Culper

NEW: We are short ADMA Biologics $ADMA. We believe the ASCENIV growth story is in reality a story of channel stuffing and an undisclosed related party distributor. Real revenues declined 3% in 2025 vs. 20% reported growth. It's already over. Full report available on our website.

Two months since @CorneliaLake last tweeted on $TE. Shares are down 48% since then. Those who can't do, sell newsletters.

Clearly $ADMA has nothing to hide here.

16/16) $ADMA claims real-world data will fix ASCENIV's payor problem. We spoke with payors - it's a pipe dream. Relations are getting worse, not better, and $ADMA has no way out. The Company's $1.1 billion 2029 revenue target is total fantasy, and shares are headed lower.

15) Further, ASCENIV's only advantage, RSV antibody titers, is quickly becoming obsolete. After decades in development, RSV vaccines saw a slurry of approvals in 2023 and rapid uptake since. As immunity spreads, standard IVIGs converge to ASCENIV, and $ADMA is left with nothing.

NEW: We are short ADMA Biologics $ADMA. We believe the ASCENIV growth story is in reality a story of channel stuffing and an undisclosed related party distributor. Real revenues declined 3% in 2025 vs. 20% reported growth. It's already over. Full report available on our website.

11/11) In the dot-com era, Netscape and Nokia dominated for 10+ years, only to have Google and Apple reap the rewards. We view $ETH similarly. We think the tokenomics are broken, Lee is cornered, and $ETH is going lower.

10) Meanwhile $ETH continues to lose share to Solana and its own L2s. Solana devs grew 29% in 2025 vs. Ethereum's 6%; talent is leaving; institutions like Visa and Citigroup chose Solana for DeFi apps; Solana dex volumes are now more than 2x Ethereum.

NEW: We are short Ether $ETH, and ETH-linked securities, incl. $BMNR. We think ETH tokenomics are impaired following the December 2025 Fusaka upgrade. Vitalik knows it and is selling, while $ETH's most ardent bull, Tom Lee, is throwing good money after bad. $ETH is going lower.