Notes

[{"EUR_per_USD":0.8,"assumed_monthly_use_EURm":2,"new_financing_EURm":87.6,"financing_only_months":43.8},{"EUR_per_USD":0.8,"assumed_monthly_use_EURm":4,"new_financing_EURm":87.6,"financing_only_months":21.9},{"EUR_per_USD":0.8,"assumed_monthly_use_EURm":6,"new_financing_EURm":87.6,"financing_only_months":14.6},{"EUR_per_USD":0.9,"assumed_monthly_use_EURm":2,"new_financing_EURm":95.1,"financing_only_months":47.55},{"EUR_per_USD":0.9,"assumed_monthly_use_EURm":4,"new_financing_EURm":95.1,"financing_only_months":23.775},{"EUR_per_USD":0.9,"assumed_monthly_use_EURm":6,"new_financing_EURm":95.1,"financing_only_months":15.85},{"EUR_per_USD":1,"assumed_monthly_use_EURm":2,"new_financing_EURm":102.6,"financing_only_months":51.3},{"EUR_per_USD":1,"assumed_monthly_use_EURm":4,"new_financing_EURm":102.6,"financing_only_months":25.65},{"EUR_per_USD":1,"assumed_monthly_use_EURm":6,"new_financing_EURm":102.6,"financing_only_months":17.099999999999998}];Scenario assumptions FX .8/.9/1EURperUSD and monthlyuse2/4/6m are NOTquotesorburnestimates; newfinancingonly,excludeopeningcash/liabilities/taxes/milestones. https://www.sec.gov/Archives/edgar/data/1598599/000162828026057935/exhibit993.htm

{"q1_total_assets_m":25.4,"q1_short_m":4.9,"q1_noncurrent_m":10.4,"q1_cash_residual_m":10.1,"net_equity_m":27.6,"fees_pct":8,"new_shares":17647059,"old_total_shares":94084210,"new_total_shares":111731269,"share_count_increase_pct":18.756663844018036,"ownership_loss_pct":15.794199025878786,"conditional_USD_upfront":75};Q1cashresidual25.4-4.9-10.4=10.1m; NOTSepcash.18.7567%shareincreaseand15.7942%ownershiplossusedifferentdenominators, notcontradiction. https://www.sec.gov/Archives/edgar/data/1598599/000162828026057935/exhibit993.htm

{"paths":50000,"blocks":248,"terminal_pct":[-15.06024096385542,-0.5681818181818232,17.730496453900702],"loss_frequency":0.54094,"full_book_p05_pnl":-7.400602409638553,"approved_notional":0};Seed2026091004; empiricalresampling of248overlapping5sessionOHLCblocks fromlast252dailybars,50000paths. Percentagequantilescorrectedfromdecimalbeforepersistence. UnconditionalnotSobi/approvalprobability; tailnotlossbound. https://runway.adityaperswal.workers.dev/data/stock-bars?symbols=IPHA,SPY&timeframe=1Day&feed=sip&adjustment=all

{"date":"2026-09-09","close":1.95,"open":2.01,"volume":24042,"dollar_volume":48082.052598,"median_dollar_volume20":56610.227711,"sma20":2.186,"sma50":1.960094,"return20_pct":-9.302325581395344,"adr20":0.10405999999999996,"atr14":0.10561428571428565,"whole_shares":25,"bars":1218};Sep9completedSIPvolume*VWAPdollarvolume; previous46881.90usedvolume*close, differentdefinition. Noexecutablebidask.25wholecapacitybeforefees,approved0. https://runway.adityaperswal.workers.dev/data/stock-bars?symbols=IPHA,SPY&timeframe=1Day&feed=sip&adjustment=all

