Mufaso retweeted
It’s her little shoes with perfectly tied laces by a mother who loved her that gets me. Now they’re both gone.
A horrific Russian strike in the Kharkiv region. A “shahed” struck people directly – in a park near an ordinary café. Pure atrocity. Six people were killed, including children. A little girl was killed in a stroller – her name was Angelina, she was just over a year old, born in August 2025… Her mother’s name was Inna. She died in the hospital… Another girl who was killed was 11 years old. My condolences to their families and loved ones. Another 14 people were injured, including six more children.
I am grateful to everyone who supports Ukraine under these circumstances and helps us shoot down “shaheds,” shoot down missiles, and stop Russian assaults. These are horrific photos, but behind them are shattered lives and the truth about this war. Lives must be protected. Ukraine needs air defense. You can't think about making money with Russia as long as it continues its asinine war. We ask that sanctions on Russia stay in place as long as the killings continue. We ask America to be strong, and we ask it to apply the Lindsey Graham law. We ask Europe to continue its support. We ask that everything possible be done to bring peace and guarantee security. Ukraine wants peace. It is Russia that has insisted on continuing the killing all this time. The world has enough strength to stop the war. That strength must finally be used – against the murderers.
Mufaso retweeted
$PTGX UBS initiate
Buy $184 PT three potential drivers of outperformance over next 12mo 1) underappreciated commercial potential of PN-881 ("oral Bimzelx"), which view as $PTGX's most important pipeline value driver, 2) potential upward revisions to the Mimrylo royalty, where 2027/2028 estimates are 89% and 27% above consensus, 3) pipeline optionality from PN-477 (oral/injectable GGG) and PN-8047 (oral hepcidin), neither of which is reflected in our valuation and will have Phase 1 data in 2027.
$PTGX 881 is targeting 17Billion market with NEW ORAL MOA that’s currently dominated by injectables
$VKTX
Not investment advice, just sharing 10+ years of my experience investing in the biotech sector.
Over that span, 22+ of my portfolio picks were eventually acquired. See my pinned tweet.
Why am I sharing this?
Many of those big wins, and some of you held these positions alongside me, including $STML $PRVB $DAWN $MYOV $JUNO $NARI $HZNP $RLYP $ITCI $KRTX, experienced irrational price action and significant pressure despite positive news, strong fundamentals, and continued clinical progress.
It was stressful watching a position trend lower while the underlying story remained intact.
But looking back, many of those extreme-fear-driven pullbacks turned into some of the biggest opportunities and, ultimately, substantial gains.
If you’ve spent enough time in biotech, you’ll see this pattern repeatedly, especially with clinical-stage companies.
The market can be extremely emotional in the short term. Fundamentals, clinical data, and execution often take time to play out.
You can sell into the fear and potentially regret it later, or, if your thesis remains intact, use those periods of irrational selling to reassess and potentially add.
Patience. Conviction. Execution.
That has been my approach for 10+ years in biotech.
Of course, there will be some losers down the road and that’s just part of the process. Move on and reassess what went wrong.
We can’t control the stock price, but to some extent, we can control our decisions.
Be well!
Mufaso retweeted
$VKTX I don’t get the pile-on over this offering.
The deal launched at $400M and came out upsized to $500M, with Morgan Stanley and J.P. Morgan on the books. That is not a distressed dump. That is demand. Institutions do not throw hundreds of millions at a name they think is trash especially not the day after strong VK2735 maintenance data.
Retail sees dilution and hits sell. The people writing eight-figure tickets see cash for Phase 3, the oral program, and a shot at a slice of a huge obesity market. They have the model, the calls, and the allocation. The size of the book is the tell.
Strong demand on an upsized deal after good data is the story. Big money does not fund garbage at scale.
I would not be surprised with a big bear trap today.
$VKTX My July thread aged well — VK2735’s maintenance data reinforces how much cleaner its safety profile is versus retatrutide.
$VKTX Full thread on upcoming Maintenance Study results
Maintenance study is due this quarter, possibly in September. The significance of these results is substantial, and I will explain why in this thread.
Why this is an important readout: First, this trial will give us our first look at 31‑week weight‑loss data; until now, we’ve only seen results through 13 weeks.
