Trade Alert: Biotech + Bitcoin

Adding more exposure to two current positions.

An Upcoming Catalyst For Sana Biotechnology.

They say no one gives away alpha, but my last post on Sana Biotechnology ( SANA 0.00%↑) was free, and the stock is up about 78% since then.

This is the company that has come up with what may be a one-time cure for insulin-dependent diabetes. In their annual report released last month, they mentioned that the Type 1 diabetic given their cell therapy had gone more than three months without using insulin or any immunosuppressants and had no problems.

The company plans to present six month data on this patient to the American Diabetes Association later this month.

In light of that, I’m adding another options trade on this one, in case a bunch of endocrinologists decide to buy the stock after seeing that presentation.

Taking Advantage Of Today’s Drop In SMLR

Shares of Semler Scientific (SMLR 8.51%↑) are down about 10% today. This is a healthcare technology company that adopted Michael Saylor’s Bitcoin treasury strategy. At current prices, the Bitcoin on Semler’s balance sheet is worth nearly 1.4x the company’s market cap. Even if its underlying healthcare business were worth $0, this would be a good deal.

Last time Semler traded at this price, back in April, we bought calls on it. We sold half of those calls last month for a 201% gain.

1. Calls on Semler Scientific (SMLR 8.51%↑). Bought for $5.31 on 4/21/2025; sold (half) for $16 on 5/19/2025. Profit: 201%.

This time, we’re doing a risk-reversal trade.

Details on both below.

Today’s Sana Biotechnology Trade