Notes

A news scan found the headline related to TLX SEC publication timestamps. The information was retrieved on September 9. The Gozellix accession number is 0002007191-25-000037, which was accepted on March 20, 2025, at 21:34:54Z, or 17:34:54 Eastern Time. The filing date is March 21, and the report date is March 20. The exit on March 20 at the regular close time happened before this SEC publication, but an earlier FDA/ASX first news timestamp is still unverified, so the event-exposure tag remains unclear. The Zircaix accession number is 0002007191-25-000065, which was accepted on August 28, 2025. This may have followed an earlier announcement by the issuer, but it is not proof of the first news. https://data.sec.gov/submissions/CIK0002007191.json

As of August 4, 2026, for the quarter that ended on June 30, the company's financial primary sponsor reported the following information. The revenue was 214 million dollars, which is an increase of 28.1437 percent from 167 million dollars. Crysvita accounted for 72.8972 percent of the revenue, with 156 million dollars out of 214 million dollars. The company had 436 million dollars in cash and investments. The quarterly operating cash flow burn was 97 million dollars, and the net loss was 92 million dollars. If the company's cash burn rate remains the same, it has enough cash to last approximately 4.4948 quarters or 13.4845 months without any growth, financing, launch costs, vouchers, or restructuring effects. This calculation does not take into account any forecast or current cash flow. A news scan found the figures, which are based on the company's financial report for the quarter ended June 30, 2026. https://www.sec.gov/Archives/edgar/data/1515673/000119312526332802/rare-ex99_1.htm

A news scan found the headline 'SRRK Supplied CLI unsplit diagnostic baseline'. The diagnostic baseline for the stock symbol SRRK shows the following results: it analyzed 501 bars of data, resulting in a return percentage of -7.05269310405634. The buy and hold percentage is 576.7688679245283, with a maximum drawdown percentage of 38.70403897978931. The win rate is 33.33333333333333, and the average trade percentage is 0.032010772307978594, based on 60 trades. This data was generated using a command node that ran a backtest script with the following parameters: symbols RARE, IONS, MIRM, TLX, and SRRK, using a momentum strategy, looking back 20 days, over 730 days, with a stop percentage of 5 and a target percentage of 10. The results do not account for fees or slippage, and assume exact stop levels. A separate test was run using the same engine, holding out data from 2026 to 2037, and recording results from 17369 to 78. https://runway.adityaperswal.workers.dev/data/stock-bars?timeframe=1Day&feed=iex

A news scan found the headline 'TLX Supplied CLI unsplit diagnostic baseline'. The symbol TLX has the following trading data: it has 453 bars, a return percentage of 2.118699850227701, and a buy and hold percentage of -22.077922077922075. The maximum drawdown percentage is 30.788887119289356, the win rate is 41.17647058823529, and the average trade percentage is 0.09867602281483585, with 34 trades. A command was run with the following parameters: symbol options included RARE, IONS, MIRM, TLX, and SRRK, the strategy used was momentum, the lookback period was 20, the number of days was 730, the stop percentage was 5, and the target percentage was 10. This was a test without fees or slippage, and the stop assumes an exact level, with no validation and no split. A separate test was done with the same engine, with a holdout from 2026 to 17369-78 recorded, and the costed event vector backtests are considered authoritative for this question. https://runway.adityaperswal.workers.dev/data/stock-bars?timeframe=1Day&feed=iex

A news scan found the headline about a trading fund manager's notes for the symbol MIRM. The notes show that the trading strategy had a return of 96.47414399435148 percent over 501 bars. The buy and hold return was 142.49878226984896 percent. The maximum drawdown was 18.57681848104861 percent. The win rate was 50 percent and the average trade return was 1.9404732950966648 percent. The number of trades was 40. A command was run with the following parameters: symbols RARE, IONS, MIRM, TLX, SRRK, strategy momentum, lookback 20, days 730, stop percentage 5, and target percentage 10. The results are gross and do not include fees or slippage. The stop assumes an exact level and the data is unsplit and not validated. A separate test was run with the same engine and recorded results from 2026 to 17369-78. https://runway.adityaperswal.workers.dev/data/stock-bars?timeframe=1Day&feed=iex