Second, the subcutaneous dose is titrated up to 22.5 mg, offering insight into the impact of higher dosing. We’ll also get new information on switching from subcutaneous to oral, along with early signals on weekly oral dosing.
There’s a lot of data here, including the first look at monthly subcutaneous dosing. In total, we’ll be evaluating four distinct dosing regimens: weekly subcutaneous, monthly subcutaneous, daily oral, and weekly oral.
In summary, maintenance study results will also be important for topline data from the oral maintenance study, which will have read-throughs to the Ph3 program. Opportunity for VK2735 may be greater given it's a more potent dual GLP/GIP agonist and will also couple well with SQ VK2735 for seamless transition between SQ and oral formulations.
Advantage $VKTX as SQ VK2735 To Oral VK2735 offers a more seamless transition between Formulations. The fact that both the SQ and oral drugs are identical molecules formulated as oral and SQ. This should help mitigate some of the AEs associated with switching patients between different molecules.
Take a look at when patients were switched from SQ Wegovy or SQ tirzepatide to orforglipron, discontinuation rates went up. In the ATTAIN-MAINTAIN study by $LLY showed that when patients were switched from SQ semaglutide or SQ tirzepatide to orforglipron, D/C rates due to AEs were 4.8% and 7.2%, respectively. Also, patients who switched from Zepbound to orforglipron gained 11 lbs after 52 weeks on orforglipron.
Just a recap on $LLY Obesity portfolio
1) Retatrutide- Triple agonist, weekly subq injection. Efficacy- Weight at 80 weeks from avg. baseline: Retatrutide 4 mg -19.0%, 9mg -25.9%, 12mg -28.3%, Placebo 2.2%.
Safety- The most common adverse events among participants treated with retatrutide (4 mg, 9 mg, 12 mg, vs. placebo, respectively) were nausea (28.6%, 38.4% and 42.4% vs. 14.8%), diarrhea (25.2%, 34.1% and 32.0% vs. 13.5%), constipation (23.8%, 25.9% and 26.1% vs. 10.9%), vomiting (10.6%, 22.8% and 25.3% vs. 4.8%), and upper respiratory tract infection (14.2%, 12.2% and 13.1% vs. 11.6%). Incidences of dysesthesia occurred in 5.1%, 12.3%, and 12.5% of patients treated with retatrutide 4 mg, 9 mg, and 12 mg, respectively, compared with 0.9% with placebo.
2) Tirzepatide (Zepbound)- LLY's blockbuster drug is a dual GIP and GLP-1 receptor agonist like $VKTX 2735 which is currently in PH3 and reports data in 2027.
Efficacy- Average weight loss with tirzepatide of 26.6% from study entry over 84 weeks, 20.2% compared at 72 weeks
Safety- See the Chart below.
3) $LLY oral drug orforglipron, a small non-peptide for obesity
Efficacy- orforglipron showed placebo adjusted weight loss at 72 weeks of:
• -5.4% for 6 mg dosing
• -6.3% for 12 mg dosing
• -9.1% for 36 mg dosing- this is nothing earth shattering weight loss as it had been touted as the next blockbuster drug. In comparison, $VKTX VK2735 oral drug showed loss of 8.7% at 60mg dose in just 13 weeks. Weight loss of 12.2% at 120mg dose though higher D/C rates and side effects and not likely a viable dose from manufacturing standpoint.
Safety- Higher treatment D/C due to adverse events (10.3% at highest dose vs 2.6% placebo)
Significant gastrointestinal side effects reported (33.7% nausea, 25.4% constipation at highest dose)
Overall discontinuation rate of 24.4% at highest dose indicates tolerability challenges.
The most common adverse events for participants treated with orforglipron (6 mg, 12 mg and 36 mg, respectively) were nausea (28.9%, 35.9% and 33.7%) vs. 10.4% with placebo, constipation (21.7%, 29.8% and 25.4%) vs. 9.3% with placebo, diarrhea (21.0%, 22.8% and 23.1%) vs. 9.6% with placebo, vomiting (13.0%, 21.4% and 24.0%) vs. 3.5% with placebo, and dyspepsia (13.0%, 16.2% and 14.1%) vs. 5.0% with placebo. Treatment discontinuation rates due to adverse events were 5.1% (6 mg), 7.7% (12 mg) and 10.3% (36 mg) for orforglipron vs. 2.6% with placebo. The overall treatment discontinuation rates were 21.9% (6 mg), 22.5% (12 mg) and 24.4% (36 mg) for orforglipron vs. 29.9% with placebo.
