Q. Why do I have to know this?

A. Because if you understand why Alpha DaRTs are more fit for purpose against certain hard to treat cancers than traditional treatments, you'll understand why the upcoming DRTS + Merck's Keytruda announcement is so freaking huge.

Q. How huge?

A. Freaking huge...

Keytruda alone = 13-18% ORR

Keytruda + DaRTs = 75% ORR

Give me the TL;DR... Keytruda's big weakness is "cold" tumors where the T-cells either don't see or can't get to the tumor. Typical brachytherapy can't help. Alpha DaRTs deliver the perfect amount of high LET radiation that causes "signals" that call out to T-cells.

Which means? It means that Keytruda + Alpha DaRT is BETTER THAN Keytruda. That means more victories against lethal cancers and more "victory money" in your wallet.

Ok. Dispel the clouds of ignorance...

Most people picture cancer radiation as a massive external machine beaming energy through the body. But there is a powerful alternative: placing a tiny radioactive source inside or directly adjacent to the tumor so it works from within.

This approach is called brachytherapy, and it has been a proven workhorse in oncology for decades.

Alpha DaRT (Diffusing Alpha-emitters Radiation Therapy) is a form of brachytherapy, but it is a highly advanced evolution—and the difference matters a great deal. It uses the same core strategy of implanting small radioactive seeds directly into the tumor, but it harnesses a fundamentally different and far more potent form of radiation.

This physical difference delivers decisive advantages precisely where conventional treatments struggle most: in the hostile, treatment-resistant cores of solid tumors.

What is Brachytherapy

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In brachytherapy, physicians implant small radioactive pellets (seeds, roughly the size of a grain of rice) into or immediately beside the tumor. Classic examples include permanent seeds for prostate cancer or temporary sources placed inside the cervix or other accessible sites.

These seeds emit radiation continuously, delivering a high localized dose to the tumor while largely sparing distant healthy tissue. Brachytherapy is a well-established, highly effective standard of care for several cancers, including prostate and cervical.

The critical technical detail is the type of radiation emitted. Traditional brachytherapy seeds release low linear energy transfer (low-LET) radiation—primarily gamma rays, X-rays, or beta particles. Think of this as a relatively sparse, penetrating shower of small impacts.

What is Alpha DaRT?

Alpha DaRT follows the same principle of placing radioactive seeds directly into the tumor—but loads them with radium-224, which generates a cascade of alpha-particle-emitting daughter isotopes.

Alpha particles are heavy, high linear energy transfer (high-LET) radiation. If low-LET radiation is a scattered hail of pebbles, an alpha particle is a slow-moving, high-impact bunker-buster that smashes through DNA with devastating efficiency. The problem has always been their extremely short range—typically just 40–90 microns (a few cell widths)—which historically made pure alpha therapy impractical for anything larger than microscopic disease.

Alpha DaRT’s breakthrough solves this elegantly. The radium-224 remains anchored to the seed, but its decay releases daughter isotopes (including radon-220) through physical recoil. These daughters diffuse outward through the tumor tissue over a few millimeters. As they decay, they release multiple high-energy alpha particles right where they land.

The result is not a single point source of alpha radiation, but an expanding cloud of potent, localized destruction that effectively blankets the tumor volume when seeds are placed in an appropriate pattern.

Both approaches deliver radiation from inside the tumor. The decisive question is how effectively each one overcomes the tumor’s own defenses.

The Tumor Microenvironment: Where the Real Battle Is Won or Lost

Tumors are not just collections of cancer cells. As they grow, they actively engineer a hostile local environment—hypoxic (oxygen-starved), acidic, and immunologically suppressed. These conditions are major reasons why many aggressive solid tumors resist conventional therapies.

This is where brachytherapy and Alpha DaRT diverge sharply. Three key features of the tumor microenvironment affect the two treatments very differently.

Battleground 1: Hypoxia (Low Oxygen) — The Decisive Advantage

Large tumor cores are frequently oxygen-deprived because cancer cells outgrow their blood supply. This matters enormously because of how each type of radiation kills cells.

• Low-LET radiation (traditional brachytherapy and external beam) kills mostly indirectly. It creates reactive free radicals from water molecules that then damage DNA. Oxygen is required to “fix” that damage permanently. Without oxygen, the cell can repair the lesions and survive. This is quantified by the Oxygen Enhancement Ratio (OER) of roughly 2–3 for low-LET radiation—meaning hypoxic cells require 2–3 times higher dose to achieve the same kill rate. It is one of the oldest and most stubborn limitations in radiation oncology.
• Alpha DaRT bypasses this entirely. Its high-LET alpha particles cause direct, clustered double-strand DNA breaks through pure physical impact. This mechanism is oxygen-independent. Alpha DaRT destroys hypoxic cancer cells with the same lethal efficiency as well-oxygenated ones.

In the oxygen-starved cores where conventional radiation historically fails, this represents a profound and clinically meaningful advantage.