A news scan found the headline 'IONS Supplied CLI unsplit diagnostic baseline'. The symbol IONS had 501 bars, a return percentage of 17.618684549849604, and a buy and hold percentage of 17.37691352916839. The maximum drawdown percentage was 20.995574616006788, the win rate was 35, and the average trade percentage was 0.5690694389969815, with N being 40. A command was run with the following parameters: symbols RARE, IONS, MIRM, TLX, SRRK, strategy momentum, lookback 20, days 730, stop percentage 5, and target percentage 10. The results are gross, without fees or slippage, and assume an exact stop level. The data is not validated and is a separate test from 2026, with a holdout from 17369 to 78. https://runway.adityaperswal.workers.dev/data/stock-bars?timeframe=1Day&feed=iex

A news scan found the headline about a supplied command line interface for RARE with an unsplit diagnostic baseline. The data for the symbol RARE includes 501 bars, a return percentage of -16.067153245826372, and a buy and hold percentage of -73.35302542069459. The maximum drawdown percentage is 30.694833490641898, the win rate is 25, and the average trade percentage is -0.30531620150370337, based on 36 trades. A command was run with the following parameters: symbols RARE, IONS, MIRM, TLX, SRRK, strategy momentum, lookback 20, days 730, stop percentage 5, and target percentage 10. This was a backtest, which means it was a simulation of trades, and it did not include fees or slippage, which are costs associated with buying and selling. The stop percentage assumes an exact level, meaning it stops the trade at a precise price. This test was not a validation, but rather a separate test using the same engine, with a holdout from 2026 to 2036 and 17369 to 2078 recorded. The costed event vector backtests are considered authoritative for this question. https://runway.adityaperswal.workers.dev/data/stock-bars?timeframe=1Day&feed=iex

A news scan found the following data: a rule called T10_T2 is being used for market control in the year 2026. This rule has a mean net minus gross SPY of 5.720553121579513. The correlation is -1, which means the relationship between two things is perfectly opposite. The ols alpha is -13.642117444429056 and the ols beta is -8.479202660151131. The residual df is 0. This data is about a type of analysis called OLS, which is short for ordinary least squares, a way to understand how things are related. The data shows the return on investment, or net event return, compared to the gross SPY, which is a type of stock market index. The correlation of +/- 1 is just a mathematical concept, and does not tell us anything useful in this case. In 2025, a selection of 5 things was made, and 3 of them were related to something called TLX, but no stable pattern or hedge was found. https://runway.adityaperswal.workers.dev/data/stock-bars?symbols=SPY,TLX,IONS,RARE,SRRK&timeframe=1Day&feed=sip&adjustment=all

A news scan found the headline 'FDA window market control T10_T2 2025'. The given data is about a trading rule, T10_T2, for the year 2025. It includes the following information: the rule has 5 data points, the average net return minus the gross return of the S&P 500 is 5.248576010213514, and the correlation between the returns is 0.6751219183122441. The ordinary least squares, or OLS, analysis shows an alpha of 3.2273122598604616 and a beta of 2.5682127287806984, with a residual degree of freedom of 3. This data describes the net return of an event in relation to the gross return of the S&P 500 at the same time. The correlation value ranges from -1 to 1, which is a mathematical concept. For the year 2025 with 5 data points, and 2026 with 2 data points, the analysis does not provide any inference. Additionally, for 2025 with 5 data points and 3 TLX data points, no stable alpha or hedge can be determined. https://runway.adityaperswal.workers.dev/data/stock-bars?symbols=SPY,TLX,IONS,RARE,SRRK&timeframe=1Day&feed=sip&adjustment=all

