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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Jul 24, 2025 | Arquitos Capital Management | 13.1% | 28.8% | ENDI, LQDA | Biotechnology, FDA approval, Patent Disputes, small caps, Specialty Finance, value | Liquidia Therapeutics represents a significant biotech investment focused on Yutrepia, a treprostinil inhaler for PAH treatment. The drug received FDA approval in May 2025 and launched with strong initial prescription numbers exceeding expectations. The company faces ongoing patent disputes with United Therapeutics and potential future competition from Insmed's once-daily treatment, though that competitor is years away from market entry. | ENDI LQDA ENDI LQDA |
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| 2025 Q1 | May 5, 2025 | Buckley Capital | -0.5% | -0.5% | BFIT.AS, DNTL.TO, IWG.L, LQDA, UTHR, VRNA | Europe, healthcare, small caps, tariffs, value, volatility | The fund has significant exposure to healthcare companies with best-in-class or first-in-class products, focusing on de-risked assets that don't require molecular-level analysis. Two material positions, Verona Pharma and Liquidia Corp, have grown to 5%+ positions due to strong performance and represent opportunities in COPD and pulmonary arterial hypertension treatments respectively. | LQDA VRNA BFIT.AS DNTL.TO |
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| 2026 Q1 | Apr 30, 2026 | Arquitos Capital Management | -7.2% | -7.2% | ENDI, FNCH, LQDA | activism, Biotechnology, liquidation, Patent litigation, SmallCap, special situations, value | LQDA FNCH ENDI |
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| 2025 Q1 | Apr 30, 2025 | Summers Value Fund | -11.2% | -11.2% | ADMA, CCSI, ELMD, INDV, LQDA, SPOK, VSTS, ZIMV | Biotechnology, Defensive, healthcare, small caps, value | The Fund focuses on relatively defensive healthcare companies that have historically served as a safe harbor during market uncertainty. Recent selloff in healthcare stocks following FDA leadership changes and concerns over drug approvals is viewed as overdone. Portfolio consists of companies with predictable businesses and strong cash flow generation. | CCSI |
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| 2026 Q1 | Apr 20, 2026 | Laughing Water Capital | -4.5% | -4.5% | LFCR, LQDA, LRN, NN, PAR, SES.TO, TBPH, VTY.L | Biotechnology, Concentration, small cap, special situations, value | View | ||
| 2025 Q3 | Nov 8, 2025 | Summers Value Fund | 20.4% | 4.9% | ADMA, CCSI, DERM, ELMD, INSP, LGND, LQDA, QURE, SPOK, SPRY, UFPT, ZIMV | Biotechnology, healthcare, innovation, M&A, Pharmaceuticals, Regulatory, small cap, value | The fund has increased portfolio exposure to biopharma stocks following years of underperformance, believing they are poised for outperformance. The manager is optimistic about the innovation cycle and recognizes that large-cap companies will pay sizeable premiums to acquire attractive pipelines with large sales opportunities. | View | |
| 2025 Q3 | Oct 20, 2025 | Arquitos Capital Management | 29.6% | 66.8% | ENDI, FNCH, LQDA | Biotechnology, FDA, Litigation, Patents, small caps, special situations, value | Portfolio heavily concentrated in biotech companies with significant patent litigation and FDA approval catalysts. Liquidia received FDA approval for Yutrepia and launched successfully, while Finch won patent infringement case against Ferring with potential for enhanced damages. | FNCH ENDI LQDA |
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| 2024 Q3 | Oct 20, 2024 | Arquitos Capital Management | -15.5% | 4.5% | ENDI, LFCR, LQDA | Biotechnology, FDA, Patent litigation, small caps, value | Liquidia continues to face FDA delays for their PAH and PH-ILD drug Yutrepia until May 2025, despite having a superior product with better patient tolerance. The manager believes Liquidia can capture 50% market share given the 50-60% dropout rate for the competitor's drug. | LFCR LQDA ENDI |