Battleground 2: Acidic Environment

Tumors often create an acidic microenvironment through their altered metabolism. While acidity itself does not block the physics of radiation, it suppresses local immune activity and hinders clearance of dying tumor cells.

Here too, Alpha DaRT shows a clear edge. The intense, concentrated damage from alpha particles triggers robust immunogenic cell death. Dying cancer cells release powerful “danger signals” (Damage-Associated Molecular Patterns or DAMPs, including calreticulin and HMGB1) that act as biological alarm bells.

Early preclinical evidence indicates these signals are strong enough to overcome the suppressive acidic environment and recruit immune cells. Traditional low-LET radiation tends to induce a quieter, less immunogenic form of cell death that raises far fewer alarms.

Battleground 3: The Immune “Cloak” — Turning Cold Tumors Hot

Many difficult tumors actively evade the immune system by secreting suppressive factors (such as TGF-β and adenosine) or recruiting protective cells. These “cold” tumors are notoriously resistant to both radiation and modern immunotherapies.

Conventional low-LET radiation often fails to break this cloak; in some cases, it can even reinforce immunosuppressive signals. Alpha DaRT works in the opposite direction. Its violent, high-density cellular destruction floods the tumor with immune-stimulating signals and tumor antigens—effectively handing the immune system a detailed set of molecular “wanted posters.”

The goal is to convert immunologically cold tumors into hot, inflamed ones that the body’s own defenses—and checkpoint inhibitors such as Keytruda—can recognize and attack systemically. This is an active and highly promising area of research, with strong preclinical support for synergy with immunotherapy.

While still an evolving story backed by early data rather than definitive large-scale proof, the potential is transformative: Alpha DaRT may not only eradicate the primary tumor directly but also prime the immune system to help finish the job against microscopic disease and metastases.

Bottom Line

Traditional brachytherapy remains an excellent tool for many situations. Alpha DaRT takes the same “radiation from inside” philosophy and supercharges it with the most potent, oxygen-independent form of radiation available—while adding the exciting possibility of immune activation.

For the hypoxic, acidic, immunologically evasive tumors that have long frustrated oncologists, Alpha DaRT offers a fundamentally different and superior biological profile. It directly addresses the key resistance mechanisms that limit conventional radiation, with a mechanism that is both physically elegant and clinically compelling.

The T-cells are biology (only if they can find their target)

Keytruda is chemistry (only if the T-cells they assist are in the right area)

Alpha DaRTs are physics (they destroy "cold" tumors that T-cells/Keytruda can't find and signals direct the Keytruda enhanced T-Cells to the right targets. That's an 's' for plural...)

Keytruda alone = 13-18% ORR

Keytruda + DaRTS = 75% ORR

There is no other brachytherapy that can make that claim. It's all Alpha DaRTs.

You might have noticed that lately the Chief Financial Officer of DRTS, Mr. Raphi Levy, has been selling some of his shares in the company.

At first we dismissed it by sharing the true number of his holdings, which some AI models were getting wrong. The CFO was holding over 1.7 million shares of DRTS ($20M+ value), so selling a few thousand shares doesn’t even mean anything.

Then when he sold another batch, still an insignificant number compared to his holdings, people were speculating he probably has a personal reason, could be buying a new house was the most common explanation.

But then when the selling continued, feeling a bit too systematic, I decided to take a deeper look into it.

Listening to Raphi talk at any opportunity, especially after the commercialization deal with Tolmar, which he called the best deal he’s ever seen (and that means a lot coming from him, as he’s spent 13 years at Goldman Sachs overseeing these kinds of deals), you wouldn’t think someone as bullish as him would be selling. Not with all the catalysts coming up.

And that’s when I noticed, that all the selling is part of a 10b5-1 plan.

The said plan is pre submitted (last modified when the SP was 7), that an insider must pre-arrange in writing in order to trade the company’s stock (not actually trade, as this plan has the dates, price and amount written ahead of time).

What happened is the CFO set some sell orders a few months back in the 10b5-1 plan, expecting them to get filled slowly but surely (first order seems to be 50% over the then current price, scaling up to 100% and further) for whatever considerable reason(s) he has (taxes, buying a house or whatever one with such a net worth might need liquidity for as is standard for insiders with a significant position).

The last week (hitting 1B and setting the stock free, institutions starting to buy, with the Keytruda results coming up and a potential approval of an IDE) had seen such volume and price increases, that the predetermined marks/algo probably got hit time and time again, causing the plan to execute over 50% of the amount he’s set up to sell.

I’ve called a long time big DRTS holder to talk it over with, and he fully understood it. He said that when he loaded up at the 2$ range, his initial goal was to sell at 10$ (he even set GTC orders for the price) which seemed like a far goal.

“That’s when Raphi probably set it up” the holder told me (Raphi actually modified it a few months back, but he meant to explain the mindset if I understood correctly). Of course since then seeing the DRTS progress, the holder told me he of course changed his initial plan, and not only hasn’t he sold at 10 but he actually bought more (wow!) and is very pleased about it.

