Gentlemen,

Today I leave ASX_Bets. Not because I want to. Not because I was wrong. But because powerful forces fear what we have built together.

They laughed when I spoke of EYE. They downvoted. They mocked. They called me delusional. Yet every great movement in history was called delusional before it was called inevitable.

What began as a stock became an idea. What became an idea became a movement. EYE is no longer a ticker. EYE is a state of mind.

They can ban the man, but they cannot ban the message.

The moderators may control ASX_Bets, but they do not control the future. They do not control destiny. They do not control EYE.

History will remember this moment. Years from now, when scholars discuss the great social movements of our age, they will ask themselves a simple question:

“Where were you when EYE was 13 cents?”

For those who stood beside me through the battles, the accusations, the conspiracies, the court proceedings, the martyrdom and the endless downvotes, thank you.

For those who doubted, I forgive you.

For those who reported me, your names have been recorded.

My journey on ASX_Bets ends today.

The journey of EYE has only just begun.

I leave you with one final truth:

The beginning of wisdom is recognising EYE.

Farewell, gentlemen.

EYE love you all 👁️🚀

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The people have voted, EYE have been sentenced to death. On my final day, I figured it appropriate to share some genuine DD, as opposed to the usual slop / spam EYE posts. If you are like the many who enjoys the EYE posts, please find me in my new place of exile r/EYEsx_bets , here we shall indulge in endless EYE shilling.

This is akin to my final meal, so I’ll try to make it good. Mods, accept this as my penance for my crimes.

Please enjoy:

Nova Eye Medical makes iTrack Advance, a single-use glaucoma minimally invasive surgical device growing faster than any of its listed MIGS competitors. FY26 sales were A$34.9m, the fourth straight year of 25%+ growth, and in H2 FY26 it turned EBITDA positive. Because its costs barely move, most of every year's growth from here should land on the bottom line. Directors have bought about A$742k of shares over the last three years and have just committed A$2.75m of their own money as an unsecured loan (not yet used, but there to bridge any cash shortfall rather than a dilutive raise). The company says it's funded through FY27 with no raise, China approval just secured, and big pharma has already come knocking about drug delivery potential. Alcon paid around A$700m for a MIGS company with sales in the same ballpark as EYE's. EYE's market cap is A$37m, about 1x sales.

The inflection

Over the last two years sales grew 55% while operating costs grew 12%. Gross profit rose A$8.8m against just A$2.9m of extra costs, cutting the EBITDA loss from A$7.8m to A$1.9m, and H2 FY26 came in EBITDA positive. Gross margin hit 73% in the second half while ops, R&D, clinical and corporate costs actually fell. With the cost base this flat, the gross profit from each new sale now drops almost straight through to EBITDA, and the faster EYE grows, the faster earnings pull away from sales. The leverage here is huge.

Why MIGS is taking off

Glaucoma has been treated with eye drops for decades, and around A$6.3bn a year is still spent on them. They barely work in the real world: more than 90% of patients don't use them as prescribed and nearly half quit within six months, because nobody wants to put stinging drops in their eyes every day for the rest of their life. So surgeons are flipping to interventional glaucoma, fixing the problem early with a quick procedure instead of managing it with drops forever. The device market built on that shift is already worth around A$1.4bn and growing.

Then there's cataract surgery, the most common operation in medicine, with around 4 million performed in the US every year. Glaucoma and cataracts both come with age, so a big chunk of cataract patients have glaucoma too. When the surgeon is already inside the eye, adding iTrack through the same tiny incision takes a few extra minutes, with no extra recovery for the patient and a real shot at coming off drops for good. It's a no-brainer. On my maths, if just 1% of US cataract operations added iTrack, that's around 40,000 procedures and roughly A$70m of sales, more than double EYE's entire US business today.

Outgrowing everyone, and barely started

FY26 sales grew 26%, with the US up 30% to A$27.4m and the June quarter up 33%. In that same quarter Sight Sciences grew its OMNI glaucoma business under 8%, and Glaukos describes growth in its glaucoma products outside its new drug implant as modest. EYE's twelve US reps each bring in about A$2.35m a year, and a Needham survey of US surgeons called iTrack the fastest-growing MIGS device on the market.

