About

Encode Ideas covers micro-cap and small-cap biotech. We focus on names that are misunderstood or mispriced. Our work distills complicated biotech into a clear narrative, so the thesis is easy to follow whether you’re a specialist or a generalist.

What we look for

A mispriced setup driven by science, data, or capital structure. Names small enough that our diligence has real edge — typically under $500M market cap when we initiate coverage. Companies where the market has stopped paying attention, or never started.

What you’ll find here

Written research on individual biotech names, mostly micro-cap and small-cap. Multi-name themed notes covering mechanisms, indications, or setups we think are underappreciated. Occasional retrospectives on past calls — the wins and the losses. Occasional video and podcast conversations with the people building these companies and the investors who own them.

Sponsored and unsponsored

We publish both sponsored and unsponsored research, and we’re upfront about which is which. The Disclosure page is the authoritative source for our current and past sponsor relationships — it’s worth reading before you act on anything we publish.

Get in touch

Questions, feedback, or a name we should look at? Reach us at ideas@encodelp.com, or find us on X and YouTube.