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    Keay Nakae

    Senior Research Analyst at Chardan Capital Markets

    Keay Nakae is a Senior Research Analyst at Chardan Capital Markets specializing in healthcare, with particular expertise in small- to large-cap biotechnology, medical device, and diagnostics companies. He covers firms such as Ocugen, Arrowhead Pharmaceuticals, and OncoCyte, and has made over 700 stock ratings, achieving a 39% success rate and an average return of 1.6% per rating, including standout calls like an 800% return on Ocugen. Nakae began his equity research career after engineering and finance roles, spending over 17 years as a sell-side analyst at firms including Ascendiant Capital Markets, Collins Stewart, CE Unterberg Towbin, and Wedbush Morgan before joining Chardan. He holds an MBA from UCLA Anderson, an MS and BS in electronic engineering from Cal Poly, is a CFA charterholder, and maintains FINRA Series 7, 16, 66, 86, and 87 registrations.

    Keay Nakae's questions to ALLURION TECHNOLOGIES (ALUR) leadership

    Keay Nakae's questions to ALLURION TECHNOLOGIES (ALUR) leadership • Q2 2025

    Question

    Keay Nakae of Chardan Capital Markets asked for guidance on future operating expenses, specifically for R&D and G&A, following the company's restructuring. He also inquired how the new combination therapy strategy would affect the company's re-engagement with its accounts in France.

    Answer

    CEO Shantanu Gaur confirmed that the Q2 expense levels for R&D and G&A are a reasonable baseline for the near term, with overall operating expenses expected to decrease significantly in 2026 due to the restructuring. Regarding France, Gaur stated the new strategy is a "tailwind," as French clinicians now have broader access to GLP-1s and are keen to use them in combination with the Allurion program to mitigate side effects and muscle loss.

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    Keay Nakae's questions to ALLURION TECHNOLOGIES (ALUR) leadership • Q2 2025

    Question

    Inquired about forward-looking operating expenses for R&D and G&A following the recent restructuring, and later asked a follow-up question about how the new combination therapy strategy would impact the company's re-engagement in the French market.

    Answer

    The company confirmed that Q2 expense levels for R&D and G&A are a good baseline for the second half of the year, with overall operating expenses expected to decrease by about 50% in 2026. The new combination strategy is anticipated to be a positive catalyst for re-engagement in France, as clinicians there are gaining broader access to GLP-1s and are interested in combination approaches to mitigate side effects.

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    Keay Nakae's questions to ALLURION TECHNOLOGIES (ALUR) leadership • Q4 2024

    Question

    Requested details on the quarterly revenue cadence for 2025, the timing for a meaningful revenue contribution from France, the expected gross margin recovery trajectory, and the margin impact of the new smaller balloon.

    Answer

    Revenue is expected to build steadily quarter-over-quarter in 2025 as new sales reps are hired and the new commercial plan is rolled out. A material contribution from France is not expected until late 2025 or 2026. Gross margin should recover starting in Q1, returning to H1 2024 levels after a Q4 dip from a recall. The new smaller balloon is not expected to significantly impact margins in 2025.

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    Keay Nakae's questions to SYNLOGIC (SYBX) leadership

    Keay Nakae's questions to SYNLOGIC (SYBX) leadership • Q1 2022

    Question

    Keay Nakae of Chardan asked about the decision criteria for selecting between SYNB-1934 and SYNB-1618 for the PKU program's Phase III trial, details on process development improvements, and the specific modifications made to the SYNB-8802 strain.

    Answer

    CEO Aoife Brennan stated that SYNB-1934 is the likely candidate for Phase III, pending confirmatory data, as it has consistently shown 2x greater activity than SYNB-1618. COO Tony Awad detailed CMC progress, including a finalized patient-friendly sachet formulation, a scaled-up manufacturing process, and positive regulatory feedback. Chief Scientific Officer Dave Hava explained that the SYNB-8802 strain was modified to remove genes for colibactin synthesis to de-risk the program from potential genotoxicity concerns.

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    Keay Nakae's questions to SYNLOGIC (SYBX) leadership • Q4 2021

    Question

    Keay Nakae from Chardan asked about potential challenges in patient enrollment for the Enteric Hyperoxaluria (EH) study.

    Answer

    CEO Aoife Brennan confirmed that the study is currently enrolling and remains on track to deliver proof-of-concept data within the year. While acknowledging the generally challenging environment for clinical research due to factors like COVID, she expressed confidence in the team's progress and their ability to meet the stated guidance.

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    Keay Nakae's questions to SYNLOGIC (SYBX) leadership • Q3 2021

    Question

    Keay Nakae of Chardan inquired about the new compound SYNB1353 for Homocystinuria (HCU), asking for details on the market size. He also asked about the next steps for the Roche collaboration and whether the upcoming ICIEM presentation would include new data.

    Answer

    President and CEO Aoife Brennan, along with Chief Business Officer Molly Harper and David Hava, explained that SYNB1353 leverages the PKU platform and Ginkgo collaboration to consume thymine in the gut. Molly Harper noted the HCU market has synergies with PKU but has a dynamic and potentially underestimated prevalence due to incomplete newborn screening. Regarding the Roche collaboration, Aoife Brennan described it as a discovery-phase effort with milestones leading to an option exercise, with post-option steps still negotiable. She also confirmed the ICIEM presentation would detail existing interim data without revealing new patient results.

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    Keay Nakae's questions to STEM (STEM) leadership

    Keay Nakae's questions to STEM (STEM) leadership • Q4 2015

    Question

    Keay Nakae from Chardan Capital Markets asked about the progress on adding new clinical sites for the Pathway study, the recent pace of patient enrollment, and the potential timeline for finalizing a partnering deal given the company's capital requirements.

    Answer

    President and CEO Ian Massey responded that the company is near its target of 13-15 sites and feels this is adequate to meet enrollment goals, also noting satisfaction with current enrollment rates. CFO Gregory Schiffman addressed the partnering question, stating that while timing is difficult to predict, active discussions are underway, particularly for the AMD program.

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    Keay Nakae's questions to STEM (STEM) leadership • Q2 2015

    Question

    Keay Nakae of Chardan Markets inquired about the Phase I/II dry AMD data, asking if a positive correlation existed with other visual metrics for the five key patients who would have met Phase II criteria. He also asked about the planned format and timing for releasing interim data from the cervical spinal cord injury study's first cohort and questioned the current enrollment progress in the two Phase II trials.

    Answer

    CEO Martin McGlynn stated the company had not yet specifically evaluated the correlation of other visual metrics for the five AMD patients but would investigate the matter. An Unidentified Company Representative noted that data for the cervical study's first cohort would likely be released around November via a press release and possibly a conference call. CEO Martin McGlynn confirmed that enrollment is ongoing in both studies, with one active site for AMD and eight for the spinal cord injury trial.

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