2025 MCO Portfolio - Correction

We had an error where we misrecorded one of our biggest winners - HOVR - as a loss.

Correcting that had a pretty large effect on the numbers.

I will note in 2025 our only “flagship position”, NeurAxis (NRXS), achieved a 93% return in calendar year 2025. It might top that 93% gain in 2026 - we will see.