Mr Vito/E+ via Getty Images Following ArriVent BioPharma's ( AVBP ) Fiscal Year 2025 results and its latest update, we are back to comment on the company. The investment case is supported by the clinical milestones of Firmonertinib. Here at the Lab, in our initiation of coverage report, we noted that the opportunity still carries a binary element. ArriVent represents a somewhat unique case in the ...
Mr Vito/E+ via Getty Images Following ArriVent BioPharma's ( AVBP ) Fiscal Year 2025 results and its latest update, we are back to comment on the company. The investment case is supported by the clinical milestones of Firmonertinib. Here at the Lab, in our initiation of coverage report, we noted that the opportunity still carries a binary element. ArriVent represents a somewhat unique case in the biotech space. Indeed, the company is developing the same licensed asset that Shanghai Allist has already commercialized; however, the product has not yet received approval in the United States. At this stage, we still believe the downside risk is more limited than before, and the valuation appears skewed to the upside. Since the end of December 2025, ArriVent BioPharma's share price has been flat (Fig. 1). For our new readers, we report that ArriVent "is a clinical-stage oncology company building a pipeline around targeted therapies for niche mutation-defined cancers, with a heavy near-term focus on Firmonertinib and early optionality from ADC programs." Author Rating Status Fig. 1 ArriVent BioPharma and Our Upside Case Again, the company is still in the pre-sales stage, so our reporting will be brief. The company has cash & equivalents of $312.8 million, with a cash runway to Q3 2027. Compared to 2024, R&D expenses doubled to $153.4 million from $79.0 million. This also includes a one-time payment to Lepu Biopharma. ArriVent also increases its yearly G&A expenses to $24.2 million from $15.3 million. For the above reason, the company reported a net loss of $166.3 million in 2025. Why are we still positive? Before updating our readers on ArriVent clinical catalysts, we are pleased to report that the company beat EPS by $0.05; a few Wall Street analysts recently increased their target prices ( Riley , Oppenheimer , and HC Wainwright ); and BTIG assumed coverage with a buy rating. Additionally, compared to our previous coverage, the company extended its cash runway from mid-2...
Abel Ortiz was brought from Mexico to LA when he was just two months old and has been living undocumented ever since. Now 38, he has a full life cutting hair, building a community, loving a city that has never fully loved him back. In a time of escalating ICE raids and the ache of uncertainty, Abel has made a radical decision: he’s leaving – not because he has to, but to escape perpetual lim...
Abel Ortiz was brought from Mexico to LA when he was just two months old and has been living undocumented ever since. Now 38, he has a full life cutting hair, building a community, loving a city that has never fully loved him back. In a time of escalating ICE raids and the ache of uncertainty, Abel has made a radical decision: he’s leaving – not because he has to, but to escape perpetual limbo and be free to see the world Continue reading...
Turkey’s central bank is preparing an expanded toolkit to defend the lira from Iran war-related volatility that includes potentially tapping its vast gold reserves , according to people familiar with the matter. The bank has held discussions about conducting gold-for-foreign currency swap transactions in the London market, the people said, asking not to be named because the deliberations are priva...
Turkey’s central bank is preparing an expanded toolkit to defend the lira from Iran war-related volatility that includes potentially tapping its vast gold reserves , according to people familiar with the matter. The bank has held discussions about conducting gold-for-foreign currency swap transactions in the London market, the people said, asking not to be named because the deliberations are private. The central bank declined to comment. Turkey has been one of the world’s most aggressive gold buyers over the past decade as the country’s leadership sought to trim exposure to US dollar-denominated assets. The monetary authority had gold reserves equivalent to about $135 billion as of early March, according to data compiled by Bloomberg. Turkey is estimated to hold about $30 billion of those reserves at the Bank of England, which Turkey’s central bank “may decide to use for FX intervention purposes without logistical constraints,” according to a report by JPMorgan Chase & Co. economist Fatih Akcelik on Tuesday. Turkey is especially vulnerable to inflation shocks and balance-of-payment concerns should the war in Iran prolong because it needs to import almost all of its oil and gas. Officials are already struggling to rein in an inflation rate that last registered at 31.5% in February, one of the highest in the world. The central bank’s disinflation strategy has relied primarily on maintaining so-called “real” lira appreciation — meaning the currency isn’t allowed to depreciate at a rate faster than monthly inflation. Heavy reserve drawdowns and rising import costs in the weeks since the war began have made that stable-lira policy much more costly to sustain. Crisis Response Turkish policymakers have so far responded to the crisis in the Middle East — which has sent oil prices soaring to above $100 a barrel from around $70 — by tightening liquidity, making lira funding costlier, and having state-run lenders intervene in the currency market. The central bank has meanwhile...
