$ARWR $QURE $KOD old biotech wisdom: good data does not have to wait until the last minute. I will make an excuse for $qure though since they were busy with the US/UK submissions and 3-year data with same cut-off last year was 2nd half Sep already without the extra work.

Not many summers ago, we had a vicious biotech sell-off in August...that got M&A discussions going leading to deals picking up towards year-end. Biotech having been very strong up until a few weeks ago could explain current M&A lull.

Built to be sold. Demand will be high due to founders though in increasingly crowded field. It will be as much about science as policy.

IMO $QURE permanent htt knockdown and $ALNY repeat-admin RNAi can co-exist: 1) gene therapy as early as possible (e.g. early 20s); patients feel at ease of carrying medicine inside them, no matter what future reimbursement policies 2) oligo RNAi to complement and perhaps deepen knockdown (broad CNS distribution) Of course, risk exist that a Schreibtischattentaeter determines that you can only have 1 drug.

Is tradbio dead? Interest rates, China...only techbio and consensus shorts doing well.

$QURE as we all wait for 4-year data this month, stock-moving data from RNAi also incoming: 1) $ARWR subQ CNS delivery (this month) 2) $ALNY phase I/II huntington's data at EHDN (Oct22-24); intrathecal targeting exon 1 $SRPT

2026 has been a ROUGH year for L/S in biotech. This doesn't even include yesterday, where shorts outperformed longs by 300 basis points. Crowded shorts have outperformed crowded longs in 6/9 months thus far this year through 2026. Yesterday, most crowded shorts and battleground stocks had big green days ($REPL +5%, $NTLA +4%, $HIMS +4%, $SLS +6%, $CAPR +5%, $VSTM +5%, $VERA +6%, $TNGX +14%, $CRVS +8%, $RLAY +6%, $MRNA +6%). Conversely, most of the crowded long names were flat or negative ($RVMD 0%, $ABVX -4.7%, $ELVN -1%, $PHVS -2%, $CLDX -12%, $INSM 0%, $CYYK 0%, $PRAX +1%, $ASND 0%). (Crowded Long/Short indices are the equal-weighted & rebalanced quarterly to include the top 25 most widely held longs + shorts with the highest short float %

$RCKT ran up from $2.7 to $3.9 on 'no news', then critical 3-subject safety data announced...back to $2.7 Insider trading pays. Another recent example: $VKTX premarket +6% hours before data announcement. In the end, this is a tax on all of us biotech investors.

$XBI a friendly reminder that the US 10-year is now well North of magic 5%, 5.17% to be precise.

As someone who did this kind of genome mining work during my PhD, some thoughts on this Anthropic announcement: First, the very simplified version of what they did is that they noticed two genes (one known, one new) sitting next to a weird repeating piece of DNA. More specifically, they described an unusual reverse transcriptase (RT) associated with a repetitive DNA array and an unknown accessory protein. This kind of process was used to understand CRISPR back in 2002 and was key to the gene editing tools we use today. To put this into context, though, people have been finding RTs associated with CRISPR arrays since 2008, and this general kind of genome-neighborhood mining has been used to discover new biological systems for decades. The basic genome-mining strategy is well established, and there are now mature tools and published pipelines for doing much of this. There are papers that discover and experimentally validate dozens of new systems using this approach in a single study. Doing it in bacteriophage genomes is also nothing new (eg CasPhi). Finding a weird cluster of genes and repeats is often the easy part. The hard part, and where the real discoveries come from, is figuring out what the system actually does. Eg for the bridge-RNA discovery in 2024 from @arcinstitute or the discovery of CasPhi in 2020 from @DoudnaJennifer they figured out the pieces of the system and the rules for what makes it work so it can be used. Anthropic does not yet know what this does. They’ve shown that the repeat array produces RNAs, but not what those RNAs do, what the RT does with them, or whether the system has any of the programmable properties that make the CRISPR comparison justified. I’m genuinely rooting for all of the frontier labs to seriously get into biological discovery, and I’m excited about what comes out of it. But announcing these very early, incremental findings with the framing of a major discovery doesn’t help. I’d much rather they set the bar high now, so that when an AI actually discovers a fundamentally new biological mechanism, everyone appreciates how big a deal it is.

Prime Medicine Announces U.S. FDA Clearance of Investigational New Drug Application for PM647 in Alpha-1 Antitrypsin Deficiency - Prime Medicine, Inc. $PRME Nice to see it already CLEARED 💪 investors.primemedicine.com/…

from heidi overton's opening remarks in her confirmation hearing: "President Trump's direction for me in this role should I be confirmed is to go fast. Slow and prohibitive requirements for cutting-edge therapies at the FDA means investment is increasingly flowing to China, who has found ways to do things faster and cheaper... China has surpassed the United States as a top venue for clinical trials... When we lose this advantage, we lose our health security. And when we lose our health security, we lose everything." "The FDA has begun work... to make sure every aspect of clinical trials and drug development is optimized." "The recent rapid approval of a new treatment for pancreatic cancer... should be the norm for the FDA."

Widowmaker $mrna continues to ramp! It probably has to touch $200 first.

$DNA firing on all cylinders right now based on headlines. But at some point you also want to see momentum on top, then bottom line.

Reminder that $XBI does not reflect what we on BioX refer to as 'biotech'...and why it's barely down from its 52-week/ATH.

Starting to have a feeling that certain funds are in trouble and that there is pin action across their holdings.

Nice, $lly celebrates Xi visit with another early-stage drug discovery deal with a Chinese biotech....an area that used to be almost exclusive domain of US biotech. endpoints.news/in-another-ch…

Is this official? $vktx

Definitely think Anthropic and OpenAI IPOs need to be postponed until liability is sorted out. Interesting market repercussions.

How to square the circle that a number of high-profile CVD trials have read out negatively despite it being still the No.1 killer? Answer: people take their meds too late and people not takimg their meds outside trials. Both issues would be addressed by instituting genome editing presymptomatically.