chris

🚨 First Substack drop! $PRTC.L #PRTC PureTech Health 💰Cash runway to 2028+ portfolio of 3 mid & late stage multi-bn dollar assets priced at ZERO. 🚀Why this biotech disconnect screams opportunity: #biotech @SeaportTx @daphnezohar @PureTechH open.substack.com/pub/mrchrisarc…

@bgreezzz Nasdaq delisting sounds worse than it is. ADR volume was tiny compared to LSE, costing millions annually to maintain for almost zero benefit. Anyone serious about PRTC was already trading in London. The real US exposure now comes through Seaport

@archer_coa Appreciate the research and sharing. Thoughts on the Nasdaq delisting?

🚨Seaport Therapeutics $SPTX has presented us with a substantial arbitrage opportunity owing to the fact PureTech Health $PRTCown 16.85m shares in Seaport. Current market cap of #PRTC : $400m. Current value of their equity stake in Seaport: $286m. Cash on the balance sheet as of end of March $248m. That's $534m of quasi-cash in a $400m company. All of this is BEFORE we take into account Seaport royalites, Cobenfy royalties, Celea & Gallop. These assets are being priced at less than zero. The mispricing is absurd. 🧵1/4

And if that still isn't enough for you, $PRTC owns 100% of Gallop Oncology — LYT-200, a first-in-class anti-galectin-9 antibody heading into a potentially registrational trial in relapsed/refractory high-risk MDS in Q1 2027. MDS is massively underserved with little in clincal development for patients who've failed frontline therapy. FDA has already granted Orphan Drug and Fast Track designations. This is a potential blockbuster. Then there's the 2% royalty on Cobenfy sales above $2bn plus milestone payments from BMS. All of this sits on top of the Seaport and Celea value. All valued at zero by the market. 4/4

Nice read across for Celea Therapeutics $PRTC: Avalyn Pharma $AVLN IPO'd yesterday. It currenlty sits at a $1.2B valuation with a Phase 2b inhaled pirfenidone program that uses a nebulizer and won't read out for ~2 years. Celea has already completed its Phase 2b with strong peer-reviewed data published in the AJRCCM. Phase 3 due to begin in Q3. What should the market be willing to pay for that becuase currenlty its valuing it at zero?

$PRTC A few thoughts as Seaport $SPTX trades for the first time today. SPTX priced at 18$, PRTC owns 16.69 mln shares -> 300mln$ or 0.91GBp/share at the IPO price (pricing at upper end of range signals this might rather trade up, so with a typical 20-30% IPO bump this looks even better). PRTC also owns 3-5% royalties + undiscl. milestones. A ~4% royalty is obviously worth more than "4% of market cap" but even with only that approach there is another ~40 mln+ in there (SPTX IPOs at roughly ~1B$) Position is of course not liquid/tradeable, so apply a discount of your choice. PRTC will also not be able to sell a meaningful stake before the readout admittedly. Still, SPTX and net cash in 6-12 months covers more than market cap right now. No Cobenfy upside (ADP studies a huge catalyst), Celea not included at all (some folks think that is the actual main asset? Don´t agree though as of now), Gallop not included and there will probably be some minor(?) other assets left. Will get visibility on Celea valuation in the next 2-3 months. I actually hope they reverse merge onto the market, think they are at the right stage of things. All of that against the backdrop of yesterday´s announcement to build a leaner organisation and focus more on returning capital to shareholders. Still long, will of course own less as it goes up (hopefully?) but haven´t even sold all of my Apr2 buys yet.

@StonkChris ceres.tech/investors/

Could someone please tell me what the next $BE is going to be? Asking for a friend, but also please drop your high conviction pick in the comments below.

@AnotherBio Its crazy to think that by the end of this year $PRTC could have 4 drugs in registrational or potentially registrationla/pivotal trials: SPT300, SPT320, LYT100, LYT200. Chuck in a couple hundred million $ in cash plus a meanigful stake in Cobenfy. All yours for just over $400m 🤯

$PRTC People less idiotic, less quick but much richer than me seem to think the same as Seaport files for an IPO. Let´s see how this goes, I think Seaport has the ingredients for a successful IPO: Two advanced programs with reasonable time to data & market. Their technology ("bypassing" liver) should be applicable to dozens of applications in theory, no? FWIW at the valuation of the round in 2024 the PRTC stake was worth 257 mln$ or ~0.79 GBp per share, so we should have a stronger floor if the IPO succeeds. PRTC also owns 3-5% royalties on Seaport products, undisclosed milestone payments and sublicense economics. On the $PRTC level, of course this gives zero effect to net cash, Celea (which even is the main asset of the company in some people´s eyes) or the remaining Cobenfy economics.

🚨 Massive news for PureTech $PRTC I expect Seaport’s IPO to value the company at at least $1 billion. This feels conservative given their Series B in 2024 was already >$700m. Even with some dilution, PureTech’s 35.1% stake (equity + 3-5% tiered royalties + milestones) on future Seaport products should already be worth more than PureTech’s entire current ~$400m market cap. That’s before you even count the rest of the pipeline and the large cash balance.

