[GUEST ACCESS MODE: Data is scrambled or limited to provide examples. Make requests using your API key to unlock full data. Check https://lunarcrush.ai/auth for authentication information.]  Dalius - Special Sits [@InvestSpecial](/creator/twitter/InvestSpecial) on x 30K followers Created: 2025-07-18 08:52:00 UTC Pure-play net-net biopharma plays with announced strategic reviews seem to be disappearing fast. Tang Capital has been especially active recently, picking up a number of these names, including $CRGX, $KRON, $IGMS, and $ELEV. Recently, $EPIX agreed to a similar type of setup. Some broken biopharmas pivoted into crypto treasury plays, like $SONN, which was up 10x on that deal. Yes, that’s the world we live in—but I digress. Not many of these plays remain on the market. So, it might be worth looking into setups that are trading at massive discounts but still have not announced any strategic shifts or exploration of alternatives at all. One of those struggling biopharmas looks like an interesting candidate. $GBIO is a $28M market cap biopharma with mostly preclinical assets and a massive $157M in cash, with less than $10M in current liabilities (excluding leases). The key part that needs to be figured out is what to do with the ~$90M in lease liabilities, which would be hard to offload in the current real estate market at a discount, but it's not impossible. Assuming they could settle at half the lease liability value, the discount to net cash as of now is about 50%. A cut in workforce and a halt to R&D here could make this a massive winner, as has happened with many other companies in the space. If you add a couple more similar setups, which I encourage you to share, a basket of these could be an interesting way to continue playing the net-net biopharma space. Going back to $GBIO, another aspect I like, besides the fact that it’s mostly composed of preclinical assets, is the high insider ownership (22%), which should encourage them to do the right thing and start a review of strategic alternatives. Of course, the company continues to advance its pipeline and has missed multiple deadlines on IND submissions. So this is far from a riskless trade and should only be considered as part of a basket with small exposure. Credit to @AnotherBio for hinting at the $GBIO case first. XXXXX engagements  **Related Topics** [sonn](/topic/sonn) [10x](/topic/10x) [$sonn](/topic/$sonn) [$epix](/topic/$epix) [$elev](/topic/$elev) [$igms](/topic/$igms) [$kron](/topic/$kron) [$crgx](/topic/$crgx) [Post Link](https://x.com/InvestSpecial/status/1946130824211931376)
[GUEST ACCESS MODE: Data is scrambled or limited to provide examples. Make requests using your API key to unlock full data. Check https://lunarcrush.ai/auth for authentication information.]
Dalius - Special Sits @InvestSpecial on x 30K followers
Created: 2025-07-18 08:52:00 UTC
Pure-play net-net biopharma plays with announced strategic reviews seem to be disappearing fast. Tang Capital has been especially active recently, picking up a number of these names, including $CRGX, $KRON, $IGMS, and $ELEV. Recently, $EPIX agreed to a similar type of setup.
Some broken biopharmas pivoted into crypto treasury plays, like $SONN, which was up 10x on that deal. Yes, that’s the world we live in—but I digress. Not many of these plays remain on the market. So, it might be worth looking into setups that are trading at massive discounts but still have not announced any strategic shifts or exploration of alternatives at all.
One of those struggling biopharmas looks like an interesting candidate. $GBIO is a $28M market cap biopharma with mostly preclinical assets and a massive $157M in cash, with less than $10M in current liabilities (excluding leases). The key part that needs to be figured out is what to do with the ~$90M in lease liabilities, which would be hard to offload in the current real estate market at a discount, but it's not impossible. Assuming they could settle at half the lease liability value, the discount to net cash as of now is about 50%.
A cut in workforce and a halt to R&D here could make this a massive winner, as has happened with many other companies in the space. If you add a couple more similar setups, which I encourage you to share, a basket of these could be an interesting way to continue playing the net-net biopharma space.
Going back to $GBIO, another aspect I like, besides the fact that it’s mostly composed of preclinical assets, is the high insider ownership (22%), which should encourage them to do the right thing and start a review of strategic alternatives.
Of course, the company continues to advance its pipeline and has missed multiple deadlines on IND submissions. So this is far from a riskless trade and should only be considered as part of a basket with small exposure.
Credit to @AnotherBio for hinting at the $GBIO case first.
XXXXX engagements
