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Biology is Code

10 tickers across three layers: Read, Orchestrate, Write
Research78 / 100 h
Buying locked · 22 h to go
# TickerPriceMcapRevenue Q2’26FCF/sh Q2’26EntryTechnical1MInvalidation
Ranked by preferred entry order, not market cap (HOLDING → BUILD → STUDY → OPTION → MONITOR). Live price and technicals; mcap scaled to the live price from the snapshot share count (prices in the board: Oct 13, 2026 close); fundamentals from the last reported quarter. Tap a row to open the dossier.
HIMSORCHESTRATE
Hims & Hers Health
$29.71
Market cap
$6.80B
live
Revenue Q2’26
$753M
+38% YoY
H1’26 vs FY guide
43%
$3.1–3.3B
FCF / share
−$0.30
Q2’26 · −$68.2M
Technical
…
Next report: Q3 · Nov 9 · guided $880–900M (+47–50%)

D2C rails, the incentive provider. Q2 rev $753M (+38%); Q3 guided +47–50%, print Nov 9. Four weeks pinned at 28–30, +10% on Oct 9 through all three EMAs, then back under 30.4 by Oct 13 — false break, triangle intact into the Nov 9 print.

Entry & market entries

#1 of 9 in the preferred entry order
HOLDING

Core position. The ORCHESTRATE layer — the only ticker that owns the consumer. Q3 (Nov 9) guided +47–50% is the next test; the Oct 9 close above all three EMAs is the first technical confirmation since August — it needs to hold 30.4.

WHO IS IN · public disclosures
Antonio LinaresDiscloses being long HIMS, ImmunityBio and Nautilus, in logarithmically declining allocation (HIMS largest). Substack, "Life Extension per Token", Sep 30, 2026 ↗
Hernán (10AMPRO)Core position — see the ORCHESTRATE thesis below. 10am.pro ↗
Antonio LinaresLists $HIMS among his early positions in his X bio. X, @alc2022 profile ↗

Quarterly results

USD millions · Q1’25 → Q2’26 · last ER: Q2 FY2026
Revenue Q2’26
$753M
+38% YoY
Gross margin
63.8%
-12.6 pts vs Q2’25
Operating margin
-12.9%
-17.8 pts vs Q2’25
RevenueGross profitOperating result
$586Q1’25$545Q2’25$599Q3’25$618Q4’25$608Q1’26$753Q2’26
Q1’25Q2’25Q3’25Q4’25Q1’26Q2’26
Revenue$586M$545M$599M$618M$608M$753M
Revenue YoY————+4%+38%
Gross margin73%76%74%72%65%64%
Operating result$57.9M$26.7M$11.8M$9.19M–$78.3M–$97.2M
Operating margin10%5%2%1%-13%-13%
Net result$49.5M$42.5M$15.8M$20.6M–$92.1M–$86.3M
Q1’26 was the trough (+4% YoY) as compounded GLP-1s were pulled for branded Wegovy; Q2’26 re-accelerated to +38% on ~$131M international and 2.9M subscribers. H1’26 = $1.36B, 42.5% of the $3.2B guidance midpoint — back-half loaded, so Q3 has to print the guided $880–900M.

Cash on hand

Jun 30 ’26 · Q2 deck · cash + equivalents + securities
Cash
$840M+
Jun 30 ’26
Burn / quarter
−$68M FCF Q2
cash outflow
Runway
Cash-generative
FCF+ expected in H2’26
Cash / mcap
12%
mcap $6.80B live
Cash and short-term investments after a $400M receivables facility and a ~$400M convertible. The −$68M in Q2 was working capital from the branded-Wegovy ramp, not an operating loss. Balance sheet is levered through the convertibles: look at net cash, not gross. At the Q2 burn rate, cash covers ~12.3 quarters.

FCF per share

quarterly · 231M sh
Free cash flow per share, last six quarters.+$0.22Q1’25–$0.30Q2’25+$0.34Q3’25–$0.01Q4’25+$0.23Q1’26–$0.30Q2’26$0.00
Official Q2’26 deck reconciliation. Q2’26 FCF of –$68M reflects working capital absorbed by the branded-Wegovy ramp — covered with a $400M receivables facility plus a ~$400M convertible, ending the quarter with $840M+ in cash. Management expects a return to FCF generation in H2 2026.

Technicals & forecast

live · same engine as the Solana hubs
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Research · external thesis

paraphrased · source cited below
Hims owns the distribution layer from the consumer side: reads and writes through the phone, and is paid when the customer stays well.