XRP institutional adoption hinges on companies actually using the network to solve business problems, with Franklin Templeton’s Roger Bayston predicting the tipping point comes when businesses integrate blockchain into operations. The Usage Thesis Bayston drew a parallel to Warren Buffett...
XRP institutional adoption hinges on companies actually using the network to solve business problems, with Franklin Templeton’s Roger Bayston predicting the tipping point comes when businesses integrate blockchain into operations. The Usage Thesis Bayston drew a parallel to Warren Buffett...
Let's start with the basics. What, exactly, is an orbital data center? On the ground, data centers are typically large, warehouse-sized facilities filled with racks of storage and servers, and usually some high-speed networking gear to connect everything. A data center can be small or large, but the ones SpaceX is looking to supplant are of the big kind—the ones operated by major industry players ...
Let's start with the basics. What, exactly, is an orbital data center? On the ground, data centers are typically large, warehouse-sized facilities filled with racks of storage and servers, and usually some high-speed networking gear to connect everything. A data center can be small or large, but the ones SpaceX is looking to supplant are of the big kind—the ones operated by major industry players like Amazon Web Services and Google, which provide most of the online services you use today. These are sprawling buildings, or even campuses of buildings, with redundant connections to the electrical grid, on-site generators, massive banks of batteries, and enormous cooling systems to handle the heat being shed by thousands upon thousands of machines operating around the clock. An orbital data center replicates all of that, but in space. Read full article Comments
It’s hard to know how to handle meeting a famous person in public. I decided to forgo political debate for a simple ‘Hello’, but my daughter assures me I was the most mortifying I’ve ever been This is going to sound improbable, so soon (a year) after I saw Liz Truss at a sixth-form open day, but I went round the clothes shop Hollister yesterday and saw Rachel Reeves embarked on the same pursuit: t...
It’s hard to know how to handle meeting a famous person in public. I decided to forgo political debate for a simple ‘Hello’, but my daughter assures me I was the most mortifying I’ve ever been This is going to sound improbable, so soon (a year) after I saw Liz Truss at a sixth-form open day, but I went round the clothes shop Hollister yesterday and saw Rachel Reeves embarked on the same pursuit: trying to exist in the world without embarrassing her daughter. The difference this time, apart from all those politics, is that I look a bit like Reeves – not uncannily, but enough that I went to a Halloween party as her one year. I didn’t even dress any particular way – I just brushed my hair and everyone knew who I was. Then I had to explain that the spooky part wasn’t “taxes”, but “third-way politics”. I am older than the chancellor and have a resting doom-face, so the resemblance was never pronounced. But the worse things are going for the government and the economy, the more alike we look, to the extent that it’s become a really annoying running joke. Whenever there’s a problematic headwind that needs an announcement on the rolling news, my kid’s friend goes: “What’s your mum on about now?” Continue reading...
By questioning the scale of atrocities and deriding human rights activists, Milei is dismantling the consensus over the country’s dirty war Today marks the 50th anniversary of the military coup that ushered in Argentina’s last dictatorship in 1976. For decades, the date has marked one of the country’s most powerful civic rituals. Each year, tens of thousands of Argentinians take to the streets to ...
