BIAS NOTICE

Encode may hold positions in covered names, may have current or past compensated relationships, and may be pursuing such relationships. Assume bias. See encodelp.com/disclosure for specifics.

July 26, 2020 Update

Since our last update note in January, we have initiated on three new companies; TLC (Nasdaq: TLC), Delcath Systems (Nasdaq: DCTH), and Epigenomics (FSE: ECX.DE, OTC: EPGNF). This brings our total coverage universe to six companies. As we have highlighted previously, after we issue our initiation reports, we generally will not issue follow-on reports. We will on occasion issue these update letters, but for our most timely commentary, we recommend you follow us on Twitter (@encodelp). Read More.

IMPORTANT - ASSUME BIAS

Treat what you read here as biased. Encode Ideas, LP and its principals may hold positions in any company covered, may have current or past compensated relationships with covered companies, and may be pursuing such relationships. Our analysis is influenced by all of the above - actual positions, current relationships, past relationships, and prospective relationships. Assume errors. Nothing herein is investment advice. See encodelp.com/disclosure for current and past sponsor relationships.