Mufaso retweeted
Replying to @bioinvestor24
The market still isn't pricing $VKTX correctly, but that's fine. This trial was a major de-risking event
Mufaso retweeted
$VKTX interesting comment from Seedhouse “Specifically this trial is testing new
peak doses, novel titration schema, indeed various maintenance regimens,
and in our view will report weight loss numbers that look favorable vs.
retatrutide (not tirzepatide, retatrutide).👊
$VKTX Full thread on upcoming Maintenance Study results
Maintenance study is due this quarter, possibly in September. The significance of these results is substantial, and I will explain why in this thread.
Why this is an important readout: First, this trial will give us our first look at 31‑week weight‑loss data; until now, we’ve only seen results through 13 weeks.
Second, the subcutaneous dose is titrated up to 22.5 mg, offering insight into the impact of higher dosing. We’ll also get new information on switching from subcutaneous to oral, along with early signals on weekly oral dosing.
There’s a lot of data here, including the first look at monthly subcutaneous dosing. In total, we’ll be evaluating four distinct dosing regimens: weekly subcutaneous, monthly subcutaneous, daily oral, and weekly oral.
In summary, maintenance study results will also be important for topline data from the oral maintenance study, which will have read-throughs to the Ph3 program. Opportunity for VK2735 may be greater given it's a more potent dual GLP/GIP agonist and will also couple well with SQ VK2735 for seamless transition between SQ and oral formulations.
Advantage $VKTX as SQ VK2735 To Oral VK2735 offers a more seamless transition between Formulations. The fact that both the SQ and oral drugs are identical molecules formulated as oral and SQ. This should help mitigate some of the AEs associated with switching patients between different molecules.
Take a look at when patients were switched from SQ Wegovy or SQ tirzepatide to orforglipron, discontinuation rates went up. In the ATTAIN-MAINTAIN study by $LLY showed that when patients were switched from SQ semaglutide or SQ tirzepatide to orforglipron, D/C rates due to AEs were 4.8% and 7.2%, respectively. Also, patients who switched from Zepbound to orforglipron gained 11 lbs after 52 weeks on orforglipron.
Just a recap on $LLY Obesity portfolio
1) Retatrutide- Triple agonist, weekly subq injection. Efficacy- Weight at 80 weeks from avg. baseline: Retatrutide 4 mg -19.0%, 9mg -25.9%, 12mg -28.3%, Placebo 2.2%.
Safety- The most common adverse events among participants treated with retatrutide (4 mg, 9 mg, 12 mg, vs. placebo, respectively) were nausea (28.6%, 38.4% and 42.4% vs. 14.8%), diarrhea (25.2%, 34.1% and 32.0% vs. 13.5%), constipation (23.8%, 25.9% and 26.1% vs. 10.9%), vomiting (10.6%, 22.8% and 25.3% vs. 4.8%), and upper respiratory tract infection (14.2%, 12.2% and 13.1% vs. 11.6%). Incidences of dysesthesia occurred in 5.1%, 12.3%, and 12.5% of patients treated with retatrutide 4 mg, 9 mg, and 12 mg, respectively, compared with 0.9% with placebo.
2) Tirzepatide (Zepbound)- LLY's blockbuster drug is a dual GIP and GLP-1 receptor agonist like $VKTX 2735 which is currently in PH3 and reports data in 2027.
Efficacy- Average weight loss with tirzepatide of 26.6% from study entry over 84 weeks, 20.2% compared at 72 weeks
Safety- See the Chart below.
