max(own TTM operating margin 10.2%, growth-matched peer median) - the memo's own words. FLAG: max() against a peer median is a clamp and valuation.md rule 1 prohibits clamping; here it resolves to BLLN's own figure. m_EBIT,T 10.2 <= m_gross,T 70.4 SATISFIED. Equal to, not below, trailing.
Risk & exit
Four distinct questions, one field each. A price is not a thesis: the trigger below forces a re-underwrite and freezes further purchases — it is never an automatic sell.
Risk trigger 16% below the memo price
$112.17
Forward E[R] vs a 0% floor
+13.9%
A daily close below $112.17 triggers a mandatory re-underwrite and freezes further purchases. It is not an automatic sell unless a separate fundamental invalidation condition has been breached.
Thesis-invalidation conditions
Fundamental and falsifiable, never price-based. If one is satisfied the thesis is marked dead and the position is retained only by explicit decision.
Q2-2026 (~early Aug): revenue below $114m, or organic sequential growth (ex true-up) below +5%. Q2-2026
Q2-2026: any FY2026 guidance reduction from $450–465m. Q2-2026
Q2/Q3-2026: prior-period true-up revenue again exceeding ~5% of quarterly revenue — would confirm the growth rate is being carried by retroactive re-pricing rather than by current-period business. Q3-2026
Year-end 2026: tumour-naive MRD launch slips, or launches without peer-reviewed validation data.
Year-end 2026: Northstar Response MolDX coverage denied or deferred.
FY2026 10-K (~Mar 2027): ICFR material weaknesses still unremediated. FY2026
Impairment case
Under the previous framework the bear case fed the E[R] arithmetic that produced the rejection. It no longer does. It is logged with i