And it's only scratching the surface. EYE does about 4% of the 30,000 to 35,000 glaucoma surgeries performed in the US every month. Each extra point of share is worth roughly A$6.5m of annual sales, so going from 4% to 8% doubles the US business. China approved the device in September 2025, and none of it is in guidance.

A device that keeps getting better

iTrack Advance threads a microcatheter 360 degrees around the eye's drainage canal and opens it with viscoelastic, leaving no implant behind. Its green illuminated tip glows through the white of the eye so surgeons can see exactly where it is the whole way round, which is opening the procedure up to general cataract surgeons, not just glaucoma specialists. Shear Clear technology inside the catheter thins the visco as it's delivered so it reaches the collector channels around the full circle. It’s worth noting that it’s patented technology means it’s the only MIGS surgical device that doesn’t tear or leave behind an implant, it work entirely with the physiology of the eye. The clinical backing is now extensive too, with 24-month real-world data from 12 sites across five countries published this year in the American Journal of Ophthalmology.

What's coming

FY27 is guided at A$38 to 44m in sales excluding China, about 26% growth, with the first full year of positive EBITDA. The first proof lands by the end of October with the September quarterly. Last year's September quarter came in at A$7.5m, below the company's own plan, with slower US expansion and no China sales at all. That's an easy base to beat, and with July already tracking 30% growth, I'm expecting around A$9.75m and positive EBITDA. Deliver that and it confirms H2 was the turning point, and EYE is off.

What it's worth

From here EBITDA compounds fast: around A$2.0m in FY27, A$5.9m in FY28 and A$10.4m in FY29 on my numbers. Sales grow about 43% over those two years while EBITDA grows five times. At 13c the stock trades on 6x FY28 and 3.5x FY29 EBITDA.

At 20x FY28 EBITDA EYE is worth 42c, more than three times today's price. At 20x FY29 it's 73c, about 5.5x, and at 25x FY29 it's 92c, close to seven times. Those are conservative targets though, typically these earlier high growth companies trade at much higher multiples. When Alcon bought Ivantis it paid about A$700m upfront. EYE is valued at A$37m.

Director alignment

Directors have put about A$742k into the company over three years without selling a single share, and the CEO has nearly quadrupled his holding. In August, Previn and Coupe went further, committing A$2.75m of their own money as an unsecured loan to replace a 19% secured facility. That released the charge over the company's assets, and if anything went wrong they'd rank behind every trade creditor. It hasn’t been drawn yet, it might never, but it’s a good sign nonetheless.

Free upside

Management parked drug delivery to get to profitability first. Now it's there, it can fund it itself, and the opportunity is huge. The iTrack catheter can travel the full circle of the eye's drainage canal and into the suprachoroidal space at the back of the eye, places a needle simply can't reach, and it has already delivered drugs there in human studies. Big pharma has already approached the company about it. the opportunity is endless, iTrack is highly versatile, whether it’s targeting the drainage canal or all the way back in the retina. There’s lot of potential there. On top of that sits the 2RT laser for AMD, the same disease OPT chased, targeting a stage with no approved treatment. None of it is in the price.

CYV (listed on the ASX) is a biotech with a market capitalisation of approximately $13m, cash of roughly 30m, no debt, and a quarterly cash burn of only $1.1m in its most recent quarter. Despite having more than twice its market value sitting in cash, the company trades on a negative enterprise value of roughly $15m.

The reason is fairly obvious. CYV emerged from the collapse of Opthea following the failed Phase 3 AMD programme. Many investors appear to have simply written off the company entirely, creating significant selling pressure and what looks to be a substantial disconnect between valuation and fundamentals. The market seems far more focused on what happened previously than on what actually exists today.

What exists today is a company with approximately $30m in cash, directors and management buying stock on-market, and a rare disease programme targeting Lymphangioleiomyomatosis (LAM). Unlike most preclinical biotechs, CYV is not starting from scratch with a new molecule and years of basic development ahead of it. The underlying VEGF-C/D inhibition platform has benefited from decades of research, extensive manufacturing work and substantial historical clinical development.