The thesis: Hims and Tempus own the distribution layer from opposite ends. Hims reads and writes direct to consumer; subscription billing means it is paid when the customer stays well. Hims Labs blood panels (including Grail’s Galleri cancer test) sit on the read side; retesting the same person over time closes the key:value pair. TTM revenue ~$2.6B (11.3× since Q3 2021, ~66% CAGR) at a market cap of ~$6.7B, which the author reads as an arbitrage vs Tempus.

Revenue
TTM ~$2.6B, 66.5% CAGR over 19 quarters; GLP-1s were the inflection.
Read side
Hims Labs blood panels incl. Galleri; the same person retested over time.
Arbitrage
$2.6B revenue at ~$6.7B mcap vs Tempus $1.4B at ~$14.9B.
Author position
Largest of his three disclosed longs (HIMS > IBRX > NAUT, logarithmically declining).
MILESTONES TO WATCH
  • Q3 2026 results (Nov 9)
  • Hims Labs / Galleri attach and retest data
  • Resolution of FTC / payment-network headwinds
RISKS
  • Regulatory and payment-network pressure (see news module)
  • GLP-1 pricing and compounding exposure
The author’s largest position in the thesis. Ours: core HOLDING.
Source: Antonio Linares — "Life Extension per Token" (RXRX, TEM and NAUT Q2 2026 ER update, Sep 30, 2026). Paraphrased and synthesized; not investment advice.

Full note on the latest quarter

Read the note (results, guidance, catalysts)
FY2022–FY2025 actuals shown. Q2 FY2026 (reported Aug 10): revenue $753M (+38% YoY), ~2.9M subscribers (+19%, +300K net adds), and monthly revenue per average subscriber of $92 vs $76 a year ago (+21%) — both curves rising while marketing fell 5 pts YoY to 34% of revenue. International revenue grew ~17x to $131M (incl. ~$40M from Eucalyptus, closed June; organic +13% QoQ), with the UK, Australia and Germany each above a $100M annualized run rate. Adjusted EBITDA $60M (8% margin, +1 pt QoQ); GAAP net loss -$86M, hit by ~$81M of one-time costs (Eucalyptus close, restructuring, $47.5M FTC accrual); gross margin compressed to 64% on branded-GLP-1 and international mix. Guidance implies acceleration: Q3 at $880–900M (+47–50% YoY), FY2026 raised to $3.1–3.3B (+32–41%) with $275–325M adj. EBITDA; 2030 targets of $6.5B+ revenue / $1.3B+ adj. EBITDA reiterated. The AI-native Hers Weight Loss rollout (July) showed 3x messaging engagement, 80% of questions answered by AI within clinical protocols, ~50% fewer non-clinical support tasks, and lower cancellations in the new-experience cohorts — management expects AI investment to pay back in 12–18 months. Since the print the tape has been dominated by regulation rather than growth: the FTC (with Utah and LA County) sued on Jul 29 over subscription disclosures, cancellation friction and health-data sharing with ad platforms; Visa placed the company in its Acquirer Monitoring Program in August after weight-loss chargebacks spiked (an ~$8 surcharge per dispute, and a 1.5% dispute-rate ceiling to exit); and gross margin has now compressed four quarters in a row. Against that, CEO Dudum’s Aug 19 CNBC rebuttal of the FTC case lifted the stock 14% in a day, and the Aug 31 Australia launch (GLP-1s plus men’s health) marks the first Asia-Pacific market. Net: the stock sits at ~$27.7, down ~13% since mid-August; Q3 (Nov 9) has to show the promised H2 FCF and margin inflection.
The thesis: from reactive chemistry to a biological operating system
● BIOLOGY IS CODE — THE BIOLOGICAL OPERATING SYSTEM

We are moving from reactive chemistry to a predictive Biological OS

Companies bridging the gap between molecular reality and AI computation are generating the largest asymmetric wealth-creation event of the decade. The thesis reduces to three verbs: Read the code, orchestrate the data, write the biology.

Read the CodeOrchestrate the DataWrite the Biology
Fundamentals snapshot · Sep 4, 2026 · Prices and TA reads · Oct 13, 2026 close · 10 tickers
The new scaling law is Healthspan per Token

Old scaling laws governed software: more parameters → more intelligence. The next massive consumer reallocation of capital is biological. Consumers exhibit near-full price elasticity for platforms that demonstrably add years of healthy life — bending the curve from traditional aging (1 year lived = 1 year lost) toward longevity escape velocity, where predictive ontologies return more than a year of healthspan per year lived.