By questioning the scale of atrocities and deriding human rights activists, Milei is dismantling the consensus over the country’s dirty war Today marks the 50th anniversary of the military coup that ushered in Argentina’s last dictatorship in 1976. For decades, the date has marked one of the country’s most powerful civic rituals. Each year, tens of thousands of Argentinians take to the streets to commemorate the victims of state terror and reaffirm their democratic commitment to memoria, verdad y justicia – memory, truth and justice. What began as a demand from grieving families searching for an estimated 30,000 disappeared gradually became something larger: the moral language that defined Argentina’s post-dictatorship democracy. But this anniversary arrives at a moment when that moral compass is under assault. Argentina’s president, Javier Milei, relishes flouting taboos around the country’s democratic consensus, questioning the scale of the dictatorship’s atrocities, celebrating the military and deriding activists as corrupt opportunists. As president, Milei has marked each anniversary of the coup with controversial videos questioning the number of victims or equating state repression with violence by leftist guerrilla groups. This year, rumours swirl that he could pardon military officers convicted in landmark crimes against humanity trials – a move that would shatter a central pillar of Argentina’s post-dictatorship settlement. What was once treated as untouchable has become a battleground. Jordana Timerman is a journalist based in Buenos Aires. She compiles the Latin America Daily Briefing and is part of the Ideas Letter’s editorial team Continue reading...
Richard Nixon’s strategy was about shielding his own reputation. Now Trump needs a face-saving exit of his own Donald Trump’s struggle to justify continuing his war with Iran reminds me of Richard Nixon’s quest for “peace with honor” in Vietnam. Nixon caused years of death and suffering in pursuit of his elusive goal. How much more devastation will Trump inflict before he cuts his losses and calls...
Richard Nixon’s strategy was about shielding his own reputation. Now Trump needs a face-saving exit of his own Donald Trump’s struggle to justify continuing his war with Iran reminds me of Richard Nixon’s quest for “peace with honor” in Vietnam. Nixon caused years of death and suffering in pursuit of his elusive goal. How much more devastation will Trump inflict before he cuts his losses and calls off this pointless conflict? Nixon first called for “an honorable end” to the war in his acceptance speech at the 1968 Republican national convention. It became a centerpiece of his presidential campaign and his presidency. As it became clear that the South Vietnamese government could not survive US withdrawal from the war, Nixon sought to defend Washington’s credibility, cynically understood as a decent interval between America’s departure and Saigon’s collapse. Continue reading...
Experts say brutal temperatures in west threaten to melt sparse snowpack – and warn hot, dry conditions here to stay A stunning heatwave that shattered records in the US west is threatening to rapidly melt the sparse snowpack and ramp up wildfire risks in the seasons ahead. March has already been historically hot , but the early onset of summer weather across the region may be here to stay. There’...
Experts say brutal temperatures in west threaten to melt sparse snowpack – and warn hot, dry conditions here to stay A stunning heatwave that shattered records in the US west is threatening to rapidly melt the sparse snowpack and ramp up wildfire risks in the seasons ahead. March has already been historically hot , but the early onset of summer weather across the region may be here to stay. There’s little reprieve in forecasts, which show more heat records may fall this spring. Continue reading...
Thriving venues such as the White Hotel have turned the area around Strangeways prison into a cultural hotspot – but owners are worried for its future Walking across the so-called Strange Quarter takes 20 minutes but encompasses a vast array of artistic endeavour. Over the last decade this loosely defined district straddling Manchester and Salford, previously known for industrial estates and Stran...
Thriving venues such as the White Hotel have turned the area around Strangeways prison into a cultural hotspot – but owners are worried for its future Walking across the so-called Strange Quarter takes 20 minutes but encompasses a vast array of artistic endeavour. Over the last decade this loosely defined district straddling Manchester and Salford, previously known for industrial estates and Strangeways prison, has emerged as a hotbed of DIY clubs, arts spaces and practice rooms. The White Hotel programmes groundbreaking music in a defunct MOT garage. Around the corner, Hidden offers a multi-level club and large open-air dancefloor, with scores of studios split between the main Downtex Mill building and a more recent addition, Inca. The DBA is a historic pub reborn as a focal point for queer and electronic music communities, and the Yard is an intimate indoor-outdoor venue, with yet more studios. The list goes on. Continue reading...
Abel Ortiz lived in LA since he was a newborn. The Guardian filmed him as he left after 38 years. Now, we catch up with him in Mexico City, fired up and grieving in his new life Watch: Abel leaves LA is an original Guardian Documentary that follows Abel’s last week in the United States A couple of weekends ago, as dusk was falling over the Escandón neighbourhood of Mexico City, Abel Ortiz was star...