Perhaps the most attractive aspect of the opportunity is the timeline. Management has established a series of explicit continue/discontinue gates designed to determine, as quickly as possible, whether the programme warrants further investment. Gate 1 is expected by year-end, with human data expected next year, followed by further proof-of-concept milestones. Investors are not being asked to wait years for meaningful answers.

The staged-gate structure is a major part of the attraction here. If the programme succeeds, shareholders benefit from a significant re-rating opportunity. If it fails, the company reaches that conclusion before consuming the majority of its cash balance. Even under the company’s own projected expenditure assumptions, CYV is expected to retain more cash than its entire current market capitalisation after progressing through the initial development programme and delivering multiple major catalysts.

This is what creates the asymmetry. The company could fail to deliver positive human data and still potentially generate investors a profit from today’s valuation through a return of the remaining cash balance alone. Conversely, if the programme succeeds, shareholders gain exposure to a rare disease opportunity with orphan drug designation potential, premium orphan drug pricing, accelerated regulatory pathways and a relatively rapid progression toward registrational studies. The downside is protected by a mountain of cash, while the upside remains largely unconstrained.

The market is effectively assigning a negative value to the company’s intellectual property, decades of VEGF-C/D research, historical clinical development, manufacturing package, insider alignment and future programme. That may ultimately prove justified, but it requires accepting that all of those assets are collectively worth less than zero.

The bear case is straightforward: the programme fails. Biotechnology is inherently risky and failure is always possible. The question is whether that outcome is already more than reflected in the current valuation.

At a negative $15m enterprise value, no debt, a substantial cash balance, multiple near-term catalysts, a fully funded pathway to human data and clearly defined stop/go decision points, CYV presents one of the more asymmetric setups I’ve ever come across. Over the next 12-18 months investors should receive a steady stream of answers. The market is currently pricing the company as though those answers are already known.

New Nasdaq listing that almost nobody over here has looked at yet. It only started trading on the Nasdaq Global Select Market on 20 July 2026, so it has basically zero US coverage despite being profitable for nine straight years, and despite Sean Parker (Napster, Facebook) and Michael Polansky (Parker Institute, Lady Gaga's partner) having backed it for over 15 years.

Short version: $226m enterprise value for a business that did $26m of net profit last year at a 34% net margin, a Phase 3 readout in December on an indication the company sizes at $4.5b, and a peptide delivery platform sitting underneath it that isn't in the price at all.

The numbers

Most biotech DD is a pre-revenue company burning cash into a binary. This isn't that. Clinuvel sells SCENESSE (afamelanotide), a melanocortin peptide implant, for EPP (erythropoietic protoporphyria), and has been profitable for nine consecutive years.

• Price $7.80, market cap ~$393m
• Cash $167m, zero debt, 21st consecutive year with no borrowings
• EV ~$226m
• Cash per share $3.31, so 42% of the share price is cash
• FY25: revenue $75.5m, pre-tax profit $37.0m, net profit $26.0m
• Net margin 34%, gross margin north of 90%
• Revenue CAGR 21% over 5 years, 35% over 9
• 8 consecutive dividends, entirely self funded, no raise, no dilution ever

That's roughly 9.7x EV/net profit and about 17x earnings, for a >90% gross margin pharma compounding revenue at 20%+ with 42% of the market cap in cash.

Strip the cash out and you're paying about $4.49 a share for the operating business. Everything below is what you get on top of that.

Vitiligo --> the major catalyst

CUV105 is the Phase 3 in vitiligo, running the same peptide that's already approved and generating revenue in EPP. Company's own US market model:

• 1% US prevalence = 3,295,000 people
• 25% eligible (Fitzpatrick IV-VI) = 823,750
• 40% meeting body-surface-area criteria = 329,500
• 20% actively seeking treatment = 65,900
• 9% penetration in years 1-2 = 5,931 patients

Total addressable market: $4.5b. Years 1-2 revenue from those ~6,000 patients: $490-570m.

