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Investment Theses

Core strategy and high-conviction rationales for active positions

Ticker	Company	Reason I'm Buying
HROW	Harrow Inc.	The Underappreciation: Harrow is the fastest-growing ophthalmology company most investors haven't yet priced as such. The infrastructure, leadership, and operational execution are already in place to deliver outsized growth. The Growth Window: Quarter-over-quarter growth should outpace what the market is currently pricing in, and that growth rate should last for the next 6-8 quarters and beyond. What the Market Misses: The current price reflects a steady specialty ophthalmics company. The reality is a commercial inflection underway with multiple simultaneous catalysts driving toward management's $250M quarterly revenue target by end of 2027 — roughly a 3x expansion from where revenue runs today.
VLTLF	LibertyStream Infrastructure	The Extraction Edge: LibertyStream (formerly Volt Lithium) extracts lithium from oil field brine — a waste product of oil drilling. This creates a second income stream for oil companies and water treatment companies focused on extracting valuable resources from brine, like their partner Wellspring Hydro. It also serves as a domestic supply of lithium for the US. The Capital Advantage: Their nearest competitor will require ~$1.5B and years to construct a prototype. VLTLF can get going for just $20M and scale from there. Recent Milestone: The company recently completed purchase of a small $2.5M chemistry set to convert their lithium chloride eluate to lithium carbonate — the finished product end users require. Near-Term Catalysts: Waiting on a JV announcement, most likely with an oil company. Off-take agreements could be imminent. Uplisting plans to NASDAQ targeted for end of 2026.
MDNAF	Medicenna Therapeutics Inc.	The IL-2 Space Background: Some background is important here. Pharma poured many billions into IL-2 because of the promise of stimulating the body's own natural immune response to fight cancer, but toxicity levels were always too high. It has taken many years for the IL-2 space to re-emerge thanks to engineered versions like MDNA11. MDNA11 Mechanism Edge: MDNA11 selectively activates the "gas pedal" of the immune system (CD8+/NK cells) while removing the "brake" (Tregs) and the "danger" (Vascular Leak Syndrome). It's in Phase 1/2 across multiple cancer types, both as a monotherapy and in combination with Keytruda. The Clinical Picture: It is still early, but monotherapy results have been excellent. Recent combination data with Keytruda is showing real promise — Keytruda essentially shows the immune system which cells are the cancer cells, and MDNA11 amplifies the response. The Buyout Case: This is an excellent candidate for large pharma to acquire. Recent deals and acquisitions in the engineered IL-2 space are in the $1-2B range. So far, MDNA11 is proving it is best-in-class against the rest of the field. There are other drugs in the pipeline, but MDNA11 is the one to watch. The Risk: The company is dangerously low on funds. If no partnership or buyout is announced soon, expect further dilution that compresses per-share takeout math.
TENX	Tenax Therapeutics Inc.	Tenax Therapeutics ($TENX) is a high-conviction biotech play focused on TNX-103 (oral levosimendan), a potential first-in-class treatment for Pulmonary Hypertension in Heart Failure with Preserved Ejection Fraction (PH-HFpEF). The investment thesis is built on a massive, zero-competition market of over 1.5 million patients and a significantly derisked Phase 3 "LEVEL" trial. A December 2025 statistical assessment confirmed the trial is over 90% powered to succeed without needing to increase the patient count, a rare and bullish signal for investors. With approximately $105 million in cash providing a runway into 2027, the company is well-capitalized to reach its critical clinical goals. Looking ahead, 2026 is the definitive "catalyst year" for the stock. Tenax expects to complete enrollment for the 230-patient LEVEL study in the first half of 2026, followed by the release of Phase 3 topline data in the second half of 2026. Simultaneously, the company is advancing its larger, global LEVEL-2 study, which initiated in late 2025 to build the robust safety database required for FDA and global regulatory filings. Positive topline data later this year would likely trigger a significant rerating of the stock, as $TENX remains the only company with a treatment currently in Phase 3 for this specific, underserved indication.
