{"approved_by":"owner, 15 Oct 2026, answering 'Seal Book 1 and the test rules as drafted?': ok go","batch":1,"file":"phase-b-rules-draft.md","hash":"923592b8d3fe8d1b1b0ab251119eaf484ae2f32d14275ec9348b5f08acd0e67a","kind":"test_rules","of":"Phase B: company depth, team, counsel, consultants","prev":"0000000000000000000000000000000000000000000000000000000000000000","recorded":"2026-10-15T09:15:48Z","seq":1,"sha256":"0a55254e13ff361943c1ffd84f9b8330f904f7c1ee2255b79d69c48e64a6eb55","text":"# Phase B test rules, DRAFT for the owner's approval, 15 October 2026\n\nThese rules are sealed (signed and anchored) BEFORE any collected fact is joined to an outcome. Nothing in them may change\nafter sealing; a change is a new sealed version, and both are published.\n\n## The set\n\n- Applications: the 546 distinct applications in osint/apps-to-research.json (the file lists 77 twice, copied from a\n  register table that held them twice; each counts once): original NDAs and BLAs the FDA's register shows approved in\n  2022 to 2026, and those the FDA's letter library shows refused and not approved. The year used in every test is the year\n  of the first action, which for an application approved after a refusal can be earlier than 2022.\n- Excluded before the run: a library refusal whose own text shows it concerns a supplement, not the original application.\n- Outcome: approved at the first action (1), or refused at the first action (0). A refusal counts only if it concerns the\n  original application and is dated before its approval; a refusal dated after an approval concerns another submission.\n- First action date: the date of the first FDA action letter on the original application as read in osint/letters, which\n  corrects reissued letters to their original date and a second original to the first.\n- Sponsor: the addressee on the first action letter where read, else the register's holder; grouped as in osint/b0\n  (spelling variants; entities carrying the group's name); a subsidiary under another name joins its parent only from a\n  sourced acquisition date before the first action.\n\n## The terms, two definitions each, named now (eight tests)\n\n1. COMPANY DEPTH. (a) The sponsor group's original approvals before the first action date: 5 or more, against 1 to 4.\n   (b) The share of the group's earlier first actions in the register that were approvals: above the window's base,\n   against at or below it, among groups with at least 3 earlier first actions.\n2. TEAM. (a) At least one officer or director in office on the first action date was an SEC insider of ANOTHER company\n   through that company's original FDA approval. (b) The distinct original approvals at other companies during the\n   tenures of the officers and directors in office: 2 or more, against 0 or 1.\n3. COUNSEL. (a) An outside registrant lobbying the FDA or HHS for the sponsor itself, or a firm the sponsor's own filing\n   calls its regulatory counsel, before the first action date. Readable for first actions from 2013 on, because the\n   public lobbying record is complete only from the fourth quarter of 2012. (b) That firm's own record in this set\n   before the date: its earlier applications' first-action approval share above the set's, against at or below, for\n   firms with at least 3 earlier applications.\n4. CONSULTANTS. (a) A third party, not an affiliate of the sponsor, named as the c/o party on the first action letter\n   (every letter was read the same way, whatever it decided). Because a c/o party often marks a sponsor without a US\n   office, this term is compared within three more strata: sponsors registered with the SEC or private in the US;\n   foreign companies and foreign private issuers; subsidiaries of unregistered parents (osint/team, labelled as\n   readings). (b) That firm's own record in this set before the date, as 3(b).\n   Contract research organisations and consultancies found through the drug's name (trial registrations, SEC sentences\n   naming the drug, press releases) are described, not tested: the drug's name comes from the FDA's register, which\n   holds approved applications, so whether they could be looked for at all depends on the outcome. Company-level SEC\n   mentions of a CRO are described, not tested: they do not tie the firm to the drug.