Against a $226m EV. Years 1-2 vitiligo revenue alone would be 2.2 to 2.5x the entire current enterprise value, and roughly 7x total FY25 group revenue. From six thousand patients.

Also worth noting what it isn't. The competing approaches in vitiligo are immune suppression. This is a melanocortin peptide working through the pigmentation pathway itself, which is a different safety conversation for a chronic, lifelong condition. Their North American team has been pushing exactly that line at AAD for two years running.

Two things I think are underappreciated:

1. The trial is fully recruited. Over 200 patients enrolled, target hit. Recruitment risk is gone. This is a readout waiting to happen, not a trial still trying to fill sites.

2. The commercial build is already done. This is the bit that changes the shape of the ramp. 190 trained and accredited treatment centres, a 20 person national distribution team, NB-UVB systems, and the reimbursement pathway for extensive vitiligo have all been stood up in parallel with the trial. A positive readout doesn't kick off a two year commercial build. The channel already exists.

Worth remembering they already know how to sell an ultra-orphan peptide therapy through specialist centres with reimbursement. Same playbook they ran for EPP, into a market orders of magnitude larger.

Why December is the inflection

Topline guided for December 2026. Roughly 100 days from now.

Right now the market prices this as an EPP company with a big cash pile. On a positive readout it reprices as a company with a multi hundred million dollar dermatology franchise ahead of it and the salesforce already hired.

Nearer term: FY26 full year results land in the next few days (27-28 August, with an investor webinar the same evening). Ninth consecutive profitable year, ninth dividend, and possibly a tightening of the December guidance to a specific window. A firmer date is usually what starts pulling attention in.

Then regulatory filings through 2027, into a market where the infrastructure is already standing.

Scale

Not going to pretend to model this precisely, but on the midpoint of $530m of years 1-2 revenue across 50.4m shares, even at margins well below the 34% the company already runs at, you get earnings per share that are a multiple of the current price. The share count is the thing people underrate here. 50 million shares is tiny for a Nasdaq listing. Any material revenue lands very concentrated per share.

For reference, analyst targets on it sit in the $12 to $16.50 range against $7.80 today.

The delivery platform, which is the part nobody is pricing

Vitiligo is the catalyst. This is the reason it could be a much bigger company in five years.

Peptides are the hottest category in US pharma right now. GLP-1s dragged the class into the mainstream and the policy environment has swung hard behind it: the FDA has been unwinding the 2023 restrictions on compounded peptides, and in July an FDA advisory panel voted to ease restrictions on most of the seven it reviewed. Grand View has the US peptide therapeutics market at roughly $65b in 2024 heading toward $160b by 2030, a 14.7% CAGR.

Clinuvel has been working on melanocortins since long before any of that was fashionable, and what they've quietly been building is the piece the whole category actually struggles with: delivery.

VLRX-L is their in-house controlled-release liquid injectable peptide platform, developed at VALLAURIX, their Singapore research centre. The point of it is flexible, reproducible controlled release. You adjust injection volume to titrate the dose, which means you can tailor to body weight and treat paediatric and adolescent patients rather than just adults. That's a genuinely hard problem in peptide delivery and it's often the difference between a drug that works and a drug patients stay on.

Where it's up to, per the 12 August update:

• Four candidate formulations went into a preclinical study to confirm the in vitro work
• One showed a superior release profile across the target delivery window, with lower peak plasma levels and drug still detectable across the period
• That candidate is now being refined, with a further preclinical study scheduled for early Q1 2027
• Manufacturing scale-up is already being scoped

That last point is the tell. You don't scope manufacturing scale-up on something you think is going nowhere.

The infrastructure behind it is real money. In December 2025 they announced an expansion of VALLAURIX backed by the Singapore Economic Development Board, up to S$30m over five years to 2030, roughly doubling the centre's footprint and adding specialist staff specifically to accelerate long-acting delivery platforms. R&D is now over 50 people under CSO Dr Dennis Wright. This is a decade-plus program in peptide chemistry, polymer science and delivery system design, funded out of operating cash flow while the company still posts a profit every half.