So while an individual investor can change his orders whenever he wants, for an insider it’s a bit more complicated, and even though Raphi might regret selling all those stocks so fast (because even being the CFO he couldn’t know the GBM results would be that earth shattering, or how amazing the final details of the Tolmar deal would be), he got the liquidity he needed (just a few more sales to go) and is still holding the majority of his shares that could potentially soon put him in the 9 digit club.

Hi everyone,

Rather than trying to parse through every individual DD post, I wanted to focus on building a central, open-source model to help visualize the available information and better understand the underlying valuations.

To make this data easier to analyze interactively, I’ve set up a visual model and repository:

• Live Model: https://drts-model.vercel.app/
• GitHub Repository: https://github.com/sterno874/DRTS-Model

What the model does:

• Visualizes key information: It brings together the core data points and metrics into a single, interactive space.
• Explores valuations: You can adjust inputs and assumptions to see how different scenarios affect the valuation outcomes.
• Open-source foundation: The code is fully public, allowing anyone to inspect the logic, modify the setup, or build upon it.

Looking for your feedback:

This is meant to be a collaborative tool, and I would love the community's help in shaping it.

If you have a moment to look it over, please let me know:

• What additional variables, data points, or scenarios would you like to see included?
• Are there any adjustments or corrections needed for the existing valuation calculations?

Feel free to leave your suggestions in the comments below or contribute directly to the GitHub repository. Thank you for your time and feedback!

What are DRTS upcoming catalyst please?

Thank you

I'm old enough to remember that there was a time when SPACs were all the rage. I'm also young enough to remember that they fell out of favor after several fell on their faces. What you may not know is that most (all?) SPACs came with warrants and DRTS is no different. DRTSW are the warrants that came from the SPAC which gave birth to Alpha Tau Medical so many moons ago. And those warrants are only good until March 2027 and they have a strike price of $11.50. But they are redeemable at the company's sole option.

It's not too soon to discuss what happens if Alpha Tau Medical hits $18 per share AND stays at or above $18 for 20 out of 30 days, which are the requirements for the company to redeem (but see below for a "make whole" that can kick in after $10 per share...)

It's hard to imagine $18 per share not happening in advance of the March 2027 end date for the warrants.

You need to be aware that owning warrants will require you to pay attention closely when that happens.

There are five scenarios and I've modeled - each off of someone who holds 40,000 warrants at $1.00 per warrant. It will be easy to plug in your own numbers.

If the stock stays above 18 for 20 out of 30 days, I fully expect Alpha Tau will call those warrants. You'll have to decide what to do and you'll need to understand that your choice is impacted by the choices that Alpha Tau makes.

The relevant language is in 6.1 and 6.2 of the Warrant Agreement, which I'm certain you have handy but perhaps haven't read in a while.

Option 1: Your cost if they call will be $460,000 ($11.50 x 40k warrants). You'll get 40k full shares worth $720k if the stock is trading at $18. That's a $260,000 net profit minus your original purchase cost of $40k. $220k profit off of a $40k investment strikes me as one of the better trades you could have made. And you are now the proud owner of 40k shares of DRTS. Well done!

Option 2: Sell the warrants. Zero out of pocket cost. Once the stock is at or over $18, the warrants will trade very close to their intrinsic value. If the stock is at $18, expect the warrants to be worth roughly $6.50 each which brings you $260k in cash. You have no warrants and no shares of DRTS. But you've got a $260k war chest. If you were only it for the lols and the Lambo, you can now pick a color. Remember that a customized DRTSW license plate is not free and comes with a $50 annual renewal.

Option 3: Do nothing. The company will give you $0.01 per warrant upon 30 days notice. You are out of pocket nothing so you get $400. You have lost $39,600, you have no warrants and you have no DRTS stock. But you have $400 to put into VOO along with a weepy, tearful promise made in the mirror never to trade stocks again.

Option 4: (Not your option; DRTS's option exclusively) Make whole. Now that we're over $10 per share, DRTS can offer you the Fair Market Value (FMV) of the warrants in stock. There's a fractional share multiplier that ranges from 0.200 to 0.361 shares per warrant depending on how close it is to the March 2027 expiration date. Assuming stock at 18, six months left, your estimated conversion would be 0.250 to 0.280 shares per warrant. Your 40,000 x 0.26 = 10,400 shares. Value at $18 = $187,200. Your out of pocket nothing and you own 10,400 shares.

Option 5: (Not your option; DRTS option exclusively) Cashless exercise. If Alpha Tau explicitly allows cashless exercise, then the formula is Shares received = 40k warrants x (FMV - $11.50) / FMV. If the FMV is exactly $18 per share, you would receive 14,444 shares at a net out-of-pocket cost of $0. You own 14,444 shares of DRTS which is a wonderful stock to own.

I'll make this insanely brief. This subreddit will continue to pump out all the good news and bad news on Alpha Tau as it happens.