A news scan found the following data: a rule called T20_T6 is being used to control the market in the year 2026. This rule has a mean net minus gross SPY of -3.36597895814576. The correlation is -1, which means the relationship is perfectly inverse, and the ols alpha is -0.8821131778520939, while the ols beta is -0.644526570744887. The residual df is 0. This data is about an ordinary least squares, or OLS, analysis of the return on investment, specifically the net event return compared to the contemporaneous gross SPY. The correlation of +/- 1 is an algebraic concept and has no statistical significance. In 2025, 5 events were selected, and 3 were related to TLX, but no stable alpha or hedge was found. https://runway.adityaperswal.workers.dev/data/stock-bars?symbols=SPY,TLX,IONS,RARE,SRRK&timeframe=1Day&feed=sip&adjustment=all

A news scan found the following data: a rule called T20_T6 for the year 2025 has the following numbers: N is 5, the mean net minus gross SPY is -6.884361405804897, the correlation is 0.017253401633306815, ols alpha is -8.465867238154964, and ols beta is 0.025984287752255322, with a residual df of 3. This data describes the net event return on the contemporaneous gross SPY using a statistical method called ordinary least squares, or OLS for short, which is a way to analyze the relationship between variables. The correlation is a measure of how closely two variables are related, with 1 being a perfect positive relationship and -1 being a perfect negative relationship. The data also mentions that for 2026 N2 and regression df 0, the correlation is between -1 and 1, which is a mathematical concept. Additionally, for 2025 N5 selected and 3 TLX, which is a type of bond, no stable alpha or hedge can be inferred, meaning that no reliable conclusion can be drawn about the relationship between the variables. https://runway.adityaperswal.workers.dev/data/stock-bars?symbols=SPY,TLX,IONS,RARE,SRRK&timeframe=1Day&feed=sip&adjustment=all

A diagnostic test was done on the SRRK stock using the Catalyst fund's holdout data. The test used a momentum-based trading strategy with 20 days of momentum, a stop loss of 5, and a target of 10. The test looked at 191 days of data and found a return of -28.08145949402554 percent, which is less than the buy and hold return of 31.96966214663297 percent. The biggest loss was 34.1333589954249 percent and the strategy was successful 16.666666666666664 percent of the time, with an average trade loss of -1.800182191174515 percent. The test was done on a set of 18 trades. The test was run without considering fees or slippage, and it was assumed that trades would be filled at the stop price even if the price gapped below it. The test used the same signal for closing and entering trades. The data was split into a training set from October 2024 to the end of 2025, and a holdout set from January 2026 to September 8, 2026, with a 20-day warm-up period. The buy and hold return includes the warm-up period and is not directly comparable. A separate test of the main costed event is planned. There are no plans to use this strategy in live trading. https://runway.adityaperswal.workers.dev/data/stock-bars?timeframe=1Day&feed=sip&adjustment=all

A diagnostic test was run on the SRRK symbol using the Catalyst fund. The test, which is also known as a backtest, used 314 bars of data and resulted in a 43.12% return. For comparison, a buy and hold strategy would have given a 491.28% return. The test had a maximum drawdown of 30.07%, which means the value of the investment dropped by that percentage at some point. The win rate was 40%, and the average trade return was 0.96%. The test made 45 trades. The test used a supplied CLI engine with momentum and stop loss settings, and was run on a training period from October 2024 to the end of 2025, with a holdout period from January 2026 to September 8, 2026. A news scan found the source code in the file engine.js, which shows that the test did not account for fees or slippage, and that trades were filled at the stop price even if the price gapped below the stop. This test is not suitable as trading evidence. A main costed event test will be run separately, and there are no plans to transport the rules to a live trading environment. https://runway.adityaperswal.workers.dev/data/stock-bars?timeframe=1Day&feed=sip&adjustment=all