The strategic logic: initial focus is melanocortins, their own compounds. But the company has been explicit that VLRX-L and the other platforms under development at VALLAURIX could deliver other peptides too. If it validates in vivo, this stops being a formulation for one drug and becomes a platform, applicable to third party peptides, licensable, partnerable. In a category heading toward $160b where almost every player has a delivery problem, owning controlled-release technology is a different kind of asset to owning one drug.

They also have the credibility to make that claim, which most platform stories don't. SCENESSE is already a controlled-release peptide product, commercially approved and shipping across five jurisdictions for years. They aren't theorising about sustained-release peptide delivery. They've done it, at commercial scale, through multiple regulators.

None of this is in a $226m EV. The market is pricing one drug and some cash.

The rest of the free pipeline

Also carrying zero value at the current price:

• NEURACTHEL (ACTH) for neurological and endocrinological indications
• PRENUMBRA for stroke, expanding toward Parkinson's
• DNA repair and polychromatic photoprotection in PhotoCosmetics
• EPP label expansion and new geographies (Health Canada approval came through recently)

Every one of those runs off the same melanocortin peptide science base and the same delivery work underneath it.

My view

The existing EPP business plus $167m of cash covers most of the current share price on its own. Which means the December vitiligo readout is close to a free call option attached to a profitable, dividend paying, debt free company growing revenue 20% a year. And underneath that you get a peptide delivery platform, funded and progressing, in the hottest category in US pharma, for nothing.

You very rarely get a binary catalyst where the downside is backstopped by a real operating business and 42% of the market cap in cash. And because it only listed on Nasdaq a month ago, most US screens haven't even picked it up yet.

New Nasdaq listing that almost nobody over here has looked at yet. It only started trading on the Nasdaq Global Select Market on 20 July 2026, so it has basically zero US coverage despite being profitable for nine straight years, and despite Sean Parker (Napster, Facebook) and Michael Polansky (Parker Institute, Lady Gaga's partner) having backed it for over 15 years.

Short version: $226m enterprise value for a business that did $26m of net profit last year at a 34% net margin, a Phase 3 readout in December on an indication the company sizes at $4.5b, and a peptide delivery platform sitting underneath it that isn't in the price at all.

The numbers

Most biotech DD is a pre-revenue company burning cash into a binary. This isn't that. Clinuvel sells SCENESSE (afamelanotide), a melanocortin peptide implant, for EPP (erythropoietic protoporphyria), and has been profitable for nine consecutive years.

• Price $7.80, market cap ~$393m
• Cash $167m, zero debt, 21st consecutive year with no borrowings
• EV ~$226m
• Cash per share $3.31, so 42% of the share price is cash
• FY25: revenue $75.5m, pre-tax profit $37.0m, net profit $26.0m
• Net margin 34%, gross margin north of 90%
• Revenue CAGR 21% over 5 years, 35% over 9
• 8 consecutive dividends, entirely self funded, no raise, no dilution ever

That's roughly 9.7x EV/net profit and about 17x earnings, for a >90% gross margin pharma compounding revenue at 20%+ with 42% of the market cap in cash.

Strip the cash out and you're paying about $4.49 a share for the operating business. Everything below is what you get on top of that.

Vitiligo --> the major catalyst

CUV105 is the Phase 3 in vitiligo, running the same peptide that's already approved and generating revenue in EPP. Company's own US market model:

• 1% US prevalence = 3,295,000 people
• 25% eligible (Fitzpatrick IV-VI) = 823,750
• 40% meeting body-surface-area criteria = 329,500
• 20% actively seeking treatment = 65,900
• 9% penetration in years 1-2 = 5,931 patients

Total addressable market: $4.5b. Years 1-2 revenue from those ~6,000 patients: $490-570m.

Against a $226m EV. Years 1-2 vitiligo revenue alone would be 2.2 to 2.5x the entire current enterprise value, and roughly 7x total FY25 group revenue. From six thousand patients.

Also worth noting what it isn't. The competing approaches in vitiligo are immune suppression. This is a melanocortin peptide working through the pigmentation pathway itself, which is a different safety conversation for a chronic, lifelong condition. Their North American team has been pushing exactly that line at AAD for two years running.