\n\nFor counsel and consultants only the sponsor's own records count, never its parent's: a parent's lobbyist or counsel is\nnot evidence of work on the subsidiary's application. For team, a subsidiary's officers are its parent's, read as such. Three kinds of name are recorded and described but NOT tested, because each would carry the\noutcome or the sponsor's size into the test: patent counsel (the Orange Book lists only approved products, so it is\nfound only where the drug was approved); securities counsel (it marks an SEC registrant that raised money); and\nconsultants named in advisory committee materials (the FDA calls a panel where it has doubts).\n\nDirection is fixed now: experience or a better record goes with MORE approvals. A term that comes out the other way gets\nno weight and is reported as a finding.\n\n## The pass rules, all of which must hold for a term to carry weight\n\n- P1 COVERAGE: the term can be read (present, or looked for and confirmed absent; never \"could not look\") on at least 200\n  applications, with at least 30 in the smaller arm.\n- P2 NOT SIZE, NOT THE BASE: the effect is tested within strata of year, NDA or BLA, and the sponsor group's earlier\n  approvals (0, 1 to 4, 5 to 19, 20 or more), by a stratified (Mantel-Haenszel) comparison. For term 1, size is the\n  sponsor's public float band where it exists, and the test runs only on those sponsors. Pass: z of at least 2.50, one\n  sided, a bar set for the eight tests run here (the 5 Oct bar of 1.64 was for one test).\n- P3 EVERY YEAR LEFT OUT: the effect stays in the stated direction with each year 2022 to 2026 left out in turn.\n- P4 THE BEST-MEASURED YEARS: in 2024 to 2026, when refusal letters are published as issued, z of at least 1.64.\n- CONTROLS, run first: the same test on shuffled outcomes must fail; a term built from sponsor size must be caught by P2.\n  If either control misbehaves, nothing is reported as a pass.\n\n## What a pass becomes\n\nA term that passes enters Book 2 as a multiplier on its filing's weight: the stratified rate ratio, held between 0.8\nand 1.25. Every result is reported to the owner, including terms that fail and terms that cannot be read, with coverage\nby source. The rate ratio is never shown beside a named person or firm without counsel's word.\n"}
{"approved_by":"owner, 15 Oct 2026, answering 'Seal Book 1 and the test rules as drafted?': ok go","batch":1,"book":1,"cap_pct":15.0,"file":"book1-draft.md","hash":"9cf315bef98f63f728cb3d7231afa9068c09949df42e0b196ee8a57e810084a2","kind":"book_rules","prev":"923592b8d3fe8d1b1b0ab251119eaf484ae2f32d14275ec9348b5f08acd0e67a","rates":{"above":83.5,"below":64.5},"recorded":"2026-10-15T09:15:48Z","seq":2,"sha256":"a1ec0050c0d338039fce437472e9f6111962f4d406d1d5c27e098337ed0d810d","text":"# Book 1, DRAFT of the sealed text for the owner's approval, 15 October 2026\n\nA model book, not money. Signed with the portfolio's ML-DSA-87 key and its fingerprint anchored on chain BEFORE the FDA\nacts on any filing in it. Kept private until revealed on counsel's word and the owner's; the chain carries only the\nfingerprint.\n\n## Rules\n\n- WHAT: the 17 model positions of call batches 1 to 3, sized by the relative likelihood the FDA's own record supports.\n- WEIGHTS: fixed at signing, as shares of the book's starting value, in proportion to how often filings like each were\n  approved at the first action: 83.5% for filings called above average, 64.5% for those called below. Source: the FDA's\n  register, original NDAs and BLAs approved 2022 to 2026, one row per application, sponsor names matched to their groups,\n  with the ten largest sponsor groups removed (osint/b0/dedup/stress-out.json, 15 Oct 2026). The 5 October run read\n  82.0% and 64.2% per stress-out.json, before 77 applications listed twice in its table were counted once.\n- CAP: no equity above 15%, a rule of this book per PLAN-exposure-2026-10-15.md; the excess is shared among the other positions in proportion to their weights until none is\n  above it. Cogent's three filings share one equity, so its below-average positions sit under other below-average ones.\n- UNIVERSE: closed. A filing added after signing joins a later book.\n- ENTRY: the last close before signing, from stockanalysis.com, with the time it was read.\n- EXIT: the first close after the decision is announced, as in batch 1. A goal date moved by the FDA carries the position\n  to the new date; overdue stays open; a withdrawal closes the position at the first close after it is announced, counts\n  in the book's value, and is void for the call score.