BluntForceOptions

The entire S&P 500 forward multiple is resting on one man’s leather jacket... and the seams are starting to show.

$TNXP New long position in Tonix Pharma today. This is another one caught in the same biotech flush that's taken out nearly everything in the space this past month. The stock is down about 45% over that stretch and is sitting a few cents above its 52-wk low. This isn't a pre-revenue science project, though. Tonix has three FDA-approved products on the market. The lead is TONMYA, the first new fibromyalgia drug in over 15 yrs, which launched last Nov and nearly tripled net sales Q over Q in Q2. Behind the commercial biz sits a deeper pipeline than the valuation implies. TNX-102 SL, the same molecule as TONMYA, is in Phase 2 for both major depressive disorder and acute stress disorder, with ASD topline data guided for 1Q'27. Beyond that: TNX-1300 in mid-Phase 2 for cocaine intoxication, TNX-4800 for Lyme disease prevention heading into a Phase 2 field study, TNX-1500 for transplant rejection, and TNX-2900 for Prader-Willi, which carries FDA Orphan Drug and Rare Pediatric Disease designations. The bal sheet is what initially caught my eye. Tonix had $176.2M in cash at 6/30 and no debt, against a MC of roughly $92M. Haircut that for a full quarter of burn and the stock is still trading well below cash. The market is pricing the commercial biz and the PL at less than zero. Technicals on my screen... • RSI(14) at 18.9, pinned in oversold territory for most of Oct • Slow stochs hooking up off the floor, %K crossing over %D • ADX north of 60 shows how one-sided the selling has been, but readings that stretched tend to show up late in a move, not early • Volume has dried up the last several sessions as price tightens just above the low Levels I'm watching... • $5.01: 52-wk low • $6.55: 20-day SMA, first real test on any bounce • $9.83: 50-day SMA • $10.77 / $12.58: 100-day and 200-day SMAs Q3 numbers hit Nov 9 before the open. TONMYA script trends and an updated cash figure are what matter to me. All told, I took a 1/3 position in the low $5s this morning. The sizing is deliberate. This is a commercial launch that is still burning cash, and the Street likely wants to see the runway extended before it pays up, so I'm leaving room to add. At a neg EV with approved products already generating revs, I really like the risk/reward from here. As always, I'm just sharing my work here. DYOR and check everything. NFA.

$ACH Been aggressively buying the stock down in that $0.20 pocket. Daily chart is putting in a clean bottoming structure and starting to turn nicely... exactly what I want to see off recent capitulation.

$EYPT Kevin Tang just filed a 13G showing 9.6% of EyePoint. I doubled my position today at $0.37. The filing... • 8,250,200 shares, 9.6%. Initial filing, not an amendment • Event date 10/20/2026, one session after the LUCIA crash. Filed 10/27, on the deadline • Crossing 5% after the crash means at least ~3.9M shares were bought post-readout at sub-$0.50 prices. His Q3 13F, due by Nov 16, shows what he held as of Sept 30 • Passive filing. Not an activist campaign unless a 13D follows Why it matters: Tang is known for buying broken biotechs below cash. His Concentra vehicle has done it repeatedly. When he takes nearly 10% of a stock trading at 27 cents on the dollar, it tells you where he thinks the floor is. The math at $0.36: ~$1.33 cash per share, so the stock trades at 27 cents on the dollar. Tang's stake is worth about $3M on the tape and represents about $11M of company cash. That gap is the trade. Next: Q3 print Nov 4 (est), Tang's 13F by Nov 16, and any 13D. Cash still burns until the cuts take hold, so I'm scaling in. Avg is now around $0.39. I like having Tang on my side of the trade. Again, just sharing my work here. Check everything yourself. NOT financial advice. Partial filing below (first 2 pages only)

$VYGR CTAD 2026 Alzheimer’s pipeline update. ICYMI: Voyager just dropped their PR detailing two upcoming poster presentations at the 19th Clinical Trials on Alzheimer's Disease (CTAD) Conference... and the market, IMO, is still sleeping on this setup down in the $1.70s after throwing VYGR out with the bathwater during the recent sector-wide biotech capitulation. The clinical anchors being featured: • "First-in-human study design of VY1706, a systemically administered blood-brain barrier (BBB)-penetrant tau lowering gene therapy in early Alzheimer's disease (# P055)" • "Baseline characteristics of participants enrolled in a multiple ascending dose study of the C-terminal targeting anti-tau antibody VY7523 in early Alzheimer's disease (# P054)" I'm long the common equity and have been actively writing puts to farm premium while the thesis plays out. Between the systemic BBB-penetrant capabilities, these progression updates, and the ongoing optionality of their TRACER AAV capsid discovery platform, the asymmetric risk/reward here, IMO, remains fully intact.

$FNUC The setup here is clean. We spent weeks in extreme oversold territory, but with oscillators officially hooking up off the lows, we're finally getting that technical pivot we were looking for. I'm tracking a mechanical relief rally to close the massive gap between the current price and the 50 SMA. The reversion trade is on watch.

$SPCX Bernstein out raising their SpaceX target to $267 from $248. Douglas Harned flags that while orbital data centers are the ticket to a multi-trillion-dollar valuation, aggressive terrestrial AI builds and robust Enterprise/Gov connectivity are significantly lifting the baseline revenue path right now. Sideline bears were screaming for sub-$100 fills, while Wall Street keeps pushing their price targets higher.

For those mapping out positioning for the next two weeks, here's the AI & Big Tech earnings gauntlet: Week 1 (Oct 26): • Mon: CDNS, RMBS, AMKR • Tue: STX, NXPI, BA, HOOD • Wed: MSFT, GOOGL (Hyperscaler Capex), KLAC, VRT • Thu: AMZN (AWS), INTC, SNDK, LLY • Fri: XOM, CVX Week 2 (Nov 02): • Mon: PLTR, ON • Tue: AMD (GPU Catalyst), ANET, SHOP • Wed: ARM, QCOM, DDOG • Thu: NET, LITE With memory and neoclouds under pressure, hyperscaler forward guidance and infrastructure spend will dictate the broader tape. Trade 'em well... and stay safe out there. Data source: @finviz_com $MSFT $GOOGL $AMZN $INTC $AMD $PLTR