Jerome Taillard

@YieldCurveBalI You have a very low bar for what you consider superb. I smell AI bot as soon as I see 202X EV/revenue for a pre commercialization biotech company. You do not use such multiples to assess a firm with no revenues. Period.

$CRDF Superb article that perfectly describes CRDF's current reality. So if you want to refresh your understanding of CRDF or learn about CRDF from scratch, this is a must read. beyondspx.com/quote/CRDF/ana…

@Ssunten_ Also important Chinese milestone payout upon approval in China. They filed Jan 2025 so we should be close on that front too.

$Xbi $Mist When will Milestone’s EV hit zero? To estimate Milestone’s downside floor, let’s look at Milestone’s EV (enterprise value). I’m splitting this into two perspectives: (1) common shares only and (2) fully diluted shares. Here are the inputs: 1. Share count - Common shares: 101,582,265 - Series A: 35,002,335 (exercise price $1.50) - Series B: 35,002,335 (exercise price $1.875) - Options/PSU/RSU: 13,013,551 - Fully diluted shares: 184,600,486 2. Cash - 3Q cash: $82,585,000 - RTW payment receivable: $75,000,000 - Series A proceeds: $49,000,000 - Series B proceeds: $59,000,000 - Fully diluted cash: $265,585,000 3. Debt - Convertible notes: $56,206,000 4. EV - EV (common-share basis) Common shares × stock price − (3Q cash + RTW payment) + convertible notes = $109,912,111 - EV (fully diluted basis) Fully diluted shares × stock price − fully diluted cash + convertible notes = $174,590,011 5. Stock price where EV becomes 0 - Common-share basis: $1.00 - Fully diluted basis: $1.14 6. Conclusion - At current levels, the market is valuing Cardamyst at roughly: - ~$110M EV on a common-share basis, and - ~$175M EV on a fully diluted basis. Sell-side peak sales estimates are $324–$594M. Typically, around PDUFA approval, valuing a company at 1× peak sales (conservative) as EV is common (other methods include rNPV and EV/Peak Sales). So honestly, the stock “should” be at least $3. 7. Why I keep writing this Because no matter how I look at it, it feels insanely cheap, yet the stock keeps drifting lower… lol. I feel mentally comfortable only when it looks cheap enough.

History does not repeat itself but it rhymes (Mark Twain); case in point with this great article from @adwooldridge relating the great railway expansion to the current AI revolution bloomberg.com/opinion/articl…

Big network effects → dominance More competition → fragmentation Interoperability is the cheat code: keep the network effects, lose the anti-competitiveness A must read for fintech folks @tZERO @Alan_Konevsky knowledge.wharton.upenn.edu/article/how-in…

@MachinistImprov @tZERO @AlderLaneEggs @ActAccordingly @marcuslemonis Token barely moving on the news. Just shows how under the radar their platform is. TZERO is the first proof of concept all digital token they have traded on their platform.

@tZERO is just now stepping on the stage and into the spotlight. These (9) 5-minute videos have 400-600 views each. IMO - they will soon have 50K+ views each. The future is now. $TZROP $BYON $ICE #RWA $WALLY @AlderLaneEggs @ActAccordingly @marcuslemonis @tzero-digital-assets?si=IJ7-gw_LtSj5Rvj8" target="_blank" rel="nofollow noopener">youtube.com/@tzero-digital…

@skin90405 @tZERO They are preferred. So my view is that they are worth more than common!

1 TZROP for 1 equity share would only be fair at the 21 million outstanding. Been a long and hard hold, I've been in for 6 yrs and many 8. We've endured complete silence for years while this was being built out. We've been totally loyal to @tZERO and expect the same in return.

@tZERO Less talking, more tokenizing?

Regulatory compliance is not an afterthought for tZERO—it is foundational. We have built our operations around proactive engagement with policymakers and regulatory bodies. Our efforts reflect a deep belief that lasting innovation must go hand in hand with investor protection, market transparency, and systemic integrity. This regulatory-first posture is increasingly vital as the digital asset space matures. tzero.com

@token_woken @tZERO $XRP just added 40%. lol

Now consider this: $TZROP, powering @tZERO's groundbreaking #blockchain-based platform, has a $66M market cap, while these 'serious' projects soar: $BNB: $95B $ADA: $39B $XRP: $120B $SOL: $111B $DOT: $14B The real question: where does true potential lie? #tZERO #cryptotrading

While $TZROP, the token for @tZERO's groundbreaking trading platform, holds a market cap of just $66M, consider the valuations of these meme coins: $DOGE $63B $SHIB $18B $PEPE $9B $BONK $3B $FLOK $2B It's time to recognise where real-world value & potential truly lie. #tZERO

I always enjoy articles highlighting how much luck is a factor behind success. How lucky do you feel today? How big is the role of luck in career success? economist.com/business/2023/… from @Economist

This is a fantastic and deep article. Read it in full. It has at least three takeaways about AI that go beyond art. Really thought provoking. A must read.

AI is on my mind. Seems like such a revolution. Yet I see bottlenecks that need fixing. Electricity production in the US for one. In pharma, AI will find new molecules faster. Still need to recruit patients for trials. 10x more molecules not equal to 10x new drugs...

@jameslavish Great thread. Simple but not simplistic. I love it!

*Money Printing* A seemingly simple, yet confusing topic. I mean, why even sell bonds to the public, when the Fed can just print more dollars and pay for whatever the government wants to spend? The answer is simple but requires a little critical thinking. Time for a Fed 🧵👇

@leveredbetaboy2 Maybe counterbalanced by a move to specialized master’s degrees?

Bschool apps hit 7 year lows $200k over two years to party, travel, grow your network, and/or find a SO not worth it anymore?

Interesting graphs on corporate taxes Compared to historical trends and other advanced economies, corporate tax revenues in the United States are low. pgpf.org/blog/2023/04/s…

Interesting article on music royalties Heard on the Street: Higher interest rates have damped investor appetite for music-catalog stocks wsj.com/finance/invest… via @WSJ

Why replacing orange street lights is an aesthetic downgrade — and bad for our health:

@johnatrisk @lukestein @nytimes What a gem!

Why do I eat lunch with my dog and read a (physical) copy of the @nytimes? Exactly for (gold? Crypto?) nuggets like this for teaching corporate governance!

@levelsio Where is Portugal?! And Switzerland is well known to have partial restrictions on foreign ownership...

📈🏡 I asked GPT4 which countries you should invest in real estate It analyzed 250,000+ trips from Nomad List over the last 10 years with GPT 4's new Data Analysis feature to find the fastest growing places to invest I just uploaded a CSV with timestamp, city, country!

@Codie_Sanchez Happy birthday! You are the gift that keeps on giving on this social media! Many happy returns!

I turn 37 today. But I think I’m 20. Until I hang out with 20-year-olds... Then I’m like f*ck I’m definitely 37. I could give you a list of 37 things I learned but it’s really just one. Be you… the ultimate moat.

@Codie_Sanchez Apologies Codie. Spelling bee malfunction.

@Codie_Sanchez Please Cody, cut to the Chase!

What's the only reason you're excited to go to the bank? Why do you think I'm here? Wrong answers only :)