GLSI	Greenwich LifeSciences	The Trial: Greenwich is in registrational Phase 3 (FLAMINGO-01) for preventing breast cancer recurrence with GLSI-100. The Phase 2b at MD Anderson showed an 80%+ reduction in recurrences over 5 years — huge success. FDA Fast Track designation is in place. The 14-Event Trigger: The first interim analysis triggers when 14 invasive breast cancer recurrence events accumulate. Estimates from various analyses put this somewhere between 2H 2026 and 2H 2027. I don't want to miss it. Enrollment Status: On December 5, 2025, the company announced they have enrolled 1,000 patients across both HLA groups and will continue enrollment. The adaptive protocol amendment, guided by the Steering Committee and emerging data on GP2 efficacy across HLA types, allows ongoing enrollment to generate more events for multiple interim analyses, refine cohort sizes, and support broader labeling claims (e.g., all HER2+ patients) while leveraging high screening rates (~150/quarter). The Adaptive Design Benefit: This enhances regulatory flexibility and commercial potential without altering the primary endpoint power. Importantly, it does not increase the time to interim analysis, which still requires 14 events. An event here is defined as invasive breast cancer recurrence. Insider Conviction: CEO share purchases are consistent and high. Significant skin in the game from someone who knows the trial intimately. The Asymmetry: This could be a 1,000% gainer from here on positive results. Of everything in the portfolio, this is the position I most don't want to miss.
IMMX	Immix Biopharma Inc.	Market Monopoly: $IMMX is on track to deliver the first FDA-approved CAR-T for relapsed/refractory AL Amyloidosis—a "blue ocean" market with no current approved therapies and a potential $3B+ opportunity. Best-in-Class Efficacy: Recent Phase 2 data (ASH 2025) showed a 75% Complete Response (CR) rate, which is projected to reach 95% based on current bone marrow markers. This dwarfs the <10% response rates of current salvage therapies. The "Outpatient" Advantage: Unlike existing CAR-Ts that require intensive hospital stays, $IMMX's lead asset (NXC-201) has shown zero neurotoxicity and ultra-short (1-day) side effects. This allows for outpatient administration, making it cheaper for insurers and more accessible to the 95% of hospitals that can't currently handle "toxic" cell therapies. Near-Term Catalyst: The company recently raised $100M to fund its 2026 BLA (Biologics License Application) submission. With a cash runway into 2027 and a clear regulatory path (RMAT designation), the 2026 approval is the primary value-unlock. Autoimmune Optionality: If the safety profile holds, NXC-201 is the perfect candidate to pivot into massive markets like Lupus or Myasthenia Gravis, where safety is the #1 barrier to entry.
KYTX	Kyverna Therapeutics, Inc.	KYTX is a "first-mover" play on the transition of CAR-T therapy from oncology into massive autoimmune markets, specifically targeting neuroimmunology. Pivotal Success in SPS: On December 15, 2025, Kyverna reported positive Phase 2 registrational data for its lead asset, miv-cel (KYV-101), in Stiff Person Syndrome (SPS). The trial met its primary endpoint with a 46% median improvement in mobility (timed 25-foot walk), significantly exceeding the 20% clinical benchmark. The "Safety Shield": Miv-cel is designed to be safer than oncology CAR-Ts. Across all indications (SPS, Myasthenia Gravis, Lupus), it has shown zero high-grade ICANS (neurotoxicity) and manageable CRS. This safety profile is essential for treating non-cancer patients who cannot tolerate high-toxicity profiles. Recent Funding & Runway: Following the SPS data, Kyverna closed a $100 million public offering (Dec 17, 2025). Combined with a $150 million debt facility secured in late 2025, the company has a cash runway into 2027, fully funding its operations through its next major regulatory hurdles. Imminent BLA Catalyst: Kyverna is on track to submit its first BLA in H1 2026 for SPS. If approved, it would likely be the first-ever FDA-approved CAR-T for an autoimmune disease, establishing a dominant market position. Broad Pipeline Upside: Success in SPS de-risks the platform for its other ongoing registrational trial in Myasthenia Gravis (Phase 3) and its expansion into Multiple Sclerosis and Lupus Nephritis.