{"mode":"time","slippage":0.005,"split":"holdout","N":6,"return_pct":-17.67950193954927,"drawdown_pct":28.48058460300441,"win_pct":50,"mean_pct":-3.0353764476884,"average_win_pct":2.1396433070219585,"average_loss_pct":8.210396202398758,"mean_ci_pct":[-7.432907048862508,1.1702912526114697],"raw_quarter_kelly_capital_fraction":0,"liquid_events":0,"returns_pct":[-10.355406012459078,2.7948960215876895,0.7445583389393828,2.8794755605388023,-5.071553987523547,-9.204228607213649],"mean_spy_pct":1.559162363247224}; allreturnfigurespercent; rawKellycapitalfraction, operational0; vectorbt cash denominator reconciled. https://runway.adityaperswal.workers.dev/data/stock-bars?symbols=IPHA,SPY&timeframe=1Day&feed=sip&adjustment=all

{"mode":"time","slippage":0.005,"split":"train","N":12,"return_pct":-14.561479371381012,"drawdown_pct":31.507182300111136,"win_pct":58.333333333333336,"mean_pct":-1.1074480220383043,"average_win_pct":3.5064655231243815,"average_loss_pct":7.566926985266065,"mean_ci_pct":[-4.671483106133346,2.3397432502925715],"raw_quarter_kelly_capital_fraction":0,"liquid_events":0,"returns_pct":[2.041921298317928,-7.688809666808904,-7.579611807521669,5.732898709603984,3.2364496028932654,9.019226244660805,-2.003073043795245,-11.69596063825702,1.2368473219953824,2.3320693166108963,0.9458461677884111,-8.867179769947487],"mean_spy_pct":0.9138284897965606}; allreturnfigurespercent; rawKellycapitalfraction, operational0; vectorbt cash denominator reconciled. https://runway.adityaperswal.workers.dev/data/stock-bars?symbols=IPHA,SPY&timeframe=1Day&feed=sip&adjustment=all

{"mode":"time","slippage":0.0025,"split":"holdout","N":6,"return_pct":-15.172432423627797,"drawdown_pct":27.58028895839777,"win_pct":50,"mean_pct":-2.549332143612846,"average_win_pct":2.6516278848087644,"average_loss_pct":7.750292172034456,"mean_ci_pct":[-6.96890578092111,1.6774168619680414],"raw_quarter_kelly_capital_fraction":0,"liquid_events":0,"returns_pct":[-9.906054045704893,3.310165115293584,1.2495499219864925,3.395168617146216,-4.595716215057843,-8.749106255340633],"mean_spy_pct":1.559162363247224}; allreturnfigurespercent; rawKellycapitalfraction, operational0; vectorbt cash denominator reconciled. https://runway.adityaperswal.workers.dev/data/stock-bars?symbols=IPHA,SPY&timeframe=1Day&feed=sip&adjustment=all

{"mode":"time","slippage":0.0025,"split":"train","N":12,"return_pct":-9.278176930884015,"drawdown_pct":30.12351521938821,"win_pct":58.333333333333336,"mean_pct":-0.6117397952286479,"average_win_pct":4.025301425945831,"average_loss_pct":7.103597504872919,"mean_ci_pct":[-4.176965350074202,2.8154477601346493],"raw_quarter_kelly_capital_fraction":0,"liquid_events":0,"returns_pct":[2.5534160353362534,-7.226091134831392,-7.1163459109942595,6.262894818375275,3.7539320254944997,9.56569537958558,-1.511854221723774,-11.253328327768209,1.7443065499154864,2.845018447886294,1.451846725027428,-8.410367929046958],"mean_spy_pct":0.9138284897965606}; allreturnfigurespercent; rawKellycapitalfraction, operational0; vectorbt cash denominator reconciled. https://runway.adityaperswal.workers.dev/data/stock-bars?symbols=IPHA,SPY&timeframe=1Day&feed=sip&adjustment=all

