LQDA · Medicine & biotech
Liquidia
Makes Yutrepia, an inhaled medicine for a rare lung disease.
What the manager says
In short: Lung-drug maker whose shares rose fivefold; winning a patent fight with a rival could lift them further.
The numbers
Call options aren’t counted in it
Call option: a bet the price goes up
Mainly, the letter says
A contract that bets on a price going up (a call) or down (a put), instead of owning the shares.
This fund doesn’t file the government report, so share counts aren’t public.