Particular focus on bio, fintech, deeptech and broader vertical AI themes.
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here are some principles about neuroplasticity and how to apply it:
1. if it feels hard, it's working. your brain only changes when it's challenged enough to adapt. easy practice doesn't create the same changes in your neural pathways.
2. meaning accelerates learning. skills that feel relevant to your life are easier to learn and retain than those that don't. your brain pays more attention to things that actually matter to you.
3. a walk after studying is part of the work. exercise increases the release of a protein called BDNF, which supports the growth and strengthening of brain connections.
4. teach it to remember it. explaining something to someone else helps you remember it better than simply studying alone.
5. age slows neuroplasticity, but it never stops it. research shows that the brain can continue learning and forming new connections at every stage of life.
6. repetition is what makes it stick. every time you repeat something, you reinforce the neural pathways behind it.
$QURE’s Q3 call added several useful details beyond BLA acceptance and Priority Review.
Four-year data: Management said FDA has not discussed requesting the four-year dataset to date. That is more reassuring than simply having no request publicly disclosed.
Confirmatory study: The protocol has been submitted to US institutional review boards, with screening expected by year-end. Recruitment will extend across North America, Europe and Latin America, including countries where AMT-130 will not be commercially available during the study. That directly addresses the risk of control patients leaving to obtain treatment elsewhere. Sample-size planning also incorporates potential dropout.
Launch capacity: Management anticipates more than 15 centres at launch, with 25–30 under consideration. Capacity varies substantially by institution, and the initial focus is on higher-throughput centres with existing HD expertise and ClearPoint capabilities. Manufacturing supply is not expected to be the constraint.
Label assumptions: Commercial planning already assumes striatal-volume restrictions. A broader label could therefore provide upside to management’s market assumptions. Label discussions with FDA have not yet begun.
Funding and pipeline: The projected runway into 2030 includes launch and confirmatory-study spending. All seven patients in the higher-dose epilepsy cohort have now been dosed, with results expected in H1 2027.
This is incrementally positive, no doubt. The Q3 call also strengthens the practical case for getting through review, running the confirmatory study and delivering treatment after approval.
$QURE Re. CNPVs post the BLA acceptance yesterday:
FDA is in fact actively using its internal nomination power to pull already-accepted BLAs and NDAs directly into the ultra-fast 1-to-2 month review track.
A few precedents are:
- Teclistamab (J&J): Awarded a CNPV 10 days after rolling components were in the system, speeded it toward a March 2026 approval.
- Teplizumab (Sanofi): Swept into the inaugural October 2025 cohort via internal division nomination while active in the system.
- COMP360 ($CMPS): Layered a CNPV onto an ongoing rolling track, setting up a very fast final decision window.
Whether this is on the cards for AMT-130 is clearly uncertain, but the potential is there.
This is worth a read
The last few days are the brief, @davidellison.
Patrick Stewart’s death did not produce a nostalgia spike. It showed that Picard still teaches people how to lead, how to listen, and how to hold a moral line without cruelty. That reach is rare. It is organic, it crosses age and politics, and it is not a campaign. People who agree on almost nothing still agree about Picard.
The audience never left. The question for @Skydance @paramountplus @startrek is whether they build something worthy of that influence, or keep making shows that talk down to it.
$NBIS Nebius has customers (putting aside the hyperscaler anchor tenants) with very particular requirements. Many of them growing exceptionally fast, safe to say.
The roster includes Revolut, Black Forest Labs, Higgsfield, and Prosus.
Nebius CTO, Danila Shtan, on the competitive field and compute capacity:
"We are the AI cloud, we don't care, let other guys be neoclouds. We are the AI cloud and this is our mental model. We are not competing with the neocloud markets, we kind of believe we are past that. Our next competition point is taking on AWS and Google Cloud."
"People are concerned that these investments are huge and people put a lot into the infrastructure, etc. My view, if I compare what we see in the market with what was there 2 years ago, we are barely scratching the surface. I think the overall demand over the next 3 years will increase 10 fold, 100 fold maybe."