CNVIF	Conavi Medical Corp.	CNVIF is a "disruptive med-tech" play on the only imaging system capable of combining the two gold standards of coronary diagnostics into a single device. The "Hybrid" Monopoly: Conavi's Novasight Hybrid System is the first and only platform to combine IVUS (ultrasound) and OCT (optical imaging) on a single catheter. This gives cardiologists a "super-view" of arteries that neither technology can provide alone. Imminent FDA Catalyst: In September 2025, the company submitted its next-generation system for FDA 510(k) clearance. A formal U.S. commercial launch is anticipated for H1 2026, which serves as the primary near-term price driver. Guideline Tailwinds: Global medical guidelines (ACC/AHA/ESC) recently upgraded intravascular imaging to a Class 1A recommendation (the highest level). This mandate is forcing hospitals to adopt new imaging tech, creating a massive organic growth wave for $CNVIF. Freshly Capitalized: Following a $20M institutional raise in 2025 and an ongoing January 2026 public offering, the company has significantly de-risked its balance sheet to fund the upcoming U.S. sales force and manufacturing scale-up. Rapid Revenue Growth: Revenue grew from $2.2M to $9.1M in the last fiscal year (+300%). Analysts project revenue to continue growing at over 50% annually as the U.S. launch commences. UPDATE: Company announced FDA clearance as expected! I believe this is an excellent buy out candidate now. Most likely between now and end of 2026 at the latest.
LUCD	Lucid Diagnostics	The investment thesis for Lucid Diagnostics (LUCD) in 2026 centers on its transition from a clinical-stage diagnostic company to a commercially scalable oncology platform, primarily through its EsoGuard DNA test for the early detection of esophageal precancer. The bull case is anchored by recent major commercial wins, including a January 2026 U.S. Department of Veterans Affairs (VA) contract that grants access to nine million veterans, and a late-2025 unanimous expert consensus from the MolDx Contractor Advisory Committee supporting Medicare coverage. These catalysts address the company's historical "reimbursement gap," where high test volumes were previously unmatched by cash collections. With a strengthened balance sheet following a late-2025 public offering—extending the cash runway through late 2026—the thesis hinges on Lucid's ability to convert its $35 million+ revenue backlog into realized cash and scale toward an estimated break-even point of 6,000 tests per quarter. While the stock remains a high-risk, micro-cap play with significant cash burn, the imminent finalization of a national Medicare Local Coverage Determination (LCD) represents a binary "inflection point" that could re-rate the company from a speculative venture to a high-growth medical technology leader.
DFTX	Definium Therapeutics (formerly MindMed)	DFTX is a high-conviction, major binary play dominating the emerging neuropsychiatric medicine landscape. The core thesis rests entirely on their lead asset, DT120 (formerly MM120), which is currently navigating the final stretches of Phase 3 clinical testing for both Major Depressive Disorder (MDD) and Generalized Anxiety Disorder (GAD). The near-term catalyst timeline is exceptionally tight, anchored by the highly anticipated EMERGE Phase 3 readout in late June 2026, quickly followed by the VOYAGE Phase 3 data in early Q3 2026 and PANORAMA in late Q3 2026. If the data mirrors the robust effect sizes shown in Phase 2b, DFTX has a clear line of sight to a Q1 2027 NDA submission, positioning them as an undisputed first-mover in a massive, completely unaddressed market. This is a classic high-impact binary asset where a clinical hit unlocks multi-bagger potential.
TSHA	Taysha Gene Therapies	TSHA represents a highly asymmetric gene therapy play focused on TSHA-102 for Rett Syndrome, a devastating neurodevelopmental disorder with an enormous commercial vacuum. The investment thesis hinges on eliminating typical development timelines via accelerated regulatory pathways. Crucial validation drops in mid-2026 with the REVEAL Part A 12-month clinical durability data, which is heavily favored to confirm that its historical 100% response rate is holding firm over the long term. With enrollment risk entirely neutralized following the completion of both Pivotal and ASPIRE study dosing in June 2026, the primary value inflection point is locked into the Q4 2026 6-month Pivotal interim analysis. TSHA is completely well-capitalized to fund its run directly to an anticipated December 2026 BLA submission, creating a highly structured, de-risked path toward commercialization.
VSTM	Verastem Oncology	VSTM is a high-conviction targeted oncology thesis centered on breaking down difficult-to-treat RAS-pathway driven tumors using their lead combinations. Near-term validation begins with the upcoming Phase 1 expansion data for VS-7375, which stands to trigger the stock's first major fundamental re-rating by validating its utility in the high-value KRAS G12D mutation space. The broader clinical thesis is anchored by the RAMP 205 expansion data in pancreatic cancer (PDAC) arriving in 2H 2026 alongside formal FDA registrational engagement. With clear visibility toward entering registrational Phase 2 trials by Q1 2027 and a definitive, massive Phase 3 RAMP 301 clinical readout slated for mid-2027, Verastem presents a highly organized clinical sequence targeting heavily underserved solid tumor markets.

Data current for active portfolio positions Updated May 2026