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| 2025 Q4 | Jan 27, 2026 | Buckley Capital | 2.6% | 21.4% | ALL, BFIT, DAVE, FTAI, GE, HLT, HWM, IHG.L, IWG.L, LNW, LQDA, MAR, PRTH, RR.L, RTX, SAF.PA, UTHR, VRNA, WLFC | aerospace, Europe, Fintech, gaming, Inflection, small caps, turnaround, value | Light & Wonder represents a high-quality duopoly business with Aristocrat in slot machine manufacturing and distribution globally. The company has engineered a remarkable turnaround over the last 5 years, transitioning from an overlevered business losing market share to an appropriately levered company now growing market share substantially. Basic-Fit is the dominant low-cost gym operator in Western Europe and represents the largest position. The company built a highly standardized, low-cost gym model delivering attractive price-to-value for members and high incremental returns on capital. 2026 is expected to be the inflection year as clubs opened since 2023 have reverted to pre-pandemic performance. Willis Lease Finance is a niche leader in commercial aircraft engine leasing, specializing in midlife engines. The aerospace backdrop is exceptionally strong with supply chain bottlenecks, engine reliability issues, and record order backlogs driving years of elevated demand. New engine production is effectively sold out for years. Dave is a high-growth, profitable neobank offering mobile digital banking services and small-dollar advances to customers often ignored by traditional banks. The company's Extracash product drives majority of revenues and represents a better option than payday loans or bank overdraft fees for consumers. Liquidia recently pre-announced very strong results and is expected to generate around $600-700m in sales this year and $1bn next year. The main issue continues to be lack of resolution around the patent infringement court case with competitor United Therapeutics, but the position is fully hedged. Priority Tech Holdings is exceptionally well-positioned within the financial services and payments industry, benefiting from high profitability, strong free cash flow returns, and a predictable business model. Over 90% of the company's business is either recurring or reoccurring, providing high predictability. | LQDA DAVE IWG LN LNW PRTH WLFC |
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| 2025 Q4 | Jan 22, 2026 | Arquitos Capital Management | 0.0% | 0.0% | ENDI, FNCH, LQDA, MRK, UTHR | Biotechnology, Concentration, Patents, SmallCap, special situations, value | Portfolio concentrated in biotech companies including Liquidia Corporation with successful drug launch capturing 25% market share, Finch Therapeutics with patent litigation victory, and focus on companies with unique drug delivery technologies and patent protection. Merck identified as logical buyer for Liquidia given their ownership of complementary drug Winrevair and active M&A strategy. Combination therapy potential creates strategic value for potential acquirers. | FNCH ENDI LQDA |
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| 2025 Q4 | Jan 13, 2026 | Laughing Water Capital | 6.8% | 3.9% | LFCR, LQDA, NN, PAR, SES.TO, THRY, UTHR, VTY.L, WCN | Biotechnology, contrarian, defense, Factor Investing, small caps, value | Manager discusses two biotech investments: Lifecore Biomedical, a CDMO with excess capacity in a supply-constrained market, and Liquidia Corp, which has FDA approval for Yutrepia to treat pulmonary arterial hypertension with superior delivery versus incumbents. NextNav represents a national security investment focused on creating a terrestrial backup to GPS, with bipartisan support and urgency driven by China and Russia having satellite-killing capabilities while the US lacks terrestrial backup systems. Secure Waste Infrastructure operates alongside oil fields in Western Canada with stable cash flows, high economic EBITDA margins above 30%, and management aggressively repurchasing shares at attractive valuations. Manager emphasizes focus on off-the-beaten-path small cap investments during times of uncertainty, noting that factors like size, growth, and momentum have driven recent market performance against their investment approach. | VTY LN SES CN NN LQDA LFCR |
