ClearPoint Neuro Inc

We initiated appropriately sized positions in QURE and CLPT to reflect the speculative nature of the opportunity. The thesis centered on a potentially more constructive regulatory environment within the FDA’s Center for Biologics Evaluation and Research and the possibility of renewed regulatory pathways for certain neurological therapies. Subsequent FDA feedback indicated that QURE could submit an application for accelerated approval following prior regulatory uncertainty. We expect the filing no earlier than late Q3; if accepted, an FDA decision could potentially occur before year-end. We will continue to monitor both the regulatory process and the implications for CLPT.

ClearPoint Neuro is a company that provides both hardware and consumables for the precise delivery of drugs to the brain and spine, focusing on cell and gene therapies. Its technologies are critical in clinical trials and become integral to drug delivery upon FDA approval, creating a long-term growth opportunity with high switching costs and recurring revenue streams. Recent positive clinical data from partner uniQure for its Huntington’s Disease drug enhances ClearPoint's revenue prospects and serves as a proof point for other therapies using ClearPoint protocols. Although the valuation is no longer optically cheap, it remains reasonable if the company's pipeline progresses and its hardware base expands.

ClearPoint Neuro had another major confirmatory new event with uniQure announcing very strong trial results for its gene therapy AMT-130 in treating Huntington’s disease. The phase 2 study reported a ~75% slowing of disease progression over three years, suggesting a major step towards curing Huntington’s disease. ClearPoint provides the SmartFlow Cannula system that uniQure will use for these treatments, which will materially benefit ClearPoint. This is huge for ClearPoint and will mean significant milestone revenues as well as heavy usage of their SmartFlow system in the years to come.

ClearPoint Neuro traded off 22% in Q1 after returning an incredible 120% return in 2024. The results and potential for future growth at ClearPoint are stronger now than they were at the end of 2024, with multiple of their key partners progressing significant clinical trial milestones in Q1, including uniQure with their Huntington's disease therapy AMT-130, which recently received breakthrough therapy designation from the FDA along with its orphan drug and fast track designation. We continue to hold our ClearPoint Neuro position as we believe the company is still in the early innings of a multi-year period of extremely high revenue growth.

ClearPoint Neuro traded off 22% in Q1 after returning an incredible 120% return in 2024. The results and potential for future growth at ClearPoint are stronger now than they were at the end of 2024, with multiple of their key partners progressing significant clinical trial milestones in Q1, including uniQure with their Huntington's disease therapy AMT-130, which recently received breakthrough therapy designation from the FDA along with its orphan drug and fast track designation. We continue to hold our ClearPoint Neuro position as we believe the company is still in the early innings of a multi-year period of extremely high revenue growth.

ClearPoint Neuro traded off 22% in Q1 after returning an incredible 120% return in 2024. The results and potential for future growth at ClearPoint are stronger now than they were at the end of 2024, with multiple of their key partners progressing significant clinical trial milestones in Q1, including uniQure with their Huntington's disease therapy AMT-130, which recently received breakthrough therapy designation from the FDA along with its orphan drug and fast track designation. We continue to hold our ClearPoint Neuro position as we believe the company is still in the early innings of a multi-year period of extremely high revenue growth.