Highlights

Update on OUSTER and closure of position due to extended valuation

Earnings update on Ouster, Inc. focused on the transition from LiDAR hardware vendor to full-stack AI and automation perception platform, opex and margin discipline, and the timing of margin inflection

FY25 earnings update for Butterfly Network, Inc. (NYSE:BFLY) detailing shift to higher margin software and licensing revenue profile, platform economics, and change in strategic positioning

Initiation on Ouster, Inc. focused on the transition from LiDAR hardware vendor to full-stack AI and automation perception platform, opex and margin discipline, and the timing of margin inflection

Initiation on Ultragenyx focused on the transition from peak burn to profitability—balancing commercial durability, pipeline optionality, and the timing of margin inflection.

Catalyst update following Butterfly Network's J.P. Morgan Healthcare discussion—summarizing commentary, roadmap updates, operating discipline, and the next 6–18 month signposts.

Initiation on Butterfly Network repositioning from a handheld ultrasound device vendor toward a semiconductor-enabled imaging platform—covering roadmap, unit economics, and inflection signposts.

Follow-up note on Avadel with a refreshed buyer-universe view and scenario framing around strategic acquirers—highlighting why Jazz becomes the natural endpoint.

Event-driven update on Avadel's strategic positioning and M&A dynamics, focusing on the Alkermes transaction risk, potential competing bidders, and the signposts that would re-price deal probability.