Hard to find time for a write-up! September was another up and down month but I ended up 8.7% which is pretty decent. I’m still a ways off of my high for the year from back in June. Most of my companies are still humming right along (except Liquidia which I’ll cover below), but it seems the ongoing Iran War & the bond market is in control of things.
Major changes this month included adding two new companies, Everpure and Precigen. I also sold completely out of APP, trimmed NVDA, and added to IREN. Since it was an off-earnings month, I’ll be brief in covering some of my companies below and focused on those that have had big news or changes in opinion on my side
My year looks like this:
JAN: -7.02%
FEB: -14.81%
MAR: +1.57%
APR: +27.11%
MAY: +54.54%
JUN: +7.81%
JUL: -16.09%
AUG: +3.25%
SEP: +8.68%
YTD: +47.34%
My portfolio looked like this as of Sep 30th:
Company Thoughts & Happenings:
NBIS
A couple big pieces of news. The first was the partnership with Palantir which is a huge vote of confidence in my view. The second was another acquisition, of Inferize, an “inference optimization company”. I don’t know anything about this, but I like the posture of the move. High confidence still.
ETON
Announced the US Commercial availability of IMPAVIDO, including Eton Cares patient support with $0 copay. My initial AI research showed that this won’t be as big of an inflection point as HEMANGEOL, but I’m encouraged by the continued pipeline of new drug releases.
MU
Another blowout quarter with beats across the board including the guide. It’s a little difficult to judge if they have become too big to continue growing at a high rate, at over $1B market cap. But I’m sticking with them in hopes that when the macro calms down, they will take off again.
ASTS
Lot’s of feelings. First off, the SpaceX news that they acquired a band and intention to provide cell service and compete directly with MNOs. ASTS has been hit hard by this news but if you think beyond the surface level I’m not sure how it’s bad news for them. ASTS is partnered with many of the major MNOs and for now is their only route to satellite-based coverage. So are all of these MNOs just going to roll over and give their customers to Starlink? Or are they more likely to try to accelerate and integrate satellite coverage into their own offerings through ASTS? I would think it’s the latter.
More concerning however is the lack of news related to satellite launches. They’ve gone silent since early August, which seems foreboding. They had stated they need 45-60 satellites to essentially service the globe. Their intention is to hit 45 by early 2027 but this seems extremely unlikely now. And yet they continue to move forward integrating coverage into existing MNOs, making progress with Telus in Canada. I’m not really appreciating the lack of official company communication on the satellite front. But I’m going to wait until earnings before doing anything.
SATL
Satellogic had a pretty good month from a news perspective. Here are some interesting stories that came out, I have no real expertise in this area but it all sounds intriguing and positive for long-term:
- A partnership with Synmax, who detects “Dark Vessels” for Government and Commercial customers. I’m guessing this is a growing market considering recent geo-political events
- An upcoming October launch of two inter-satellite linked Mark VI satellites and a NewSat Mark V satellite. This will strengthen their global intelligence fleet and open up more capability in sovereign, government controlled solutions.
- One of their satellites, which are meant to provide high-rez photos of earth, was able to be reconfigured to take high-rez photos of an orbiting Chinese late stage rocket at a much closer distance (obviously). I have no clue what the market would be for this as space tech grows, but it seems pretty cool.
- Expanded Slingshot III contract with Innovative Defense Technologies in support of the US Office of Naval Research. This work will be done in 2027 and 2028.
- Announced the successful launch of their first Merlin Satellite. This was the catalyst that I read about which first got me into this company.
Most of these announcements still flew under the radar 
from a share price perspective, so I’m hoping some of this shows up during earnings and we get some clarification on revenue potential. But they give me a lot of confidence and I’m looking to size up this position.
P
I got into Everpure after @anthonyms great write up and it was my top performing stock in September. Soon after I bought it, they were added to the S&P 500. They also announced projections of 38% growth in 2027 and accelerating to 39-45% growth in 2028, with operating income growing ~50% and then ~90%. They also announced new platform capabilities. Certainly bullish.
PGEN
Precigen was reco’d to me on the Reddit board. They are another biotech, developing “gene and cell therapies using precision technology to target diseases in areas of immuno-oncology, autoimmune disorders, and infectious diseases.” They have recently taken off, with revenue surging from $5M to $23M to $55M the last few quarters, while recently also becoming GAAP profitable at $23M last quarter. GM is 82%. I’m likely going to add to this position.
LQDA
Liquidia unfortunately had a court rule that they infringed on patents in the development of their flagship drug, YUTREPIA. This tanked the stock over 50%. It’s unclear what changes they will need to make and what the actual revenue impact will be. They had tried to offer the court a remedy of changing the label, but apparently this didn’t stick. Given it’s such a small position, the price hit is a sunk cost and the final decision is still pending, I have held my shares for now. Definitely disappointing given it was on such a great growth trajectory!
APP
I sold out finally to fund the PGEN addition. I simply believe that they are going to find the entry into the wider world of advertising more difficult than they expected. It’s certainly at an attractive price now, and their current numbers are still very impressive, but I found other opportunities more compelling.
Thanks all for reading and any thoughts you have.