\n- CASH: a closed position's proceeds are held as cash, not reinvested.\n- REPORTED at each decision: the book's value against an equal-weight book of the same 17 positions entered at the same\n  close, and against XBI from the same close. A loss is published exactly as a gain. No significance is claimed on a\n  handful of decisions.\n- TRADING: no KXCO person trades a name in the book from signing until its decision.\n- FALLBACK: if the book cannot be anchored before INO-3107's decision is announced (target date 30 October 2026), INO-3107\n  is left out and the weights are recomputed over the other 16 by the same rules.\n\n## Positions and weights\n\n| Filing | Call | Equity | Weight | Source |\n|---|---|---|---|---|\n| BBP-418 | above average | BBIO | 7.11% | per the weights and cap rules, osint/book1-weights-draft.json |\n| Infigratinib | above average | BBIO | 7.11% | per the weights and cap rules, osint/book1-weights-draft.json |\n| Relutrigine | above average | PRAX | 7.11% | per the weights and cap rules, osint/book1-weights-draft.json |\n| Tinlarebant | above average | BLTE | 7.11% | per the weights and cap rules, osint/book1-weights-draft.json |\n| Zipalertinib | above average | CGEM | 7.11% | per the weights and cap rules, osint/book1-weights-draft.json |\n| Bezuclastinib | above average | COGT | 5.89% | per the weights and cap rules, osint/book1-weights-draft.json |\n| AD109 (Oxnimbi) | below average | APMD | 5.49% | per the weights and cap rules, osint/book1-weights-draft.json |\n| Deucrictibant IR | below average | PHVS | 5.49% | per the weights and cap rules, osint/book1-weights-draft.json |\n| INO-3107 | below average | INO | 5.49% | per the weights and cap rules, osint/book1-weights-draft.json |\n| Lonvo-z | below average | NTLA | 5.49% | per the weights and cap rules, osint/book1-weights-draft.json |\n| Lorundrostat | below average | MLYS | 5.49% | per the weights and cap rules, osint/book1-weights-draft.json |\n| Molgramostim | below average | SVRA | 5.49% | per the weights and cap rules, osint/book1-weights-draft.json |\n| Ozekibart | below average | INBX | 5.49% | per the weights and cap rules, osint/book1-weights-draft.json |\n| Quimilza (imsidolimab) | below average | VNDA | 5.49% | per the weights and cap rules, osint/book1-weights-draft.json |\n| Ulixacaltamide | below average | PRAX | 5.49% | per the weights and cap rules, osint/book1-weights-draft.json |\n| Bezuclastinib (AdvSM) | below average | COGT | 4.55% | per the weights and cap rules, osint/book1-weights-draft.json |\n| Bezuclastinib (NonAdvSM) | below average | COGT | 4.55% | per the weights and cap rules, osint/book1-weights-draft.json |\n\nShown to two decimals; the sealed lines carry four, which sum to 100%, per osint/book1-weights-draft.json.\n\nBy equity, per osint/book1-weights-draft.json: COGT 15.00%, BBIO 14.22%, PRAX 12.61%, each other equity one position. Sum 100%.\n"}
{"approved_by":"owner, 15 Oct 2026, answering 'Seal Book 1 and the test rules as drafted?': ok go","batch":1,"book":1,"call":"above average","call_batch":1,"call_hash":"c9a885a3d53a3844a55a4be25fd8ae1d8ee1bdbf8e51a3106122d4fe4de274a2","drug":"BBP-418","equity":"BBIO","filing":"bbp_418","hash":"9ee0c7b2a2f246353427307727e702cb273fe5617d636861e7d3bc8a08705170","kind":"position","prev":"9cf315bef98f63f728cb3d7231afa9068c09949df42e0b196ee8a57e810084a2","recorded":"2026-10-15T09:15:48Z","seq":3,"weight_pct":7.1117}
{"approved_by":"owner, 15 Oct 2026, answering 'Seal Book 1 and the test rules as drafted?': ok go","batch":1,"book":1,"call":"above average","call_batch":2,"call_hash":"15cd82cb7e2d4e0129b4969ff36570748432b5178c7c25221ae2d0b55a7f1d3a","drug":"Infigratinib","equity":"BBIO","filing":"infigratinib","hash":"aa118f0d66531e3870ada73cc663c71dab99ea115fc69a86c4dcf24c400d3b70","kind":"position","prev":"9ee0c7b2a2f246353427307727e702cb273fe5617d636861e7d3bc8a08705170","recorded":"2026-10-15T09:15:48Z","seq":4,"weight_pct":7.1117}
{"approved_by":"owner, 15 Oct 2026, answering 'Seal Book 1 and the test rules as drafted?': ok go","batch":1,"book":1,"call":"above average","call_batch":3,"call_hash":"6668f1598c96c3e4a5d31e1e71c60e8293f682a4160edca2b741e6eb4cd0ad5d","drug":"Relutrigine","equity":"PRAX","filing":"relutrigine","hash":"672f799b02f3684295c2e48b030003695638a18e8ebfd6ec58f09c32eeabf431","kind":"position","prev":"aa118f0d66531e3870ada73cc663c71dab99ea115fc69a86c4dcf24c400d3b70","recorded":"2026-10-15T09:15:48Z","seq":5,"weight_pct":7.1117}