3) $LLY oral drug orforglipron, a small non-peptide for obesity
Efficacy- orforglipron showed placebo adjusted weight loss at 72 weeks of:
• -5.4% for 6 mg dosing
• -6.3% for 12 mg dosing
• -9.1% for 36 mg dosing- this is nothing earth shattering weight loss as it had been touted as the next blockbuster drug. In comparison, $VKTX VK2735 oral drug showed loss of 8.7% at 60mg dose in just 13 weeks. Weight loss of 12.2% at 120mg dose though higher D/C rates and side effects and not likely a viable dose from manufacturing standpoint.
Safety- Higher treatment D/C due to adverse events (10.3% at highest dose vs 2.6% placebo)
Significant gastrointestinal side effects reported (33.7% nausea, 25.4% constipation at highest dose)
Overall discontinuation rate of 24.4% at highest dose indicates tolerability challenges.
The most common adverse events for participants treated with orforglipron (6 mg, 12 mg and 36 mg, respectively) were nausea (28.9%, 35.9% and 33.7%) vs. 10.4% with placebo, constipation (21.7%, 29.8% and 25.4%) vs. 9.3% with placebo, diarrhea (21.0%, 22.8% and 23.1%) vs. 9.6% with placebo, vomiting (13.0%, 21.4% and 24.0%) vs. 3.5% with placebo, and dyspepsia (13.0%, 16.2% and 14.1%) vs. 5.0% with placebo. Treatment discontinuation rates due to adverse events were 5.1% (6 mg), 7.7% (12 mg) and 10.3% (36 mg) for orforglipron vs. 2.6% with placebo. The overall treatment discontinuation rates were 21.9% (6 mg), 22.5% (12 mg) and 24.4% (36 mg) for orforglipron vs. 29.9% with placebo.
Mufaso retweeted
$GPCR In the 45 to 180 mg aleniglipron arm patients spent 16 weeks on 120 mg with essentially flat weight loss. After escalating to 180 mg at week 64, they actually gained weight (!!!) through week 72, despite being on the highest dose. What happened there?
The 120 to 180 mg arm also appears to gain weight between weeks 52 and 60.
Clearly no signs of a plateau, you guys.
I really like how they reported AEs only for the weeks 36–72, while conveniently leaving out the first 36 weeks
Mufaso retweeted
$PTGX Jefferies BUY PT$171 caught up with MGT Mimrylo label bodes well for rapid commercial adoption, supported by broad indication, 1st fatigue claim with Ph3 RCT data, clean safety, and SoC like monitoring. ~78% of treated PV pts are inadequately controlled, creating large opp'y.
$TAK $1-2B peak sales forecast predated strong Ph3 data and favorable label, suggesting conservatism.
With two sig royalty streams, PTGX is well-funded for multiple high value oral peptide pipeline.
$PTGX Rusfertide continues to be an under-appreciated valuable asset. Following Co's opt-out election, Takeda now holds worldwide commercialization rights. The transaction generated a $200M payment. Co is eligible for addti $200M opt-out fee + $75M approval milestone + up to
$775M commercial milestones. Tiered royalties range from 14%-29%. At annual sales of ~$1.5B, mgmt indicated the weighted average royalty rate would be ~21%. $PTGX is slated to pocket $475M in milestones this year from TAK alone.
Mufaso retweeted
VO2 max drops 46% from age 20 to 70, but cardiac output only falls 31%. The gap between those numbers reveals something unexpected about where aging really happens.
For decades, the dominant explanation for declining aerobic capacity with age centered on the cardiovascular system. Your heart beats slower, pumps less blood per beat, and delivers less oxygen to working muscles. This narrative made intuitive sense and aligned with the most visible changes of aging.
But new research quantifies a different story. The limitation isn't just about oxygen delivery. It's increasingly about what happens after the blood arrives at muscle tissue.
VO2 max represents the maximum rate your body can consume oxygen during all-out exercise. It's one of the strongest predictors of longevity and functional independence as we age. Beginning around age 30, it drops roughly 10% per decade in sedentary people.
The Fick equation breaks down what determines VO2 max:
VO2 max = Cardiac Output × Arteriovenous Oxygen Difference
Cardiac output is how much blood your heart pumps per minute. The arteriovenous oxygen difference, or a-vO2 difference, measures how much oxygen your muscles extract from that blood.
This equation splits the aging story into two parts: central factors (heart and lungs delivering oxygen) and peripheral factors (muscles extracting and using oxygen).
