Market Overview - The Uterine Fibroid Market was valued at USD 5.26 Billion in 2025 and is projected to reach USD 9.43 Billion by 2033, growing at a CAGR of 7.63% from 2026 to 2033 [1][8]. Growth Drivers - The market is expanding due to the increased incidence of uterine fibroids among women of childbearing age, with approximately 70 to 80% of women experiencing fibroids by age 50 [2]. - Rising healthcare infrastructure in emerging markets and increased awareness regarding fibroid treatment options are also contributing to market growth [5]. Treatment Trends - There is a significant trend towards minimally invasive techniques for treating uterine fibroids, with adoption rates rising by over 60% in the past five years [4]. - Minimally invasive procedures are expected to grow at the fastest CAGR of 8.63% from 2026 to 2033, driven by advancements in technology and patient preference for less invasive options [11]. Market Segmentation - By Type: Submucosal Fibroids dominated with 36.24% in 2025, while Intramural Fibroids are expected to grow at the fastest CAGR of 8.20% from 2026 to 2033 [9][10]. - By Treatment Type: Surgical Procedures held 38.45% in 2025, with Minimally Invasive Procedures projected to grow at 8.63% CAGR [11]. - By Technology: Laparoscopic Surgery accounted for 36.58% in 2025, with MRI-Guided Focused Ultrasound expected to grow at 8.83% CAGR [12]. - By End-User: Hospitals & Clinics dominated with 47.49% in 2025, while Ambulatory Surgical Centers are expected to grow at 8.43% CAGR [13]. Regional Insights - The U.S. Uterine Fibroid Market was valued at USD 1.78 Billion in 2025 and is projected to reach USD 3.11 Billion by 2033, growing at a CAGR of 7.25% [14]. - North America is expected to hold a 45.32% market share in 2025, while Asia Pacific is anticipated to grow at the fastest CAGR from 2026 to 2033 [15]. Recent Developments - In January 2024, Pfizer Canada announced the availability of MYFEMBREE® for treating uterine fibroids and endometriosis [17]. - In September 2024, Theramex announced the first commercial sale of Yselty® in Germany, marking a new treatment option for women with moderate to severe symptoms of uterine fibroids [17].

Performance Overview - Arquitos Capital achieved a net return of 82.1% in 2025, significantly outperforming the Russell 2000's return of 12.8% [2][3] - The fund's annualized returns since inception are 14.5%, with notable performance in the last year and six out of fourteen years exceeding 40% [3] Investment Strategy - The company focuses on a concentrated portfolio, primarily in three positions: Liquidia Corporation, ENDI Corp, and Finch Therapeutics, while exploring new investment opportunities [5][6] - The investment approach targets company-specific situations where potential rewards outweigh risks, particularly in smaller companies undergoing transitions [6][7] Liquidia Corporation - Liquidia was the largest contributor to Arquitos in 2025, with shares rising from $11.76 to $34.49, primarily driven by long-dated call options [10] - The company successfully launched its medication Yutrepia, capturing 25% market share and targeting a potential 80-90% of UTC's market share in the inhaled treprostinil market [16][19] - Liquidia's innovative PRINT manufacturing process enhances drug effectiveness and reduces side effects, positioning it favorably against competitors [17] ENDI Corp - ENDI's stock rose from $11.43 to $16.75 in 2025, with an increase in annual EBITDA run rate from $8 million to $12.5 million and AUM growing from $3.4 billion to $4.1 billion [26][27] - The company addressed a major overhang by executing an early cashless exercise of outstanding warrants, improving financial clarity for potential investors [29] Finch Therapeutics - Finch shares increased by 19% in 2025, following a jury trial win against Ferring Pharmaceuticals, resulting in a $30 million award and potential ongoing royalties [31][32] - The company is awaiting a post-trial decision that could further enhance its financial position, with accrued interest on the judgment benefiting shareholders [33]

