Deep dives | Catalysts | Asymmetry. Everything posted is NFA.
Joined August 2026
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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.
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
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.
SM Research Lab retweeted
This was a really enjoyable and easy read put out by @SmResearchLab (or @ShitcoinMaxi_) on $GAP. He gives quite a compelling thesis on why this may be the next $VSXY or $ANF.
I personally do not have a position. Perhaps you may want to take a position as an earnings play tomorrow after reading the article.
Also, go give @SmResearchLab a follow! Can't wait to see what else he puts out.
SM Research Lab retweeted
Started @SmResearchLab
This account will stay for the shitposts + ideas, while the new account will be purely for investment theses and longer-form research.
I want it to serve as a portfolio of my work and a personal scorecard, somewhere I can learn as I go, continuously improve, track my thinking over time, and look back years from now to see how I’ve developed as an investor.
Appreciate everyone who follows along.
First deep dive coming soon. $GAP