{"approved_by":"owner, 15 Oct 2026, answering 'Seal Book 1 and the test rules as drafted?': ok go","batch":1,"book":1,"call":"above average","call_batch":1,"call_hash":"e8a21a077b0bf8ad06b55dc39922ec9e33113013c023fe1c51e57ad36cc14bca","drug":"Tinlarebant","equity":"BLTE","filing":"tinlarebant","hash":"c49db8d21ffddbea194251d35373e6128e159a890a0531a965cfbfe0f609a45f","kind":"position","prev":"672f799b02f3684295c2e48b030003695638a18e8ebfd6ec58f09c32eeabf431","recorded":"2026-10-15T09:15:48Z","seq":6,"weight_pct":7.1117}
{"approved_by":"owner, 15 Oct 2026, answering 'Seal Book 1 and the test rules as drafted?': ok go","batch":1,"book":1,"call":"above average","call_batch":1,"call_hash":"764577289bf1862f504a6a0bd7f233ab9a677083cb6a7c08a85f2549262a094d","drug":"Zipalertinib","equity":"CGEM","filing":"zipalertinib","hash":"3683730644000580ab1658d8eb98646f80b9fcf2a08ffea7dadfb91c8e4af11c","kind":"position","prev":"c49db8d21ffddbea194251d35373e6128e159a890a0531a965cfbfe0f609a45f","recorded":"2026-10-15T09:15:48Z","seq":7,"weight_pct":7.1117}
{"approved_by":"owner, 15 Oct 2026, answering 'Seal Book 1 and the test rules as drafted?': ok go","batch":1,"book":1,"call":"above average","call_batch":1,"call_hash":"99efb686868daeb6f488d303f3c5ab718f0ef3a5e0f6bff84713ac60396f43dd","drug":"Bezuclastinib","equity":"COGT","filing":"bezuclastinib","hash":"a91db2c9e066d954d1e91669f80389f594ab60ccdf7fbcb997a24b3858788fb4","kind":"position","prev":"3683730644000580ab1658d8eb98646f80b9fcf2a08ffea7dadfb91c8e4af11c","recorded":"2026-10-15T09:15:48Z","seq":8,"weight_pct":5.8941}
{"approved_by":"owner, 15 Oct 2026, answering 'Seal Book 1 and the test rules as drafted?': ok go","batch":1,"book":1,"call":"below average","call_batch":3,"call_hash":"3a3cdf428eca6425cccecdcf01b88f125d47f8d538e4a291f2b10aca13f0ade5","drug":"AD109 (Oxnimbi)","equity":"APMD","filing":"ad109","hash":"7004c964cfde91b960d8e4d34bc4760fac2facc5f3957f515edbef980120d531","kind":"position","prev":"a91db2c9e066d954d1e91669f80389f594ab60ccdf7fbcb997a24b3858788fb4","recorded":"2026-10-15T09:15:48Z","seq":9,"weight_pct":5.4935}
{"approved_by":"owner, 15 Oct 2026, answering 'Seal Book 1 and the test rules as drafted?': ok go","batch":1,"book":1,"call":"below average","call_batch":1,"call_hash":"cfd87eb254088b975a7aea1013601683f3beb3487e6f492168916e3d2a16a37c","drug":"Deucrictibant IR","equity":"PHVS","filing":"deucrictibant","hash":"3fb1d6296187c6a38c78d7a5c750002391f9916c08403dd6eea7fb9837c317bc","kind":"position","prev":"7004c964cfde91b960d8e4d34bc4760fac2facc5f3957f515edbef980120d531","recorded":"2026-10-15T09:15:48Z","seq":10,"weight_pct":5.4935}
{"approved_by":"owner, 15 Oct 2026, answering 'Seal Book 1 and the test rules as drafted?': ok go","batch":1,"book":1,"call":"below average","call_batch":3,"call_hash":"3b8144421e351e78645ebca8267bf86d3cd070de34bd1ef1fc789d70dd6db898","drug":"INO-3107","equity":"INO","filing":"ino_3107","hash":"36ec2b3688153b026225def52117b95435054c08b1c803a0266a5c7a6c118446","kind":"position","prev":"3fb1d6296187c6a38c78d7a5c750002391f9916c08403dd6eea7fb9837c317bc","recorded":"2026-10-15T09:15:48Z","seq":11,"weight_pct":5.4935}
{"approved_by":"owner, 15 Oct 2026, answering 'Seal Book 1 and the test rules as drafted?': ok go","batch":1,"book":1,"call":"below average","call_batch":1,"call_hash":"2133ca6fd47d58f6c029328c8556a1f8df1429f29ef5637111d3fe5acd81f6b2","drug":"Lonvo-z","equity":"NTLA","filing":"lonvo_z","hash":"de76755283ecc60bbe0996352359cd4fcb7cf4d5a8894005bf9865716ffccd51","kind":"position","prev":"36ec2b3688153b026225def52117b95435054c08b1c803a0266a5c7a6c118446","recorded":"2026-10-15T09:15:48Z","seq":12,"weight_pct":5.4935}
{"approved_by":"owner, 15 Oct 2026, answering 'Seal Book 1 and the test rules as drafted?': ok go","batch":1,"book":1,"call":"below average","call_batch":1,"call_hash":"02456393a08e90a7d2b8130efd56c125e10893c5e58f73f9e213a6357f75c0c6","drug":"Lorundrostat","equity":"MLYS","filing":"lorundrostat","hash":"28fa13d53a63ba1496bdee1bd196f5165c413245fd7b0eb0f63f204738d53b64","kind":"position","prev":"de76755283ecc60bbe0996352359cd4fcb7cf4d5a8894005bf9865716ffccd51","recorded":"2026-10-15T09:15:48Z","seq":13,"weight_pct":5.4935}
