The Index
400 dossiers
A research screener for every company we cover. Search a name or ticker, then sort and triage dossiers by coverage freshness, our conviction and trading relevance.
No call21 names· avg TR 4 | ||||||||
A Altimmunecatalyst in 42d | A single-asset MASH/AUD/ALD bet on a glucagon/GLP-1 dual agonist that wins on liver biology and lean-mass-sparing but loses on raw weight loss — fully funded into 2028 with a binary AUD readout in Q3 2026 as the next free option; a derisked, heavily-shorted optionality vehicle, not a fundamentals compounder. | — | 1 | |||||
| The best-funded biotech ever, reorganizing toward AI after four years and zero disclosed clinical assets — a platform bet whose lead rivals just beat it into the clinic; WATCHING, not ownable, until a named program and a runway figure exist. | — | 1 | ||||||
| A levered dividend-compounder running a patent-cliff relay race — the legacy book (>40% of revenue under biosimilar/IRA attack) is being out-sprinted by Repatha/rare-disease/oncology launches, but the equity is priced for MariTide to win the obesity prize it most likely places, not wins, in. | — | 1 | ||||||
| A burned-then-reborn aging-biology platform whose entire ~$730M cap now rests on one Phase 1 asset (oral brain-penetrant NLRP3 inhibitor BGE-102) printing best-in-class hsCRP — fully funded to 2029, but the value-creating Phase 2 readouts are still 6-18 months out and a Lilly-backed competitor (ex-Ventyx) is the same molecule class with deeper pockets. | — | 1 | ||||||
| Alphabet's $2.5B/12-year longevity moonshot just lost its only pharma partner — AbbVie walked after the lead asset flopped — and the surviving thesis is now a 3-asset rare-disease biotech (ADPKD antibody the crown jewel) wearing an aging-research halo; not a 2026 tradeable, watch the ADPKD Phase 2 readout as the sole de-risking event. | — | 1 | ||||||
| First-ever blood-brain-barrier biologic just got approved (AVLAYAH, Mar 2026) — Denali is now a de-risked platform with a small rare-disease revenue base, but the May LUMA Parkinson's failure gutted the biggest pipeline call option, so you're paying $3.3B for a ~$525M-peak orphan drug plus optionality the market just learned to distrust. | — | 1 | ||||||
| The best operating asset in pharma trading at a price that already imputes a $150B+ obesity TAM — own it on the franchise and the orforglipron/retatrutide optionality, but size for a multiple that compresses from ~30x forward as the price war and TAM-skeptic camp grind on the narrative. | — | 1 | ||||||
E Equillium, Inc.catalyst in 44d | A two-asset preclinical option on EQ504 (gut-restricted AhR modulator for UC) wrapped in a >3yr cash runway and tier-1 (RA Capital / Decheng) sponsorship — but at ~$130–185M EV the market is paying real money for a drug no human has yet taken; the entire thesis lives or dies on the mid-2026 Phase 1 PoM readout ~early 2027. | — | ||||||
G | The single-partner-concentration bear point is dead — Gero now has TWO pharma validations, and the bigger one (Chugai/Roche, exclusive worldwide antibody rights, up to ~$250M milestones + royalties) is disclosed on a listed Roche subsidiary's own corporate filing, the most credible source in this dossier. Plus an open-sourced sequence-to-molecule model (ProtoBind-Diff). Still WATCHING (private, no public security, no named owned IND asset), but the watch is materially higher-quality — conviction on the platform-validation leg rises from "one partner, unfalsifiable" to "two top-tier pharma partners + a verifiable open-source artifact." The asymmetric event is now a partner advancing a target to the clinic or an institutional/crossover up-round. | — | ||||||
| The first company to put epigenetic age-reversal into a human body — a binary, single-asset bet where a clean Phase 1 safety read on OSK reprogramming is worth more than the whole longevity field's $4B+ of pre-clinical promises, and a single inflammation or tumor signal ends it. | — | 0 | ||||||
