Daily Briefs

• Dupont (DD) spin off its electronics business, Qnity (Q), early this week.

• DQnity will be one of the world’s largest pure-play electronic materials companies, with a portfolio spanning semiconductor fabrication materials and advanced electronics/interconnect solutions.

• Qnity’s Semiconductor Technologies division creates consumable products that are used during semiconductor manufacturing.

• Navan (NAVN US) went public on 30 October 2025 right before the December 2025 cut-off for a US IPO index addition with a current market cap of $4.5bn.
• Inclusion in US indices is expected in December 2025, as the security meets US eligibility criteria before the lock-up expiry.
• Inclusion in Global indices is expected in February 2026, prior to lock-up expiry, and September 2026 following lock-up expiry.

• Generation Bio’s net cash is projected at $7.6/share, 50% above the current price, with limited ongoing cash burn.
• The company completed restructuring, retaining seven employees, and is considering liquidation, reverse merger, or sale options.
• Major shareholders include Atlas Venture Life Science (12.4%), T. Rowe Price (12.6%), Moderna (8.7%), Fidelity (6.9%), and BlackRock (5.1%).

• Crude oil futures nudged higher Friday but were heading for a second week of losses, albeit modest, with the market unable to shake off the gloom surrounding predictions of a massive oversupply in Q1.
• Front-month Jan25 ICE Brent futures were trading at $63.72/b (2005 GMT) versus Thursday’s settle of $63.38/b, while Dec25 NYMEX WTI was at $59.84/b against a previous close of $59.53/b.
• The oversupply narrative amid soaring supplies and tepid demand growth has taken hold of markets this week, overshadowing geopolitical concerns.

• Upwork is strategically pivoting to higher-value enterprise clients and leveraging Artificial Intelligence (AI) to drive growth, which is translating into improved profitability and strong cash flow generation.
• The company operates in the rapidly expanding freelance platform market, benefiting from secular tailwinds such as the shift to remote work and the increasing adoption of flexible talent solutions by businesses globally.
• While facing intense competition and macroeconomic sensitivity, Upwork’s established two-sided network of freelancers and clients provides a significant competitive advantage, though its ability to consistently translate this into high returns is still developing.

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• Artivion is a niche leader in aortic repair, demonstrating strong revenue growth driven by its key product families: On-X mechanical heart valves, aortic stent grafts, and surgical sealants. The company is showing a clear trajectory towards sustained profitability, with recent quarters indicating positive net income and strong EBITDA margin expansion.
• The company’s growth strategy is centered on product innovation and market expansion, highlighted by the promising clinical data and U.S. launch of the AMDS Hybrid Prosthesis for acute aortic dissections. This, along with other pipeline products like Arcevo, is expected to unlock significant market opportunities and drive future growth.
• Despite its strong top-line performance, Artivion has a history of net losses and faces significant risks. These include intense competition from larger, better-resourced medical device companies, the inherent uncertainties of clinical trials and regulatory approvals, and potential operational disruptions such as the recently disclosed cybersecurity incident.

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• Electric aircraft company BETA Technologies (BETA US) went public on 4 November 2025 on NYSE and has a current market cap of over $7.5bn.
• Inclusion in US indices is expected in December 2025 and March 2026, as the security meets US eligibility criteria before the lock-up expiry.
• Earliest inclusion in Global indices is expected in February and June 2026, with potential delay due to free float and float cap constraints during the lock-up period.

• BILL Holdings shares have bottomed out near $40 per share after Starboard Value and Elliott Management built large stakes in the American SMB back-office pioneer.
• BILL Holding shares significantly underperformed in 2025 with shares down ~44% over the year versus a 21% gain on the Nasdaq.
• I see further room for upside on potential launching new intelligent AI agents, partnerships with software providers, disciplined expense management and operating efficiency.

• Lantheus is a leader in radiopharmaceutical offerings in oncology & precision diagnostics.
• It offers a portfolio of diagnostic & therapeutic products directly & via partnerships & licensing.
• The primary revenue driver is Pylarify, a PET tracer for PSMA-expressing prostate cancer.

• StepStone Group is a global private markets investment firm, providing customized investment solutions, advisory, and data services across private equity, real estate, infrastructure, and private debt.
• The firm is well-positioned to benefit from the long-term secular growth in private markets, driven by increasing investor allocations seeking diversification and higher returns.
• Key growth drivers include the expansion of its private wealth platform, which offers higher fee rates, and continued global expansion, although the company faces risks from market volatility and increasing regulatory scrutiny.

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