy outright quantum ponzi’s or potential AI frauds instead of doing some work and sourcing rare disease sole treatment candidates trading at cash and wait for the FDA to actually wake up.
Bullseye!!
From the DYOD perspective, GTCR has been involved with Maravai since co-founding the company. I'm trying to think through why they wouldn't have wanted to exit twice before but now want to at the bottom.
Love the overall set-up and thesis but to play devil’s advocate / a more nuanced view on the “zero enterprise value ==> free options” argument: isn’t it more accurate to view enterprise = equity value (instead of adding net debt / (cash)) for loss-making venture assets? The assumption is that these businesses need to burn cash to execute business plan, so one shouldn’t give them credit for “cash” on B/S as these businesses would go nowhere without burning the B/S cash, so the cash doesn’t really belong to the equity holders anyway…the market is indeed giving us opportunities with these “zero enterprise” situations, but my point is that they aren’t really 0 EV…let me know if I’m missing anything!!
Great piece on CLPT.
I would recommend anyone interested in CLPT to take a look at their partner Clinical Laserthermia System (CLS) (swedish listed: CLS.SS), a company that has arrived at an inflection point today;
CLS provides CLPT with their ClearPoint Prism Neuro Lasertherapy System. The company is loss making today but estimates it will be CF+ in 2026. Recently did their, hopefully, last raise.
MCap today: $8m, Cash: $3,5 -> EV: $4,5m.
Sales -23: $0,8m
Sales -24: $1,9
Quick summary of fin figures: https://drive.google.com/file/d/1s7GbUO0EHLzEo4oTsDpR2rVQjDGj1q3S/view?usp=sharing
Company presentation: https://www.redeye.se/events/964148/business-update-clinical-laserthermia-systems?
Each time I encounter "the unholy offspring of Cathie Wood and TLT," my heart races with excitement. An involuntary smile spreads across my face, a testament to the phrase's clever charm. This whimsical financial quip never fails to ignite a spark of joy within me.
It's all great except for accelerated approval for orphan disease drugs is not new, but long ago established FDA practice
Thanks for update on MRVI and bio. Read this one slowly.
Any views on Circular RNA and cos like Orna, Laronde and Circio?
This all dovetails very nicely with your FXY and even EWZ plays when you look at it all as a derivative play on the 30yr yields