Abivax posted maybe the best ulcerative colitis data anyone's seen, then crashed 60% on a cancer signal Adam May argues is statistical noise. We dig into whether $ABVX is now a mispriced takeout: the maintenance efficacy that beat Rinvoq, how the scary "seven cancer cases" collapse to two, the blackbox question, the Crohn's skew, and the part two safety data due within weeks. Then a quick look at Nectar (NKTR), its alopecia areata data, and the Eli Lilly lawsuit.

This episode is sponsored by AlphaSense, and specifically Andrew's upcoming AI webinar with them: breaking down the modern AI stack for investors with Dave Wang (Wall Street Prompts) and Ben Collins (AlphaSense). Goes live June 25. Register here.

Chapters:

00:00 Intro and disclosure (long ABVX and NKTR)

01:03 Sponsor: AlphaSense AI webinar for investors

02:33 The biotech "GOAT" returns

03:33 Abivax setup: induction vs maintenance, the stakes

06:38 The bar: clinical remission and Rinvoq

10:14 Blowout maintenance data, and endoscopic remission that doubles Rinvoq

14:23 The data drops, then a 60% crash

16:31 The cancer scare, taken apart case by case

24:45 Why it's statistical noise: mechanism, clustering, base rates

28:50 Adverse-event capture and the phase 2 safety database

33:57 Bear case: hasn't the market had time to digest this?

38:00 Blackbox or no blackbox, and does it matter at $100

40:32 The Crohn's readout and the skew

45:36 M&A: timing, the new CCO, what Adam wants them to do

47:38 Part two safety data due within weeks

54:46 The cash question: secondary vs sale

57:49 Nectar: strong data, then an unexplained selloff

59:54 The Eli Lilly lawsuit and the jury-trial angle

01:03:26 Ox40 read-through and the Q32 Bio overhang

01:06:07 Most mispriced pick, targets, and the CEO's Cincor parallel

01:12:10 Wrap

Links:

Yet Another Value Blog - https://www.yetanothervalueblog.com

See our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimer

Production and editing by The Podcast Consultant - https://thepodcastconsultant.com/

Disclosure: Long ABVX and NKTR