Two things I think are underappreciated:

1. The trial is fully recruited. Over 200 patients enrolled, target hit. Recruitment risk is gone. This is a readout waiting to happen, not a trial still trying to fill sites.

2. The commercial build is already done. This is the bit that changes the shape of the ramp. 190 trained and accredited treatment centres, a 20 person national distribution team, NB-UVB systems, and the reimbursement pathway for extensive vitiligo have all been stood up in parallel with the trial. A positive readout doesn't kick off a two year commercial build. The channel already exists.

Worth remembering they already know how to sell an ultra-orphan peptide therapy through specialist centres with reimbursement. Same playbook they ran for EPP, into a market orders of magnitude larger.

Why December is the inflection

Topline guided for December 2026. Roughly 100 days from now.

Right now the market prices this as an EPP company with a big cash pile. On a positive readout it reprices as a company with a multi hundred million dollar dermatology franchise ahead of it and the salesforce already hired.

Nearer term: FY26 full year results land in the next few days (27-28 August, with an investor webinar the same evening). Ninth consecutive profitable year, ninth dividend, and possibly a tightening of the December guidance to a specific window. A firmer date is usually what starts pulling attention in.

Then regulatory filings through 2027, into a market where the infrastructure is already standing.

Scale

Not going to pretend to model this precisely, but on the midpoint of $530m of years 1-2 revenue across 50.4m shares, even at margins well below the 34% the company already runs at, you get earnings per share that are a multiple of the current price. The share count is the thing people underrate here. 50 million shares is tiny for a Nasdaq listing. Any material revenue lands very concentrated per share.

For reference, analyst targets on it sit in the $12 to $16.50 range against $7.80 today.

The delivery platform, which is the part nobody is pricing

Vitiligo is the catalyst. This is the reason it could be a much bigger company in five years.

Peptides are the hottest category in US pharma right now. GLP-1s dragged the class into the mainstream and the policy environment has swung hard behind it: the FDA has been unwinding the 2023 restrictions on compounded peptides, and in July an FDA advisory panel voted to ease restrictions on most of the seven it reviewed. Grand View has the US peptide therapeutics market at roughly $65b in 2024 heading toward $160b by 2030, a 14.7% CAGR.

Clinuvel has been working on melanocortins since long before any of that was fashionable, and what they've quietly been building is the piece the whole category actually struggles with: delivery.

VLRX-L is their in-house controlled-release liquid injectable peptide platform, developed at VALLAURIX, their Singapore research centre. The point of it is flexible, reproducible controlled release. You adjust injection volume to titrate the dose, which means you can tailor to body weight and treat paediatric and adolescent patients rather than just adults. That's a genuinely hard problem in peptide delivery and it's often the difference between a drug that works and a drug patients stay on.

Where it's up to, per the 12 August update:

• Four candidate formulations went into a preclinical study to confirm the in vitro work
• One showed a superior release profile across the target delivery window, with lower peak plasma levels and drug still detectable across the period
• That candidate is now being refined, with a further preclinical study scheduled for early Q1 2027
• Manufacturing scale-up is already being scoped

That last point is the tell. You don't scope manufacturing scale-up on something you think is going nowhere.

The infrastructure behind it is real money. In December 2025 they announced an expansion of VALLAURIX backed by the Singapore Economic Development Board, up to S$30m over five years to 2030, roughly doubling the centre's footprint and adding specialist staff specifically to accelerate long-acting delivery platforms. R&D is now over 50 people under CSO Dr Dennis Wright. This is a decade-plus program in peptide chemistry, polymer science and delivery system design, funded out of operating cash flow while the company still posts a profit every half.

The strategic logic: initial focus is melanocortins, their own compounds. But the company has been explicit that VLRX-L and the other platforms under development at VALLAURIX could deliver other peptides too. If it validates in vivo, this stops being a formulation for one drug and becomes a platform, applicable to third party peptides, licensable, partnerable. In a category heading toward $160b where almost every player has a delivery problem, owning controlled-release technology is a different kind of asset to owning one drug.