Central limitation comes from declining maximal heart rate, which drops about one beat per minute per year after age 20, and reduced stroke volume as the heart stiffens and large arteries lose elasticity.
Peripheral limitation comes from changes in skeletal muscle itself: mitochondrial density and function, capillary networks that deliver blood to muscle fibers, muscle mass, and the enzymes that drive oxidative metabolism.
The new analysis reveals that by late middle age, nearly half of the limitation on VO2 max originates in the periphery, not the cardiovascular system.
In younger adults, approximately 77% of the total limitation is central and 23% peripheral. Your heart and oxygen delivery system are the primary bottleneck.
In older adults, that shifts to roughly 56% central and 44% peripheral. The muscles are catching up to the heart as a source of failure.
The most striking finding: oxygen extraction capacity falls dramatically with age. Skeletal muscle extracts roughly 80% of delivered oxygen at maximal effort in young adults. By ages 75 to 80, that figure drops to approximately 60%.
That's a 20 percentage point decline in the muscle's ability to use the oxygen the cardiovascular system is still delivering.
Four converging biological processes drive this peripheral decline:
1. Sarcopenia preferentially strips away type II muscle fibers, which are rich in mitochondria and oxidative capacity. You lose not just muscle mass, but specifically the muscle tissue most capable of using oxygen.
2. Mitochondrial density and efficiency decline. Mitochondria become fewer in number, smaller in size, and less effective at converting oxygen into usable energy through ATP production.
3. Capillary rarefaction thins the networks of small blood vessels threading through muscle tissue. Fewer capillaries mean longer distances for oxygen to diffuse from blood to muscle cells, creating a bottleneck at the delivery endpoint.
4. Interstitial changes in the space between capillaries and muscle cells further impair oxygen movement. Changes in tissue structure and composition slow the final step of oxygen's journey into working muscle.
None of these is catastrophic alone. Together, they compound into something substantial that previous research underemphasized by focusing primarily on cardiac decline.
Here's what matters for intervention:
• The peripheral factors driving VO2 max decline (mitochondria, capillaries, oxidative enzymes) remain responsive to training well into later decades of life
• Endurance training produces the most reliable capillary growth: 13.3% increase in capillary density and 15% increase in capillary-to-fiber ratio over 8-10 weeks
• High-intensity interval training (HIIT) delivers comparable mitochondrial gains to endurance training but requires substantially less total time, estimated at 1.7x more time-efficient
• Sprint interval training (SIT) generates the fastest mitochondrial signal per minute of any modality, producing 3-5x greater VO2 max improvement per hour of exercise, though it doesn't significantly increase capillary density
• Meaningful adaptation begins within two weeks. Roughly 13.7% of total mitochondrial gains from an endurance block occur in the first 14 days
• The biological machinery that aging erodes is the same machinery that training can partially rebuild, even in the seventh and eighth decades of life
The practical implication: maintaining VO2 max with age isn't just about keeping your cardiovascular system fit. You need training that specifically targets peripheral adaptations, the cellular machinery inside muscle tissue that extracts and uses oxygen.
That means prioritizing exercise intensity that creates metabolic stress sufficient to trigger mitochondrial remodeling and capillary growth. Moderate-intensity steady-state exercise improves cardiovascular fitness but generates weaker peripheral adaptation signals than high-intensity work.
The framework also explains why training becomes more important, not less, as you age. When you're 25 and 77% of your VO2 max limitation is central, peripheral decline happens quietly in the background. By 65, when peripheral factors account for nearly half the limitation, those quiet changes have accumulated into the primary driver of functional decline.
The decisions made in the fourth and fifth decades of life shape the physiological ceiling of the seventh and eighth. Aerobic aging is a slow, cumulative process affecting multiple systems simultaneously. So is the adaptive response to training.
The most important variable isn't the perfect training modality. It's consistency across the decades during which the oxygen cascade is quietly remodeling in one direction or the other.
Mufaso retweeted
At this rate, Lilly’s billion-dollar Foundayo inventory may be moving faster inside the warehouse than out of it. $LLY $NVO
Oral Wegovy:
176,373 prescriptions, +8.0%
Foundayo:
36,619 prescriptions, -5.9%
We just got the latest IQVIA prescription data for $NVO and $LLY for the week ending August 14.