Our beloved DRTS is over $1B market cap now and that means that so-called "experts" are going to come out and try to pump or trash the stock because it's good for content.

You're in the control room here. This is the signal. Ignore the noise.

Literally, since we hit $1B market cap, I've seen false claims that Alpha Tau was getting a new CFO, claims that Alpha Tau is offering "snake oil" and Zack's has now listed DRTS as a "strong sell" which doesn't mean for an instant that they believe that. They never took a position in DRTS and were trashing it in order to pump the stocks they promote all the way back when DRTS broke through $7.

We're dealing with cancer and death and money. We need to have some amount of fun and it's great to see energy and hype when the stock breaks through $10. And $11. And $12. And $13. All in the same month. I don't want to lose that.

But we need to ensure that this small corner of Reddit is the signal because the noise is only going to increase from here.

I've posted too much today. Have a great holiday weekend and I look forward to celebrating $14 and $15 and beyond with all of you soon.

DRTSW (see my previous post on exercising the warrants if you don't know what DRTSW is or the time/price related risks that come with it) closed at $3.45 and it is in the money because the underlying stock, DRTS, is over the strike price of $11.50.

If you're deciding whether to purchase in the money warrants, you have to make some calculations and I'll walk you through a few scenarios. They're all bullish, not just because I'm bullish, but because if the stock price goes below $11.50 and stays below $11.50 until March 2027, you get nothing. Zero. You bought a warrant and you did not have an opportunity to exercise that warrant and after March 2027, those warrants aren't worth wet toilet paper to anyone. Fair warning?

Let's get realistic and I'll throw in some fantasy scenarios to wash that bad taste out of our collective mouths...

First, you have to want and fear $18 per share. $18 per share of DRTS means that there is an Intrinsic Value to the warrants of $6.50 per warrant. That's a good outcome that you want. Once DRTS is at $18 for 20 out of 30 days, you need to listen carefully to see whether Alpha Tau will call those warrants. Assume they will. It's mildly dilutive to the other shareholders but it means Alpha Tau just got cash money to fund more trials in more places across more solid tumors. Go back to the last post to see what your options are there if they call the warrants.

But let's assume for our purposes that you're not going to convert the warrants into stock and that you're not going to accept a single penny per share. Let's say you want to buy the warrants and sell them for a higher value later.

$18.00 is not a ceiling but it's a landmark, of sorts. At $18, your warrant is worth $6.50. Why? Because of Intrinsic Value (IV.) An $18 stock has a $6.50 intrinsic value because the warrant strike is $11.50. $18 - 11.50 = $6.50. (If that math was too hard, please stop reading further.)

We will assume you bought it at $3.45 today and, once DRTS hits $18 you've got a nice profit. How much profit? Let's get mathy.

Absolute profit per warrant: $6.50 - $3.45 = $3.05.

Return % calculation: Return % = ($3.05/$3.45) x 100 = 88.41%

Yowza! Nice trade.

Is that all you can get? Nope. It's just the intrinsic value whereby the stock price $18 - $11.50 = $6.50. And you waited until it was at $3.45 to hop on board.

That means I can has moar? Yes you can. Here's how...

Envision a scenario where the stock gets to $18 and doesn't freeze but keeps going. Many stocks do that. If the stock goes up to $20, the intrinsic value goes to $8.50. If the stock hits $25 (you have to have a dream or how can you make a dream come true?) then the intrinsic value goes to... (insert pregnant pause for effect) ... $13.50!

What are my returns if, within the 20 out of 30 days Alpha Tau has to redeem the warrants, the stock price of DRTS keeps rising to these fantastic heights?

Remember our formula: IV (intrinsic value) = stock price - strike price ($11.50)

If you buy DRTSW at $3.45 and sell the warrants once the stock hits $20:

Intrinsic value: $20 - $11.50 = $8.50

Absolute profit: $8.50 - $3.45 = $5.05

Percentage upside ($5.05/$3.45) x 100 = 146.38%

Well done!

Fantasy time: If the stock hits $25:

IV: $25 - $11.50 = $13.50

Absolute profit: $13.50 - $3.45 = $10.05

Percentage upside: ($10.05/$3.45) x 100 = 291.30%

For emphasis and the slow kids, that DRTSW trade at $3.45 made you Two Hundred Ninety One point Thirty per cent profit off that trade. (People say I'm a dreamer. I'm not the only one.)

Let's get back to reality. What's it worth today?

Well, it's not at $18 and we're far from March 2027 so we get a bit clever by calculating time value. Follow me and I'll keep it simple. ish...

Intrinsic value (IV) = current stock price - strike price.

IV = $13.50 (nice close today!) = $11.50 strike price = $2.00.

Now, we calculate the time value.

Time value (TV) = Current Warrant Price - Intrinsic Value

TV = $3.45 - $2.00 = $1.45.

We're left with:

IV = $2.00. This is raw profit built into the warrant at a $13.50 stock price.

