Lima2111
$TCRX beaten down but thesis stronger than price implies.
Pivot to in vivo cell therapy broadens acquirer universe massively. Ex vivo = 4-5 names (Kite, Novartis, BMS, J&J). In vivo = any large pharma with oncology + LNP capability. In 2024-25 alone ~$6.1B deployed in this space: AbbVie $2.1B (Capstan), Lilly $7B (Kelonia), BMS $1.5B (Orbital), AZ $1B (EsoBiotec). One of biotech's hottest M&A categories.
All of these acquisitions were preclinical or very early Phase 1.
What caught my eye: new fund just filed 13G at 5.4% — Readout Capital. CIO: ex-Lion Point biotech PM (event-driven). CSO: Dr. James Dahlman — MIT/Harvard PhD, ex-Google Ventures, founded Guide Therapeutics (sold to Beam for $440M). His entire career is LNP-based in vivo RNA delivery — exactly the technology behind TCRX's pivot. Filed 3 weeks post-reorg. High-conviction scientific bet, not a passive screen.
Net cash ~$0.52/share vs $0.21 stock. Watching closely.
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