Deep dives | Catalysts | Asymmetry. Everything posted is NFA.
Joined August 2026
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Welcome to SM Research Labs.
I’m in my early 20s and have been passionate about markets since I started trading equities at 14. I eventually moved into crypto, where I was fortunate enough to make some good money. I now focus primarily on equities, with an emphasis on fundamental research, valuation and building proper investment theses.
I started this account to document that process in a more formal way, learning as I go, improving with every thesis, and building a portfolio of my work that I can look back on years from now.
Appreciate everyone who comes along for the journey.
SM Research Lab retweeted
$IAM AI hype? Look at the drug it made.
Most HER2 breast cancer pills also hit a near-identical protein in skin and gut. That causes the side effects that force dose cuts.
Iambic's AI found a pocket on the cancer protein that its twin lacks. IAM1363 is the only known drug of its kind that binds there.
It hits HER2 2,800x harder than the twin in lab tests. Closest rival: ~1,200x. It also reaches the brain, where up to half of these patients see their cancer spread, and beat the two leading drugs there in animal studies.
It's in 122 patients now.
For scale: Seagen paid $614M in 2018 for tucatinib, a brain-penetrant HER2 pill in a pivotal trial. IAM1363 is earlier but more selective.
It's one of three $IAM drugs, before you count the NVIDIA-backed AI or the Enchant model AbbVie and Bayer pay to use.
At ~$10: ~$480M market cap, ~$449M cash ($40M from AbbVie). Everything else is priced at ~$71M.
SM Research Lab retweeted
Let me get this straight:
$IAM with $544M MC ($11.49) and $450M in cash has:
- 12x faster engine
- Drug already in trial
- Druckenmiller buying at $16/share
- ARK Invest buying at $16/share
- Insiders buying with $11.5M at $16/share
...and Isomorphic Labs is valued 92x higher?
SM Research Lab retweeted
This is big for the $IAM thesis.
Isomorphic, a competitor Iambic names in its own prospectus, is reportedly raising at $50B. No drug in human trials yet.
Iambic's NeuralPLexer is ~15x faster than AlphaFold 3 with similar accuracy, has a drug in 122 patients, and trades at ~$640M.
1/78th of the price.
Great, now I have to go back and edit every $IAM article. "1/67th the price of Isomorphic" is already out of date.
It's now ~1/78th.
On a serious note, this is big for the thesis. Isomorphic is reportedly raising at $50B with no drug in human trials.
Iambic has a drug in 122 patients, AbbVie paying for its AI, and trades at ~$640M.
The gap keeps getting wider.
Long $IAM, NFA.
$IAM: three deep dives on Iambic Therapeutics in one place.
An NVIDIA-backed AI drug discovery company with two models, a drug in the clinic, and AbbVie, Takeda and Bayer as partners.
After cash, the market values all of it at ~$230M.
The Iambicpedia so far 👇
2. NeuralPLexer
Iambic’s structure model: ~15x faster than AlphaFold 3 by Iambic’s numbers, with similar accuracy, and peer-reviewed at NeurIPS.
Isomorphic, the Alphabet spinout that co-developed AlphaFold 3, is reportedly raising at ~$40B with no drug in human trials. $IAM is ~1/60th of that.
teapaw.org/smresearchlab/status/2…
3. Enchant
A 41B-parameter model that predicts how a drug behaves in the body before it’s made. AbbVie signed up the day it launched: $40M upfront, up to $670M in milestones.
teapaw.org/smresearchlab/status/2…
New $IAM deep dive.
Last time: NeuralPLexer, Iambic's structure model, ~15x faster than AlphaFold 3.
This time: Enchant, a 41B-parameter model that predicts how a drug behaves in the body before it's made.
AbbVie signed up the day it launched. After cash, the market values all of it at ~$230M.
Long $IAM, NFA.
SM Research Lab retweeted
$IAM bull case:
• Its AI matches Google’s AlphaFold 3 on accuracy and runs ~12-15x faster (Iambic’s numbers)
• Alphabet’s Isomorphic: reportedly raising at $40B +, no drug in trials.