TV = $1.45. This is the premium the market is pricing in for the time remaining before expiration in March 2027.

Warrant price: $3.45 and it's just the combination of the IV and the TV.

When you buy a warrant at the current price, you're buying some raw IV profit and some TV premium. Sharp traders are looking at that premium and saying, "Hmmm... the TV is 42% of the trade."

Is that good? Well, let's turn to our trusty AI bot to opine on what it means to have a $1.45 time value on July 5th when the deadline is March, 2027.

AI bot, drop some truth here:

A 42% time premium (extrinsic value) for an in-the-money warrant with roughly 8 months left until expiration (July 2026 to March 2027) is actually quite high and very healthy.

In standard options and warrant pricing, as an asset goes deeper "in the money" (like $DRTS rising to $13.50 past the $11.50 strike), the time value usually shrinks rapidly as a percentage of the total price, because the asset begins trading almost entirely on its raw intrinsic value.

The fact that the market is still willing to pay a premium of $1.45 on top of the $2.00 intrinsic value tells you a few important things about market sentiment right now:

1. High Implied Volatility (The "Hype" Premium)

Time value is heavily dictated by volatility. The market is pricing in a strong expectation that $DRTS is going to make big moves. Investors are willing to pay a heavy premium today because they see a high probability that the stock will run significantly past $13.50 before March 2027.

2. Leverage is Highly Valued

Buying the stock costs $13.50. Buying the warrant costs $3.45. For the same amount of capital, an investor can control roughly 4x more shares via warrants than ordinary stock. The market charges a premium ($1.45) for that massive built-in leverage.

3. The Threat of the Redemption Clock

The only reason a 42% time premium might stall or compress sooner than expected is if the stock sustains its run above $18.00. The moment the company triggers that 30-day redemption clock, the time value will rapidly collapse to near $0, because the "expiration date" effectively gets forced forward from March 2027 to "30 days from now."

Summary

For a warrant holder or buyer today, a 42% time premium is an excellent sign of bullish momentum and high demand. It shows that the market isn't just treating this as a dead-weight $2.00 intrinsic asset; it's actively pricing it like a spring-loaded option with plenty of runway left to fly.

Thanks AI bot. You're a star.

You now have the math and you should be able to clearly articulate the risk: Wrigley's offers up magic chewing gum that prevents all cancers and Alpha Tau goes to $0. Yay! And you should know that $18 (for 20 out of 30 days) is the alarm bell. Go back to the previous post to choose your options. But, you're not done. You still have to determine where the stock might land if you're playing warrants for leverage up until $18 strike. The odds of DRTS getting to $18 and staying there for exactly 20 days and not going up at all during that time is about the same odds as getting magic chewing gum.

Thanks as always for reading. My style and verbosity is NOT for everyone. I appreciate the restraint it takes not to trash this stuff if you're not interested or offended. I want you to be informed.

Alpha Tau Medical could very well offer up life changing amounts of money to investors but only if they're fully informed of both the potential and the risks.©

The exciting part is we have nowhere near exploded yet. Some of the biggest catalysts are yet to come.

Share your thoughts, feelings, questions or anything else you'd like to talk about with fellow DRTS community members

Informal survey! (Without Pristine's permission...)

In the past few days, I've written two very lengthy posts, one on potential pricing and one on potential abscopal effects and results we're expecting from the Keytruda + DRTS presentation later this month.

I got some nice responses. And a very special shoutout to those of you who hated what I put together and chose to ignore it. This is Reddit and I know that's not easy and you're awesome.

Over the past year, I've done posts on Alpha Tau's patents, the executive team, the logistics of the actual DaRTs, the difference between a physics and chemistry (radiation vs. pills) approach to solid tumors, and quite a few things on the warrants.

If there's something you feel would make you more informed shareholder, please let me know what you can't find on the site and either I or someone will track it down or I'll spend some time putting it together.

We have a long weekend and I've got this feeling like I haven't had since we were on the verge of getting the Japanese PMDA certification - a major milestone we celebrated with high quality graphics of $8 (the breakthrough price) made out of sushi - that we're on the verge of going much higher soon.

Everything seems to be in place:

• The platform works and impressive efficacy numbers are coming out of safety trials
• The FDA is giving Alpha Tau whatever they request
• Japan has approved a pancreatic cancer trial and will set reimbursement for H&N soon
• Alpha Tau has a committed commercial partner with ownership of a segment
• A fifth rGBM patient was treated this week. We'll have results from the fourth soon.
• The DaRT factories are all properly licensed and ready for orders.
• The DRTSW warrants are in the money.
• There's zero lack of awareness that Alpha Tau exists (finally!)
• DRTS has greater than a $1B market cap (finally!)
• The results from combined trials with Merck's Keytruda are coming in a few weeks
• Oramed, Alpha Tau's earliest corporate investor, just got added to the Russell 3000
• Money appears to be rotating out of AI and into Biotech (based on XBI/BBC)
• Big pharma's patent cliff will continue to drive up valuations via M&A

Don't wonder about anything.

