I expect to build a small position in the industrial enzyme specialist this month, but this position will be higher-risk than a precommercial drug developer.

My model assumed the threat from generic competition wouldn't arrive until 2030, but a negative surprise from the patent litigation case creates too much uncertainty.

I haven't found a reason for shares to lose over 20% of their value in a few days, but the business is healthy and Wakix has considerable commercial momentum. Full-year 2025 earnings are scheduled for next week, so I'll soon learn if there are any negative surprises or if this Opportunistic investment pays off.

It pains me to fully exit my position in Arrowhead Pharma, but this transaction can extend my runway to find a real job into the spring.

Things might get worse before they get better. I'd rather not hold through the uncertainty of needing capital in a capital-challenged environment.

This is the final short-term investment for Q1 2025 earnings season. As with the others, I'm targeting a return of at least 10%. What characteristics have I looked for?

As previously communicated, I made a series of short-term investments during Q1 2025 earnings season.

As previously communicated, I made a series of short-term investments during Q1 2025 earnings season.

This is one of multiple short-term investments I expect to make during Q1 2025 earnings season.

This is one of multiple short-term investments I expect to make during Q1 2025 earnings season.

The business certainly isn't worth less than $100 million, especially now with the debt overhang removed or in light of the Checkpoint Tx acquisition.

I threw some new money at Coherus ahead of the publication of its abstract for ASCO GI, which promised full data from the casdozo triplet in first-line advanced liver cancer.

I previously communicated my intention to deploy my entire Roth IRA contribution to Relay Therapeutics in early 2025. I may have gotten too cute waiting for a better entry point ahead of the JPMorgan Healthcare Conference, but I took advantage of the volatility from Eli Lilly's acquisition of STX-478 to atone my sins.

Management cannot seem to understand the importance of underestimating and overdelivering. I'm interested in a long-term position, so buying at favorable valuations is attractive.

This is my core long-term position. I'm eager to add more shares ahead of the upcoming safety data readout for the RLY-2608 triplet combination with a CDK inhibitor in late 2024 and lower my cost basis.

This is my core long-term position. I'm eager to add more shares ahead of the upcoming safety data readout for the RLY-2608 triplet combination with a CDK inhibitor in late 2024 and lower my cost basis.

This is my core long-term position. I'm eager to add more shares ahead of the upcoming safety data readout for the RLY-2608 triplet combination with a CDK inhibitor in late 2024 and lower my cost basis.

This is my core long-term position. I'm eager to add more shares ahead of the upcoming safety data readout for the RLY-2608 triplet combination with a CDK inhibitor in late 2024 and lower my cost basis.

The business is poised for an inflection point in 2024 as it ramps multiple new products and returns to cash-flow positive operations, which has been the primary driver of Wall Street's disinterest in the stock.

This is my core long-term position. I'm eager to add more shares ahead of upcoming data readouts in late 2024 and lower my cost basis.

Sentiment for biotech is historically low right now. Although investors are rightfully eyeing Arrowhead Pharmaceuticals' high cash burn with unease, I think the recent punishment is short-sighted.

This is my core long-term position. I'm eager to add more shares ahead of upcoming data readouts in late 2024 and lower my cost basis. Here I specifically played the weekend data readout from Scorpion Therapeutics and STX-478.

This is my core long-term position. I'm eager to add more shares ahead of upcoming data readouts in late 2024 and lower my cost basis.

The stock's slide is frustrating, but I think my patience will be rewarded with a respectable exit in late 2024. Cash flow and profitability metrics should improve rapidly as Loqtorzi and Udenyca Onbody ramp.

The business has positive operating cash flow. It could begin generating operating income in 2025 or 2026, depending on how aggressive management wants to be – and if its internal analytics are correct.

If I could only buy one stock in the next few years, then it might be Relay Therapeutics. The upcoming data readouts in the second half of 2024 won't represent an inflection point for the stock price, but should reflect a busier pace of announcements going forward.

The business is poised for an inflection point in 2024 as it ramps multiple new products and returns to cash-flow positive operations, the deterioration of which has been the primary driver of Wall Street's disinterest in the stock.