Gross proceeds to Nkarta from this offering are approximately $200 million, before deducting underwriting discounts and commissions and offering expenses and assuming no exercise of the underwriters’ option to purchase additional shares. Nkarta intends to use the net proceeds from the offering to fund the continued clinical development of NKX101 and NKX019, preclinical studies for research stage programs and the continued buildout of internal manufacturing capabilities, and for working capital and for general corporate purposes. Cowen, SVB Securities, Evercore ISI and Stifel are acting as joint book-running managers for the offering.

ThesisPayPal (NASDAQ:PYPL) stock was brutalized lately. Its 2022 Q1 earnings release (“ER”) reported a sharp profit decline AND margin compression. It posted a net income of $0.43 per share in Q1, more than a 50% decline YoY. At the same time, what is even more concerning tome is that its operating margin suffered a 630-basis-point contraction too. The causes of the contraction included higher transaction costs, general & administrative, R&D expenses, and also general inflation.To shareholders’ relief, Q2 results reversed the trend. It reported results beating consensus estimates on both lines. EPS came in at $0.93 (on a Non-GAAP basis), beating the consensus estimate by $0.06. And revenue came in at $6.8B, beating consensus by $20M.More importantly, it reported an expansion in ope

ThesisWe updated investors in ourprevious articleon XPeng Inc. (NYSE:XPEV) to be cautious, as we gleaned a significant price top as the market led investors into XPEV's June highs.The market has since digested that momentum surge fromits May lows with breathtaking ruthlessness, sending XPEV spiraling toward a record low in October 2022. As such, XPEV has underperformed its peers significantly since our previous article, as it fell more than 75% from our caution.While we had expected a steep fall, we didn't expect such a massacre. We gleaned that the market had not sent XPEV into a capitulation move. Instead, it was a clear de-rating in Chinese stocks that impacted Chinese equities broadly, with XPEV taking the brunt of the selling.Our assessment suggests that investors could be pulling out

IntroductionThe Walt Disney Company (NYSE:DIS$Walt Disney(DIS)$ ) reported1Q23 resultson 08 February 2023. Back in November 2022, the market reacted positively to news that Bob Iger would return for another stint in the CEO seat; whether the bounce in the shareprice was due to excitement about what Iger could achieve or relief that the rather unpopular Bob Chapek was ousted remains unclear. With the 1Q23 result, Iger put forward a game plan for the near-term which triggered another bounce in the share price, however this initial enthusiasm has since quickly faded.In myprevious DIS note, I expressed concerns that bullish comments regarding what Iger could deliver for shareholders during his anticipated two-year tenure were probably too optimistic. I

Apple is Broadcom$Broadcom(AVGO)$ 's largest customer and accounts for approximately 20% of revenue for FY22, or about $7 billion. Yet, while the loss of Apple as a customer would definitely impact Broadcom, the impact is expected to be much lower by 2025 as other parts of Broadcom are growing much faster, decreasing the percentage of revenue derived from Apple. Also, Apple has so far been struggling with replacing Qualcomm and has already had to postpone the release of its own 5G chips a couple of times. It could very well be that the replacement for the Broadcom products will also be finalized much later than 2025, and closer to 2027, giving Broadcom even more time to diversify its revenue stream. Obviously, the acquisition of VMware would alrea

$Pinduoduo Inc.(PDD)$ I don’t think PDD will be included in buybacks since it has consistently exceeded analysts estimates and growing much faster than its rivals. That being said, I’m holding on tight to my shares because their revenue rose 94% YoY to 68.84 billion yuan ($9.44 billion), beating analysts’ estimates by $2.02 billion. Their adjusted net income climbed 37% to 17.03 billion yuan ($2.33 billion), or $1.55 per share, clearing the consensus forecast by $0.39 1, and their stock surged 18% in Nov., after the earnings report was released. $PDD has said they plan to spend nearly all revenue on R&D and marketing, meaning no plans for buybacks, dividends, etc (common with growing tech companies) but investors shoul

While we continue to view Grab Holdings Limited (NASDAQ:GRAB) as a highly speculative investment, we continue to see the company making progress towards profitability after it reportedthird quarter results. Year-over-year group revenuewas up over 140%, and loss for the period improved substantially. Monthly transacting users also grew 30% y/y, accelerating significantly from the previous two quarters.The company achieved an important milestone during the quarter, with the delivery business turning segment adjusted EBITDA positive for the first time. Another big positive was that revenue for deliveries tripled compared to the same period a year ago.While the company continues to be unprofitable, there is a lot of potential. We, therefore, continue to view Grab as a high risk, high reward ty

Grab$Grab Holdings(GRAB)$ is fighting to achieve profitability. In that context the company's CFOcommented:In the quarter, we took action to streamline our organizational cost structure. We optimized our fixed costs, shut unprofitable lines of business and continued to taper incentives as a percentage of GMV.In my opinion, however, Grab's outlook for 2023 profitability could be too confident. There are two major reasons: First, in a recessionary macro-environment it is highly likely that (in my opinion) expensive delivery services will experience amongst the sharpest consumer spending cuts, which would obviously pressure Grab's business model. In that context, in the conference call with analysts Grab's CEO hasadmittedthat:customers want to save m

BAC has fallen steeply since we downgraded it, as it underperformed the S&P 500 significantly.Is the selloff appropriate? At its recent highs, yes, because there was too much optimism over its NII growth that's likely to level off in 2023.Hence, the market has likely focused on whether BAC's current valuation is appropriate for a recession.But, investors need to ask whether the market has priced in a significant recession?We explain why after the recent selloff, we are more constructive over its recovery.