Core Insights - Arquitos Capital Management reported a net return of 29.6% for Q3 2025, with year-to-date gains reaching 66.8% [1] - The firm focuses on a select group of companies and is willing to hold investments for extended periods [1] Company Highlights - Finch Therapeutics Group, Inc. (OTC:FNCH) is highlighted as a key investment, with a one-month return of -3.59% and a 52-week gain of 16.50% [2] - As of December 10, 2025, Finch Therapeutics' stock closed at $13.98, with a market capitalization of $22.449 million [2] - Finch's share price increased from $11.30 at the beginning of the year to $12.28 at the end of Q3 2025 [3] - The company won a jury trial against Ferring Pharmaceuticals in August 2024, resulting in a $30 million award and potential for enhanced damages due to willful infringement [3] Investment Perspective - Finch Therapeutics is not among the 30 most popular stocks among hedge funds, with the firm suggesting that certain AI stocks may offer better upside potential and lower downside risk [4]

Performance Overview - Arquitos achieved a net return of 29.6% in Q2 2025, with a year-to-date return of 66.8% [3] - The fund's performance is evaluated on an absolute basis rather than relative to market indices [4][5] - The S&P 500 has returned 14.4% annually since the fund's inception, while small caps, represented by the Russell 2000, have returned 10.0% annually [7] Benchmarking Strategy - The Russell 2000 Small Cap Index will be used as the primary benchmark for Arquitos, reflecting the focus on smaller companies [9] - The fund's strategy involves holding investments for extended periods, allowing for business evolution and market recognition [10] Key Holdings Liquidia Corporation (LQDA) - Liquidia's share price increased from $11.76 to $22.74 in 2025, primarily through long-dated call options [10] - The FDA approved Liquidia's product Yutrepia in May 2025, which has shown strong initial demand with over 900 prescriptions in the first 11 weeks [11][12] - The share price may be affected by the upcoming ruling in the '327 patent dispute, with expectations of a favorable outcome [14] ENDI Corp (OTCQB:ENDI) - ENDI's share price rose from $11.43 to $17.50, with assets under management increasing to $4.2 billion [18][19] - The company holds approximately $53 million in cash and investments, with a market capitalization of about $95 million [20] Finch Therapeutics (OTCPK:FNCH) - Finch's share price increased from $11.30 to $12.28, following a jury trial win against Ferring Pharmaceuticals [21][22] - The potential for enhanced damages from the trial verdict could significantly increase Finch's share value [23] Investment Philosophy - The investment strategy emphasizes patience and long-term value, with a focus on total return over the holding period [24][25] - The fund's performance has been strong in 2025, with expectations for continued undervaluation in core holdings [25]

AstraZeneca - AstraZeneca has increased its investment in a new drug manufacturing facility in Virginia by $500 million, bringing the total commitment to $4.5 billion [2] - The facility will produce various drugs, including an experimental obesity pill, a blood pressure medication, and an oral PCSK9 inhibitor, and will now also manufacture antibody-drug conjugates [2] - Once operational, the plant is expected to employ 700 workers [2] Ascenta Capital - Ascenta Capital has closed a $325 million fund aimed at supporting development-stage biotechnology companies [2] - The firm, founded by Moderna veterans, has already invested over $100 million in six biotech companies, including Odyssey Therapeutics, OrsoBio, and Cardurion Pharma [2] - Ascenta Capital prefers to lead or co-lead investments in "multi-medicine" biotechs at early stages of human testing [2] Expedition Therapeutics - Expedition Therapeutics has raised $165 million in a Series A round to support testing of a lung disease drug licensed from Fosun Pharma [2] - The drug targets the enzyme DPP-1, which is associated with multiple inflammatory conditions, and the financing will fund a Phase 2 trial in chronic obstructive pulmonary disease [2] - The company is led by former Goldman Sachs banker Yi Larson and focuses on in-licensing assets from China [2] Ferring Pharmaceuticals - Ferring Pharmaceuticals plans to lay off up to 500 employees as part of a cost-cutting initiative [2] - The company is aligning its operations with a new "Enterprise Model" aimed at boosting its core business and providing flexibility for new opportunities [2] - The Chief Medical and Science Officer has taken early retirement as part of this restructuring, and a new company council has been formed [2]

