Jonathan Y. Tanne CFA

Born in South Africa, established in Australia. Investor. Father of 3.

[Jonathan Y. Tanne CFA @TangibleIM]

@West0_Cap Been this way forever. Sceptics reminded of Opthotech. Trial taken forever with perpetual overhangs. Not sexy as pie in sky geneTX, TKIs, Kodiak and AU has limited US interest/liquidity. Superiority over eylea NEVER been done. "Come at the king, best not miss" but NO competition!

[Sports_Bios @Sports_bios]

The rate cuts have benefitted the most speculative, economically unproductive areas of the mkt - .. so, no rate cuts will take everything in the economy - productive or not - down with it - .. Ha!

[Jonathan Y. Tanne CFA @TangibleIM]

@Sports_bios @Michaelrose102 Thx for reply. True, most of liquidity in AU but is >500m and that could change post data, would love to hear your thoughts if you get time to look - decent thread here https://t.co/DggCniFkIM and here https://t.co/JCSmWlEcBA

[Jing Liang 🇺🇦 @AppleHelix]

1/

This is something new in biotech financing.

Opthea, a ~$200m mkt cap Australian biotech, was able to raise $85m in "non-dilutive" development funding from Carlyle/Abingworth and another investor for its Ph 3 trial.

https://t.co/sTgGJwveO6

[Jonathan Y. Tanne CFA @TangibleIM]

@Sports_bios @Michaelrose102 @Sports_bios Ever studied $OPT? big ph3 readout 1h2025 going for superiority on top of eylea in combo, decent ph2b data. Not a very well followed company.

[Jonathan Y. Tanne CFA @TangibleIM]

this benefit applies to all future approvals of that drug, even for different indications. This policy aims to provide comprehensive incentives for the development of antibiotics, ensuring that the extended exclusivity covers the drug's entire spectrum of approved uses.

[Jonathan Y. Tanne CFA @TangibleIM]

$PHAT related

[Jonathan Y. Tanne CFA @TangibleIM]

The term "umbrella policy" in the context of the GAIN Act refers to extended exclusivity periods to all subsequent approvals of the same drug, regardless of the indication. This means that once a drug is designated as (QIDP) and receives the GAIN exclusivity extension,

[Jonathan Y. Tanne CFA @TangibleIM]

@West0_Cap Agree and this stock has been totally ignored because the trial has taken so long. One pushback is they actually face limited competition from long acting injectables and TKIs $OCUL $EYPT these are all just for maintenance/durability. $OPT are alone going for superiority to SoC

[Jonathan Y. Tanne CFA @TangibleIM]

@Sjfms1Steven Sure, superiority to *1* loading eylea dose... that makes no sense in a real world setting.. cool trial design though

[Jonathan Y. Tanne CFA @TangibleIM]

$EYPT $OCUL - pretty crazy that both these TKI co's got to over $1bn market cap just for non-inferiority "maintenance" competing with all the other VEGFs,
.... still only ONE phase 3 co going for superiority to "improve" vision $OPT synergistic with SoC in wet AMD

[Hidden Value Gems @HiddenValueGems]

Ray Dalio thinks we are not in a bubble based on the following six criteria.

"When I look at the US stock market using these criteria, it—and even some of the parts that have rallied the most and gotten media attention—doesn’t look very bubbly."
🧵👇🏽

1/9

[Jonathan Y. Tanne CFA @TangibleIM]

So $MANU filing out. Sheikh wanted to pay Class B super voting $34 and Class A $24.81. Glazers wanted $35.25 for both classes. Sheikh did not provide financing letter and while was supposedly coming back with a revised offer withdrew just after Oct 7 events. JR then tied up deal.

[Jonathan Y. Tanne CFA @TangibleIM]

@Wexboy_Value Yes agree a big price even for him. But why would he need to own the entire club? He now in part has the trophy asset, he has the sporting control, super share rights, tag along drag along rights - why would he need to mop up minorities? Good reason trades at a big spread to $33

[Jonathan Y. Tanne CFA @TangibleIM]

@AAMortazavi @AppleHelix @acesobiologics @John_Hempton and btw great point @AppleHelix first prize commercially is a co-formulation with a biosimilar:

[Jonathan Y. Tanne CFA @TangibleIM]

@AAMortazavi @AppleHelix @acesobiologics worth so much more in mkt cap than $OPT. I agree and am long, Fred is a great hire, funding deal is super and a lot of upside once LPI which should be soon. Disclosure: long @John_Hempton

[Jonathan Y. Tanne CFA @TangibleIM]

@Biomaven @harvey_ramer @buysidebio @BiotechObserver @Miljenkoz And that exactly is my point, visual acuity is what matters and all these non inferiority trials have made people forget that. Did the FDA really agree to this trial design? What will be the primary endpoint if not BCVA? And in a real world setting, $OCUL is dead on arrival

[Jonathan Y. Tanne CFA @TangibleIM]

@harvey_ramer @buysidebio @BiotechObserver @Miljenkoz @Biomaven Durability thesis has been pushed so hard that people seem to forget that efficacy is why patients get injected in the first place! $KOD Kodiak was the prime example and it was non-inferiority. A superiority trial on “durability” without taking account BCVA gain/loss is ludicrous

[Jonathan Y. Tanne CFA @TangibleIM]

@buysidebio @BiotechObserver @Miljenkoz @Biomaven Find it amazing $OCUL “maintenance” TKIs trades at over double the market cap of $OPT who are in the midst (near completion) of a long and expensive BUT proper superiority wet amd trial. They are off the radar of absolutely everyone

[Jonathan Y. Tanne CFA @TangibleIM]

@buysidebio @BiotechObserver @Miljenkoz @Biomaven Ridiculous $OCUL CEO trashed $OPT slow recruitment on the call. $OCUL proposed trial is a joke. Everyone severely under-treated and will be rescued. Opthea still the only co going for real superiority in proper way -
that is with FDA buy-in a BCVA superiority endpoint!