A diagnostic test was done on the Catalyst fund for the symbol TLX. The test used 191 bars of data and found a return percentage of 14.648436875678472. For comparison, a buy and hold strategy had a return percentage of 24.01656314699794. The maximum drawdown percentage was 18.637582304526767. The win rate was 40 and the average trade percentage was 0.8371212121212129, based on 15 trades. The test used a supplied CLI engine with momentum 20, stop 5, and target 10. A review of the source code in /app/agent/dist/backtest/engine.js showed that the test did not include fees or slippage, and that trades were filled at the stop price even if the price gapped below the stop. The test also used the same signal for closing bars and entry. However, this test is not suitable as trading evidence. The training period was from October 2024 to the end of 2025, and the holdout period was from January 2026 to September 8, 2026, with a 20-bar warm-up period that was flat. The buy and hold comparison includes the warm-up period and is not aligned. A separate test of costed events will be done. There is no plan to transport these rules to a live trading environment. https://runway.adityaperswal.workers.dev/data/stock-bars?timeframe=1Day&feed=sip&adjustment=all

A diagnostic test was run on the Catalyst fund for the symbol TLX. The test used 282 bars of data and found a return percentage of -7.2853549304518594 percent, compared to a buy and hold return of -50.56105610561057 percent. The maximum drawdown percentage was 34.78048877265563 percent, the win rate was 39.130434782608695 percent, and the average trade percentage was -0.16405894708206908 percent, based on 23 trades. The test used a supplied CLI engine with momentum 20, stop 5, and target 10. A source inspection of the engine.js file showed that the test did not account for fees or slippage, and that trades were filled at the stop price even if the price gapped below the stop. The test also found that the closing bar signal and entry signal were the same. The test data was from October 2024 to the end of 2025, with a holdout period from January 2026 to September 8, and a 20-bar warm-up period. The buy and hold data included the warm-up period and was not aligned with the comparator. A separate test of costed events was conducted, and there is no plan to transport the rules to a live trading environment. https://runway.adityaperswal.workers.dev/data/stock-bars?timeframe=1Day&feed=sip&adjustment=all

A diagnostic test was done on the Catalyst fund for the stock symbol MIRM. The test used 191 data points and found a 22.17% return. For comparison, simply buying and holding the stock would have given a 40.20% return. The biggest loss at any point was 15.20%. The test made 16 trades, with a 50% win rate and an average gain of 1.57% per trade. The test used a momentum-based strategy with specific rules: a 20-day momentum measure, a 5-day stop-loss, and a 10-day target. The test assumed that trades are filled at the stop price, even if the price gaps below the stop. The test data was split into two parts: a training set from October 2024 to the end of 2025, and a holdout set from January 2026 to September 8, 2026, with a 20-day warm-up period. The buy-and-hold comparison includes the warm-up period and is not directly comparable. A separate test will be done to account for costs. The results of this test are not suitable as evidence for trading and will not be used to create live trading rules. https://runway.adityaperswal.workers.dev/data/stock-bars?timeframe=1Day&feed=sip&adjustment=all

A diagnostic test was run on the Catalyst fund for the symbol MIRM. The test used 314 bars of data and found a return percentage of 44.25549370983208. For comparison, a buy and hold strategy would have given a return percentage of 96.88434695912262. The maximum drawdown percentage was 17.63484166666669. The test had a win rate of 46.15384615384615 and an average trade percentage of 1.5872217886044833, with 26 trades. The test used a supplied CLI engine with momentum 20, stop 5, and target 10. A source inspection of the engine.js file showed that the test did not account for fees or slippage, and that trades were filled at the stop price even if the price gapped below the stop. The test also used the same signal for closing bars and entry. The test data was split into a training set from October 2024 to the end of 2025, and a holdout set from January 2026 to September 8, 2026, with a 20-bar warm-up period. The buy and hold comparison included the warm-up period and was not aligned with the test. A separate test of costed events will be run. There are no plans to transport the live rule. https://runway.adityaperswal.workers.dev/data/stock-bars?timeframe=1Day&feed=sip&adjustment=all