Via @jacobeffron
$NBIS $AMZN $GOOGL
Great perspective on what the eventual approval of AMT-130, the first decease-modifying treatment for HD, means for patients and their families.
Huntington's disease has been passed from parent to child for as long as anyone has kept records, and medicine has never had a treatment that slows it. Today that could start to change.
The FDA accepted uniQure's application for AMT-130, a one-time gene therapy for Huntington's, and gave it Priority Review. A decision is due by May 1, 2027. uniQure is a gene therapy company based in Amsterdam and Lexington, Massachusetts.
The therapy is given once, through MRI-guided neurosurgery, directly into the striatum, the part of the brain the disease damages first. It carries a small piece of RNA that silences the huntingtin gene. In the Phase I/II study, patients on the high dose saw their disease progress 75% more slowly over three years on the main clinical scale than 940 closely matched patients from Enroll-HD, a natural history registry. Daily functioning declined 60% more slowly.
Every child of a parent with Huntington's has a 50% chance of inheriting it. I've spent ten years building fertility companies, and for these families one of the few tools so far has been IVF with genetic testing of embryos, so the gene stops with them. That protects the next generation. It does nothing for the parent who already carries it. A therapy like this is the missing half.
I also like how the evidence was built. The comparison came from years of data that patients and families gave to a registry, long before any drug existed. At Certuma we have met with the FDA too, and I've learned how much careful evidence like this moves a regulator.
Congratulations to the uniQure team and to every family who joined these trials.
For generations, a Huntington's diagnosis came with a known ending. Now there is a date on the calendar.
ClearPath retweeted
$QURE’s platform franchise era has officially begun. A 1 of 1 HD asset and more to come. Stay tuned.
Everyone argues about lab valuations, in particular with the upcoming $ANT IPO. The number that matters is the gap between what a token costs to serve and what it’s sold for.
Right now prices absolutely do NOT reflect cost, and the whole application layer is built on that subsidy.
Two forces collide from here. Open-source, increasingly from China, is commoditising base models, which pushes prices down.
At some point the labs burning billions have to charge what inference actually costs, which pushes prices up.
The resolution likely isn’t “bigger models”.
It’s architecture, with routing across many smaller models, cheaper modalities, world models trained on video and physical data rather than scraped text. So the test for any AI company should be simple.
Does the business still work if your model bill triples?
If the answer depends on one vendor’s goodwill, you don’t have a company, you have a reseller agreement.
The founders who treat model cost as a design constraint today will own the application layer when the subsidy ends.
$QURE A few under-discussed positives in UBS’s October 14 note. The most interesting is how few annual treatments could support substantial revenue, and how quickly it could start funding the rest of the pipeline.
The commercial capacity argument is actually stronger than it would first appear.
UBS uses the existing deep-brain-stimulation network as a reference, and specifically outlines that approximately 280 centres performing just three AMT-130 procedures each year would mean 840 annual treatments.
At its assumed $2.5 million list price, that represents approximately $2.1 bln in US sales before discounts. Three procedures per centre is one every four months.
AMT-130 can remain a highly specialised procedure and still become a substantial franchise. The practical work is qualifying centres, securing reimbursement and converting referrals into treatments. Existing DBS infrastructure provides a starting point - those centres would still need to become AMT-130-ready.
UBS models a relatively early transition to profitability.
Its forecasts include approximately $457 mln of revenue, $90 mln of operating profit and $88m mln of operating cash flow in 2028. Operating cash flow rises to approximately $309 mln in 2029.
Those figures depend on a successful launch and the assumed margins. But the implication deserves attention. AMT-130 could allow uniQure to finance further development from operations, materially reducing its dependence on issuing shares.
That creates a potential second stage to the investment thesis after approval:, i.e. a growing business funding its own pipeline.
AMT-260 gives the broader CNS thesis something concrete to build on.
The epilepsy programme targets different biology in a different brain region, using gene silencing to reduce pathological excitation while preserving tissue.
Stronger subsequent results could demonstrate that uniQure’s brain-delivery and development capabilities are repeatable across diseases. UBS currently only assigns this programme only a 30% probability of success and roughly $3 per share of value.