Oral Wegovy prescriptions increased 8.0% to 176,373, up from 163,329 the previous week.
Meanwhile, Lilly’s Foundayo prescriptions decreased 5.9%, from 38,928 in week 18 to 36,619 in week 19.
The launch comparison remains striking. At the same point in its launch, week 19, Oral Wegovy had reached 142,959 prescriptions versus Foundayo’s 36,619.
#stocks #Investing
Mufaso retweeted
Jim Rogers said the best advice he ever received on Wall Street was to read and think critically about what you consume
Ironically, this advice is now more relevant than ever
Cannot tell you how many hedge funds and institutional analysts are simply asking a chatbot to summarize the 10K/Qs for them
If you are one of the few people going to the source materials, you will pick up things that the rest of the market will miss. There is your alpha
Mufaso retweeted
HRS-7535 (obesity/ overweight in China) cross-compared with other smols $LLY $GPCR $AZN.
"HRS-7535 (being developed by Kailera as KAI-7535) is a small molecule GLP-1 receptor agonist, which was designed to improve upon the clinical profile of existing oral treatments."
Different populations, but HRS-7535 seems to be even more toxic than aleniglipron. Cross-trial caviats and all, but this doesn't seem to be improving the clinical profile of existing smols. It seems a me worse GLP-1. DC rates look better, but the trial was conducted in China.
No liver safety signal was observed, however it is too soon to exclude this, considering it is a danu clone. I don't really understand why they are developing this.
investors.kailera.com/news-r…
Mufaso retweeted
For a long time, the consensus was that oral peptides were doomed, and that small molecules would own the oral obesity market.
But peptides are better - more weight loss, fewer AE's, and patients are noticing.
Just wait until $VKTX's oral VK2735 hits...
teapawt.org/investseekers/status/2…
Fierce Pharma has finally updated its oral GLP-1 prescription tracker for $NVO and $LLY
The latest data show:
• Oral Wegovy: 146,000 prescriptions in week 20, up from 142,000 in week 19.
• Foundayo: 16,011 prescriptions in week 7, down from 16,698 in week 6.
For context, oral Wegovy recorded 66,748 prescriptions in its own week 7.
Mufaso retweeted
$LLY $NVO $VKTX
TRIUMPH-1 data are out and once again retatrutide does not look particularly impressive in an ITT comparison with tirzepatide.
The 12 mg reta dose delivered only 3.3% more absolute weight loss than tirzepatide 15 mg, but with roughly double the vomiting and almost triple the constipation.
This sets a clear bar for $VKTX VK2735. In my view, VK2735 should show greater weight loss than tirzepatide, while maintaining a better safety/tolerability profile than retatrutide.
investor.lilly.com/news-rele…
$LLY $NVO $VKTX Reta P3 data is out. What is striking to me is the difference between the ITT and efficacy analyses:
Efficacy analysis WL:
Reta 9 mg= -26.4%
Reta 12 mg= - 28.7%
Pbo= -2.1%
ITT:
Reta 9 mg= -20%
Reta 12 mg= - 23.7%
Pbo= -4.6%
Tzp 10 and 15 mg in Surmount-1 had -19.5% and -20.9% vs -3.1% pbo.
GI tolerability looks clearly worse with retatrutide vs tirzepatide. At top doses, retatrutide has higher rates of nausea (38–43% vs 25–33%), diarrhea (33–35% vs 19–23%), constipation (22–25% vs 12–17%) and vomiting (20–21% vs 8–12%). Across all main GI AEs, both absolute rates and placebo-adjusted deltas are higher with retatrutide.
And on top of that, cardiac adverse events for retatrutide haven’t been reported.
investor.lilly.com/news-rele…
Mufaso retweeted
Post hoc analyses using epigenetic clocks over 32 weeks shows semaglutide slows #aging approximated through analysis of epigenetic clocks and reduces inflammation in 45 adults with human immunodeficiency virus (HIV)-associated lipohypertrophy nature.com/articles/s41467-0…




































