“Like take Abivax, for example, it's 6 billion enterprise value where you have a drug that could potentially do 10 billion in peak sales. And that's just sort of absurd where like, how do you have a drug, which is, and it's not a phase one drug. It's not a novel idea. It's like, it's gone through rigorous amount of trials. It's commercial stage. You know, it's almost ready to be approved. Pre -commercial stage in the sense that, you know, they were going to file the NDA, but there's just no buyers. And at this moment in time, no one wants to risk buying on valuation because you just don't know where the story, you know, the narrative for the biotech space will sort of reverse. And Moderna has a large part to that. Like all conversations turn back to Moderna, which is why, you know, that's the theme of this podcast. Yeah, I would love to transition into Moderna. On Abivax real quick, I mean, how do you have a company that was selling shares at $125 a share over subscribed round and then it now trades at $85? I mean, nothing's changed, right? Nothing's changed except for the momentum traders have that marginal buyer, like you said, has left from the momentum trade. But the story is very much intact. And I think it's going to be a bunch of nothing burgers as they get the Crohn's disease data or file first at the end of the year in UC. But I look at it as just be patient. And the story is great and nothing's changed. But it's working with the volatility and being excited when things go down. It's a hard mindset to not be fully positioned and to say, I'll use volatility in my favor. But, you know, no, I mean, this is the first instance of where I've seen such a large drawdown and something that I thought was fairly de -risked. And as bemused as I am, I agree with you. You just have to be patient and sit through it. And a lot of the times, like, and this case in particular has nothing to do with fundamentals where no one, because the Crohn's disease data is six months out, no one wants to sit through and add when they don't know whether it's going to turn around or whether, you know, we're close to the floor. And it's just risk off across the board. And even though it's a de -risked asset and it is clearly very cheap now at $6 billion enterprise, it's just the trade dynamics are such that no one has the liquidity to take on more risk. And a lot of the funds were already pretty oversized on this ABVX position and unhedged, too. You know, the guys I spoke to because they were so sure that the OB -FASMOD story is going to work. And then especially after the cancer scare and the malignancy scare this summer, everyone went oversized even more so. And, you know, and then people who are part of the offering, they already got their allocations in terms of sizing relative to the portfolio that they could have on this name. So it's just until the mutual funds have their year ends, I don't see that liquidity returning to these consensus names. And it's just unfortunate. But like you've also said, you need to be patient. And it's gone. It's not about the fundamentals, about the trade dynamics. And you have to respect the market when the trade dynamics take over.”