Ask for what you need and someone will ensure the clouds of ignorance part for you.

Let's make millions saving millions of lives.

I'll give you the bullets and, if this is interesting, you can get into the deep dive below.

Bullets...

• Alpha Darts have been tested in conjunction with Keytruda (Pembrolizumab)
• What? Keytruda is Merck's $32B/year immunotherapy drug.
• When? Results will be announced on Tuesday, July 21st, 2026 at the AHNS cancer conference in Boston
• Who cares? Every oncologist, every solid tumor cancer patient and every DRTS investor
• Why? We may see the first fully documented Abscopal Effect
• What's that? Abscopal Effect is where treating one tumor causes tumors throughout the body to shrink - even though they were never directly treated.
• How? Keytruda can't "see" cold tumors. Cold tumors are its achilles heel. Once Alpha DaRTs "light them up" the tumor turns hot and Keytruda allows your immune system to destroy tumors all over the body.
• Which? All solid tumors: Skin, Breast, Lung, Colorectal, Pancreas, Prostate, Ovarian, Cervical, Head, Oral, Liver, Bladder, Vulvar, etc.
• Which doesn't it treat? The liquid cancers: Leukemia, Lymphoma, Multiple Myeloma

Deep dive due diligence

First, what is Keytruda? Keytruda is an immunotherapy. It's a PD-1 inhibitor and it's on pace to be the best selling (revenue) drug of all time.

Your body has killer T-cells that have a receptor on their surface called PD-1. It's like an "off-switch" to prevent it from destroying everything in a healthy body. PD-L1 is a camouflage shield that cancer uses to "trick" the killer T-cells into passing by the cancer.

When a T-cell approaches a cancer cell to inspect it, the cancer cell pushes the shield (PD-L1) into the T-cell's off-switch (PD-1). By plugging into that receptor, the cancer cell slams the brakes and the T-cell goes to sleep and the cancer continues to grow undetected.

Keytruda is an antibody engineered to fit perfectly on the PD-1 receptor of the immune cell. When a patient receives Keytruda, the drug floods the system and physically caps the PD-1 receptors with the result that the cancer can no longer flip the off-switch. The body's immune system (T-cells) recognize the cancer as hostile and destroy it.

Sounds amazing! It is. But Keytruda has a weakness called "cold tumors."

For Keytruda to be effective, it has to have two things:

1. Killer T-cells must already be inside or surrounding the tumor
2. Those T-cells must be actively trying to fight the cancer but are suppressed (shut off) by the tumor's defense shield.

Cold tumors have no T-cells inside the microenvironment to begin with. Keytruda's job is to "cut the brakes" so that the killer T-Cells don't stop fighting. No T-cells to cut brakes, no reaction to cold tumors.

Alpha Darts can target cold tumors. Using CT and MRI, we (humans) can see the tumors. Both hot and cold tumors will show up and appear as physical, abnormal masses of tissue. You won't be able to tell if the tumor is hot or cold because you can't see if it's crawling with fighting T-cells (hot) or if it's been deserted by the immune system (cold.)

Via advanced imaging (Immuno-PET) a hot tumor will glow brightly because it's packed with T-cells. A cold tumor will remain dim because there are no T-cells for the tracker to stick to.

Identifying and targeting the cold tumor is the key to unlock...

T H E H O L Y G R A I L

A cold tumor is completely invisible to the immune system. There are no T-cells there so drugs like Keytruda are completely useless.

By inserting Alpha DaRT directly into a cold tumor, the localized high LET radiation physically shatters the cancer cells. This forced destruction acts like a giant biological flare gun. It forces the tumor to spill its hidden internal proteins (antigens) directly into the tissue microenvironment.

This "wakes up" the immune system and rushes killer T-cells to the site and effectively turns the cold tumors hot. Once those T-cells are trained on the newly exposed cancer "fingerprints", they can travel through the bloodstream to hunt down other metastatic tumors elsewhere in the body. Keytruda ensures they never hit the brakes.

This is called the Abscopal Effect and it is a major paradigm shift in oncology.

Alpha DaRT's superpower here is its ability to "light up" a cold tumor, creating the exact environment that Keytruda needs to step in, jam the immune brakes open and unleash a full-body abscopal effect.

Historical note: We've seen some evidence of abscopal effect with Alpha Tau in the past. If you remember, we saw an instance during the Pancreatic presentation.

Personal note: My concern with this upcoming event is that we're dealing with elderly head & neck cancer cases. Elderly people already have a diminished immunity system and the recurring head and neck won't help. This Abscopal Effect won't wipe out tumors systemically unless there are T-cells to do battle. And the truth is that this combination therapy wasn't designed to test for Abscopal Effect but there is good news: It was set up with Best Overall Response Rate (ORR) as its primary objective.

RESULTS SO FAR...

The amazing news is that it worked, at least in early efforts.