Positive Ph1 proof‑of‑concept topline results for GlyphAgo: 10x lower PK variability & 6.8x increase in bioavailability–exceeding our 2x target projected to mitigate liver exposure, a limitation that previously held back agomelatine's clinical use: bit.ly/3PBOkWV

@CapitalPmh @BlokeOak57182 Nice work from @BlokeOak57182 highlighting PureTech. Read my deep-dive piece to see why this is absurdly undervalued and such a compelling opportunity. $PRTC open.substack.com/pub/mrchrisarc…

#WISE #DEC #MPAC #PRTC #THX #AVAP #IDHC #ASAI #GMS #GRG #EZJ #FUTR #ATOM #KZG #IIG In this investing masterclass, expert stock picker John Chinery (alias @BlokeOak57182 ) takes me through his view of the markets and latest thoughts on 15 stock ideas: 00:00 Equity outlook 06:05 Wise 11:35 Diversified Energy 18:10 Mpac 22:40 Eco Buildings 31:35 PureTech Health 39:35 Thor Explorations 47:35 Avation 53:30 Integrated Diagnostic Holdings 58:35 ASA International 65:00 Gulf Marine Services 69:15 Greggs 75:15 Easyjet 79:30 Future 84:25 MSI International 85:25 Atome Energy 86:15 Kazera Global 89:00 Favourite stock idea for next 12 months - Intuitive Investments Published by @VOXmarkets youtube.com/watch?v=7yLVcW…

Yes.

Quite possibly the greatest ever call to a radio show. The Herring family speak to Andy Goldstein & Jason Cundy on @talkSPORT.

"When you compound better diagnosis and extend life expectancy, ultra-rare disease products become frankly very attractive opportunities over time. We have a model and firm belief that at peak this opportunity could be over $1 billion in sales". Javier Szwarcberg - CEO $SPRB

@Fink_Money I agree.The question is not whether RELX is worth buying at £22.73, the question is whether you'll get a chance to buy this cheap again once the market realises that Calude is a tool that RELX uses & is not a threat it faces.

Here's what people are missing about AI disrupting software... Some will fail due to AI... Others physically CANNOT. Find out which two can't youtu.be/pk5f9CyZA80

$SPRB 👀

The spending isn't slowing down any time soon, and frankly, I think the industry has massively underestimated just how big the coming demand actually is. When a person sits there chatting with a bot, the inference workload is fairly modest. But a single AI agent - say one doing autonomous coding - generates something like a 1,000x increase in workload compared to a human user. As these agents move from being quite handy tools to genuinely autonomous systems across areas like finance, medical diagnostics, and engineering, the infrastructure that looks like overbuild today will almost certainly look woefully undersized within a year or two. What's driving the urgency is how compressed this AI cycle has become, with the demand signal for agents arriving almost immediately compared to previous tech shifts. Unlike the dumb pipes of the railway or fibre optic eras, these model makers are selling intelligeence itself, which lets them vertically integrate and capture value from practically every application built on top of their infrastructure. If you take the bull case, we're essentially in year one of the agentic world, and despite the staggering scale of todays capex, we still havent got close to whats needed to build out the foundation of the next global economy. The spending only really stops once the platform layer is fully captured. Companies have got a narrow window (call it three to seven years) to establish themselves. If they miss it, they become permanent tenants paying the platform's margins for the next two decades. So for big tech, this brutal pace of investment isn't going to let up until they've secured their position as the landlords of the new intelligence-based economy.

A question I have for $ORCL, $GOOG, $META, $MSFT, $AMZN, $NVDA, $CAT, and all the rest, “When does the spending for AI data center buildout actually end?” It is consuming all your cash flow, you are borrowing, you are financing in ways you never have, apparently because it is so urgent, because it scales? But if it scales, when does it end? Now you are engaging in accounting tricks to hide expense, to protect earnings, as the impact is so severe. You will be tortuously adjusting your earnings in a new and sinister ways. When does it end?

@cfdownes_ @policylaila The context was obvious. You avoided saying 'white,' but when you define Britishness as 'indigenous British ancestry,' it's pretty clear what you're implying. It's a smart way to signal it without saying the word outright.

.@policylaila What you have said here — on national television — is libellous. Nowhere have I or Restore Britain said that you have to be “white and Christian” to be British. Nowhere have we talked about the “Aryan race”. We are not “neo-nazis”, and to suggest that we are puts us in severe danger. Charlie Kirk was murdered because of rhetoric like this. I am consulting with Restore Britain’s legal team about next steps. I urge you to publicly retract and apologise, immediately.

@richtrades100 Its certainly going to be tight. On a positve note, any raise should be relatively modest.

$SPRB needs to raise again imo. Looking at timings. they'll submit BLA in q4. won't hear back until q1. Cash is into Q1 2027. Pretty simple to work this out