{"approved_by":"owner, 15 Oct 2026, answering 'Seal Book 1 and the test rules as drafted?': ok go","batch":1,"book":1,"call":"below average","call_batch":1,"call_hash":"447e181088fa8355c33419cd3ad66765a0f8609d318dc73cb27d283554c40533","drug":"Molgramostim","equity":"SVRA","filing":"molgramostim","hash":"6cc69cc538b8acbabeb258ffb68c6345b75b2fce2264153e8eed0fd5144351c1","kind":"position","prev":"28fa13d53a63ba1496bdee1bd196f5165c413245fd7b0eb0f63f204738d53b64","recorded":"2026-10-15T09:15:48Z","seq":14,"weight_pct":5.4935}
{"approved_by":"owner, 15 Oct 2026, answering 'Seal Book 1 and the test rules as drafted?': ok go","batch":1,"book":1,"call":"below average","call_batch":3,"call_hash":"1ef82897a2df4f7a3ff66d31f6c8d6918259411424183ef681eadf6203fa20f7","drug":"Ozekibart","equity":"INBX","filing":"ozekibart","hash":"5b464913cb9ae0000f5a0ec151a6921bdb80feaf10d7479c67beeebcaa8bab2e","kind":"position","prev":"6cc69cc538b8acbabeb258ffb68c6345b75b2fce2264153e8eed0fd5144351c1","recorded":"2026-10-15T09:15:48Z","seq":15,"weight_pct":5.4935}
{"approved_by":"owner, 15 Oct 2026, answering 'Seal Book 1 and the test rules as drafted?': ok go","batch":1,"book":1,"call":"below average","call_batch":3,"call_hash":"c945bc88e5a124ac2b83d34e9711226787ec18b8adb048ae2dc8a2c052d3e2d2","drug":"Quimilza (imsidolimab)","equity":"VNDA","filing":"quimilza","hash":"033a7119308fe0dd7722e9176cd9339cfc61b70ce5be7fd0e9d5f528515a4a5b","kind":"position","prev":"5b464913cb9ae0000f5a0ec151a6921bdb80feaf10d7479c67beeebcaa8bab2e","recorded":"2026-10-15T09:15:48Z","seq":16,"weight_pct":5.4935}
{"approved_by":"owner, 15 Oct 2026, answering 'Seal Book 1 and the test rules as drafted?': ok go","batch":1,"book":1,"call":"below average","call_batch":3,"call_hash":"5ca1ae15086367f095eb0b46ac699a5b050efb42151eb0d73aab1445b14976b0","drug":"Ulixacaltamide","equity":"PRAX","filing":"ulixacaltamide","hash":"9bfcf8eb2d38ebe411ae785d0bf7abd1f7e8a69bd608b67d6e7aef66df31e928","kind":"position","prev":"033a7119308fe0dd7722e9176cd9339cfc61b70ce5be7fd0e9d5f528515a4a5b","recorded":"2026-10-15T09:15:48Z","seq":17,"weight_pct":5.4935}
{"approved_by":"owner, 15 Oct 2026, answering 'Seal Book 1 and the test rules as drafted?': ok go","batch":1,"book":1,"call":"below average","call_batch":1,"call_hash":"724acfebe91933e2113682848502cd8036029660891fa8ba25a3c15cfcb88bf6","drug":"Bezuclastinib (AdvSM)","equity":"COGT","filing":"bezuclastinib_advsm","hash":"2b89b14a88d2d6a6144b8b6191b59fbea1157896cd184c52660e232c3932350c","kind":"position","prev":"9bfcf8eb2d38ebe411ae785d0bf7abd1f7e8a69bd608b67d6e7aef66df31e928","recorded":"2026-10-15T09:15:48Z","seq":18,"weight_pct":4.5529}
{"approved_by":"owner, 15 Oct 2026, answering 'Seal Book 1 and the test rules as drafted?': ok go","batch":1,"book":1,"call":"below average","call_batch":1,"call_hash":"63a8a02821fce55e8598a5ceaaaf3aeb2220766cbd5017489716904d59415887","drug":"Bezuclastinib (NonAdvSM)","equity":"COGT","filing":"bezuclastinib_nonadvsm","hash":"23ec59477526ce5f39798f756f4770db063adac251fa4587f3f534ac74987ae9","kind":"position","prev":"2b89b14a88d2d6a6144b8b6191b59fbea1157896cd184c52660e232c3932350c","recorded":"2026-10-15T09:15:48Z","seq":19,"weight_pct":4.5529}
{"approved_by":"owner, 15 Oct 2026, answering 'Seal Book 2?' and the politics plan: approved","batch":2,"book":2,"cap_pct":15.0,"file":"book2-draft.md","hash":"abb1f9e67e3e7d472e0a1c255c4a91721b1f5542df7d333b5e4ed584586c7f4a","kind":"book_rules","prev":"23ec59477526ce5f39798f756f4770db063adac251fa4587f3f534ac74987ae9","rates":{"above":83.5,"below":64.5},"recorded":"2026-10-15T11:44:28Z","seq":20,"sha256":"88852b9e54922248126f1588dcf66438bf7ac8d562c38004c07a150db127c564","team_multiplier":1.228,"team_terms":"osint/book2-team-terms.json","text":"# Book 2, DRAFT of the sealed text for the owner's approval, 15 October 2026\n\nA model book, not money, kept beside Book 1 and scored the same way. Signed with the portfolio's ML-DSA-87 key and its\nfingerprint anchored on chain BEFORE the FDA acts on any filing in it. Private until revealed on counsel's word and the\nowner's.\n\n## Rules\n\n- WHAT: Book 1's 17 positions, with the one weight the sealed test of 15 October 2026 licensed (book-ledger.jsonl line 1,\n  results in osint/phase-b-out.json): the team.\n- THE TEAM TERM: the sponsor's officers and directors in office on the day of signing have, between them, been insiders of\n  other companies through two or more original FDA approvals. In the sealed test, applications with such a team were\n  approved at the first action 89.6% of the time against 83.6%, per osint/phase-b-out.json: a rate ratio of 1.228 within\n  year, application type and the sponsor group's earlier approvals (z 2.53 against a bar of 2.50).