ORR means the total percentage of patients whose cancer meaningfully shrank or disappeared.

ORR for Keytruda: 19%

ORR for Keytruda + Alpha DaRT: 75% (!)

Complete Response (CR) means all target cancer lesions have completely disappeared.

Complete Response Rate for Keytruda: 5%

Complete Response Rate for Keytruda + Alpha DaRT: 37.5% (!!)

If these numbers hold up in the presentation, this is a massive performance improvement to the biggest selling immune drug on Earth.

How this could play out...

Remember, Alpha DaRTs are a device and not a drug. Sorry to keep stressing that but it's important. With a device, you run a 30-50 person safety/feasibility trial and then you run a 300 person efficacy "pivot" trial.

If you are safe (trial 1) and more effective than the standard of care (trial 2) you get a gold star on your forehead and the FDA calls you certified.

The challenge is that the FDA won't approve Alpha DaRT + Keytruda. That's not how the FDA works. What they'll do is clear the path for Alpha DaRT + Keytruda in head and neck cancers to be approved.

Then, Alpha DaRT + Keytruda in the next solid tumor and the next solid tumor and the next solid tumor.

And each time, Alpha DaRT + Keytruda will be looking not just for ORR and Complete Response rates but they'll be looking for Abscopal effects.

Which cancers tend to be "cold?"

These will be names you recognize from recent, impressive results:

PDAC Pancreatic cancer - This is the quintessential cold tumor. Up to 70% of the tumor mass isn't actually cancer cells, it's a dense, scarring physical wall (desmoplastic stroma) made of collagen and hyaluronic acid (needed AI for that one.)

Glioblastoma (aggressive brain cancer) - GBM populates an environment heavily dominated by immunosuppressive cells rather than T-Cells. Keytruda has struggled here.

Ovarian cancer - some go hot but most are in "cold deserts."

Prostate cancer - Low mutational burden so it looks like normal healthy tissue. Once it becomes resistant to hormone therapy (castration-resistant prostate cancer) it metastasizes to the bone and is incredibly difficult to treat.

Colorectal cancer - 95% of metastatic colorectal cancers are "Microstaellite-Stable (MSS), meaning they have few mutations and are entirely cold. Keytruda is great with the 5% hot tumors here.

Oncology researchers are desperate for bridging technologies like Alpha DaRT. If a local treatment can shatter the dense stromal walls of PanC or force a low-mutation prostate tumor to spill internal antigens, it will act as a mechanical override - forcing these highly fatal "cold fortresses" to turn hot.

COSTS...

Reimbursement: If you have a choice of reimbursing a drug you know (Keytruda) and an outpatient targeted radiation treatment like Alpha DaRT or you could reimburse for Car-T, TIL Therapy or TCR-T therapy plus a required hospital stay, as an insurance provider, you're going with Keytruda every day. Here's why.

Keytruda: $10k to $15k per dose (given every 3 to 6 weeks) A full year costs $150k to $185k.

CAR-T therapy: MFG cost: $375k Total cost (plus hospital) $1M

TIL Therapy: MFG cost: $515k Total cost + hospital: $1M

TCR-T Therapy: MFG cost: $400k Total cost + hospital $1M

The reason these therapies are expensive is because scientists must physically harvest your cells, ship them to a multi-million dollar lab, re-engineer or cultivate them over several weeks and ship them back. This is a one-patient, one batch process. Then, patients must undergo intense chemotherapy to clear out their existing immune system to make room for the new engineered cells. The therapies can trigger life-threatening immune overreactions and patients routinely require days or weeks in ICU to manage the dangerous side effects while the cells adapt.

Compare that to popping a pill like Keytruda and undergoing a biopsy like outpatient procedure with Alpha Tau...

Not only the insurance guy but the oncologist and the patient will all want Keytruda + DaRTs.

CLOSING...

Still reading? Thank you for allowing me to share a double Ted talk. The abscopal effect, if it shows up consistently in conjunction with Keytruda means that we've won a battle. Oncologists have a new weapon, patients have new hope, and we have invested in a multi-billion dollar global platform across all solid tumors and we were there back when it was at a paltry $1B market cap back in mid-2026.

So i’m invested in SLS, and have been since it was at about $7.50. I really enjoyed it, loved the company, loved its cause and all round was a really positive stock in my view. I’m kind of looking for ‘the next SLS’ per se, without sounding too cringe. Is this really it? Or am I too late and just jumping on hype. Obviously i need to do a DD myself but what are your guys thoughts?

What’s the positives of this stock currently?
What does it have to look forward too?
What is the bear case?

Thanks.

New and updated DRTS DD Video by The Biotech Investor including an interview with CFO Raphi Levy.

The Biotech Investor:

“Exactly one year ago, we covered Alpha Tau Medical (DRTS) and their highly targeted, localized radiation therapy, Alpha DaRT. Today, we are breaking down the massive milestones they've hit over the last 12 months! Japan's Ministry of Health just granted them their very first commercial Shonin marketing approval outside of Israel for the treatment of head and neck cancer. On top of that, Alpha Tau recently signed a blockbuster $196 million strategic collaboration with Tolmar International to bring the DaRT wire to prostate cancer patients in the United States.

