Market Talk
Inflation is proving sticky and new tariffs add uncertainty, while the Fed has also signaled concern about rising unemployment. That mix makes it likely the Fed will reduce interest rates, even as growth softens — the kind of backdrop that carries the early signs of stagflation. In that environment, hard assets shine. Gold historically outperforms when inflation runs hot and stocks stumble, while silver, the high-beta cousin, delivers bigger swings once the bid shows up.
HL and KGC remain at the forefront in this cycle — steady names in the metals space, less speculative, and still positioned to benefit
Stock Talk
The Trinity Approach: Combining What Big Pharma Has - With What It Needs
Pelareorep, from Oncolytics Biotech (ONCY), is an oncolytic virus that can flip cold tumors hot — drawing in T-cells and expanding immune clones.
Johnson & Johnson paid $2B to acquire Ambrx for its ADC (Antibody–Drug Conjugate) pipeline, but they still lack a checkpoint inhibitor. Pela could be the missing ignition switch of this story — and J&J remains the natural name investors focus on first, given their recent moves and position in the field.
But here’s where the story widens. Roche, AstraZeneca, Pfizer, and even both Merck's already control the full CI (Checkpoint Inhibitor) + ADC arsenal. Add Pela, and suddenly the Trinity Approach comes into view: checkpoint inhibitor + ADC + pelareorep.
That’s a three-part cocktail with the potential to change the game — and the pharma that moves first could own the space.
Pelareorep: The Add-On Platform for CI + ADC Regimens
Pelareorep, from Oncolytics Biotech (ONCY), is an oncolytic virus that can turn cold tumors hot — boosting PD-L1 (programmed death-ligand 1), drawing in CD8 T cells, and expanding tumor-specific clones. Pelareorep is a clinically manufactured form of reovirus, delivered by IV. It seeks out cancer cells, which often have weakened antiviral defenses, and replicates inside them until the cells burst. That not only kills the tumor cells directly but also releases signals that call in the immune system — flipping ‘cold’ tumors into ‘hot’ ones that immune T-cells can now attack. More than a single drug, it functions as an immune ignition switch.
J&J’s $2B Ambrx buyout gave them ADC assets, but without a CI, Pela would be one way to strengthen their franchise. J&J remains the natural name investors focus on first. Think Pela paired with Ambrx’s assets:
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Pela + ARX517 (PSMA, prostate)
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Pela + ARX788 (HER2, breast)
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Pela + ARX305 (CD70, kidney/lymphoma)
And yet another case can be made for a Trinity Approach with those who already hold both CIs and ADCs under one roof. That’s where Pela could become the ignition switch for an entire class of regimens:
Combo Map:
(Examples current as of 2025 — based on publicly available pipelines and marketed drugs)
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Roche → Tecentriq (CI) + Kadcyla/Polivy (ADCs) + Pela
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AstraZeneca → Imfinzi (CI) + Enhertu/Dato-DXd (ADCs) + Pela
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Pfizer/Seagen → Bavencio (CI) + Padcev/Adcetris/Tivdak (ADCs) + Pela
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Merck US → Keytruda (CI) + ADC pipeline + Pela
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Merck KGaA (Germany) → Bavencio (CI) + ADC programs + Pela
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Johnson & Johnson → On paper they look like the odd one out without a checkpoint inhibitor. But add Pela to their Ambrx ADCs, and suddenly they’re holding the ignition switch in this story — what looks like a gap today could become tomorrow’s advantage, and they might move before rivals even notice.
ONCY’s long road has frustrated investors and raised eyebrows, but that persistence also means Pela is one of the few immune primers with both safety and early efficacy signals established.
Here’s the potential synergy: ADCs deliver the guided strike, CIs release the immune brakes, and Pela lights the tumor on fire to rally T-cells. Together, that’s a natural triple play: precision kill + brake release + immune ignition. And Pela isn’t limited to these pairings — its immune ignition can be layered onto almost any treatment, from chemo to radiation, making it a modular plug-in across oncology.
In engineering, a triangle is the strongest shape — three points form a stable structure where two alone can wobble and fail. By analogy, combining all three may cover the weaknesses of each, and this Trinity could be the way — with the combined strengths overcoming the wages that cancer takes, offering greater hope where single agents have fallen short.
Investor Lens
ONCY trades around a buck — priced as if nothing matters. After decades of slow roll, some investors remain skeptical, and dilution risk is real. As for a buy? There’s a saying we use to handle risk: “Maybe some, but not too much.” And sometimes, in this game, some turns out to be more than enough if the story plays out.
Conclusion
Pelareorep has lived a long and frustrating journey, leaving some investors skeptical. Years of trials, dilution, and slow progress have made the proof process painful. Yet the Trinity Approach reframes Pela not as a standalone hope, but as the missing piece that could complete what pharma already has in checkpoint inhibitors and ADCs. The logic is straightforward: three points form strength where two can fail.
This doesn’t erase the risks — biotech always carries them — but it does give the story shape — a kind of blueprint for how these tools might fit together. It’s about how these agents work together — the kind of integration that could define the next big thing in oncology, worth multiple billions over time to whichever company takes the lead. After years of endurance, the question may not be whether the Trinity can be proven, but who will be first to take action.
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More later so ....Stay tuned, if you dare !
For now, we close by noting that any view on the market and stocks on any particular day may change in the future days to come. That is why we watch and see how our views match up with the reality of the time. But trying to look ahead a few months into the future may be a way to do things. If you think too deep about world events and the recent alliances forming, projecting ahead can be a dicey endeavor. In all - we use the word maybe "some", not "too much" and play it accordingly. Remember, never get arrogant in our various notions because things do change in the market and individual stocks are subject to many factors outside of our control.. So we try to -stay aware.
With all the above caveats and attempted prognostications, I will close this post. Stay tuned for more opining on the market and stocks to watch.
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