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    Jason Kolbert • D Boral Capital

    Jason Kolbert is Managing Director, Research at D. Boral Capital specializing in the healthcare sector, with particular expertise in biotechnology, antiviral medicine, regenerative medicine, oncology, and immunology. He has covered companies such as Artelo Biosciences, ImmunityBio, UroGen Pharma, Clene, Medicus Pharma, and Cormedix, and his performance includes a 32% success rate and an average return of -9.0% per rating across 479 analyst recommendations, with some individual calls (e.g., AVXL) returning over 400%. Kolbert's career began as a chemist, then moved to product management at Schering-Plough in Japan, followed by research roles at Salomon Smith Barney, seven years as a sellside analyst at Citi, seven years as a buy-side portfolio manager at Susquehanna International Group, a senior role at Maxim Group, and business development leadership at a cell therapy company before joining D. Boral Capital. He is noted for being among the first to analyze emerging Hepatitis C therapies and has been recognized as a ranked Wall Street biotech analyst; his professional credentials include extensive Wall Street experience and healthcare expertise.

    Jason Kolbert's questions to NRX Pharmaceuticals Inc (NRXP) leadership

    Jason Kolbert's questions to NRX Pharmaceuticals Inc (NRXP) leadership • Q2 2025

    Question

    Jason Kolbert from D. Borel Capital asked for high-level expense guidance on R&D and G&A trends as the company nears commercialization, and also inquired about the acquisition pipeline and five-year vision for the Hope Therapeutics clinic network.

    Answer

    CFO Michael Labrums addressed expenses by pointing to the 47% year-over-year reduction in loss from operations as the best proxy, stating future G&A increases would align with revenue. CEO Jonathan Javitt added that the vision for Hope Therapeutics is to create a national network of integrated care clinics focused on neuroplasticity, similar to DaVita, starting with acquisitions and then building new clinics.

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    Jason Kolbert's questions to NRX Pharmaceuticals Inc (NRXP) leadership • Q4 2024

    Question

    Jason Kolbert inquired about the rationale for removing the preservative from ketamine, the acquisition strategy for new clinics, and the details surrounding the potential $300 million non-binding term sheet for a ketamine deal.

    Answer

    CEO Jonathan Javitt explained that the preservative, benzethonium chloride, was only necessary for outdated multi-use vials and is potentially toxic for repeated use, whereas NRx's single-use vial does not require it and has proven stable. Regarding clinic acquisitions, he stated the focus is on high-quality, comprehensive care centers, particularly in Florida, and outlined a financing stack involving commercial banks, owner equity, and other investors. On the potential deal, Javitt confirmed commercial interest but emphasized that a deal is not yet finalized.

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    Jason Kolbert's questions to BioCardia Inc (BCDA) leadership

    Jason Kolbert's questions to BioCardia Inc (BCDA) leadership • Q1 2025

    Question

    Jason Kolbert of H.C. Wainwright & Co. asked about the interplay between the ongoing CardiAMP Heart Failure II trial and the simultaneous FDA submission for approval, and also questioned the potential impact of new U.S. tariff and pricing policies.

    Answer

    Peter Altman, President and CEO, clarified that running the CardiAMP HF II trial while seeking approval is a strategy to continuously build evidence, especially since the first trial missed its primary endpoint. He detailed improvements in the HF II trial design, including the use of the Morph DNA platform and a different composite endpoint metric. Regarding policy, he stated there is no current impact from 'most favored nation' pricing, and the company's value-based pricing strategy provides a buffer against future tariff issues.

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    Jason Kolbert's questions to Plus Therapeutics Inc (PSTV) leadership

    Jason Kolbert's questions to Plus Therapeutics Inc (PSTV) leadership • Q4 2024

    Question

    An associate on behalf of Jason Kolbert of D Boral Capital asked for clarification on the steps required to achieve a data readout for the recurrent glioblastoma (GBM) trial within the year and inquired about the trial's powering assumptions.

    Answer

    President and CEO Marc Hedrick stated that the ReSPECT-GBM trial is in late-stage Phase II and needs to enroll just 11 more patients to complete, which he believes is achievable within the next year, supported by five enrolling sites. Regarding powering, Hedrick explained the comparator is the standard of care, with a median overall survival of about 8 months based on real-world control arms. He mentioned that a registrational trial would likely require 100-150 patients, but discussions with the FDA are ongoing about using a real-world control design.

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    Jason Kolbert's questions to Nano-X Imaging Ltd (NNOX) leadership

    Jason Kolbert's questions to Nano-X Imaging Ltd (NNOX) leadership • Q4 2024

    Question

    Jason Kolbert from D. Boral Capital pressed for guidance on system placements and the revenue inflection point, citing investor concern over stock performance. He also asked how recently raised capital would be deployed, the company's cash runway, and plans for future use of the ATM facility.

    Answer

    CEO Erez Meltzer and CFO Ran Daniel addressed the questions by confirming the ~$37 million in net proceeds from the ATM facility will be used to accelerate commercialization. They declined to give specific guidance on an inflection point or cash runway but pointed to catalysts like EU penetration and the ARC-X clearance as drivers of future growth. Meltzer also stated they are conservative regarding further use of the ATM, considering the impact on existing shareholders.

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    Jason Kolbert's questions to VolitionRX Ltd (VNRX) leadership

    Jason Kolbert's questions to VolitionRX Ltd (VNRX) leadership • Q3 2024

    Question

    Jason Kolbert of Dawson James Securities inquired about the market dynamics for the Nu.Q Vet test in Japan, including the veterinary clinic penetration rate, and questioned if the revenue forecast of $6 million for the next year might be too conservative given the current ramp.

    Answer

    President and Group CEO Cameron Reynolds highlighted the strong performance of their partner Fuji in Japan, which has achieved a 10% penetration rate among its veterinarians. CFO Terig Hughes acknowledged the strong growth but cautioned that revenue can be "lumpy," making guidance difficult. Reynolds added that the most significant future growth driver will be licensing deals in the human health space, where there is substantial interest from major diagnostic companies.

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    Jason Kolbert's questions to Invivyd Inc (IVVD) leadership

    Jason Kolbert's questions to Invivyd Inc (IVVD) leadership • Q3 2024

    Question

    Asked about the commercial value of the inventory on the balance sheet, the scientific process for creating more potent, next-generation antibodies like VYD2311, and the potential for the company's technology platform beyond COVID-19.

    Answer

    The commercial value of the inventory is well in excess of hundreds of millions of dollars, though the book value is lower due to pre-EUA expensing. Next-generation antibodies are developed using a proprietary technology platform that screens vast combinatorial libraries against contemporary virus variants to enhance potency, a process of 'directed molecular honing'. This platform is believed to have utility for other dynamic targets beyond COVID.

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    Jason Kolbert's questions to Invivyd Inc (IVVD) leadership • Q3 2024

    Question

    Jason Kolbert of D. Boral Capital questioned the commercial value of the inventory on the balance sheet, noting it was carried at a value substantially lower than its market potential. He also asked for insight into the scientific process for engineering a more potent, next-generation antibody like VYD2311.

    Answer

    Chairman Marc Elia confirmed the inventory's revenue potential is well in excess of hundreds of millions of dollars, with CFO William Duke clarifying that the low carrying value is due to significant costs being expensed prior to the EUA. Regarding R&D, Marc Elia described a process of 'directed molecular honing' using combinatorial libraries to enhance antibody potency. Chief Scientific Officer Dr. Robert Allen added that this is a continuous process, ensuring their platform can address dynamic viral targets.

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