FirstWave Fund

Long/short hedge fund focused on growth stocks with great fundamentals and compelling valuations.

[Jonah Lupton @JonahLupton]

I’m excited to announce the launch of the FirstWave Insights & Ideas Network - an initiative designed to build valuable, long-term relationships with industry experts and independent thinkers.

We are building this proprietary network to capture differentiated, high-quality insights & ideas from outside the traditional hedge fund ecosystem which includes industry professionals, sector specialists, independent research analysts and experienced operators.

All contributors will be engaged as 1099 consultants and compensated on a per-project or monthly basis.

Contributors will be required to sign an NDA and all submissions / information must be based solely on public information and/or independent analysis (no MNPI will be accepted).

This is not a job application or hiring funnel. We are looking to collaborate with individuals who have real-world expertise and high-conviction perspectives within their industry.

If interested, please click on the following link and submit the required information: https://t.co/UXo9Ra2NfR

Someone from my team will follow up after we’ve had a chance to review your submission. If you have any questions feel free to send me a DM.

cc/ @FirstWaveFund

[Jonah Lupton @JonahLupton]

Big news for $NBIS shareholders 🔥

$NBIS is currently a top 3 position at @FirstWaveFund — announcements like this just reinforce our long term investment thesis

[Jonah Lupton @JonahLupton]

I continue to think $HROW is one of the most undervalued / mispriced growth stocks in the entire market.

$HROW is down -33% in the past couple weeks, now trading at 15x NTM ev/ebitda... despite management saying CY2026 revenues will be up +32% YoY (midpoint of guidance) and ebitda will be up +45% YoY (midpoint of guidance).

Management said multiple times in the shareholder letter and the earnings call that this guidance is conservative.

If you are interested in $HROW or already have a position, I strongly encourage you to listen to the CEO from yesterday's presentation at the Leerink Healthcare conference... https://t.co/K8YiiG12cM

During this presentation, Mark (founder & CEO) said their current guidance is "base case" for CY2026.

I used to tell my subs that I'm always looking for breadcrumbs... Mark dropped some big ones during this presentation. I'm listening to it for the second time right now.

Not only is $HROW expecting approval next month on a new indication, but he said they're presenting data in July for Izeeho that he thinks can 4x their market share.

Then he said G-Melt could be in market within the next 18-24 months and has the potential to become their biggest revenue product ever.

CEO also said they are doubling the size of their sales teams over the next 3-6 months because the ROI of having better coverage in more markets is just too obvious.

Mark continues to say they can get to $250M in quarterly revenues by CY2027 Q4, which implies approx $1B in CY2028 revenues.

Right now $HROW is expecting CY2026 ebitda margins of 26%, if anyone knows biopharma companies and margins... as they scale revenues from here, those margins will get much better. It's very possible $HROW has 35-40% ebitda margins in CY2028 at which point they could be generating $350-400M of ebitda... right now the current enterprise value is $1.5B... so it's possible that $HROW is currently trading at just 4x CY2028 ev/ebitda not including all the cash they'll generate over the next few years.

I honestly think $HROW has the potential to be a 5-bagger over the next 3 years.

NFA.
DYOR.

*We own $HROW at @FirstWaveFund; as of this morning it's now a top 8 position.

[Jonah Lupton @JonahLupton]

$TMDX Q2 revenues (using daily flight data) now tracking 20% above 2025 Q1 and 50% above 2024 Q2.

$TMDX will be at all-time highs soon assuming big Q2 beat and guidance raise!!!!