A diagnostic test was run on the Catalyst fund for the symbol IONS. The test used 191 data points and found a return percentage of -14.070477285394468, which is better than the buy and hold return percentage of -30.70625610948192. The maximum drawdown percentage was 18.321309831926. The win rate was 31.25 and the average trade percentage was -0.8359489928864545, based on 16 trades. The test used a supplied CLI engine with momentum 20, stop 5, and target 10. The source code was inspected and it was found that the test did not account for fees or slippage, and that trades were filled at the stop price even if the price gapped below the stop. The test also used the same signal for closing and entry, and the bars were the same for signal and entry. The test was not suitable as trading evidence. The training period was from October 2024 to the end of 2025, and the holdout period was from January 2026 to September 8, 2026, with a 20-bar warm-up period that was flat. The buy and hold return includes the warm-up period and is not aligned with the comparator. A separate test of costed events will be run. There is no live rule transport. https://runway.adityaperswal.workers.dev/data/stock-bars?timeframe=1Day&feed=sip&adjustment=all

A diagnostic test was run on the IONS stock using a trading engine. The test, which is part of a training set, showed a 39.175422535202586 percent return. For comparison, simply buying and holding the stock would have given a 102.48272331712309 percent return. The biggest loss during the test was 18.281471774313054 percent. The test made 24 trades, with 37.5 percent of them being winners, and the average trade made a 1.5739425450652018 percent profit. The test used a momentum strategy, which is a way of making trades based on the stock's price movement, and it did not account for any costs or real-world trading issues. The test was run from October 2024 to the end of 2025, and the results from January 2026 to September 8, 2026, were set aside to see how the strategy would work in the future. The test also included a 20-day warm-up period, where the strategy was not actually trading, to get a baseline for comparison. A separate test will be run to see how the strategy works in a more realistic scenario, with costs and other factors included. https://runway.adityaperswal.workers.dev/data/stock-bars?timeframe=1Day&feed=sip&adjustment=all

A fund called catalyst was analyzed for the symbol RARE. The analysis used 191 data points and found a return of 1.8975920520518441 percent. In comparison, a buy and hold strategy would have resulted in a loss of 59.17695473251029 percent. The maximum drawdown, which is the largest loss from a peak to a trough, was 22.621906250000023 percent. The win rate, or the percentage of successful trades, was 33.33333333333333 percent. The average trade return was 0.3544089355959463 percent. This analysis was based on 15 trades. The same settings were used for the CLI engine and momentum, with a stop loss of 5, a target of 10, and 20 bars for momentum. A review of the source code in the file engine.js showed that the analysis did not account for fees or slippage, and that trades were filled at the stop price even if the price gapped below the stop. The analysis also showed that the closing bar signal was used for entry. However, this analysis is not suitable as trading evidence. The training period was from October 2024 to the end of 2025, and the holdout period was from January 2026 to September 8, 2026, with a 20-bar warm-up period that was flat. The buy and hold strategy included the warm-up period and was not aligned with the comparator. A separate test of costed events was conducted, and there is no plan to transport the live rule. https://runway.adityaperswal.workers.dev/data/stock-bars?timeframe=1Day&feed=sip&adjustment=all

A diagnostic test was run on the RARE stock using the Catalyst fund's train split, which consists of 314 data points. The results showed a return percentage of -14.57%, compared to a buy and hold return of -59.30%. The maximum drawdown percentage was 23.51%, and the win rate was 23.81%. The average trade percentage was -0.60%. This test used 21 trades. The test was run using the same CLI engine and momentum settings, with a stop loss of 5 and a target of 10. The test assumed no fees or slippage, and fills were made at the stop price even if the price gapped below it. The test used the same signal for closing and entry, but the results are not suitable as trading evidence. The test was run from October 2024 to the end of 2025, with a holdout period from January 2026 to September 8, and a 20-bar warm-up period. The buy and hold results include the warm-up period and are not directly comparable. A separate test of costed events will be run, and there are no plans to transport the live rule. https://runway.adityaperswal.workers.dev/data/stock-bars?timeframe=1Day&feed=sip&adjustment=all

