The request
"Evaluate $TICKER for a long position. I care about the strength of the lead asset's mechanism, the readout cadence over the next 18 months, the cash runway, and whether the comp set says the stock is cheap or expensive. Ship a one-page memo with a recommendation and your three biggest unknowns."
What the Analyst hands the Agents
- The latest 10-K, last two 10-Qs, the most recent investor deck.
- The clinical trial registry entries for the lead program.
- Three to five papers on the mechanism — the Analyst chooses these from PubMed.
- Your comp set, or a request to construct one and justify it.
The Scientific Reviewer
Reads the papers and the trial design. Asks the questions a translational scientist would ask: Is the target validated? Is the dosing in the clinic at exposures that hit the published EC50? Are the endpoints regulator-friendly? Does the Phase 1 readout actually de-risk the Phase 2 hypothesis?
Ships back a one-paragraph thesis, a confidence score, and the three things to watch at the next readout.
The Financial Reviewer
Reads the filings and your comps. Computes burn, runway, dilution risk, and EV-to-peak-sales against the set. Flags anything that looks off — non-cash charges, unusual stock comp, contingent obligations.
Ships back a runway table, a comps table, and a sensitivity around the next financing.
The synthesis
The Analyst merges both briefs. It does not paper over disagreement — if the science looks strong and the balance sheet is fragile, the memo says so. You get:
- A recommendation (Long / Pass / Watch) with the conviction level.
- The catalysts dated to the next three quarters.
- The three unknowns that would change the rating.
- A "what would make me wrong" paragraph.
Follow-up dispatches
- "Build a sensitivity model on dosing and patient enrollment to peak revenue."
- "Pull every analyst note from the last 90 days and tell me where the consensus is wrong."
- "Draft questions for the management call next week — focused on the unknowns above."
Tips
Give the Analyst your standing thesis on the indication. The memo gets sharper when the Agent knows what would change your mind versus what's already priced into your view.