David Audet

Captain Obvious can't get no rest. 🦗 cbc.ca/news/canada/ca…

🚨🚨🚨 The 2nd case of amlitelimab (OX40) induced Kaposi sarcoma was just disclosed by $SNY today at AAD. Somehow $NKTR is still in the double digits…*surely* the complete death of Amlitelimab would change this? Up until very recently (weeks) $SNY has *still* been projecting amlitelimab to be a $3-$5B peak sales drug in atopic derm ALONE. If Amli is discontinued (as it should be) $NKTR’s rezpeg would be slated to be the next new MoA on the market for AtD, and THE ONLY non-IL4/13 biologic besides the ineffective Nemluvio (…which is still going to be a $4B+ peak mega blockbuster despite its lack of efficacy……..) Right now, $NKTR’s efficacy vastly exceeds nemluvio’s and beats OX40’s by a healthy ~10% delta. All of that WITHOUT causing cancer. $3-$5B peak for OX40??? What’s $NKTR worth? OH! And that’s just the sales projections for AtD…I expect that soon the market will wake up to the fact that Rezpeg is a legitimate drug for alopecia areata too, which currently seems to be priced totally out of the stock. IMO $NKTR already went into the weekend the most mispriced name in my book. Now the death knell for OX40 is coming into view. $NKTR is *CLEARLY* the biggest direct beneficiary of this in the entire market. As always, I’m biased, but I’m just mind blown that this isn’t already a $100 stock. Let’s see if the market starts to accept that OX40 is finally done for. That could be explosive news for $NKTR.

I learned .@GretaThunberg called on Chinese people to give up traditional chopsticks to protect trees. The Chinese then asked her to go back to the school where she might discover that traditional chopsticks are made of bamboo, which is a grass! The Chinese also asked her and her friends to stop using toilet paper to wipe their butts, because it is made from trees.

@WallyBunger Is it going backwards? Once again management is obfuscating. I'm more concerned with restarting the drilling. Taking over a year to get a rig is ridiculous but again they've never been clear what the delay is. Maybe without the environmental approval, there was no point.

@DaveAudet The erosion project is going backwards... not good. Really not impressed by management in the last couple of quarters, but still holding as the asset is really great.

Q4 report is a bit of a dog's breakfast for $TAL.TO. Hedges on 24% of production at the worst possible time. On the plus side, they finally have regulatory approval to expand Bretana so can get back to growth mode in Q4. $PTAL #PTAL finance.yahoo.com/sectors/energy…

110-year-old Turkish grandma shares her secret to a long life: "i never once used Microsoft Teams"

There is a fertilizer shortage due to Hormuz closure so let's juice the corn market. 🤔

'Traders'

Good for the lawyers. I doubt it will be good for either $OCUL or $EYPT. Lots of bad blood between these two but this seems pointless.

Shout out to Qatar for the worst return on a $400M bribe in history.

$VLE.TO Beacon $19 target. "We have not come across any other Canadian-listed oil producer that is getting as much of a lift in its realized oil price as Valeura... VLE stated in its webcast that at US$150/bbl for 2 years it would cash flow its current EV"

$AXL.v 1P and 2P reserves are way understated until the contract is extended. "1P reserves have been prepared assuming the Tapir block expires with the contract in February 2028. The 2P reserves assume the first 5-year extension period embedded in the Tapir contract is granted."

Part of the problem is that they've created so many different tiers and varied terms that change so often that their software guys can't keep up or misunderstand so the bills are always wrong.

All these companies trying to force the use of AI chatbots rather than talking to an actual person to save money but they're completely useless and it just results in customer resentment. cbc.ca/news/marketpla…

Now that it's spring, we can send a couple of icebreakers to clear this thing up.

I call bullshit on this number for Canada. Any production increase that occurs would have occurred regardless of the IEA agreement.

@BehroozNajafi @MMick1222347 @jacked2thatits @zipjet @EL_Goeffrey No wonder the stock can't get any traction if insiders are looting it.

@MMick1222347 @jacked2thatits @zipjet @EL_Goeffrey $TGTX MW's employment agreement calls for annual grant of restricted shares with a grant date value = to 10X the sum of the prior year's base salary + annual cash bonus in Dec/Jan. In 2024 he received 1M shares. Not sure about 2025. That's roughly ~1/3 of $100M buy-back.

$TGTX $300M buyback $262M remaining. FINANCING & CAPITAL STRUCTURE New 5-year $750M senior secured credit facility with Blue Owl Capital Repays existing $250M facility Net new capital raised: $500M (non-dilutive) Option to expand facility by additional $250M Total potential facility size: $1B SHARE REPURCHASE PROGRAM Increased buyback authorization from $100M to $300M Already repurchased $38M of stock Average repurchase price: $28.98 per share Signals confidence in valuation and willingness to deploy capital USE OF CAPITAL Share repurchases Business development / acquisitions Operational initiatives Supported by a cash-flow positive business MANAGEMENT TAKEAWAYS CEO Michael Weiss highlighted: Improved scale and terms vs prior facility Ability to fund growth of BRIUMVI and pipeline Buyback reflects confidence in long-term value Blue Owl noted: Strong commercial execution of BRIUMVI Disciplined growth strategy BRIUMVI OVERVIEW Anti-CD20 monoclonal antibody for relapsing multiple sclerosis (RMS) Glycoengineered for efficient B-cell depletion Approved in U.S. and multiple international markets KEY SAFETY POINTS Infusion reactions (~48%) Infection rate ~56% (serious ~5%) Risk of HBV reactivation Risk of PML (rare but severe brain infection) Other risks: liver injury, reduced immunoglobulins, fetal risk INVESTOR TAKEAWAY Large non-dilutive financing strengthens balance sheet Significant expansion of buybacks suggests management sees undervaluation Provides flexibility for growth, M&A, and pipeline investment Reinforces confidence in BRIUMVI-driven cash flow

@GasBuddyGuy $VLE.TO sells their crude in Thailand linked to the monthly Dubai average price.

Dubai crude has just reached $170/bbl

@Rory_Johnston $VLE.TO sells oil in Thailand tied to the Dubai price monthly average.

Cash Dubai crude (balance of the month) just broke above $170 per barrel. To my knowledge, no crude has ever commanded more than $170/bbl before.

Who could have ever foreseen such an ending for a world full of Zuckerberg's imaginary friends? $META