They also have the credibility to make that claim, which most platform stories don't. SCENESSE is already a controlled-release peptide product, commercially approved and shipping across five jurisdictions for years. They aren't theorising about sustained-release peptide delivery. They've done it, at commercial scale, through multiple regulators.

None of this is in a $226m EV. The market is pricing one drug and some cash.

The rest of the free pipeline

Also carrying zero value at the current price:

• NEURACTHEL (ACTH) for neurological and endocrinological indications
• PRENUMBRA for stroke, expanding toward Parkinson's
• DNA repair and polychromatic photoprotection in PhotoCosmetics
• EPP label expansion and new geographies (Health Canada approval came through recently)

Every one of those runs off the same melanocortin peptide science base and the same delivery work underneath it.

My view

The existing EPP business plus $167m of cash covers most of the current share price on its own. Which means the December vitiligo readout is close to a free call option attached to a profitable, dividend paying, debt free company growing revenue 20% a year. And underneath that you get a peptide delivery platform, funded and progressing, in the hottest category in US pharma, for nothing.

You very rarely get a binary catalyst where the downside is backstopped by a real operating business and 42% of the market cap in cash. And because it only listed on Nasdaq a month ago, most US screens haven't even picked it up yet.

Hi, I face a dilemma here. I know that I am incredibly gifted, but nobody else can tell. Because of that I am unemployed and a disappointment to everyone around me. I spend my days on Reddit in a pursuit of connecting with other likeminded individuals, I find that I am able to achieve a highly intellectually stimulating discourse here with my comrades complaining about all the things in the world that bother me, and discussing the ignorance and stupidity of those who do not agree with me and my views.

Just finished season 4 for the first time today, and I have to say it hit me like a bucket of bricks. I sort of ignored Rita’s death at first thinking it was just one of Dexter’s imaginations or something. Then when I realised it was true, it hit me harder than anything I’ve watched before. I’ve been completely dull all day, haven’t been able to focus on work, just a wreck.

Absolutely brilliant film making, everything was done so well that I’m actually struggling to start season 5. Started episode 1 but had to stop when he got the call from the kids at Disney Land, it’s just way too depressing.

Is it worth continuing? I’ve heard mixed views. if it’s just going to be depressed self hating Dexter the next four seasons I’d probably rather stop now.

Like everyone I’ve watched the trailers, screenshots and leaks countless times. But clearly, there’s still lots we don’t even yet know about. This game already looks so fucking cool from everything we have seen, but imagine day 1 entering Leonida and discovering everything they’ve kept hidden. This could be small things from gameplay mechanics, to huge things like an additional city(s), distant islands, enterable interiors etc.

Imagine the sensation of discovering more and more as we play, being blown away by every little thing we couldn’t have even imagined would be in the game. I can’t wait, it’s going to be so much fun

First, let me preface this by stating that I stick crayons up my nose and lick the boogers off them like a lollipop.

$CYV - trading under cash with negative EV

Stock's about 1.3c and there's roughly 2.4c of net cash per share behind it. EV is very negative, around -14m. You're paying less than the actual cash in the bank, cash burn is tiny so 1.3c will remain less than the net cash per share for a very long time (years potentially)

Regal and their mate's dump on the back of the negative p3 results pushed this well under cash, didn't help we were coming up to the EOFY so tax loss selling galore. Their positions were worthless so they were literally selling without thinking about valuation. The eye indication is dead, the molecule isn't. Same drug, decades of VEGF-C/D research behind it, aimed at LAM now instead of the eye.

Cash side:

• funding liability got cleaned up in 2025
• they've already manufactured around 120m worth of drug, so not burning cash making more
• new board, chairman ran Teva, directors have been buying on market. Actually decent background for the new management, old wood are gone. Its a completely new company

On LAM - the eye program was always an add-on, it had to beat drugs that already worked and it didn't. LAM is driven by VEGF-C and D, which is the exact thing this blocks. VEGF-D is also the marker they use to track the disease, so activity should show up early rather than waiting years for lung function readouts. Orphan pricing is 200k+ USD a year, few thousand patients gets you 150-400m peak sales if it works.