\n- WEIGHTS: Book 1's basis (83.5% for filings called above average, 64.5% below, per osint/b0/dedup/stress-out.json),\n  multiplied by 1.228 where the team term holds, then scaled to 100%, per osint/book2-weights-draft.json. A filing whose sponsor's team cannot be read takes no\n  team adjustment and says so: zipalertinib, whose sponsor (Taiho, part of Otsuka) has no US insider filings; Cullinan, the\n  book's equity, is its US co-developer, not its sponsor.\n- IN OFFICE ON THE DAY, per osint/team/book2-teams.json: a Section 16 director or officer with that role on their latest\n  insider filing, an insider filing in the 12 months before the day, and no departure 8-K or proxy showing they left,\n  checked against each sponsor's latest proxy, 20-F or prospectus.\n- CAP: no equity above 15%, as in Book 1 per PLAN-exposure-2026-10-15.md, the excess shared among the others in proportion to their weights until none is above it.\n- UNIVERSE, ENTRY, EXIT, CASH, REPORTING, TRADING, FALLBACK: as Book 1, with Book 2's own signing date for entry. A loss\n  is published exactly as a gain. Book 1 is reported beside it, so the team weight's own effect can be read.\n\n## Positions and weights\n\n| Filing | Call | Equity | Team term | Weight | Source |\n|---|---|---|---|---|---|\n| Relutrigine | above average | PRAX | yes | 7.65% | per the weights, team and cap rules, osint/book2-weights-draft.json |\n| BBP-418 | above average | BBIO | yes | 7.50% | per the weights, team and cap rules, osint/book2-weights-draft.json |\n| Infigratinib | above average | BBIO | yes | 7.50% | per the weights, team and cap rules, osint/book2-weights-draft.json |\n| Tinlarebant | above average | BLTE | no | 6.23% | per the weights, team and cap rules, osint/book2-weights-draft.json |\n| Zipalertinib | above average | CGEM | not readable | 6.23% | per the weights, team and cap rules, osint/book2-weights-draft.json |\n| Deucrictibant IR | below average | PHVS | yes | 5.91% | per the weights, team and cap rules, osint/book2-weights-draft.json |\n| INO-3107 | below average | INO | yes | 5.91% | per the weights, team and cap rules, osint/book2-weights-draft.json |\n| Lonvo-z | below average | NTLA | yes | 5.91% | per the weights, team and cap rules, osint/book2-weights-draft.json |\n| Lorundrostat | below average | MLYS | yes | 5.91% | per the weights, team and cap rules, osint/book2-weights-draft.json |\n| Ozekibart | below average | INBX | yes | 5.91% | per the weights, team and cap rules, osint/book2-weights-draft.json |\n| Ulixacaltamide | below average | PRAX | yes | 5.91% | per the weights, team and cap rules, osint/book2-weights-draft.json |\n| Bezuclastinib | above average | COGT | yes | 5.89% | per the weights, team and cap rules, osint/book2-weights-draft.json |\n| AD109 (Oxnimbi) | below average | APMD | no | 4.81% | per the weights, team and cap rules, osint/book2-weights-draft.json |\n| Molgramostim | below average | SVRA | no | 4.81% | per the weights, team and cap rules, osint/book2-weights-draft.json |\n| Quimilza (imsidolimab) | below average | VNDA | no | 4.81% | per the weights, team and cap rules, osint/book2-weights-draft.json |\n| Bezuclastinib (AdvSM) | below average | COGT | yes | 4.55% | per the weights, team and cap rules, osint/book2-weights-draft.json |\n| Bezuclastinib (NonAdvSM) | below average | COGT | yes | 4.55% | per the weights, team and cap rules, osint/book2-weights-draft.json |\n\nShown to two decimals; the sealed lines carry four, which sum to 100%, per osint/book2-weights-draft.json.\n\nBy equity, per osint/book2-weights-draft.json: COGT 15.00%, BBIO 15.00%, PRAX 13.56%, each other equity one position. Sum 100%.\n"}
{"approved_by":"owner, 15 Oct 2026, answering 'Seal Book 2?' and the politics plan: approved","batch":2,"book":2,"call":"above average","call_batch":3,"call_hash":"6668f1598c96c3e4a5d31e1e71c60e8293f682a4160edca2b741e6eb4cd0ad5d","drug":"Relutrigine","equity":"PRAX","filing":"relutrigine","hash":"49e6d51598aa41997d5adc0579d186f9a1cece8a04fa5fdc38999aff66340402","kind":"position","multiplier":1.228,"prev":"abb1f9e67e3e7d472e0a1c255c4a91721b1f5542df7d333b5e4ed584586c7f4a","recorded":"2026-10-15T11:44:28Z","seq":21,"team_term":true,"weight_pct":7.6499}