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| 2024 Q4 | Jan 26, 2025 | Arquitos Capital Management | - | 29.6% | ENDI, FNCH, LQDA, MSTR, NTPIF, UTHR | Biotechnology, concentrated, FDA approval, Patent litigation, Pharmaceuticals, small caps | Two major biotech positions dominate the portfolio. Finch Therapeutics won a patent infringement case against Ferring with potential for enhanced damages up to 3x the $30M jury award. Liquidia Therapeutics awaits FDA approval in May 2025 for its inhaler product Yutrepia, which could capture 80-90% market share due to superior delivery technology. | View | |
| 2023 Q4 | Jan 18, 2024 | Arquitos Capital Management | -15.5% | 4.5% | ENDI, LFCR, LQDA, MNKD, NTP, UTHR, VTY.L | activism, Biotechnology, Buybacks, Homebuilders, Skin in Game, small caps, value | Liquidia won patent litigation against United Therapeutics for PAH treatment, with CEO making $1M share purchase before decision. Product expected to launch April 2024 with potential to capture significant market share from United Therapeutics through superior delivery technology. | NTP ENDP LFCR VTY.L LQDA |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| May 1, 2026 | Fund Letters | Arquitos Capital Management | Liquidia Corporation | Drug Manufacturers - Specialty & Generic | Pharmaceuticals | Bull | NASDAQ | market share, Pah, Patent Litigation, PH-ILD, pharmaceuticals, Revenue Growth, Treprostinil, Yutrepia | View Pitch |
| Apr 28, 2026 | Fund Letters | Arquitos Capital Management | Liquidia Corporation | Health Care | Biotechnology | Bull | NASDAQ | biotechnology, Clinical trials, drug delivery, Inhaler, market share, Patent Litigation, Pharmaceutical, Pulmonary hypertension | View Pitch |
| Apr 13, 2026 | Fund Letters | Buckley Capital | Liquidia Corporation | Health Care | Biotechnology | Bull | NASDAQ | acquisition target, biotechnology, Litigation Victory, Market Share Capture, PAH Treatment, Patent Litigation, Product Superiority, Special Situation | View Pitch |
| Apr 13, 2026 | Fund Letters | Arquitos Capital Management | Liquidia Therapeutics | Health Care | Biotechnology | Bull | NASDAQ | biotechnology, Commercial Rollout, competitive moat, FDA approval, Inhaled Therapeutics, Monopolistic Market, PAH Therapy, Patent Disputes, Prescription Growth, product launch | View Pitch |
| Apr 13, 2026 | Fund Letters | Arquitos Capital Management | Liquidia | Health Care | Biotechnology | Bull | NASDAQ | biotechnology, Bull, FDA approval, market share, PAH Treatment, patent protection, PH-ILD, Regulatory Delay | View Pitch |
| Jan 29, 2026 | Fund Letters | Zack Buckley | Liquidia Corporation | Health Care | Biotechnology | Bull | NASDAQ | Asymmetric, Biotech, litigation, Optionality, pharma | View Pitch |
| Jan 27, 2026 | Fund Letters | Matthew Sweeney | Liquidia Corporation | Health Care | Biotechnology | Bull | NASDAQ | Adoption, Approvals, Biotech, litigation, Pah | View Pitch |
| Jan 24, 2026 | Fund Letters | Steven L. Kiel | Liquidia Corporation | Health Care | Biotechnology | Bull | NASDAQ | Biotech, cashflow, Druglaunch, patents, Pulmonary | View Pitch |
| Dec 3, 2025 | Fund Letters | Steven L. Kiel | Liquidia Corporation | Health Care | Biotechnology | Bull | NASDAQ | Biotech, Commercialization, growth, Prescriptions, Trials, valuation | View Pitch |
| Nov 29, 2025 | Fund Letters | Steven L. Kiel | Liquidia Corporation | Health Care | Biotechnology | Bull | NASDAQ | Adoption, Catalysts, FDA approval, IP risk, M&A, Prescriptions, rare disease | View Pitch |
| Nov 6, 2025 | Seeking Alpha | Seeking Alpha | Liquidia Corporation | Biotechnology | Bull | analyst upgrades, biotechnology, FDA approval, insider sales, L606, Liquidia Corporation, market traction, PRINT technology, pulmonary arterial hypertension, Yutrepia | View Pitch |
| Manager Name | Fund Name | Fund AUM | Invested Value | Portfolio Weight | Shares Owned | Shares Bought / Sold During Quarter | % Bought / Sold During Quarter | % of Shares Outstanding Owned |
|---|---|---|---|---|---|---|---|---|
| No investor data available. | ||||||||