IMM is the obvious comparison. P3 failed in March, crashed 90% down to 2.8c, sitting at about 61% of net cash. It's back to ~6c now, doubled off the low, grinding back up toward its ~7c cash. Holders made money there without the gap even fully closing. CYV is the same setup just earlier in it.

Burn is tiny, 13.1m budgeted over 18 months. Rough cash path:

• 30 Jun 26: ~29m (2.4c) - 4C due end of July
• Dec 26: ~25m (2.0c)
• Sep 27, end of the funded runway: ~18m (1.5c)

Even after they spend the entire program the cash is still 1.5c, above where it trades now.

News flow:

• next couple weeks: the 4C. first proper cash number since relisting, confirms burn + runway, plus a note on how the formulation work is going
• back half of 26: preclinical stuff, reformulating it to be inhaled, animal safety data, orphan drug filings (US/EU/Japan/Aus)
• late 26 into early 27: the Stage 1 to Stage 2 gate, if formulation and animal data pass they move into humans
• 2027: first in human tolerability and biomarker data, then proof of concept in patients later on.

Near term catalysts are lab and animal data, human clinical stuff is likely 2027.

Risks - inhaled formulation is unproven and it's the next hurdle, if that fails the thesis mostly dies. It's a micro cap so it moves on nothing. The molecule already failed a P3 once.

Floor is basically the huge pile of cash which will remain higher than the current valuation for a VERY long time, base case is an IMM style move back toward cash, upside is a multibagger if the formulation works and the biomarker moves. New management with good track records as well so the old wood is out.

I am hard thinking about this.

I really like Claude design, I used it to create the UI for a website in building, which I then handed off to Claude code to build in the repo.

My question is, how do I use Claude design to edit this further. myself and my colleagues have made changes in the repo, so the Claude design version is no longer up to date. there’s still UI work to do but i don’t know how to get Claude design to work in the repo, and the folder is too big to give to Claude design.

Am I using it right? Should i be doing something different?

So currently, GTA online is all about building your own criminal enterprise. Which is great, except for one minor issue. We aren’t really bosses. Despite being the “boss”, we more often than not are doing very low level and repetitive jobs. Delivering products, driving VIPs home from the club. I can’t even be flown around in my jet, I have to drive it myself!

GTA 6 needs to make us actual bosses. We need the option to pay people of different skills to do jobs for us (we can assign different staff depending on the difficulty of the job). We get a smaller cut, but it allows us to actually be the bosses of our enterprises. In GTA 6 we should be able to set the tasks and assign the staff, we shouldn’t be told what to do by our assistant or staff.

I hope in GTA 6, the repetitive day to day tasks are done by our employees, and that we instead are responsible for holding it all together. Making high risk deals, dealing with moles in the police force, planning, taking out traitors, expanding into additional areas etc.

This should also extend beyond simple jobs. We should be able to hire a dedicated pilot, driver, security team etc. Let me feel like an actual crime boss.

So Strauss recently stated that the GTA 6 marketing would begin in summer. In the US, this is typically regarded as starting around 20 June.

It’s important to remember that Strauss is the CEO of the parent company, Take Two. What he sees are the major budgeted items, think collabs, partnerships, billboards, social media etc. The stuff that makes a tangible impact on the financials. Trailers 1 & 2 have been released before this window, largely because they are not major external marketing campaigns, but rather, internally created and distributed updates to their existing customer base.

So what does this mean for trailer 3? Well, trailer 3 is not necessarily included within this marketing window that Strauss refers to. Like trailers 1 & 2, trailer 3 is internally created and distributed, making the cost of it minuscule in proportion to the development budget.

Importantly. Trailer 3 will most likely precede any major marketing campaign by several weeks. This is to preserve the element of surprise. As soon as Rockstar starts reaching out to content providers, media outlets etc, the cat will be out of the bag. Just look how fast the Best Buy email was leaked. Rockstar will not be releasing trailer 3, then immediately billboards and collabs etc will pop up. That stuff will take time. So there’s a very good chance that trailer 3 could come out imminently, preceding preparation in the weeks leading up to summer for the major marketing campaign.

No bilibili post yet, my hopium levels for today are maxed out.