Abel Ortiz lived in LA since he was a newborn. The Guardian filmed him as he left after 38 years. Now, we catch up with him in Mexico City, fired up and grieving in his new life Watch: Abel leaves LA is an original Guardian Documentary that follows Abel’s last week in the United States A couple of weekends ago, as dusk was falling over the Escandón neighbourhood of Mexico City, Abel Ortiz was startled by the sound of two American women yelling at each other on the street outside his apartment. They were nose to nose, screaming in English while bemused Mexicans looked on. Continue reading...
Leon Botstein’s communications and relationship with Epstein under review by WilmerHale law firm, while Bard president says he never witnessed anything inappropriate A victim of Jeffrey Epstein who had previous interactions with Leon Botstein said she believed the Bard College president, whose relationship with the late sex offender is currently under review, was part of a group of influential and...
Leon Botstein’s communications and relationship with Epstein under review by WilmerHale law firm, while Bard president says he never witnessed anything inappropriate A victim of Jeffrey Epstein who had previous interactions with Leon Botstein said she believed the Bard College president, whose relationship with the late sex offender is currently under review, was part of a group of influential and accomplished men whose proximity to Epstein helped to rehabilitate his reputation. Svetlana Pozhidaeva, a former Russian model who worked as a “staffer” for Epstein, told the Guardian in an interview that she saw Botstein with Epstein together “quite frequently” – including having flown with him on a trip to Epstein’s island in December 2012 – and that she believed his reputation as a “sophisticated intellectual” helped “legitimize” Epstein. Continue reading...
National peak body will work with community-controlled organisations to address rates of violence against Indigenous women and girls Get our breaking news email , free app or daily news podcast A new national body to reduce rates of family and sexual violence toward Aboriginal women and children will launch in Canberra on Wednesday, after years of campaigning by Indigenous women’s safety advocates...
National peak body will work with community-controlled organisations to address rates of violence against Indigenous women and girls Get our breaking news email , free app or daily news podcast A new national body to reduce rates of family and sexual violence toward Aboriginal women and children will launch in Canberra on Wednesday, after years of campaigning by Indigenous women’s safety advocates. First Nations women are seven times more likely to be killed and 27 times more likely to be hospitalised due to family violence than non-Indigenous women, and reducing rates of violence is a Closing the Gap target. Continue reading...
There are echoes here of 1992’s Peter’s Friends, and given this thriller’s preposterous script and amateurish production it is likely to generate similar levels of disdain Writer-director Tim Bryn Smith clearly never got the memo, drafted immediately after the waves of derision that greeted luvvie-fest Peter’s Friends back in 1992, that any film revolving around a bunch of friends who are or were ...
There are echoes here of 1992’s Peter’s Friends, and given this thriller’s preposterous script and amateurish production it is likely to generate similar levels of disdain Writer-director Tim Bryn Smith clearly never got the memo, drafted immediately after the waves of derision that greeted luvvie-fest Peter’s Friends back in 1992, that any film revolving around a bunch of friends who are or were formerly actors having a reunion is fair game for sneering, sniping and all kinds of eye-rolling disdain. Because no one really likes watching actors playing actors, despite the recent Oscar win for Sentimental Value. But Bryn Smith and his chums apparently haven’t read the room, so here’s the damn near insufferable Surrender to It, which revolves around a motley collection of ageing would-be thespians who all met at a drama workshop back in the day reuniting for a hiking weekend. The script, credited to Bryn Smith and Chris Wetton, feels like it rose out of a bunch of improv exercises and random suggestions fished out of a hat. One strand involves bereaved couple Dani (Daemian Greaves, the best of a very average lot in terms of performances here) and Celena (Melissa May Smith) who are mourning their dead son. While this is handled with some sensitivity, the maudlin tone doesn’t mix at all well with the supposedly comic subplots that occupy the rest of the running time. These focus on the other (highly unlikely) former best buds that include Ram (Fletcher Graham) who’s gone on to become a big-time movie star recovering from a recent scandal in the manner of Johnny Depp who has one hanger-on with him (Alexander Rose). Hugo (Bryn Smith) is meant to be the talent that never flourished who harbours deep feelings for another member of the group, but not the one you might think. There’s influencer Evie (Chantelle Lee) who has her own secret feelings for one of the cohort, and her pal Chrissy (Clare Alexandra Isabelle McGill) who is being courted by a gigolo with a ridiculous Lati...