{"mode":"barrier","slippage":0.005,"split":"holdout","N":6,"return_pct":-13.109791555825682,"drawdown_pct":14.516221386748196,"win_pct":33.33333333333333,"mean_pct":-2.1023087681442787,"average_win_pct":7.137602714038572,"average_loss_pct":6.722264509235703,"mean_ci_pct":[-6.813435444401067,2.787512307829659],"raw_quarter_kelly_capital_fraction":0,"liquid_events":0,"returns_pct":[-7.214625941895603,6.601519514887122,-6.1564439072779535,7.67368591319002,-6.776928687567985,-6.741059500201274],"mean_spy_pct":1.559162363247224}; allreturnfigurespercent; rawKellycapitalfraction, operational0; vectorbt cash denominator reconciled. https://runway.adityaperswal.workers.dev/data/stock-bars?symbols=IPHA,SPY&timeframe=1Day&feed=sip&adjustment=all

{"mode":"barrier","slippage":0.005,"split":"train","N":12,"return_pct":-33.22841060223962,"drawdown_pct":34.19831563223461,"win_pct":41.66666666666667,"mean_pct":-3.1425766472612646,"average_win_pct":3.032641861406722,"average_loss_pct":7.553447010595541,"mean_ci_pct":[-6.297331678622402,0.1849640009234605],"raw_quarter_kelly_capital_fraction":0,"liquid_events":0,"returns_pct":[-6.365509623638599,-6.558339478524844,-5.7721545408793595,-5.85154857696355,3.2364496028932654,7.411996897745654,-6.806843973020971,-8.815381733086515,1.2368473219953824,2.3320693166108963,0.9458461677884111,-12.704351148054949],"mean_spy_pct":0.9138284897965606}; allreturnfigurespercent; rawKellycapitalfraction, operational0; vectorbt cash denominator reconciled. https://runway.adityaperswal.workers.dev/data/stock-bars?symbols=IPHA,SPY&timeframe=1Day&feed=sip&adjustment=all

{"mode":"barrier","slippage":0.0025,"split":"holdout","N":6,"return_pct":-10.46355157969623,"drawdown_pct":12.1873886318275,"win_pct":33.33333333333333,"mean_pct":-1.6115873744834308,"average_win_pct":7.674640033874846,"average_loss_pct":6.25470107866257,"mean_ci_pct":[-6.3463290167235344,3.302744389975193],"raw_quarter_kelly_capital_fraction":0,"liquid_events":0,"returns_pct":[-6.74953051935594,7.135869667219286,-5.686044247669598,8.213410400530407,-6.309639266334988,-6.273590281289754],"mean_spy_pct":1.559162363247224}; allreturnfigurespercent; rawKellycapitalfraction, operational0; vectorbt cash denominator reconciled. https://runway.adityaperswal.workers.dev/data/stock-bars?symbols=IPHA,SPY&timeframe=1Day&feed=sip&adjustment=all

{"mode":"barrier","slippage":0.0025,"split":"train","N":12,"return_pct":-29.099424067530293,"drawdown_pct":30.30311327378955,"win_pct":41.66666666666667,"mean_pct":-2.6570696942782033,"average_win_pct":3.5491026785167397,"average_loss_pct":7.090049960560306,"mean_ci_pct":[-5.844826717712501,0.6303842196816557],"raw_quarter_kelly_capital_fraction":0,"liquid_events":0,"returns_pct":[-5.896157925615519,-6.08995435830294,-5.299828594643818,-5.379620600808277,3.7539320254944997,7.9504096442599925,-6.33970450497261,-8.358310249649792,1.7443065499154864,2.845018447886294,1.451846725027428,-12.266773489929184],"mean_spy_pct":0.9138284897965606}; allreturnfigurespercent; rawKellycapitalfraction, operational0; vectorbt cash denominator reconciled. https://runway.adityaperswal.workers.dev/data/stock-bars?symbols=IPHA,SPY&timeframe=1Day&feed=sip&adjustment=all

AsSep9close2026,prior60logratiomean/SD,currentz; fullsample2016–Sep9 dailycorr/ARhalf-life aredescriptive,notstationarityprooforselectionfilters. No activebaseentrywhenabsz<2. {"pair":"AGG/BND","z":-0.8672077762225215,"sd60_pct":0.025411918583367665,"dailycorr":0.894394126786322,"ar_delta_beta":-0.20202153723413516,"half_life":3.431055866863415,"signal_loser":null} https://runway.adityaperswal.workers.dev/data/stock-bars?feed=sip&adjustment=all

