KNSA · investment memo
DERIVED from the Regeneron 50/50 profit split, not assumed. Pre-opex contribution capped at 0.5 x (1 - COGS 9.7%) = 45.2% of revenue; at SG&A 16% / R&D 10% this gives 24.7%, ceiling 28.6% at SG&A 13% / R&D 8%. The screen's framework basis was 16.2%.
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.
A daily close below $67.55 triggers a mandatory re-underwrite and freezes further purchases. It is not an automatic sell unless a separate fundamental invalidation condition has been breached.
Not stated. This name has no falsifiable invalidation conditions on file, so it cannot be risk-monitored. That is a gap in the research, not a clean bill of health — recorded rather than hidden.
Not stated. No permanent-loss case with a named cause is on file. A valuation bear case is not an impairment case.