The SMID Point

Research evidence excerpt

The SMID Point

as a platform partner; (iii) Invesco and Bitwise have assumed

investment management of Superstate-built funds while Superstate retained on-

chain infrastructure control; and (iv) the Direct Issuance Program enables SEC-

registered companies to raise capital directly on-chain via stablecoin settlement,

bypassing traditional underwriting intermediaries at issuance costs estimated

100–200bps below conventional add-on offerings.

Peter Christiansen, CFA

DIP vs. Traditional Capital Markets

Feature Traditional ATM / Follow-On Superstate DIP

Settlement T+1 Atomic (instant)

Underwriting spread 100–200 bps Reduced / eliminated

Roadshow costs Significant Minimal

Geographic access Limited by brokerage infrastructure Global, borderless

Retail vs. institutional parity Institutional preference Equal access, equal pricing

Proceeds delivery Via clearing intermediary Direct to issuer wallet

IB requirement Yes (shelf / ATM) No; direct SEC filing possible

US Pharmaceuticals and Biotechnology - AstraZeneca 2Q26 EPS call

readthrough: Raising the bar on convenience and differentiation

AstraZeneca (covered by Graham Parry) reported 2Q26 revenue of $15.4B (-$39M

vs. BBG cons) and adjusted diluted EPS of $2.63/sh (+$0.15/sh) while maintaining

the full-year guidance (+MSD to HSD% on top; +LDD% on bottom). Strong

oncology, rare disease, and respiratory growth continues to offset LOE erosion

elsewhere, underscoring the durability of well-executed innovation-driven

franchises. The key readthroughs for our coverage center on differentiation

through convenience, combinability, and novel mechanisms. Elecoglipron’s (oral

GLP-1) lack of food / fluid restrictions and combination potential, together with

Lilly’s Foundayo, add to fast-approaching headwinds for Novo’s Wegovy pill, in our