YB new stock pitches (Mon, Sep 29)

Immuneering Corporation (IMRX) trades at approximately $600 million valuation (~$9.23/share), representing a >90% discount to Revolution Medicines' (RVMD) ~$8 billion market cap despite IMRX's stronger first-line pancreatic cancer survival data. The company's Phase 2a study of atebimetinib, its lead DCI MEK inhibitor, combined with modified gemcitabine/nab-paclitaxel showed 86% nine-month overall survival versus 47% for standard of care, with the survival curve suggesting ~23 months median OS (roughly double standard of care). This compares favorably to benchmarks including gemcitabine + nab-paclitaxel (8.5 months median OS), FOLFIRINOX (11.1 months), NALIRIFOX (11.1 months), and RVMD's Daraxonrasib in second-line (15.6 months median OS). Atebimetinib demonstrates superior safety with only neutropenia (~15-18%) and anemia (~18%) as Grade ≥3 events occurring in >10% of patients, compared to higher toxicity profiles of competitors and standard regimens. The company's DCI pulse platform uses 'strike and recover' pharmacology to prevent resistance mechanisms that plague continuous inhibitors, prioritizing durable disease control over early response rates. Immuneering expects FDA feedback in Q4 2025, plans to launch pivotal Phase 3 by year-end with first dosing in 1H 2026, and is expanding into NSCLC through partnerships with Eli Lilly, Regeneron, and Sanofi. With ~$250 million in cash, the company is fully funded through Phase 3 PDAC and NSCLC expansion, positioning for potential Breakthrough Therapy Designation given the unprecedented survival durability and tolerability profile.

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TGS ASA (TGS.OL), a seismic services company, trades near multi-year lows at NOK 74.90 with a 9% dividend yield, creating a contrarian opportunity despite market pessimism. Q2 results showed revenues of $308m but weak order inflow of $133m versus $368m in the prior year, with backlog declining to $425m from $612m year-over-year, though the company increased MultiClient investments to $114m from $52m. Management demonstrated cost discipline by cutting OpEx guidance by $50m and reducing active fleet capacity from seven to six vessels through vessel sales and stacking, while expecting approximately $30m in transfer fees from the Chevron-Hess transaction in H2 and planning a new $70-80m Brazilian MultiClient survey representing 15-20% of 2025's planned spend. The structural bull case centers on oil and gas fields naturally declining 4-6% annually, global reserve replacement ratios below 100% for over a decade, and projected 40% growth in deepwater exploration spending from 2025-2029, with TGS positioned in Ocean Bottom Node surveys and benefiting from AI-enhanced seismic technology. Key risks include prolonged project delays, intensifying OBN competition, oil price volatility affecting lumpy late sales, and net debt of $478m remaining above the $250-350m target range, though management maintains the $0.155 quarterly dividend and Imaging business provides ~40% EBITDA margins as a cushion.

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Harrow Inc. (HROW) is a Nashville-based ophthalmic pharmaceutical company operating across three business segments: FDA-approved drugs (VEVYE for dry eye disease expected to generate $100M+ in FY25 with patents until 2039, IHEEZO ocular anesthetic expecting $50M+ in FY25 growing 63% YoY, and TRIESENCE corticosteroid expecting $50M+ in FY25 with patents until 2029), a compounding division (ImprimisRx expected to generate $80M+ in FY25), and equity stakes in emerging companies (46% in Melt Pharmaceuticals and 20% in Surface Ophthalmics). Management targets $1 billion in annual revenue by 2027 ($250M per quarter), significantly above analyst estimates of $529M, creating a substantial valuation disconnect. Trading at 5.9x NTM sales and 19.9x EBITDA despite potential 36-88% revenue CAGR depending on whether analyst estimates or management goals are achieved, the company expects EBITDA margins to expand from 26% to 38% by 2027. Key risks include rebate pressure from PBMs reducing net economics on branded drugs (VEVYE's $760 list price may net only $300 after rebates) and execution complexity across multiple verticals including sterile manufacturing, supply chain coordination, and cross-selling synergies. The company holds $55M cash and $222.75M debt, recently refinancing with $250M senior unsecured notes at 8.625% to replace 11.875% notes due 2027. If analyst estimates are met, the stock could see 3x upside, while achieving management's $1B revenue target could result in 5x returns over the next three years.

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