ClearPoint Neuros drug portfolio
the seen and unseen
CLPT became synonymous with this idea of diversification of risk across a portfolio of intangibles within non-profit research organizations and biotech/pharmaceutical drug pipelines. That’s the idea of the biologics drug delivery segment beyond any particular quirk local delivery confers to success rates. You enable a ton of different bets and through effort and just statistical probability, you make a product that works. Once the customer crosses the finish line, ClearPoint is attached to the workflow of administering that drug forever.
This is most of half of the idea that got everyone worked up about ClearPoint in 2021 (myself included).
Where it went wrong as far as the stock is concerned, is the valuation simply went too high, too quickly and it relied upon the realization of all of these intangibles that are stuck in an incubator. With the majority of tangible catalysts happening a decade away. For instance, how are you supposed to grow disposable volumes quickly when you’re not in a single normal operating room for DBS lead placements and there’s only 15 people in the whole world that regularly use your stuff. The biotech/pharma company buying your product treated their 12 patients and the hospital channels are stocked because again only 15 places are regularly doing DBS lead implants with asleep MRI guided DBS. You need a lot of ongoing and active programs to really move volume. There was a point in time where if Jessica Wilden took a long vacation or got sick, CLPT would have felt it in their financials because that’s one fewer dedicated practitioner doing DBS lead implants. And everyone in the world will ultimately be thankful for Joe Burnett investing aggressively in the team they needed through the negative PnL. Probably should have raised earlier than 2024 Joe, but I digress.
Timeline wise, ClearPoint today is objectively at its most valuable state that it has ever been. This is a combination of this new laser, the maturity of the BDD portfolio, their recent entrance into the OR, and installations being at an all-time high with this highly accelerated tempo of installs. The stock slightly more than doubled since I wrote this which always makes for new considerations of value. But I’m getting off topic and I want to make this post more about honoring the patients and just appreciating the scope of the work that’s happening here because it’s actually amazing.
It’s a little too big and scattered, so I don’t follow everything listed and it’s really not super productive to continually hunt for these (I promise). HOWEVER, because I said I would, I started looking at these products and trying to find what’s left out of CLPT’s slide decks and financial disclosures...
A special thanks to Guillermo on Twitter for helping make this a lot easier. I made your own formatting worse. Beyond the initial screen of that tortuous wheel of gene therapies colored in (not shared here, I’ll do that later) and pinging you about assets that you had already found, not a lot of original work went into this. Though I of course did look at all of these products briefly to read about them. But the thing I think I stole more than your work is that I also took up your hopes and dreams of ClearPoint accomplishing the impossible.
What you will find in here are links. Links to related pharmaceutical assets to read about in news articles, IR teams and academic publication. Have lots of fun reading through them if you would like to! These days I appreciate them more as conceptual framework that gives life to what Joe Burnett and team have built within this segment.
If any of you have any questions, let me know.
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