IAM: ~$600M (1/67th of the price), ~$190M after cash
• Enchant v3: a 41B-parameter model trained on 4.5T tokens, fed by data from Iambic’s own automated lab. Frontier-scale for drug discovery
• Lead cancer drug in 122 patients, tumours shrinking in Phase 1. Trial expanding to ~380 patients across the US, Europe and Asia
• $NVDA -backed: investor, and co-wrote the first version of the model
• Cathie Wood’s ARK was in before the IPO and bought more at it.
Druckenmiller indicated interest too.
• Backers include Sequoia, Coatue and Qatar’s sovereign fund, some of the same investors behind Anthropic
• Insiders bought substantial amounts at the $16 IPO price, above where it trades today
• Cash runway into late 2028 (company guidance)
• Pharma deals with AbbVie, Takeda, Lundbeck and Bayer
Ai / Bio.
NFA, DYOR
After the $IAM thesis, I wanted to go deeper on the actual tech.
So I pulled apart the papers behind NeuralPLexer, the AI engine at the core of Iambic, and lined it up against Google DeepMind's AlphaFold 3 and its $40B drug spinout valuation.
Same accuracy on the standard test. ~15x faster. A fraction of the price.
Full deep dive below.
NFA. DYOR.
SM Research Lab retweeted
$IAM Iambic's cash position seems to be much larger than I thought. I missed that $ABBV paid a $40M upfront in the September deal.
Real cash is therefore closer to $449M vs. $607M market cap.
AbbVie collaboration could total up to $670M in potential payments as per S-1 filing.
SM Research Lab retweeted
$IAM is giving a nice entry today.
You now have a chance to buy the stock cheaper than what insiders, Stanley Druckenmiller, and ARK Invest have been buying.
SM Research Lab retweeted
It's been a long time since a company got me this excited.
Iambic ($IAM) is an AI drug-discovery biotech that IPO'd at $16 two weeks ago, ran to $25 and is now trading under the IPO price.
At current price, you pay about $300M of enterprise value on top of roughly $409M of cash for three things:
✅a platform co-developed with NVIDIA Research that AbbVie and Takeda already pay to use
✅a brain-penetrant HER2 cancer drug showing responses in heavily pretreated patients
✅ two more programs heading into the clinic
Isomorphic is talking about $40B with no drug in patients. Iambic trades under $300M after cash.
ARK Invest and Stanley Druckenmiller's family office showed interest in buying up to $60M of the IPO at $16. ARK's genomics fund then bought about $19M on day one and has been adding since.
Insiders bought too. A board member's fund bought about $11.5M of stock at $16, and no existing investor sold a single share in the IPO.
The near-term catalyst is the start of coverage from the four IPO banks (J.P. Morgan, Jefferies, BofA and Citi) around 9 November.
This deep dive was written in collaboration with @SmResearchLab.
Wrote this one with @rk8215.
$IAM only listed this month, and it already has serious backing:
– NVIDIA co-built its first AI model and invested before the IPO
– ARK bought ~$19M in the IPO
– Druckenmiller's family office put its hand up for shares
– A board member's fund wrote an $11.5M cheque
AbbVie, Takeda and Bayer already pay to use the platform. Its lead cancer drug is in 122 patients. Over half the market cap is cash.
For context: Google's AI drug lab, Isomorphic, is reportedly raising at ~$40B with no drug in patients yet. $IAM is worth ~$0.7B.
NFA, DYOR.
The market is paying ~$300M for an AI drug-discovery engine NVIDIA helped build. The rest is cash.
Lead drug already in 122 patients. AbbVie and Takeda paying to use the engine. Recently ipo’d and bank coverage starts soon.
Thesis with @rk8215 drops soon. Guesses?
Today I’m publishing my first investment thesis in a while, and it’s unique in three ways:
1. It is written in collaboration with @SmResearchLab
2. The company operates in an industry I’ve never covered before
3. It’s the largest market-cap company I’ve ever covered (still under $1B)
The company is backed by $NVDA, holds cash equal to 60% of its market cap, and recently saw an eight-figure insider purchase. Stanley Druckenmiller also expressed interest in subscribing for up to $60 million in shares in the recent IPO.
Any guesses which company it is?