Core Viewpoint - The current gene therapy market is characterized by both significant investment opportunities and notable challenges, reflecting a duality in its development landscape [2][3]. Investment Highlights - As of mid-April 2023, five gene therapy companies have collectively secured $534.4 million in venture capital funding, indicating strong investor interest in the sector [2]. - Notable funding rounds include Tune Therapeutics raising over $175 million in January, and Atsena Therapeutics completing a $150 million oversubscribed round in April [2]. Market Challenges - AmplifyBio, a CRO/CDMO focused on gene and cell therapies, shut down in April 2023 after four years of operation, highlighting funding shortages faced by early-stage biotech companies [3]. - Despite over ten gene therapies receiving FDA approval, only one is projected to exceed $1 billion in sales in 2024, with only three therapies expected to surpass $100 million in sales [3]. Top Gene Therapies by Projected Sales 1. **Zolgensma®**: Projected sales of $1.214 billion in 2024, developed by Novartis, for treating spinal muscular atrophy in children under 2 years old [12]. 2. **Elevidys®**: Projected sales of $820.791 million in 2024, developed by Sarepta Therapeutics, for treating Duchenne muscular dystrophy [13]. 3. **Vyjuvek®**: Projected sales of $290.5 million in 2024, developed by Krystal Biotech, for treating epidermolysis bullosa [13]. 4. **Adstiladrin®**: Projected sales of €70 million ($79 million) in 2024, developed by Ferring Pharmaceuticals, for treating high-risk non-muscle invasive bladder cancer [14]. 5. **Zynteglo™**: Projected sales of $62.273 million in 2024, developed by bluebird bio, for treating beta-thalassemia [14]. 6. **Roctavian®**: Projected sales of $26 million in 2024, developed by BioMarin Pharmaceutical, for treating severe hemophilia A [14]. 7. **Lenmeldy™ / Libmeldy™**: Projected sales of $224.54 million in 2024, developed by Orchard Therapeutics, for treating metachromatic leukodystrophy [14]. 8. **Luxturna®**: Projected sales of CHF 18 million ($20.9 million) in 2024, developed by Spark Therapeutics, for treating RPE65 mutation-associated retinal dystrophy [14]. 9. **Lyfgenia®**: Projected sales of $11.605 million in 2024, developed by bluebird bio, for treating sickle cell disease [16]. 10. **Skysona®**: Projected sales of $9.917 million in 2024, developed by bluebird bio, for treating cerebral adrenoleukodystrophy [16].

Core Insights - The ACC announced the 2025 ACC Value Champions, recognizing eight corporate law departments and five external partners for their innovative approaches to enhancing legal efficiency and cost savings [1][2][4]. Group 1: ACC Value Champions - The 2025 ACC Value Champions include notable companies such as PepsiCo, FedEx, and UBS, showcasing a diverse range of sectors including food and beverage, technology, and logistics [1][4][7]. - These champions have implemented innovative strategies utilizing data, streamlined processes, and cutting-edge technologies to improve legal service delivery [2][3]. Group 2: Legal Innovation and Efficiency - The ACC Value Champions have developed creative solutions to address the challenges posed by evolving global regulations and resource constraints, leading to improved predictability and better outcomes for their organizations [2][3]. - The program has been recognizing legal innovation since 2012, highlighting the importance of optimizing resources and workflows within legal departments [4][6]. Group 3: Upcoming Recognition Event - The 2025 ACC Value Champions will be honored at the ACC Legal Ops Con on April 9 in Chicago, Illinois, an event focused on legal innovation and technology [5].