A pre-funded warrant is a paid-up share that counts for EPS, disappears from beneficial ownership, and reappears as owned stock for tax. How the gap between the three lets a fund hold 15 percent while reporting 9.99, and where it meets royalty finance.

A minimum guarantee is a written put. Where it sits on the sale-to-loan boundary sets the accounting, tax and bankruptcy outcome of a healthcare royalty deal.

A drug that misses its billion-dollar consensus still writes real cash every quarter. Royalty capital never priced the story, only the floor left behind. When that floor is a cheap, de-risked asset, when it is a value trap, and what a decade of deals and the forecast data actually show.

The week in numbers June 28 to July 3, 2026: four acquisitions (Zymeworks with Theravance ~$929M, Ipsen with Kartos $450M upfront, Ipsen with Memo Therapeutics EUR 200M upfront, United Therapeutics with Thymmune $140M upfront), one medtech divestiture (Pacira with Zimmer Biomet, up to $140M), one all-stock reverse-merger closing

Two markets are running hot at the same time and rarely touch. The SPAC market has revived, with 138 vehicles raising about 25.8 billion dollars in 2025 on Renaissance Capital data, nearly triple the 8.7 billion of 2024, and biotech sponsors are back in the funnel. The pharmaceutical-

Protillion Biosciences is a Stanford spinout in Carlsbad that sells a protein-discovery engine rather than a drug. It stayed quiet and lightly funded for years, then in June 2026 signed a multi-target collaboration with Merck worth up to $510 million in milestones. Protillion Biosciences, Inc. (private) spent its

What is EcoR1 Capital? EcoR1 Capital, LLC is a San Francisco based, biotechnology dedicated investment manager founded by Oleg Nodelman. The management entity was organised in 2012 and began investing in 2013. It runs from 357 Tehama Street, in the South of Market district. It is a registered investment adviser

A companion note to our piece on sleeves takes the opposite cut. The sleeves note was about the boundary: how capital is segregated, and what a creditor can reach. This note is about the vehicle that sits beside the fund, why it exists, and the governance and economics that surround

The term "sleeve" appears in royalty financing documents in at least three distinct senses. They are not interchangeable. Each carries a different answer to the two questions that decide what a sleeve is worth: * Can a creditor of one sleeve reach the assets of another. * Has the cash