We author research on micro & small cap healthcare companies.

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Our Objective

Bank-led research in the healthcare sector is predominantly written for and distributed to, a sophisticated institutional audience.  Our research is intended to be accessible, written in a language that is understandable, with an actionable investment thesis, and distributed freely to the investing public.

With a focus on micro / small cap companies, we are inherently covering risky names.  We will make aggressive calls. We will not always be right. We will own our successes and our failures. 

Meet the Encode Team

Hogan Mullally


hogan@encodelp.com |

Hogan is the founder & president of SectorSpeak Inc., a capital markets advisory business focused on the life sciences. At SectorSpeak, Hogan has worked with numerous Nasdaq and TSX listed companies, helping them raise investor awareness and improve their access to capital. Prior to founding SectorSpeak, Hogan ran the investor relations department at Winnipeg-based Medicure Inc. During his time at Medicure he was part of a team that raised over $120 million through a series of equity and debt offerings.

Hogan also spent 7 years in pharmaceutical sales, marketing several cardiovascular, oncology, and dermatology products. Between 2009-2020, he served on the board of directors of a Winnipeg-based not-for-profit, New Directions, and was President between 2015-2018. Hogan holds an MBA from the Asper School of Business.

“We try to make money off our research, both by being compensated directly by a company and also by owning the securities we endorse. Not all of our research will be company-sponsored, but make no mistake about it, if a company is not paying us now, we are trying to get paid in the future. If indeed there is a financial relationship with a company we cover, this will be clearly disclosed in our research reports. For those who want to discount the quality of our research because it is sometimes directly paid-for by the company, as opposed to being paid indirectly through banking fees, no problem, we’re simply not for you.”

Ryan Aldridge, CFA


ryan@encodelp.com |

Ryan is currently the Managing Member of ALD Capital II, LLC. Ryan has served as a consultant, advisor, and analyst to both high net worth investors, as well as public companies since 2013. Prior, Ryan was the VP of Marketing at Force Capital Management, LLC, a fundamental LSE hedge fund. Ryan is a 2006 graduate of Gettysburg College and has achieved the Chartered Financial Analyst (CFA) designation.

“We try to simplify and translate a technical story into a palatable investment thesis, without doing a disservice to the science. In doing so, we believe our research should appeal to both generalist and deep-science investors.”