Good morning,
Welcome to today’s edition of The Armchair Analyst, a 5-minute daily update on the ASX life-sciences sector.
Today, I’ll take a look at how a missed options exercise torched $2M in value for 4DX options holders.
But first…
The Pulse Check
A quiet day on the markets today, with the Australia Day long weekend.
So, here is a bunch of macro news I found interesting this morning…
The US is set to exit the World Health Organisation this week. (Reuters)
Amazon is the latest tech company to introduce an AI-powered health assistant to provide guidance based on medical records. (Pharma Forum)
J&J is set to reach US$100 billion in sales in 2026. (Pharma Forum)
The FDA released draft guidance on accelerated approval for multiple myeloma. (First World Pharma)
Report: Pharma bets big on AI platforms with a flurry of new year deals. (Gene Eng News)
The Report Card
Quarterly Activities Reports:
Arovella Therapeutics (ASX: ALA) | Cash $19.4M (ALA)
Cambium Bio (ASX: CMB) | Cash: $770K (+$2.4M from recent raise) (CMB)
Nyrada (ASX: NYR) | Cash: $7.12M (NYR)
PYC Therapuetics (ASX: PYC) | Cash: $120M (PYC)
Rhythm Biosciences (ASX: RHY) | Cash: $1.6M (RHY)
Vision Flex Group (ASX: VFX) | Cash: $1M (VFX), Receipts of $1M (+22% pcp)
Cash Injection
Anteris Technologies (ASX: AVR) closes USD230M public offering. (AVR)
Medical AI startup OpenEvidence raises US$250M at a US$12B valuation(Reuters)
M&A, Big Pharma Wants a Wife
Microsoft and Bristol Myers Squibb have signed a new pact on an AI-based lung cancer imaging product. (Fierce Biotech)
Bristol Myers Squibb will license a novel T-Cell engager (tumour-activated drugs) from Janux Therapeutics. US$50M upfront, US$850M in milestones. (Fierce Pharma)
Under the Microscope
Yesterday, I noticed an announcement from 4DX that most people would’ve scrolled straight past…
Expiry of unlisted options.
Buried was this little nugget: 630,000 options exercisable at $0.79 expired worthless.
… while the stock closed yesterday at $4.13.
That’s roughly $2m of value set on fire.
This is one of those “nothing to do with markets, everything to do with admin” moments.
Next time, call your broker and ask a simple question:
“Do I have any options sitting there?”
And for brokers…
This is the ‘blocking and tackling’ of client service.
One phone call, one reminder, and you instantly become a hero.
As my dad always says (and he was a broker for 30 years), broking is a service industry first, a stock-picking industry second.
Have a great long weekend!
See you all next week
The Armchair Analyst
PS. Next week is the quarterly season, and I’ll do my best to get through them all!