AsSep9close2026,prior60logratiomean/SD,currentz; fullsample2016–Sep9 dailycorr/ARhalf-life aredescriptive,notstationarityprooforselectionfilters. No activebaseentrywhenabsz<2. {"pair":"GLD/IAU","z":-1.3221158893936176,"sd60_pct":0.01804200507756167,"dailycorr":0.9972516370333101,"ar_delta_beta":-0.014496505737100684,"half_life":47.81477641097912,"signal_loser":null} https://runway.adityaperswal.workers.dev/data/stock-bars?feed=sip&adjustment=all

AsSep9close2026,prior60logratiomean/SD,currentz; fullsample2016–Sep9 dailycorr/ARhalf-life aredescriptive,notstationarityprooforselectionfilters. No activebaseentrywhenabsz<2. {"pair":"XLI/VIS","z":0.4008471082164621,"sd60_pct":0.6341641363603063,"dailycorr":0.992933196089143,"ar_delta_beta":-0.012681008568975164,"half_life":54.660256460654935,"signal_loser":null} https://runway.adityaperswal.workers.dev/data/stock-bars?feed=sip&adjustment=all

AsSep9close2026,prior60logratiomean/SD,currentz; fullsample2016–Sep9 dailycorr/ARhalf-life aredescriptive,notstationarityprooforselectionfilters. No activebaseentrywhenabsz<2. {"pair":"XLV/VHT","z":-0.2795444217095298,"sd60_pct":0.27197724405183904,"dailycorr":0.9866000804157457,"ar_delta_beta":-0.002928951350180449,"half_life":236.65370219182418,"signal_loser":null} https://runway.adityaperswal.workers.dev/data/stock-bars?feed=sip&adjustment=all

AsSep9close2026,prior60logratiomean/SD,currentz; fullsample2016–Sep9 dailycorr/ARhalf-life aredescriptive,notstationarityprooforselectionfilters. No activebaseentrywhenabsz<2. {"pair":"XLE/VDE","z":1.8337941897039913,"sd60_pct":0.13251753598016253,"dailycorr":0.9930203050975384,"ar_delta_beta":-0.005611892707207106,"half_life":123.51397589440137,"signal_loser":null} https://runway.adityaperswal.workers.dev/data/stock-bars?feed=sip&adjustment=all

Sep10audit;OHLo1bp dates ["2024-11-30","2025-01-20","2025-02-16","2025-03-21","2025-04-08","2025-05-08","2025-06-24","2025-06-27","2025-07-09","2025-07-10","2025-07-11","2025-07-12","2025-11-23","2025-11-26","2025-11-29","2025-12-02","2025-12-03","2025-12-07","2025-12-08","2025-12-13","2025-12-14","2025-12-18"];volumeover1%dates ["2025-11-23","2025-11-26","2025-11-29","2025-12-02","2025-12-03","2025-12-08","2025-12-13","2025-12-14","2025-12-18","2026-01-18","2026-03-12"];2025monthlyclosematerialcount {"1":31,"2":28,"3":31,"4":30,"5":31,"6":30,"7":12,"8":0,"9":0,"10":0,"11":0,"12":0} https://runway.adityaperswal.workers.dev/data/crypto-bars

AsSep9close2026,prior60logratiomean/SD,currentz; fullsample2016–Sep9 dailycorr/ARhalf-life aredescriptive,notstationarityprooforselectionfilters. No activebaseentrywhenabsz<2. {"pair":"XLK/VGT","z":-0.40749762423371866,"sd60_pct":1.1302195574853942,"dailycorr":0.9917132006419124,"ar_delta_beta":-0.003059748392473335,"half_life":226.53731341603637,"signal_loser":null} https://runway.adityaperswal.workers.dev/data/stock-bars?feed=sip&adjustment=all