"SICKNESS IS SIMPLY A BUG IN THE PROTEOMIC NETWORK"
Level 5Clinical outcomes
Human health, lifespan, systemic performance.
Level 4Proteins & proteoforms
3D Lego-like structures that execute function. Disfunction here is the root of all disease.
Level 3Peptides
Short chains — the body’s biological instruction set.
Level 2Amino acids & chemistry
Raw dietary inputs and chemical compilers.
Level 1Atoms
The lowest level of abstraction — the physical hardware.
To fix a bug at Level 5, AI must compute the physics of Level 1 and write code via Level 3. Read the proteome, then write back with precision.
MAPPING THE BIO-OS VALUE CHAIN
READ
Data extraction
Nautilus ($NAUT)
10B-protein mapping; Tau proteoforms / neuro.
Quantum-Si ($QSI)
Single-molecule protein sequencing on a semiconductor chip — the sensor that validates AI-designed peptides.
Tempus & Caris ($TEM / $CAI)
Deep oncology data integrated with hospitals.
Recursion ($RXRX)
Wetlab simulation lowering chemical toxicity.
ORCHESTRATE
Distribution & inference
Hims ($HIMS)
D2C infrastructure, longitudinal biomarker aggregation — the incentive provider that owns the consumer. AI "load bearing, not decorative": the only closed loop of intake → treatment → follow-up → outcome at ~3M-subscriber scale, aiming to sell $50–150K/yr concierge-level care by subscription.
WRITE
Biological intervention
ImmunityBio ($IBRX)
Immune-system reboot (IL-15 superagonist).
MiNK ($INKT)
Immune bypass — iNKT cells / stable lipids.
NervGen ($NGEN)
Nervous-system regeneration (NVG-291).
Parabilis ($PBLS)
Solving flat-protein errors (Helicon peptides).
Read and Write are brilliant tools, but they lack the end-consumer relationship. The platform that owns distribution and provides incentives (the D2C ontological flywheel) captures the majority of the economic value — an insurmountable "singularity scaler."
The compute required for biology dwarfs today\u2019s AI infrastructure

Every H100 GPU installed on Earth would provide only ~0.02% of the compute needed to build an exhaustive proteomic map of a single human for a single year. We are at the absolute infancy of biological computation — the singularity scalers that solve this bottleneck can eclipse the scale of today\u2019s tech giants.

Methodology & notes
  • Market caps and prices in the board are the Oct 13, 2026 close (share counts from the Sep 4, 2026 snapshot); the Technicals module is live. Fundamentals are the Sep 4, 2026 snapshot (Q2 FY2026).
  • Quarterly results (Q1'25–Q2'26, last ER = Q2 FY2026): total revenue, gross profit, operating and net result per quarter, from the XBRL data of the 10-Q/10-K filings on the SEC (Q4 = fiscal year minus Q1–Q3), cross-checked with Yahoo Finance. IBRX shows total revenue (ANKTIVA + other). NervGen reports in C$ under IFRS. PBLS has no public Q3/Q4'25 (it was private). Pre-revenue or revenue-immaterial names (NAUT, QSI, INKT, PBLS, NGEN) show operating and net result; QSI figures are from its 8-K press releases (Q3\u201925 derived from the 9-month and FY statements).
  • 2026 executed revenue is charted in the Quarterly results section (Q1'25–Q2'26, reported GAAP revenue from 8-K/10-Q releases); the annual bars stop at FY2025 because FY2026 is not yet complete. Q2 FY2026 results for all ten tickers (reported Jul 28 – Aug 13, 2026) are also reflected in each ticker's commentary. HIMS figures are from its Aug 10 Q2 deck and call; the rest from company press releases and 10-Q/8-K filings. Post-quarter developments through Sep 4 (FTC/Visa at HIMS, Merck–Moderna readout for TEM, Nature Methods for NAUT) are noted where material. QSI was added on Oct 2, 2026. Prices, market caps and editor TA reads were refreshed on Oct 11, 2026 with daily closes through Oct 9.
  • CAI (IPO Jun 2025) shows only FY2024–FY2025; its gross profit is estimated from margin and its operating income is approximate (2025 distorted by IPO stock comp).
  • IBRX operating income for 2022 and 2025 is approximate (derived from R&D + SG&A).
  • PBLS (IPO Jun 2026) and NGEN (Nasdaq Jan 2026) are pre-revenue with limited public history — shown as info cards, not charts.
  • FCF per share uses discrete quarterly FCF (OCF − capex) from company filings via Macrotrends — except HIMS, whose series comes directly from the official Q2 FY2026 investor deck reconciliation — divided by current diluted shares held constant across the series to isolate the cash trend. Pre-revenue names show TTM/annual burn because no 6-quarter public series exists.
  • This is data and research context, not investment advice.