TLDR:

Investors need to be mindful of the upcoming dilution potential for the business. Early-stage data readouts may have underwhelming or mixed results, or simply not be mature enough to excite investors.

Our model now uses a fully-diluted basis to better account for these risks. $CHRS

Although the business expects its cash position to fund operations for the next 12 months, there's no wiggle room.

More importantly, it cannot fund future development of pipeline assets.

If the CCR8 competitive landscape develops and tagmokitug delivers, then $CHRS can raise more money. But...

The annual report shows the business expects to pay ~$64.5 million in cash to settle the final Udenyca TSA payables in a "front-loaded" fashion in 2026, meaning more payments earlier in the year.

It ended 2025 with $172 million in cash and raised net proceeds of $47 million in February.

$CHRS

Coherus Oncology $CHRS provided its full-year 2025 business update and outlook for the year ahead yesterday.

The immuno-oncology drug developer is highly dependent on data readouts for two pipeline assets, CCR8 inhibitor tagmokitug & IL-27 inhibitor casdozokitug.

But a financial risk looms...

🧵👇

CDK4/6 Inhibitors Generated Sales of $14.6 Billion in 2025 | Solt DB Pfizer's Ibrance ($4.1 billion in revenue) experienced its fourth-consecutive annual decline. Eli Lilly's Verzenio ($5.7 billion) kept the crown, but lost ground to Novartis' fast-growing Kisqali ($4....

CDK4/6 inhibitors are crucial components of the standard of care for the most common type of breast cancer.

The trio of Ibrance, Verzenio, and Kisqali grew revenue 15% in 2025.

www.living.tech/data-visual/...

Are Multi-Cancer Blood Tests Ready for Prime Time? Early detection tests are already on the market, but without FDA approval or proof they reduce deaths some doctors urge caution.

Multiple companies are developing multi-cancer early detection (MCED) tests for cancer screening, but so far struggle with the early detection part.

Ex: GRAIL's Galleri didn't achieve statistical significance in a Stage III + IV cohort.

$GRAL $EXAS $CAI $GH $NTRA

🎁
www.wsj.com/health/healt...

Similarly, the previous customer groups parked too much revenue into the non-descriptive "Healthcare".

The new categories now clearly distinguish between drug developers (Tx) and diagnostics (Dx).

OLD customer groups
➡️ Healthcare
➡️ Academics
➡️ Industrial chemicals
➡️ Food & Ag

Previously, the company reported application groups that made sense to scientists, but not investors.

OLD application groups
➡️ Synthetic genes
➡️ Oligo pools
➡️ DNA & biopharma libraries
➡️ NGS applications

Most of these categories didn't contribute much revenue, so they provided little clarity.

Twist Bioscience $TWST cleaned up how it reports revenue groups in fiscal 2026.

Application groups (5 groups to 2)
➡️ DNA synthesis & proteins
➡️ NGS applications

Customer groups (5 clearer groups)
➡️ Therapeutics
➡️ Diagnostics
➡️ Industry & applied
➡️ Academic & government
➡️ Distributors

Our coverage ecosystem includes (in alphabetical order by company name):

➡️ $RCUS
➡️ $ARWR
➡️ $RCEL
➡️ $BCYC
➡️ $CERT
➡️ $CDXS
➡️ $CHRS
➡️ $DAWN
➡️ $HRMY
➡️ $KNSA
➡️ $KRYS
➡️ $RXRX
➡️ $RLAY
➡️ $TWST

We run a real-money biotech portfolio, called Finch Trades.

As of market close February 6, 2026:

➡️ 95% of our purchases have a positive return
➡️ 85% are outperforming the S&P 500
➡️ 35% have triple-digit returns

Finch Trades has a total lifetime return of 62.8%. 👀

www.living.tech/investing/me...

Novo Nordisk and the Great Horse Manure Crisis | Solt DB Sometimes the biggest problems have the simplest solutions. For Novo Nordisk, reigniting the growth engine means unleashing the RNAi platform it acquired in December 2021.

Investors can't stop talking about Novo Nordisk's problems. Luckily, the pharma leader acquired the solution in 2021 -- it just hasn't utilized it.

Here's why the pharma leader should invest more heavily into internal RNAi assets.

$NVO $ARWR $WVE $LLY

www.living.tech/articles/nov...

A column chart showing the number of biotech acquisitions by day of the week the deal was announced. Data span 2018 through 2025. Monday has the most at 105 followed by Tuesday with 55.

What day of the week is most common for a biotech acquisition?

Among the 282 acquisitions from 2018-25:

➡️ Sunday (8)
➡️ Monday (105) 👑
➡️ Tuesday (55)
➡️ Wednesday (40)
➡️ Thursday (51)
➡️ Friday (21)
➡️ Saturday (2)

Read more: www.living.tech/data-visual/...

On biotech’s biggest stage, renewed excitement gets a stress test A surge in deals and financings had the industry abuzz heading into this year’s J.P. Morgan Healthcare Conference. But some aren’t sure if the rebound is here to stay.

Required weekend reading for biotech investors.

➡️ Summarizes the biotech winter that started in 2022, following a historic hype cycle during the pandemic
➡️ Discusses green shoots
➡️ Scenario analysis of paths forward, from cautious optimism to a false dawn

www.biopharmadive.com/news/jpm26-b...

Exclusive | Amazon Is Buying America’s First New Copper Output in More Than a Decade The copper, which is being produced in Arizona by Rio Tinto with bacteria and acid, will be used for data-center construction.

The race to secure critical metals is the perfect proving ground for an unheralded living technology: biomining.

Amazon Web Services signed a 2-year supply agreement with Rio Tinto from an Arizona copper mine. It uses bacteria to recover low-grade product.

🎁

www.wsj.com/finance/comm...

Funding for Risky Biotechs Is Returning Publicly traded drug developers sold more than $13 billion of shares in the fourth quarter, the most in more than four years.

Funding for Risky Biotechs Is Returning

Erick Lucera, CFO of Dyne Tx, recalled analysts focusing on the downside of investments in biotech.

Yet last fall, more questions shifted to how big a commercial market pipelines could have.

"You get the FOMO kicking in."

www.wsj.com/tech/biotech...