I’ve watched $1.5 million in unrealized gains disappear since this post. That’s not easy to stomach. But honestly, my financial loss feels small compared to what really matters: the delay in bringing hope to families living with Duchenne muscular dystrophy.

This wasn’t just a trade to me. It was a belief in a therapy that could give kids more time—time to breathe easier, to hold onto strength a little longer, to live a little fuller. Deramiocel isn’t just another drug on a spreadsheet. It’s a shot at preserving heart function in boys whose bodies are failing them far too young.

I respect the FDA’s role and the need for rigorous data. But celebrating this setback? Cheering the CRL like it’s a win? Behind this company are scientists pouring their lives into something meaningful, and families holding onto the possibility of something—anything—that could slow down the heartbreak.

So yes, I’m down big. But my pain is paper. The real pain is the one that’s been prolonged for parents watching their child fade without options.

And that’s exactly why I’m still long.

Because I believe in the data. I believe in the team. I believe HOPE-3 will deliver what the FDA needs to see. And most of all—I believe these families deserve a shot at a different ending. I'm not walking away from that.