Driehaus Capital

# Signal Note: Driehaus Capital Initiates $297M Position in CRNX Driehaus's $297M entry into Crinetics likely reflects conviction in macrolithín (CRN04894), a oral selective somatostatin receptor 2 (SST2) agonist in Phase 3 for acromegaly, with topline data expected in 2H 2024. The timing aligns with potential near-term clinical readout that could validate oral SST2 agonists as a competitive alternative to current injectable therapies, de-risking the pipeline ahead of potential regulatory decisions in 2025.

# Signal Note: Driehaus Capital Initiates $275M Position in PRAX Driehaus's sizable entry into Praxis suggests confidence in its lead program PRAX-114, a selective GABA-A α2/α3 modulator in Phase 2b for major depressive disorder, which addresses a significant market gap given tolerability issues with current antidepressants. The timing aligns with anticipated 2024-2025 Phase 2b readout, a key inflection point for valuation. This represents meaningful conviction from a high-conviction growth manager and indicates institutional perception of both clinical merit and risk/reward at current levels.

**Signal Note: Driehaus Capital Initiates $219M Position in Guardant Health** Driehaus's entry into GH signals conviction in the liquid biopsy leader's core oncology surveillance franchise, likely ahead of potential catalyst moments in ctDNA-based early cancer detection (Guardant Shield) or expanded clinical adoption of existing monitoring products. The substantial $219M stake from a growth-focused manager suggests confidence in margin expansion and market share gains as ctDNA testing becomes standard-of-care in precision oncology, though near-term catalysts and clinical trial readouts should be monitored for execution risk.

# Signal Note: Driehaus Initiates $203M Position in Xenon Pharmaceuticals Driehaus's substantial entry into XENE signals confidence in Xenon's pipeline maturation, likely driven by upcoming catalysts around XEN1101 (voltage-gated potassium channel opener for epilepsy), which showed robust Phase 2 efficacy data and could support a pivotal trial initiation in 2024-2025. The $203M position size—meaningful for a growth manager—suggests conviction in near-term newsflow and commercial potential in a large, underpenetrated epilepsy market with limited competition in this mechanism class.

**Signal Note: Driehaus Capital - Planet Fitness (PLNT)** Driehaus Capital's $182M initiating position in Planet Fitness is notable given the firm's growth-oriented biotech mandate, suggesting conviction in PLNT's expansion trajectory or potential strategic catalyst. This represents a sector rotation signal—a growth manager pivoting capital into fitness/wellness rather than deploying in traditional biotech, potentially reflecting either biotech valuation concerns or conviction in PLNT's operational momentum heading into 2024-2025 membership growth cycles.

# Signal Note: Driehaus Capital Initiates $165M APGE Position Driehaus's substantial entry into Apogee suggests conviction in the company's clinical-stage pipeline, likely driven by upcoming catalysts in its lead program (bemaritide, a finerenone analog for heart failure with preserved ejection fraction). The 2.18M share accumulation represents meaningful commitment from a growth-focused allocator and signals confidence in either near-term trial readouts or commercial potential in a large indication where competing therapies continue evolving.

**Signal Note: Driehaus Capital Initiates $163.5M Position in EOS Energy** Driehaus's substantial entry into EOSE signals institutional conviction in long-duration energy storage, likely driven by accelerating grid modernization capex and potential near-term catalysts around utility procurement cycles or contract announcements. The position size (14.3M shares, ~5%+ of float) represents meaningful conviction from a growth-focused allocator typically selective on biotech/hard tech bets. Monitor for utility partnerships, project financing announcements, or IRA-related incentive clarifications that could validate the thesis.

**Signal Note: Driehaus Capital initiates $145.8M SITM position** SiTime is a timing solution semiconductor company, not a biotech/drug developer—this signals growth investor confidence in their MEMS timing technology franchise amid AI infrastructure buildout and data center expansion. The position size suggests conviction in secular semiconductor tailwinds rather than biotech-specific catalysts, marking a thematic shift toward semiconductor enablement of AI compute rather than traditional biopharma plays.

# Signal Note: Driehaus Initiates $143M Position in Natera Driehaus's $143M entry into NTRA signals conviction in the company's noninvasive prenatal testing (NIPT) and oncology liquid biopsy franchises, particularly as reproductive health regulation stabilizes post-Dobbs and cell-free DNA adoption accelerates in oncology screening. The timing aligns with NTRA's expanding reimbursement for Signatera (ctDNA-based recurrence monitoring) and upcoming data readouts in early cancer detection, areas where the company faces meaningful competitive pressure from Illumina, Exact Sciences, and Foundation Medicine.

**Signal Note: Driehaus Growth Allocation to Nuclear Fuel** Driehaus initiated a $139.3M position in Cameco (CCJ), a uranium producer, signaling conviction in nuclear energy demand tailwinds rather than biotech innovation. This capital deployment reflects macro positioning around AI infrastructure power demands and potential nuclear renaissance policy catalysts, diverging from traditional biotech-focused growth investing.

**Signal Note: Driehaus Growth Initiates $137.9M Position in FTAI Aviation** This signal appears misaligned with Driehaus's biotech focus—FTAI Aviation is an aviation leasing company (part of Fortress Investment Group), not a biotech firm. The $137.9M position likely reflects either a data error, a diversification move into alternative assets, or a corporate restructuring/spin-off play rather than a fundamental biotech investment thesis.

# Signal Note: Driehaus Initiates $137.6M Position in Rhythm Pharmaceuticals Driehaus's entry into RYTM suggests conviction in imparipamtide (setmelanotide), a melanocortin-4 receptor agonist approved for rare genetic obesity (POMC, PCSK1, PCDH1 deficiencies). The $137.6M stake timing likely reflects confidence in commercial execution post-launch and potential label expansions, though peak sales estimates remain modest (~$200-400M) given the ultra-rare patient population. Watch for 2024-2025 revenue ramp and any pipeline advancement toward additional genetic obesity indications as validation of the investment thesis.

**Signal Note: Driehaus Initiates $136M Position in HDFC Bank** This move signals a tactical shift toward financial services rather than direct biotech exposure, suggesting Driehaus may be repositioning capital amid biotech volatility or seeking dividend/value exposure in Indian financials. However, this represents a departure from the fund's core growth-oriented biotech mandate and warrants monitoring for broader portfolio rebalancing trends.

**Signal Note: Driehaus BAP Initiation** Driehaus's $135.5M entry into Credicorp (BAP), a Peruvian financial holding company, represents a notable macro/EM positioning move rather than a biotech-specific catalyst—inconsistent with the fund's stated growth biotech focus. This suggests either portfolio rebalancing toward EM financial exposure or conviction on Peru's economic reopening; the position carries currency and regulatory risk unrelated to drug development or clinical catalysts.

# Signal Note: Driehaus Capital Initiates $134M Position in Septerna Driehaus' substantial entry into SEPN signals conviction in the company's clinical-stage pipeline, likely centered on its GPCR modulators for fibrotic diseases (pulmonary fibrosis programs in early development). The $134M position size—meaningful for a growth allocator—suggests confidence in near-term catalysts, potentially including Phase 2 data readouts or partnership developments, though exact timing remains unclear from public filings.