{"approved_by":"owner, 15 Oct 2026, answering 'Seal Book 2?' and the politics plan: approved","batch":2,"book":2,"call":"above average","call_batch":1,"call_hash":"c9a885a3d53a3844a55a4be25fd8ae1d8ee1bdbf8e51a3106122d4fe4de274a2","drug":"BBP-418","equity":"BBIO","filing":"bbp_418","hash":"d5d2c103f5a15ea7c77da178636c877d13979395116841338bb6a8d72ddaca65","kind":"position","multiplier":1.228,"prev":"49e6d51598aa41997d5adc0579d186f9a1cece8a04fa5fdc38999aff66340402","recorded":"2026-10-15T11:44:28Z","seq":22,"team_term":true,"weight_pct":7.5}
{"approved_by":"owner, 15 Oct 2026, answering 'Seal Book 2?' and the politics plan: approved","batch":2,"book":2,"call":"above average","call_batch":2,"call_hash":"15cd82cb7e2d4e0129b4969ff36570748432b5178c7c25221ae2d0b55a7f1d3a","drug":"Infigratinib","equity":"BBIO","filing":"infigratinib","hash":"2203e244b38c162a7a003e4e3b13f8d7a3c2a90000dee19446ef44f94e7ab89f","kind":"position","multiplier":1.228,"prev":"d5d2c103f5a15ea7c77da178636c877d13979395116841338bb6a8d72ddaca65","recorded":"2026-10-15T11:44:28Z","seq":23,"team_term":true,"weight_pct":7.5}
{"approved_by":"owner, 15 Oct 2026, answering 'Seal Book 2?' and the politics plan: approved","batch":2,"book":2,"call":"above average","call_batch":1,"call_hash":"e8a21a077b0bf8ad06b55dc39922ec9e33113013c023fe1c51e57ad36cc14bca","drug":"Tinlarebant","equity":"BLTE","filing":"tinlarebant","hash":"6259038e2662d487937fffc6d8ce629eb37f08154b51f31d5e87fe6ada2c1bee","kind":"position","multiplier":1.0,"prev":"2203e244b38c162a7a003e4e3b13f8d7a3c2a90000dee19446ef44f94e7ab89f","recorded":"2026-10-15T11:44:28Z","seq":24,"team_term":false,"weight_pct":6.2295}
{"approved_by":"owner, 15 Oct 2026, answering 'Seal Book 2?' and the politics plan: approved","batch":2,"book":2,"call":"above average","call_batch":1,"call_hash":"764577289bf1862f504a6a0bd7f233ab9a677083cb6a7c08a85f2549262a094d","drug":"Zipalertinib","equity":"CGEM","filing":"zipalertinib","hash":"7c985f0ca9cc3dcaf14dac0f1ec7e40e52d94b034c6e84d0602c9be7002c92bc","kind":"position","multiplier":1.0,"prev":"6259038e2662d487937fffc6d8ce629eb37f08154b51f31d5e87fe6ada2c1bee","recorded":"2026-10-15T11:44:28Z","seq":25,"team_term":null,"weight_pct":6.2295}
{"approved_by":"owner, 15 Oct 2026, answering 'Seal Book 2?' and the politics plan: approved","batch":2,"book":2,"call":"below average","call_batch":1,"call_hash":"cfd87eb254088b975a7aea1013601683f3beb3487e6f492168916e3d2a16a37c","drug":"Deucrictibant IR","equity":"PHVS","filing":"deucrictibant","hash":"ef878091d72f5749c102ca0b8dc96a50f4c213265d3ff207fd02d97ddc07796a","kind":"position","multiplier":1.228,"prev":"7c985f0ca9cc3dcaf14dac0f1ec7e40e52d94b034c6e84d0602c9be7002c92bc","recorded":"2026-10-15T11:44:28Z","seq":26,"team_term":true,"weight_pct":5.9092}
{"approved_by":"owner, 15 Oct 2026, answering 'Seal Book 2?' and the politics plan: approved","batch":2,"book":2,"call":"below average","call_batch":3,"call_hash":"3b8144421e351e78645ebca8267bf86d3cd070de34bd1ef1fc789d70dd6db898","drug":"INO-3107","equity":"INO","filing":"ino_3107","hash":"0e05baef136906bff9af867f97a36ac33c569c3b782ac6e6f1220be50d733ddb","kind":"position","multiplier":1.228,"prev":"ef878091d72f5749c102ca0b8dc96a50f4c213265d3ff207fd02d97ddc07796a","recorded":"2026-10-15T11:44:28Z","seq":27,"team_term":true,"weight_pct":5.9092}
{"approved_by":"owner, 15 Oct 2026, answering 'Seal Book 2?' and the politics plan: approved","batch":2,"book":2,"call":"below average","call_batch":1,"call_hash":"2133ca6fd47d58f6c029328c8556a1f8df1429f29ef5637111d3fe5acd81f6b2","drug":"Lonvo-z","equity":"NTLA","filing":"lonvo_z","hash":"45ed75e7da359e4707c5378e02d8528bd6016678a29a8a1cda2d3ee02b74403d","kind":"position","multiplier":1.228,"prev":"0e05baef136906bff9af867f97a36ac33c569c3b782ac6e6f1220be50d733ddb","recorded":"2026-10-15T11:44:28Z","seq":28,"team_term":true,"weight_pct":5.9092}
{"approved_by":"owner, 15 Oct 2026, answering 'Seal Book 2?' and the politics plan: approved","batch":2,"book":2,"call":"below average","call_batch":1,"call_hash":"02456393a08e90a7d2b8130efd56c125e10893c5e58f73f9e213a6357f75c0c6","drug":"Lorundrostat","equity":"MLYS","filing":"lorundrostat","hash":"4424a611eec578543a19276b073757cb743866e7818009db0ee1e3d3949c618e","kind":"position","multiplier":1.228,"prev":"45ed75e7da359e4707c5378e02d8528bd6016678a29a8a1cda2d3ee02b74403d","recorded":"2026-10-15T11:44:28Z","seq":29,"team_term":true,"weight_pct":5.9092}
