InsideArbitrage Special Situations Newsletter: February 2026

Software Nuclear Winter

The nuclear winter in biotech stocks that started in early 2021 went on for nearly four years before the industry started to thaw in 2025. The resultant damage not only caused massive losses to investors who were focused on that industry but also resulted in a large number of zombie biotech companies that were trading below the cash on their balance sheet. Even as late as August 2025, I was able to find 20 biotech companies…

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