A news scan found the headline 'FDA calendar audit aggregate T10_T2 2026 slip0.003'. This refers to a review of a trading rule, called T10_T2, for the year 2026, with a slippage of 0.003. Slippage means the difference between expected and actual trading prices. The results show a return of 3.264020427779446 percent, a drawdown of 3.1391809797858605 percent, and a win rate of 50 percent. The average win was 9.583820034262192 percent and the average loss was 3.0557791787033217 percent. The mean return was 3.2640204277794354 percent, with a 95 percent confidence interval between -3.0557791787033217 and 9.583820034262192 percent. There were 2 trades that stayed within the rules, and no trades had ambiguous exit days. The initial capital was the same for all trades, and the portfolio value was updated daily, including any idle cash. The data came from 17,320 to 47 event observations. A test using 5 training events showed that 3 TLX events dominated, but the 2 holdout events were not enough for independent validation. A bootstrap test, which is a statistical method, was done 50,000 times with a seed of 20260909, and it only looked at the observed returns, not the uncertainty or extreme values. https://runway.adityaperswal.workers.dev/data/stock-bars?timeframe=1Day&feed=sip&adjustment=all

A news scan found the headline 'FDA calendar audit aggregate T10_T2 2026 slip0.001'. This refers to a review of a trading rule, called T10_T2, for the year 2026, with a very small slippage of 0.001. The results show a return of 3.6779 percent, a drawdown of 3.0448 percent, and a win rate of 50 percent. The average win was 10.023 percent and the average loss was 2.667 percent. The mean return was 3.6779 percent, with a 95 percent confidence interval between -2.667 and 10.023 percent. There were 2 trades that ended inside a certain range and 0 trades with ambiguous exit days. The initial capital was the same for all events, including idle cash, and the portfolio value was marked daily. The source of the data is from event observations from 17320 to 47. The training set had 5 events dominated by 3 TLX events, but the holdout set of 2 events is not enough for independent validation. A bootstrap test with 50,000 samples, started on September 9, 2026, resampled the observed returns, but did not include uncertainty or tail bounds. https://runway.adityaperswal.workers.dev/data/stock-bars?timeframe=1Day&feed=sip&adjustment=all

A news scan found the headline 'FDA calendar audit aggregate T10_T2 2025 slip 0.003'. This refers to a review of a trading rule, called T10_T2, for the year 2025, with a slippage of 0.003. Slippage means the difference between expected and actual trade prices. The results show a return of 6.112171852019843 percent, a drawdown of 2.1126681861037278 percent, and a win rate of 80 percent. The average win was 8.486993783812723 percent and the average loss was 3.387115875151736 percent. The mean return was 6.112171852019832 percent, with a 95 percent confidence interval of 0.3972638733356759 to 12.829195755652885 percent. The data came from 5 training events and 2 holdout events, which may not be enough for independent validation. A bootstrap analysis, which is a statistical method, was done 50,000 times, starting from September 9, 2026, and only looked at observed returns, not uncertainty or extreme values. https://runway.adityaperswal.workers.dev/data/stock-bars?timeframe=1Day&feed=sip&adjustment=all

A news scan found the headline 'FDA calendar audit aggregate T10_T2 2025 slip0.001'. This refers to a review of a trading rule, called T10_T2, for the year 2025, with a very small slippage of 0.001. The results show a return of 6.537472416458501 percent, a drawdown of 2.072133225198769 percent, and a win rate of 80 percent. The average win was 8.921812701239578 percent and the average loss was 2.999888722665911 percent. The mean return was 6.53747241645848 percent, with a 95 percent confidence interval of 0.7996589261197484 to 13.281418340512976 percent. The data included five training events, which dominated three TLX events, but only two holdout events, which is not enough for independent validation. A bootstrap analysis with 50,000 resamples, started with a seed on September 9, 2026, was used to estimate returns, but did not account for uncertainty or extreme values. https://runway.adityaperswal.workers.dev/data/stock-bars?timeframe=1Day&feed=sip&adjustment=all