ANAB作为投资持有；近期将开发资产与特许权流分离使得历史分析不再相关，待决诉讼结果（预计年底前）可能带来数倍上行空间或基于特许权的下行保护。

Anaptist Biosciences is a stock I own where they you know basically re recently they separated their development assets from a royalty stream. So a lot of people own the stock for development assets. Those development assets are no longer there. Um you know the people that own the owned it for the development assets presumably they sell. Then you have a royalty stream and then there's litigation around the royalty stream. So there's there's a lot going on beneath the surface that if you just ran a screen you would see a history of burning cash on science projects and that's clearly not for everybody nor is it for me but then when you note what has changed in the very recent past um you know it it changes everything in terms of the fundamental analysis and makes anyone who starts with a you know like let's look at 10 years of cash flows like that is not relevant here. The business is entirely different today than it was a year ago and it is entirely well not entirely it is there are real upside cases tied to an event that is pending and that should be concluded by the end of this year independent of you know Iran and oil prices and interest rates. Um you know the the trial is complete the I my my read on the trial is very favorable and we'll see what happens. But you know for now we're just kind of waiting to see. In a bad in a bad scenario though, there's still future cash flows tied to royalty stream. You can value those cash flows however you choose and come up with some downside protection. And in a a good trial outcome, um you know, there's there's in theory there's multi-bagger potential depending on how how good the trial outcome could be.