“Following a period as the largest shareholder and serving on the board of Arca Biopharma, the fund participated in its reverse merger with Oruka Therapeutics. The manager considers this transaction a model structure for reverse mergers because it combined capital validation through co-financing with a commitment to return capital to existing shareholders.”
Each excerpt above is the manager's commentary on this ticker specifically. The full letter has the rest of their portfolio thinking, risk discussion, and broader institutional context.