{"approved_by":"owner, 15 Oct 2026, answering 'Seal Book 2?' and the politics plan: approved","batch":2,"book":2,"call":"below average","call_batch":3,"call_hash":"1ef82897a2df4f7a3ff66d31f6c8d6918259411424183ef681eadf6203fa20f7","drug":"Ozekibart","equity":"INBX","filing":"ozekibart","hash":"97e9ae75a104e1ef90f755a0566e214e23a038b7e075571be57607f283dc5d31","kind":"position","multiplier":1.228,"prev":"4424a611eec578543a19276b073757cb743866e7818009db0ee1e3d3949c618e","recorded":"2026-10-15T11:44:28Z","seq":30,"team_term":true,"weight_pct":5.9092}
{"approved_by":"owner, 15 Oct 2026, answering 'Seal Book 2?' and the politics plan: approved","batch":2,"book":2,"call":"below average","call_batch":3,"call_hash":"5ca1ae15086367f095eb0b46ac699a5b050efb42151eb0d73aab1445b14976b0","drug":"Ulixacaltamide","equity":"PRAX","filing":"ulixacaltamide","hash":"54e22c3aedf898ae679c534c9ad8158e325fc6ec5ea33a0dff23f2ee70d18208","kind":"position","multiplier":1.228,"prev":"97e9ae75a104e1ef90f755a0566e214e23a038b7e075571be57607f283dc5d31","recorded":"2026-10-15T11:44:28Z","seq":31,"team_term":true,"weight_pct":5.9092}
{"approved_by":"owner, 15 Oct 2026, answering 'Seal Book 2?' and the politics plan: approved","batch":2,"book":2,"call":"above average","call_batch":1,"call_hash":"99efb686868daeb6f488d303f3c5ab718f0ef3a5e0f6bff84713ac60396f43dd","drug":"Bezuclastinib","equity":"COGT","filing":"bezuclastinib","hash":"5c4675a533fc044a4529f49112c3e077fb09b8afe8b512487dcaf0f82c09c86e","kind":"position","multiplier":1.228,"prev":"54e22c3aedf898ae679c534c9ad8158e325fc6ec5ea33a0dff23f2ee70d18208","recorded":"2026-10-15T11:44:28Z","seq":32,"team_term":true,"weight_pct":5.8941}
{"approved_by":"owner, 15 Oct 2026, answering 'Seal Book 2?' and the politics plan: approved","batch":2,"book":2,"call":"below average","call_batch":3,"call_hash":"3a3cdf428eca6425cccecdcf01b88f125d47f8d538e4a291f2b10aca13f0ade5","drug":"AD109 (Oxnimbi)","equity":"APMD","filing":"ad109","hash":"e941117b7323448e06c15606df54a6608f16eda72809942874f3de65a45abf33","kind":"position","multiplier":1.0,"prev":"5c4675a533fc044a4529f49112c3e077fb09b8afe8b512487dcaf0f82c09c86e","recorded":"2026-10-15T11:44:28Z","seq":33,"team_term":false,"weight_pct":4.812}
{"approved_by":"owner, 15 Oct 2026, answering 'Seal Book 2?' and the politics plan: approved","batch":2,"book":2,"call":"below average","call_batch":1,"call_hash":"447e181088fa8355c33419cd3ad66765a0f8609d318dc73cb27d283554c40533","drug":"Molgramostim","equity":"SVRA","filing":"molgramostim","hash":"f850f00ac2c48cc777a0114cd826033631356b253f89b96f2ef6921bd49079af","kind":"position","multiplier":1.0,"prev":"e941117b7323448e06c15606df54a6608f16eda72809942874f3de65a45abf33","recorded":"2026-10-15T11:44:28Z","seq":34,"team_term":false,"weight_pct":4.812}
{"approved_by":"owner, 15 Oct 2026, answering 'Seal Book 2?' and the politics plan: approved","batch":2,"book":2,"call":"below average","call_batch":3,"call_hash":"c945bc88e5a124ac2b83d34e9711226787ec18b8adb048ae2dc8a2c052d3e2d2","drug":"Quimilza (imsidolimab)","equity":"VNDA","filing":"quimilza","hash":"e1577e433de1e15604c04470e32962ce1a1f236f2e8fd1b0e88c4d23b3750252","kind":"position","multiplier":1.0,"prev":"f850f00ac2c48cc777a0114cd826033631356b253f89b96f2ef6921bd49079af","recorded":"2026-10-15T11:44:28Z","seq":35,"team_term":false,"weight_pct":4.812}
{"approved_by":"owner, 15 Oct 2026, answering 'Seal Book 2?' and the politics plan: approved","batch":2,"book":2,"call":"below average","call_batch":1,"call_hash":"724acfebe91933e2113682848502cd8036029660891fa8ba25a3c15cfcb88bf6","drug":"Bezuclastinib (AdvSM)","equity":"COGT","filing":"bezuclastinib_advsm","hash":"05b66e56ec3c9615f50e76fc2047a36f88ae7e075125b2f59b90b7ec6b1c62a9","kind":"position","multiplier":1.228,"prev":"e1577e433de1e15604c04470e32962ce1a1f236f2e8fd1b0e88c4d23b3750252","recorded":"2026-10-15T11:44:28Z","seq":36,"team_term":true,"weight_pct":4.5529}
{"approved_by":"owner, 15 Oct 2026, answering 'Seal Book 2?' and the politics plan: approved","batch":2,"book":2,"call":"below average","call_batch":1,"call_hash":"63a8a02821fce55e8598a5ceaaaf3aeb2220766cbd5017489716904d59415887","drug":"Bezuclastinib (NonAdvSM)","equity":"COGT","filing":"bezuclastinib_nonadvsm","hash":"9fc2fbcd61361fbb1578e459299a5d65ab20421bbf23b21d2f9dc79470004602","kind":"position","multiplier":1.228,"prev":"05b66e56ec3c9615f50e76fc2047a36f88ae7e075125b2f59b90b7ec6b1c62a9","recorded":"2026-10-15T11:44:28Z","seq":37,"team_term":true,"weight_pct":4.5529}