Soleus Capital is a biotech-focused investment firm that invests in cutting-edge companies developing novel therapeutics for the treatment of disease. Soleus invests in public and private companies with drugs in early-to-late stage clinical development. Our trading strategy leverages technical know-how in molecular and systems biology, biochemistry, statistics, and valuation methodology to find under-valued opportunities. We are looking to hire a paid intern to work with our investment team. The ideal candidate will be a current PhD candidate with proficiency in interpreting both molecular and clinical data, and a willingness to learn valuation methods. The intern will have the possibility of matriculating into a full-time analyst role upon graduation. The internship will be remote while any full-time position will require in-person work at our office in Greenwich, CT.

Application process: Construct a portfolio from the list of 10 names. Identify three companies from the list. Stipulate 2 as longs and 1 as a short. For each, write a few sentences identifying the key insights you think the market is missing as well as the key risks to your thesis. Feel free to use AI tools while doing your research, but recognize that AI-written responses are generally lacking in sophistication.  

Please include your completed response along with a PDF of your resume 

Example:
JBIO (long): In IgAN, both sibeprenlimab and povetacicept have reported lower than expected UPCR numbers (~50%) due to ADAs (sibe) and dose limiting toxicity (pove), leaving an opportunity open for a more efficacious drug. We expect that JADE101 can deliver a >60% reduction in UPCR because (1) in NHPs, JADE101 drives 70% suppression of IgA vs sibe’s 50%; (2) JADE101 has differentiated PK that allows for durable IgA suppression; and (3) is a fully human Ab and targets a novel epitope to avoid the formation of high MW complexes, both of which make it likely that JADE101 will avoid the ADAs seen by sibe. If JADE101 observes a non-differentiated UPCR number (i.e. due to an efficacy ceiling in IgAN or ADAs that affect PK), it will be late-to-market with a profile that is not obviously superior.  

List of companies:

SLDB
AVTX
LRMR
SION
ERAS
VIR
CAPR
EWTX
TENX
TNGX