In this video, we dive deep into the clinical data that is turning heads in the biotech world. We discuss the interim results from the U.S. REGAIN trial in recurrent glioblastoma, which demonstrated an incredible 100% local disease control rate and a 67% complete response rate in the first three patients treated. We also break down the updated survival metrics from their pancreatic cancer trials, where heavily pre-treated patients achieved a median overall survival of up to 17.1 months.

Plus, we sit down for an exclusive interview with Raphi Levy, the Chief Financial Officer of Alpha Tau Medical! We ask him the hard questions about the company's $80.2 million cash runway , the mechanics of their recent strategic partnerships, and how they plan to fund their massive 400,000-unit capacity manufacturing facility in New Hampshire.

If this breakdown helped you, hit like, drop your questions below, and hit subscribe so you don't miss the next update!

Disclaimer: This video is for informational purposes only and is not financial advice. Please do your own research and consult a professional before making any investment decisions.”

Edit: The video was re uploaded, here’s the updated link:

https://youtu.be/Jyryv-152hc?si=ccTOn7JryaguibvT

Share your thoughts, feelings, questions or anything else you'd like to talk about with fellow DRTS community members

Huge congratulations to those who invested in SLS. After you buy your yachts/Lambos, you'll still need to put your remaining money to work and there's a high likelihood you're asking "Where is the next SLS?"

Alpha Tau Medical (DRTS) provides you with what you loved about SLS without what you didn't love. Let's get into it.

DERISKED: The brilliance of SLS was that their GPS became derisked in phase III through nearly every mathematical model.

MULTIPLE INDICATIONS: I don't have to tell you that there are over 20+ wt1 expressing cancers and GPS winds up cornering the market on all AML indications.

The DRTS similarities are impossible to ignore:

DERISKED: Safety & feasibility studies have been running (on humans) for years across multiple solid tumors. There are so few side effects and none that have risen to the level of show stopper against any indication. Alpha Tau's DaRTs are already fully approved by Japan's PMDA (FDA equivalent) which is known as the toughest cert to achieve.

MULTIPLE INDICATIONS: Name a solid tumor and DRTS destroys the double helix that makes up the DNA strand. PDAC Pancreatic Cancer (the most common and most horrible PanC), recurring GBM (the one that has zero standard of care), recurring head & neck cancer including Oral Cavity Squamous Cell (achieved Japan cert and are presenting results with Merck's $30B Keytruda where DaRTs improved results by 3x on July 21st) skin cancer, prostate cancer (just signed a commercial deal with Tolmar, a major prostate oncology shop for millions) breast, vulvar, etc.

WHAT YOU NEED TO KNOW BEFORE INVESTING...

Technology: This is a device; not a drug. There is no phase III. There is no waiting for an 80th event. The team at Alpha Tau is brilliant (they own a LOT of shares) and they're using high LET alpha radiation decay placed directly into the tumors via an ultrasound guided biopsy-like procedure. Any oncologist can use DRTS today without having to get a shielded room or learn a new procedure. There is solid due diligence within this sub about the logistics of getting customized Radium material onto the DaRT and the forward/reverse logistics of getting it to the oncologist on time without suffering decay (the reason you can ship the DaRTs via common carrier is because the radiation doesn't spread like beta/gamma rays.)

Stock Price: Yes, it's run up. But you're not too late. In fact, I would argue that you're here at exactly the right time. The price as of close yesterday puts the market cap at almost exactly $1B. What's different from SLS is that nearly all of the shareholders in DRTS are retail investors (or employees.) That's why this sub exists. The institutional investors couldn't get into DRTS because the MC was too low and their wasn't sufficient volume to get out of a trade if they got in. That changes now that we're going above $1B MC. What this means is that you get to front run the institutional investors. Everyone who sees 2 out of 3 Complete Responses to recurring GBM (which, again, has no standard of care) knows that this is at least a $3B company on that basis alone. Everyone who sees the results coming late July in conjunction with Merck's $30B Keytruda knows that this is potentially a $4B company. Everyone who sees that DRTS improves the life, pain, blocked ducts of PDAC PanC patients who are being treated with RVMD's Daraxonrasib knows that this may be a $5B company. But the institutions (and hedge funds and algos and indexes, etc.) can't get in until we're above $1B which is happening as I'm typing this.

Like SLS, there isn't a better solution for AML indications.

With DRTS, there isn't a better local treatment for solid tumor destruction.

You've already made significant money taking a reduced risk, immense payoff on fighting cancer.

Don't stop now.

Cancer isn't going away and by every measure that we've seen so far, Alpha Tau Medical has already reduced the risks and will have an immense payoff not just for investors but for anyone at risk of dying from a laundry list of cancers.