🧵The Little Book of Biotech: I plan to go through every company in...
Biotech2k@Biotech2k1
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Aug 29, 2026
~8 min read
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🧵The Little Book of Biotech:
I plan to go through every company in the $XBI and do my DD. Then leave a post in this thread for my quick take on each company. Make sure you book mark this thread. I will start building it today and try to add every day at least 1 company.
I plan to go through every company in the $XBI and do my DD. Then leave a post in this thread for my quick take on each company. Make sure you book mark this thread. I will start building it today and try to add every day at least 1 company.
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$CYTK is a company working in muscle biology starting with heart indications. They have 3 late stage indications and a few early stage indications. They have about $700 million cash and burn about $450 million. Very impressive company on 1st look. Added to my list to advance.
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$EXAS is a company I have had a problem with for years. Their main product is Cologuard. This is not a preventative cancer screening. It only detects after its cancer. It is luring many patients into a false sense of security. I think colon cancer rates will go higher over time.
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$CRNX is a company working on Endocrinology. They have 2 phase 3 programs and multiple early stage programs. The science looks promising. They have about $800 mil cash and burn about $200 mil a year. I have added them to my list to research further.
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$ROIV is a company that has many subsidiary companies focused on drug development. I honestly do not like this business model. Its terribly capital inefficient, it allows for too much miss management and problems. Its nearly impossible to really understand the company well.
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$EXEL is a company I use to own when it was in growth mode many years ago. Its growth and innovation has stagnated for many years now. By the time they find something to replace Cabozantinib, it will be off patent. Nothing to see here folks.
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$KRYS is a company using HSV-1 to delivery gene therapies. I know this management well as I was in early for this company and owned it on and off for years. I love what they are doing in skin, but I have doubts if HSV-1 works beyond the skin. I have it on my list already.
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$NTRA is a testing company. That puts it way outside my area of focus. I do see it is growing revenues at about a 22% clip based on forward guidance. Looks like a solid candidate if testing is your thing.
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$VKTX is a company working in NASH and now GLP1. I have to say this has become a meme stock based on the huge bubble in GLP1 stocks. Its $8 billion market cap with no more than phase 1 data. I would not touch this for any amount of money.
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$CERE is already in agreement to be bought out by $ABBV. I don't think there is any reason to cover this one any longer.
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$SRPT is a company I have followed for a long time and owned for a while. They developed the exon skipping technology and since evolved to gene therapies. It's been very choppy with some success and some failures. I do not find anything left here to make me want to own it again.
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$DYN is a company using antibody conjugates with ASO and RNAi to use antibodies for delivery to target cells. I owned this company briefly back in 2020 and got out into the 2021 bubble. Not enough data yet to validate it will work yet. It would be a big deal if the idea works.
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$MRNA is the mRNA company. I got into them before the pandemic. I think the technology is exciting, but the bubble created by the pandemic has made this company a huge underperformer since. It has a long way to go to justify this market cap with new vaccines to replace Covid.
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$ABBV is a big cap pharma company but still inside this index. I think its a solid company for dividend investors. Its not one of my favorites, but I would put it in top 10 biotechs for dividends.
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$ALNY is the RNAi company. I use to own them for one of my themes for years. They are a great company, but the stock has been pretty much stagnant since I sold it many years ago. That is what happens once the market cap gets too big. The law of diminishing returns kicks in.
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$AMGN is a big cap pharma company inside this index. This is a good choice if you are a big cap biotech investor. There are just other companies I think are more attractive on growth, dividends and debt.
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$BMRN is a rare disease company. I owned them up until the peak in 2015 when I sold them to move into more gene therapies and eventually CRISPR. Its been a very long road for this company since then. I do not see anything that makes me want to go back either.
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$ALPN is a company working in the immunology space. They appear to have been around a while, seen some failure, became a left for dead company, then recently made a comeback with good data. I find it interesting, but would like to see more success before I call it a comeback.
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$BPMC is my old favorite I held for many years. I think its a great company. I am a big believer in the mast cell programs. My concern for leaving was the early stage pipeline. I am not a big fan of going for a 3rd or 4th line EGFR drug. Its the, "What's next?" for me.
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$NBIX is a company working in the CNS space. I followed them while they developed their lead drug Ingrezza. I can't believe they do $2 billion in sales and trade at only $13 billion market cap. They have a huge pipeline of drugs. I would say $1.6 bil costs is their big issue.
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$VRTX is another mega cap biotech company. They have all their sales from CF right now. They are expanding beyond this indication. I honestly think the valuation is super bubbly for its 12% growth and 30 P/E. A lot of hope built in here for future products.
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$IMVT is a company working on antibodies for FcRn. I owned this company for a while when FcRn was one of my themes along with Argenx. They are testing this across many diseases. The big question is there room for more FcRn drugs on the market? I don't know.
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$INSM has a pipeline of drugs in development that really don't make sense by the science other than maybe some relation to immunology. I could not find anything to really like about them. They certainly lost me at $1.1 billion in debt for a company still burning cash.
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$IONS is the ASO company. They have a big pipeline and use a lot of partners. This company has been a graveyard for years of investor money. I think its a poorly run company with an over use of partners and science that isn't any better than RNAi competitors.
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$BBIO has a big pipeline of late stage drugs. I am not impressed with their "me too" early stage oncology pipeline. They burn a big amount of cash and have $1.2 bil debt and other fancy financing that puts me off with them.
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$ARQT is a company working in dermatology. They have a lead PDE4 drug in late stage and early commercial. They have about $260 mil cash and $200 mil debt. I did not find anything that impressed me with this company.
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$REGN is another mega cap company inside this index. I use to own them up until the peak of the 2015 biotech market. They are a very big company with a broad pipeline. They still have some growth, but not dividend. Really makes them less attractive to both investor types.
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$RYTM is a company working on Obesity with their drug. I actually owned them for a while early on. The problem now that they are commercial is the "What's next?". They are not even close to earning enough to be profitable yet. They don't seem to have a pipeline either.
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$UTHR is a company with a set of commercial and late stage drugs for cardiac and late stage indications. They do about $2.3 billion in sales with 20% revenue growth. They lost me with buying back stock. They should be buying bigger growth.
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$VCEL is working on cell therapies in knee and burn treatments. I think its an interesting company, but it is not the type of cell therapies I am interested in. They are commercial with 3 products, and close to profitable. I don't see the "What's next?".
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$MDGL is a company I have followed for a long time and owned for a while. They have a single drug for NASH. They have a nice cash pile after recent secondary. The drug could earn a ton. The issue is there is no "What's Next?". I don't like companies that don't offer big futures.
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$HALO focus is on delivery technology for other drugs with their Enhanze platform. Its seems interesting enough. They have sales of around $900 mil, but its a slow grower. I just don't think it offers enough potential for my investing dollar.
