YB new stock pitches (Mon, Oct 27)

Immuneering Corporation (IMRX) is trading at $5.95/share with a $247M market cap following exceptional June 2025 pancreatic cancer data that showed outstanding survival rates versus historical controls, but the stock remains undervalued due to March 2024 data disappointment that caused institutional abandonment. The company's drug uses 'deep cyclic inhibition' theory, hitting tumors intermittently to avoid resistant cell development while maintaining excellent tolerability, with spider plot data showing increasing efficacy over time. A September 2025 data update adding 3 months of follow-up should confirm 6-9 month survival rates with more statistically reliable patient exposure data, potentially driving a 2-4x stock pop to $10-25 range. Key catalysts include the September update, likely Breakthrough Therapy Designation from FDA, potential partnership deals in 3-6 months, and possible buyout. The ultimate opportunity targets first-line pancreatic cancer treatment for approximately 50,000 US patients in a $5B+ US market (with at least $5B ex-US), which could justify a $10-20B market cap and $200-400 share price in 2-3 years accounting for dilution. Recent insider buying and private placement investors with access to confidential data signal positive upcoming results, as the company voluntarily moved up the data release timeline from end-2025 to September.

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High Co. SA (HCO.PA), a French promotional services company with an €82 million market cap trading at approximately €4 per share, is recovering from the loss of its largest client Casino, with France now representing 85-90% of profits and showing double-digit growth in Q3 while the Activation division grew high-teens. The company is acquiring Sogec and BudgetBox from La Poste for an estimated €20 million, adding €27 million in revenue and €17 million in gross margin (equivalent to 30% of HighCo's standalone base) and shifting the business toward scalable digital activation models with over 60% of gross margin post-acquisition. Management raised 2025 guidance to slight gross profit growth around €61 million with operating margins above 12%, targeting €13-15 million in adjusted EBITDA this year rising to €18-20 million next year. The stock trades at approximately 5x 2025E EBITDA with a double-digit free cash flow yield and over 6% dividend yield, supported by a conservative balance sheet with €40 million net cash after working capital adjustments. Key risks include execution on acquisitions, lumpy growth, marginal international operations, and concentration risk from dependence on large French retail clients, while catalysts include the fading Casino impact by early 2026, structural tailwinds from digital promotion shifts and inflation-driven consumer savings behavior, and potential for mid-teens operating margins as the business transitions from legacy agency work to a modern digital activation platform.

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Delcath Systems (DCTH) is an FDA-approved liver cancer treatment trading below $300M EV with $90M cash, profitable operations, and ramping sales, while peak sales estimates of $350M recently expanded to ~$500M following positive phase 2 trial results. The stock trades at range lows of $10-11 despite improved business outlook, having previously traded from $9-16 and $11-16, with conservative fair value around $1B based on 2x peak sales multiple, suggesting 3x upside potential with realistic targets of $20 and fair value at $30. Q3 weakness stemmed from seasonal scheduling difficulties as doctors take summer vacations, which management expected during their early launch phase, while 340B pricing discounts of approximately 12% are now known and priced in. The company's pipeline includes ongoing trials for colorectal and breast cancer that could potentially boost peak sales to $1B+ if successful, creating over 7x upside potential from current levels, with the advantage of self-funding trials through cash on hand and earnings, providing a margin of safety as the stock trades below 1x EV/Sales even at $400M peak sales estimates.

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