After the above adjustments, the portfolio is repositioned as follows:
Status: Hold
Thesis & Catalysts:
- Gene therapy for RDEB just launched (FDA-approved)
- $225M cash provides 2+ years of runway
- Catalysts: Initial sales in 2H 2025 and potential early profitability
- Added to Russell indices; ~13% short float could spark a squeeze
- Undervalued relative to cash and pipeline
Status: Hold
Thesis & Catalysts:
- Oncolytic virus immunotherapy with strong Phase 3 prostate cancer data (30% lower recurrence)
- Promising pancreatic cancer data (2x survival vs control)
- Well-funded (~$100M cash)
- Catalysts: Phase 1 glioma data in Q4 2025
- ~16% short interest adds squeeze potential
- High upside if data is positive
Status: Buy (New Position)
Thesis & Catalysts:
- Ultra-micro-cap biotech developing skin microbiome therapy for RDEB
- Phase II/III trial readout due Q4 2025 (interim: 60% wound healing vs 15% placebo)
- Potential for first-in-class approval
- ~$4M market cap and 52-week low price suggest deep value
- Very high risk, but positioned for asymmetric upside
Virtually all capital was deployed into Azitra to maximize potential upside given the short investment horizon.
This new allocation leans heavily into biotech catalyst plays with the goal of achieving exponential returns by year-end. Each holding fits a distinct thesis:
- ABEO — Post-approval undervaluation with short squeeze potential
- CADL — Multiple oncology catalysts with major data in Q4
- AZTR — High-risk, high-reward position on pivotal trial outcome
This concentrated, high-conviction strategy accepts elevated volatility in pursuit of outsized return.