Adam May on investing in biotech $NKTR $ABVX

Adam May on investing in biotech $NKTR $ABVX

From Yet Another Value Podcast by Andrew Walker

March 23, 2026 · 1h 12m

About this episode

Andrew Walker interviews Adam May about his experiences and strategies in biotech investing, focusing on specific companies and market dynamics.

In this episode of Yet Another Value Podcast, host Andrew Walker speaks with Adam May, a physician, dermatologist, and biotech investor, about how he built an edge in small- and mid-cap biotech. Adam walks through his path from medical school investing to launching a small biotech fund during the 2021 peak, then explains how he sources ideas, studies trial data, and looks for situations where the market is missing something important. The conversation focuses on NKTR and ABVX, including trial design, maintenance data, market skepticism, buyout setups, and how Adam thinks about risk, beta, and asymmetric upside in biotech. __________________________________________________________ [00:00:00] Andrew introduces Adam [00:02:44] Adam’s biotech investing background [00:07:16] Alpha versus biotech beta [00:09:51] Finding edge in biotech [00:17:01] How Adam sources ideas [00:20:49] Handling concentrated biotech positions [00:22:59] Biotech drawdown created opportunities [00:24:49] NKTR thesis and setup [00:27:53] Lilly data analysis mistake [00:29:34] Why drugs miss patients [00:30:34] Eczema need remains large [00:33:55] Trial nuance drove conviction [00:36:11] Reverse split scared…

People in this episode

Host: Andrew Walker

Guest: Adam May

Topics covered

  • biotech investing
  • small-cap biotech
  • market analysis
  • trial data
  • risk management

Keywords

  • biotech
  • investing
  • NKTR
  • ABVX
  • trial data
  • market skepticism
  • risk

Mentioned in this episode

Organizations: Lilly

Products: $NKTR, $ABVX

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