🎉 #AFASG25# in SG! 🎉 Meet & Greet - photos & merch ‼️ Only appear on Friday & Saturday. 📅 28 - 29 Nov 2025 📍Anime Festival Asia SG 📍Suntec SG Convention & Exhibition Centre

AbCellera - FY2026 Q3 Earnings $ABCL $12.40 [-0.50% AH] ✅ Revenue: $10.6M (Est: $5.4M) [+19% YoY] ✅ EPS: -$0.13 (Est: -$0.18) [vs -$0.19 YoY] Segment Revenue: - Research fees: $10.5M [+20% YoY] - Licensing and royalty: $0.1M [-35% YoY] Additional Metrics: - Revenue up 163% QoQ from $4.1M - R&D expenses: $43.5M vs $55.0M YoY - SG&A expenses: $13.6M vs $25.0M YoY - Operating loss: $53.3M vs $76.3M YoY - Net loss: $40.8M vs $57.1M YoY - Cash and marketable securities: over $790M - Total available liquidity: over $890M, includes over $100M of non-dilutive government funding - Closed a $200M offering of common shares and pre-funded warrants in the quarter - Partner-led programs with an AbCellera downstream stake: 34 (down from 44 at Dec 31, 2025) Pipeline Update: - Positive top-line Phase 2 data for ABCL635 in hot flashes (moderate and severe VMS), late-stage development planned to start in 2027 - Phase 1 data for ABCL575 (OX40 ligand, atopic dermatitis) met all endpoints. No plan to develop it past Phase 1 - Three new programs advanced into IND-enabling work: ABCL992, ABCL385 and ABCL646

Vicor guided the same quarter three times in 71 days. Jul 21: Q3 up nearly 10%. Sep 21: up more than 20%. Sep 30: up more than 30%, so above $186.4M. The product forecast never moved. Both raises came from one source: royalties on Vicor’s first non-exclusive Vertical Power Delivery license. Back out what was already contracted, and that license works out to roughly $28.7M in a single quarter. For comparison, Vicor’s royalty for all of 2025 was $57.4M. $VICR reports tomorrow before the open. Here’s what we’re watching. First, is it a run rate or a catch-up? If the license pays per unit sold, part of Q3 is back royalties on units that already shipped. Vicor has done this before: Q3 2025 royalty spiked, then fell 33% the next quarter. Whatever the Q4 guide implies for royalty answers this. Second, opex. The May license added $4.4M to SG&A for contingent legal fees. Royalty has no cost of goods, but it isn’t free. If opex jumps again, the new license carries the same cut. Third, the product side. Customer feedback on Gen2 VPD, and how quickly the fab reaches $1.5B in capacity. Fab space isn’t what limits Vicor right now. Customers are. Our line is simple. Q4 royalty under $25.4M means the new license doesn’t recur. Anything above that means Vicor now has two engines, and the second runs at nearly 100% gross margin. Part 1 and Part 2 are on our Substack. Part 3 drops after the print tomorrow!

$OSCR Path to Recovery and Leading Indicators to Watch Ahead As OSCR is closing in on a 52 week high, its been a painful ride so far and the question has always been are finally out of the consolidation phase and out of the subsidy overhang and unexpected market morbidity that messed up the sector in H2 last year. I was trying to reconcile and see see how the path might look like for OSCR for rest of 2026, I want to provide a quick glance on what happened, what OSCR did to navigate this and what are the leading indicators that we can observe to see if we are finally out consolidation and overhang to realize the true value of business and valuation it deserves. 1) What Happened in the Broader Health Insurance Industry (Especially for Oscar) in H2 2025 After the big Medicaid redeterminations wrapped up in 2024, a lot of healthier folks dropped coverage or stayed out of the ACA individual market, while higher-acuity people shifted in from Medicaid. That messed up the risk pools across the industry.For Oscar it hit pretty hard in the back half of the year:Q2 2025 MLR jumped to 91.1% (from 79.0% the year before). Net risk adjustment payable shot up by $316 million. Full-year 2025 MLR came in at 87.4% (vs 81.7% in 2024). Ended up with an operating loss of $396.4 million even though revenue grew to $11.7 billion. Pretty much the whole industry saw higher MLRs and bigger risk adjustment outflows because of the worsening morbidity. 2) What the 2025 Wakely Report Said Wakely’s July 2025 “2025 Individual Market Risk Pool Considerations” (plus the later updates) laid it out clearly. Demographic-normalized relative risk scores rose more than 8% compared to 2023/2024 levels, with jumps as high as 11.6% in non-expansion FFE states. They tied it straight back to the Medicaid redetermination inflows. That report basically confirmed exactly why everyone, including Oscar, was seeing the MLR pressure in the second half of 2025. 3) What $OSCR Did to Navigate It Oscar didn’t just sit there. They resubmitted 2026 rate filings in states covering ~98% of their membership to properly account for the higher market risk scores. They doubled down on disciplined pricing, pushed more affordable Bronze options, leaned on their broker tools and tech platform for retention and acquisition, and kept tight control on utilization and costs. Solid moves that set them up much better heading into 2026. 4) Recent Conference Call: Favorable Early Signs and Waiting on Wakely Management said the market contraction is tracking in line to favorable versus their 20–30% estimate, and claims plus third-party data are showing market morbidity in line to favorable with their pricing. They’re being conservative on risk adjustment accruals (~24% of premiums vs a ~20% full-year target) and specifically mentioned waiting for more Wakely clarity.Q1 2026 results looked strong:Revenue up 53% YoY to about $4.6 billion. MLR improved big-time to 70.5% (490 bps better YoY), helped by pricing, the Bronze/new-member seasonality, and $68 million in favorable prior-period development. 5) Leading indicators to watch for The upcoming 2026 Wakely report on enrollment, payments, and morbidity trends is the big one to watch. If it confirms stable or lighter-than-feared market morbidity, better risk adjustment dynamics, and member mix that lines up with Oscar’s assumptions, it should de-risk the year and open the door to upside. Oscar has reaffirmed full-year 2026 guidance: Revenue $18.7–19.0 billion, MLR 82.4–83.4%, and operating earnings $250–450 million. Tailwinds from continued membership/share gains in a smaller but stabilizing market, already-baked rate increases, normalizing risk adjustment, and SG&A leverage should help drive that. As I compile this post, I was reminded of the below reply from @mtbert to one of the questions around the earnings call, when mark was replying to puzzles which shows, why they are able to navigate this better than what all the analysts could think off. @investingwithac @obfuscated_id @degeninvestor7 @Couch_Investor @TheRonnieVShow @dannycheng2022 @sheslee would love to hear your thoughts as I try out my first shot at long post, hope to keep sharing more !!

2025 hack: "ask the AI how to prompt the AI" 2026 hack: at the end of every session, tell your agent "write down what you learned so next time you don't need me" it saves it as a skill, and reads it before the next task I now have one for rendering videos .. one for reading my Sentry errors .. one for my posting queue .. and one that writes like me each week, the agent needs me a little less not sure what I'll do soon 👀