Unapologetically Blunt. Not Financial Advice. Always assume we hold a short position. Got a tip? Email us @ [email protected] $19.5M AUM.
Joined January 2025
- Tweets400
- Following31
- Followers864
- Likes3.1K
Pinned Tweet
We Are Short $SLS
We Are Short $SLS
SELLAS is trading like REGAL is already a success.
We think the market has mistaken a slow blinded death count for proof GPS works, despite the program entering Phase 3 on the back of just 10 selected vaccine-treated patients vs. 15 historical controls and power assumptions we believe do not reconcile.
At nearly $3B, this is one of biotech’s most expensive coin flips.
FULL REPORT:
bmfreports.com/articles/sls
BMF Reports retweeted
Feeling grateful for the folks who taught me a thing or two. Some of my role models & 'mentors' tagged below
BMF Reports retweeted
BMF Reports retweeted
Trevor Milton's lawsuit against an FBI agent has rolled to a stop. It lasted 17 days.
On October 30th, Milton voluntarily dismissed Milton v. Essick without prejudice, which means he can refile. The notice gives no reason.
The same day, the U.S. Attorney's Office in Utah asked the court to seal the agent's personal address and contact details, citing its interest in "protecting the safety of its law enforcement officers."
No judge ever ruled on the claims. Last week Milton told us "it'll all come out in the lawsuit." Our reporting found the person running the two X accounts at the center of the case does not appear to be the agent.
We've updated our piece with the new filings:
activ8insights.com/handlewit…
We didn't even have time to get into the tweets Trevor has been deleting.
BMF Reports retweeted
1/x: We short $SHLS because of serious problems we have found with some of the deals they have announced to shore up their legacy business, which has recently experienced significant margin compression. $SHLS touted an MOU with UGT Renewables/Sun Africa, but we discovered this company is in chaos due to the actions of its founder, a convicted felon. We are also skeptical of a data center pivot that relies heavily on a tiny battery company, Terraflow, which apparently has only raised ~$20m so far and whose new headquarters was still under construction when our investigator visited earlier this month.
BMF Reports retweeted
Activ8 out with a major debunking of Trevor Milton's deranged claims that an FBI agent was shorting his stock. Having reviewed the complaint (see below for link), this story completely eviscerates his claims.
More analysis coming, but read this! Great work by @Activ8Insights (who are my clients).
Trevor Milton says an FBI agent posted from two anonymous X accounts.
We talked to the man behind them. He does not appear to be the FBI agent.
And the owner of the account Milton's lawsuit calls its "Utah correspondent" doesn't live in Utah. So why file in Utah?
activ8insights.com/handlewit…
BMF Reports retweeted
To preface, this is not a report; however, occasionally we enjoy sharing some of the funnier finds during our diligence process. In this case, we were briefly skimming through the recently public $SNSC (Sunscout Holdings) and found that the link to their product page doesn't even work! Instead, the page shows us a privacy connection issue (How fun!) We have no position, but feel it fun enough to share; enjoy.
BMF Reports retweeted
Opened an email today. All it said was…
“ $CURV Big woman lingerie. Amazing.”
BMF Reports retweeted
We are short $GLOO read our report
BMF Reports retweeted
Pelican since the start: 10/10
@Pelicanwayre has <1500 followers
From breakoutpoint.com database:
(Past performance is not indicative of future results.)
BMF Reports retweeted
BMF Reports (@BmfReports) is back with only its second report of the year, and $SLS did exactly what a short wants, closing the week down 13.1%. $DFDV fell 5.7% after @SH0RTFINDER and $GOF slipped 0.2% after @hntrbrkmedia, while @FugaziResearch's $XHLD was the one that got away, up 21.4%.
Sign up free for our weekly recaps + a 30-day free trial of the dashboard: activ8insights.com/sign-up
BMF Reports retweeted
$SLS
Every smart fund on wall st is short SLS now
You might hate reality longs. But you're going to 1 dollar
BMF Reports retweeted
New @BmfReports report on $SLS.
First report from BMF Reports since January. Last report on $TROO down 44%.
We Are Short $SLS
SELLAS is trading like REGAL is already a success.
We think the market has mistaken a slow blinded death count for proof GPS works, despite the program entering Phase 3 on the back of just 10 selected vaccine-treated patients vs. 15 historical controls and power assumptions we believe do not reconcile.
At nearly $3B, this is one of biotech’s most expensive coin flips.
FULL REPORT:
bmfreports.com/articles/sls
We Are Short $SLS
SELLAS is trading like REGAL is already a success.
We think the market has mistaken a slow blinded death count for proof GPS works, despite the program entering Phase 3 on the back of just 10 selected vaccine-treated patients vs. 15 historical controls and power assumptions we believe do not reconcile.
At nearly $3B, this is one of biotech’s most expensive coin flips.
FULL REPORT:
bmfreports.com/articles/sls
4/5
The valuation gets even harder to defend when you strip away the hype.
At roughly $14.50/share, $SLS was being valued around $2.93B.
For what?
• No approved product
• No product revenue
• 13 employees
• Third-party manufacturing
• A binary Phase 3 vaccine
• A promising but still largely non-randomized SLS009 dataset
• Another $150M ATM sitting available
And insiders collectively owned only about 1.3% as of April 2026.
The market is not pricing optionality.
It is pricing certainty.
We do not think that certainty exists.
5/5
Our conclusion is simple:
SELLAS sold Wall Street a $3 billion survival story built on ten selected patients.
REGAL is where that story finally meets a randomized control arm.
We believe the control arm wins.
Our clean REGAL failure value is approximately $3.50/share, representing roughly 76% downside from the valuation analyzed in our report.
How Questionable Credentials, Ten Selected Patients, and Broken Power Math Built Biotech’s Most Expensive Coin Flip
BMF Reports / BMF Capital is Short $SLS.
FULL REPORT:
bmfreports.com/articles/sls
BMF Reports retweeted
"A mine is a hole in the ground with a liar on top." ; attributed to Mark Twain
We reviewed 33 activist short campaigns against mining companies, from Bre-X's salted cores to the bottom of the Pacific, for our deepest dive yet into why the sector attracts investigators and how the trades actually play out.
Inside:
•The average target fell just 3.7% in week one, but 42% are higher since publication, possibly a function of the commodity bull market
•Dueling $SGML Sigma Lithium reports, 3 years apart, from @ResearchGrizzly and @blueorcainvest
•@MorpheusRes vs. Collective Mining $CNL, and our outreach to Colombia's mining regulator
•@WolfpackReports calling $METC's $2.4B rare-earth story a "Potemkin mine"
•$TMC: shorted by @BonitasResearch, @IcebergResear and @BmfReports across 4 years, and still below every report-day price
•@muddywatersre's Carson Block, the market's most famous bear, on why he's long junior mining
Read: activ8insights.com/digging-f…