| The first company poised to win an FDA label for "lifespan extension" in any species — a genuinely novel regulatory beachhead on a large, growing owner-pays pet-pharma market — but the bet rides on one not-yet-read-out 1,300-dog trial, a surrogate-style ("reasonable expectation") approval, and a single CMC section still outstanding; WATCHING (privately ownable conviction, no tradeable instrument) with the STAY lifespan readout as the binary. | — | 8 | ||||||
| A genetics-platform biotech whose lead asset just printed real proof-of-concept in a disease with zero approved drugs — and the stock fell 35% because Vertex's inaxaplin is two years ahead. The bet is whether oral once-daily APOL1 inhibition is a two-horse race or a winner-take-most one. | — | 8 | ||||||
| Metsera is no longer an investable equity — Pfizer closed the buyout at $65.60 cash on 13-Nov-2025; the only live instrument is the non-transferable CVR (up to $20.65/sh on three obesity-approval milestones), realistically worth a fraction of par, and the durable trade is the read-through to PFE/NVO/LLY and the amylin thesis, not MTSR. | — | 0 | ||||||
| Lead asset is dead (navacaprant 0-for-3 in Phase 3 MDD, program killed Jun 15 2026); NMRA is now a ~$280M-cap shell with ~$130M cash, two early CNS shots (NMRA-511 AD-agitation Ph2, NMRA-898 schizophrenia Ph1) and runway into Q3 2027 — a busted-binary option, not an operating thesis. WATCHING, not investable, until an NMRA-511 Phase 2b signal or a credible cash-floor/M&A backstop appears. | — | 8 | ||||||
| A platform-quality data moat (1,000× the field's reprogramming-screen data) wrapped around an unproven biology, priced at $3.1B pre-IND for a 2027 first-in-human — the bet is the engine, not the liver drug, and the engine won't be falsifiable for 24+ months while a rival is already in the clinic. | — | 8 | ||||||
| A fallen-angel GLP-1 franchise trading at a generic-pharma multiple on a still-growing branded book — but the de-rating is a verdict on durability (Lilly's tirzepatide is structurally better, semaglutide's US patent cliff is 2031–32), and the cheapness is only a buy if the oral-Wegovy ramp and the amycretin pipeline can defend share before exclusivity breaks. | — | 1 | ||||||
| A billionaire-seeded Swiss "hallmarks-of-aging" holdco that quietly went dark — rebranded to Centenara in Sep-2024, lead eye asset terminated, holdco comms silent ~21 months; the ONLY live value driver is a separately-financed Belgian portco (Rejuvenate Biomed RJx-01, Ph2 COPD-sarcopenia, topline end-2026). Un-investable as a private until an IPO path or a single de-risked asset emerges; WATCHING the RJx-01 readout only. | — | 8 | ||||||
| A genuine builder's longevity platform de-risking faster than its peers, but the $1.8B mark is a 64% haircut off the $5B it was chasing six months ago — own it only after the August RTR242 readout converts "no tox" into a real biomarker signal, not before. | — | 8 | ||||||
| Best-in-class *oral* GLP-1 efficacy in the wrong race — Structure has a genuine #2 asset and a fortress balance sheet, but Lilly's orforglipron is already approved (Foundayo, Apr 2026) and Structure's Phase 3 only *starts* Q3 2026, so the bet is whether a 2.9B-cap, ~2030-launch latecomer can carve share against the most powerful franchise in pharma. WATCHING, not yet a position. | — | 1 | ||||||
| A cash-gushing CF monopoly priced for a successful four-engine diversification (pain, renal, gene therapy, diabetes) that is, so far, only one-third proven — own the moat, underwrite the pipeline at a discount. | — | 1 | ||||||
| The best obesity asset not yet owned by Big Pharma — but the market has already priced in a near-perfect Phase 3, leaving a binary 2027 readout where the upside is a takeout and the downside is a trap-door; SC maintenance data in Q3 2026 is the next real tell. | — | 1 | ||||||