AsSep9close2026,prior60logratiomean/SD,currentz; fullsample2016–Sep9 dailycorr/ARhalf-life aredescriptive,notstationarityprooforselectionfilters. No activebaseentrywhenabsz<2. {"pair":"XLF/VFH","z":1.5950534463463124,"sd60_pct":0.1301662448599526,"dailycorr":0.9590212748343895,"ar_delta_beta":-0.0068494116051889915,"half_life":101.19806204007793,"signal_loser":null} https://runway.adityaperswal.workers.dev/data/stock-bars?feed=sip&adjustment=all

Sep10comparison;offset_hours,mean/maxabsoluteOHLCbp,materialdaycount>.01bp;only24hourdays. [{"offset":4,"n":363,"mean_bp":93.14599928822902,"max_bp":890.7877710063839,"material_days":363},{"offset":5,"n":363,"mean_bp":106.37713845159784,"max_bp":914.4264078559372,"material_days":363},{"offset":6,"n":363,"mean_bp":114.3550543580472,"max_bp":928.2759311746692,"material_days":363},{"offset":7,"n":363,"mean_bp":123.60991872277924,"max_bp":944.6856362802237,"material_days":363},{"offset":8,"n":363,"mean_bp":135.49008110723938,"max_bp":917.355741795437,"material_days":363},{"offset":9,"n":364,"mean_bp":144.1453556058216,"max_bp":1125.4769444226865,"material_days":364},{"offset":10,"n":364,"mean_bp":150.49333948748568,"max_bp":1057.2221414105243,"material_days":364},{"offset":11,"n":364,"mean_bp":157.75288249899566,"max_bp":1067.8197542102862,"material_days":364}] https://runway.adityaperswal.workers.dev/data/crypto-bars

AsSep9close2026,prior60logratiomean/SD,currentz; fullsample2016–Sep9 dailycorr/ARhalf-life aredescriptive,notstationarityprooforselectionfilters. No activebaseentrywhenabsz<2. {"pair":"EEM/VWO","z":0.6365267841061442,"sd60_pct":1.9015669097933077,"dailycorr":0.9828419698547346,"ar_delta_beta":-0.0012032544715748716,"half_life":576.060340463746,"signal_loser":null} https://runway.adityaperswal.workers.dev/data/stock-bars?feed=sip&adjustment=all

Sep10comparison;offset_hours,mean/maxabsoluteOHLCbp,materialdaycount>.01bp;only24hourdays. [{"offset":-4,"n":364,"mean_bp":82.8540651067071,"max_bp":1804.3340000306919,"material_days":364},{"offset":-3,"n":364,"mean_bp":67.09257368580042,"max_bp":1209.370000029144,"material_days":364},{"offset":-2,"n":364,"mean_bp":51.618255910317714,"max_bp":1014.046426221924,"material_days":364},{"offset":-1,"n":364,"mean_bp":32.36730494816142,"max_bp":1014.046426221924,"material_days":364},{"offset":0,"n":363,"mean_bp":3.8236361301027886,"max_bp":1014.046426221924,"material_days":203},{"offset":1,"n":363,"mean_bp":43.21947152825675,"max_bp":1014.046426221924,"material_days":363},{"offset":2,"n":363,"mean_bp":62.81990575652945,"max_bp":928.5283956081803,"material_days":363},{"offset":3,"n":363,"mean_bp":80.26447080106156,"max_bp":914.0685390363324,"material_days":363}] https://runway.adityaperswal.workers.dev/data/crypto-bars

AsSep9close2026,prior60logratiomean/SD,currentz; fullsample2016–Sep9 dailycorr/ARhalf-life aredescriptive,notstationarityprooforselectionfilters. No activebaseentrywhenabsz<2. {"pair":"EFA/VEA","z":-0.7450380750842848,"sd60_pct":0.9102185458716895,"dailycorr":0.9930500471334871,"ar_delta_beta":-0.0007896142916225624,"half_life":877.8300847817878,"signal_loser":null} https://runway.adityaperswal.workers.dev/data/stock-bars?feed=sip&adjustment=all