Terms & Conditions

01 / Acceptance and scope

These Terms of Use and Disclosures (the “Terms”) apply to your access to and use of the Clinaptis website, research publications, company profiles, datasets, models, visualizations, newsletters and related materials (collectively, the “Site”). By accessing or using the Site, you acknowledge that you have read and agree to these Terms. If you do not agree, do not use the Site.

Clinaptis may revise these Terms periodically. The effective date above identifies the latest version. Continued use after an update constitutes acceptance of the revised Terms.

02 / Related brands, regulatory status and research use

Clinaptis Research and Clinaptis Advisors are inter-related brands under common direction. Clinaptis Research is the public research and publishing platform. Clinaptis Advisors is a related brand designation; the word “Advisors” does not represent that either brand is licensed, registered or authorized to provide a regulated financial-advisory or brokerage service.

As of the effective date, neither Clinaptis Research nor Clinaptis Advisors is registered as an investment adviser, research analyst or research entity, broker, dealer, securities intermediary, portfolio manager, investment manager or fiduciary. Through this Site, neither brand provides individualized investment advice, performs suitability or risk profiling, accepts or transmits securities orders, executes trades, takes custody of money or securities, manages an investment account, distributes financial products, or receives transaction-based compensation.

The Site is provided solely for general informational, educational and research purposes. Nothing on the Site constitutes or should be construed as investment, securities, financial, legal, tax, accounting, regulatory, clinical or medical advice; an offer or solicitation to buy or sell any security; a recommendation concerning any issuer, security, strategy or transaction; or individualized advice of any kind.

Clinaptis is not acting as your investment adviser, broker, dealer, fiduciary, physician, attorney or other professional adviser. Access to the Site does not create an advisory, fiduciary, professional, client or confidential relationship. You are solely responsible for your own research, decisions and professional consultation.

These statements describe the Services as currently offered; they are not a legal opinion that a registration, disclosure, reporting or other requirement can never apply. Regulatory characterization depends on the facts, location, audience, compensation model and activities involved. If Clinaptis later offers a separately contracted service, its specific written terms and regulatory disclosures will govern that service.

03 / Author opinions and independence

Unless expressly attributed otherwise, all interpretations, estimates, forecasts, judgments and opinions are those of the identified author. They do not represent the views of any present or former employer, client, financial institution, issuer, sponsor, data provider or other third party.

Opinions are based on information and assumptions available at the time of publication, may be incomplete, and may change without notice. Clinaptis has no obligation to update, correct or withdraw previously published material when facts, prices, consensus expectations, regulatory conditions or the author’s views change.

Financial interests. As of each publication date, the author, the author’s immediate household, and accounts over which the author exercises investment discretion hold no direct or derivative position—long or short—in any issuer discussed in that research. This includes common equity, options and other instruments intended to provide targeted exposure to the issuer. The author has not held such a position during the preceding 24 months. Broad-based index instruments and diversified funds are excluded where they are not used to obtain targeted exposure to a covered issuer.

Issuer relationships. Neither the author nor Clinaptis Research or Clinaptis Advisors is an officer, director, employee, consultant, adviser, compensated service provider or agent of an issuer discussed. Neither Clinaptis brand has received compensation from an issuer discussed for preparing, publishing or promoting the research, and no issuer has editorial control over a publication.

Personal-trading policy. While an issuer remains under active Clinaptis coverage, the author will not initiate or maintain a direct or derivative position in that issuer. This restriction applies to long positions, short positions, options and other targeted economic exposure. A minimum 30-day cooling-off period applies after an issuer is removed from active coverage or after the final publication concerning that issuer, whichever occurs later. The policy does not prohibit diversified funds or broad-market index instruments that are not used to obtain targeted exposure to a covered issuer. Any future policy change will operate prospectively and will be disclosed before affected research is published or a transaction is made.

Commercial relationships and sponsored material. Any future sponsored content, issuer-paid research, advertising, referral or affiliate arrangement, free product or service, or other material commercial connection that could affect how a reasonable reader evaluates content will be identified clearly and conspicuously near the affected content. A sponsor or commercial counterparty will not receive undisclosed editorial control. If no such label appears, Clinaptis has not been paid by the issuer discussed to prepare or promote that publication.

If a publication carries a more specific, accurate and current conflict disclosure, that publication-specific disclosure controls. Clinaptis may update these disclosures if relevant facts change. Readers should review the disclosure accompanying each publication rather than relying only on this general policy.

04 / AI-assisted tools and human judgment

Clinaptis may use artificial-intelligence systems, large language models and other software tools to assist with tasks such as document extraction, transcription, summarization, source organization, drafting, editing, coding, calculation support, data visualization, formatting and quality-control checks.

AI-assisted output is used as a tool, not as an independent source of authority or investment judgment. The author retains responsibility for the published analytical framing, interpretations, opinions and judgment calls. Where source materials are cited, those original materials—not an AI-generated summary—are the controlling reference.

Human review reduces but does not eliminate the possibility of factual, computational, transcription, citation or reasoning errors. Users should independently verify material information and should not rely on the presence of human review as a guarantee of accuracy or completeness.

05 / Sources, data and accuracy

Clinaptis may rely on public filings, regulatory materials, clinical-trial records, scientific publications, company disclosures, conference materials, third-party datasets, market-data services and other sources believed to be relevant. Sources may contain errors, omissions, methodological differences, reporting delays or subsequent revisions.

Market prices, market capitalizations, consensus estimates and similar figures may be delayed, approximate, illustrative or current only as of the stated date. Models and valuations depend on assumptions and are not statements of fact. Figures may be rounded, normalized or reconstructed for comparability.

Each publication speaks only as of its stated publication or information date and may not reflect subsequent price-sensitive announcements, trial updates, regulatory actions, market movements or changes in the author’s view. Clinaptis does not continuously monitor or update every archived publication.

Although Clinaptis seeks to use reasonable care, it does not warrant that any content is accurate, complete, current, reproducible or suitable for any particular purpose. If a Site summary conflicts with a primary source, the primary source controls.

06 / Investment risk and forward-looking information

Biopharmaceutical investing involves substantial risk, including clinical, statistical, regulatory, commercial, financing, legal, competitive and market risk. Securities discussed may be volatile and may lose some or all of their value. Past performance, historical trial success and prior regulatory outcomes do not predict future results.

The Site may contain forward-looking statements, scenarios, probability estimates, forecasts, consensus figures, fair-value estimates, price ranges and expectations about future events. These are exploratory, illustrative and inherently uncertain; they may rely on assumptions that prove incorrect and are not promises, guarantees, precise predictions or recommendations to buy, sell or hold any security.

Clinical and scientific discussion is not medical guidance. Patients and clinicians should rely on qualified healthcare professionals and official prescribing, regulatory and scientific information.

07 / Intellectual property and permitted use

Except for third-party materials and quoted or linked sources, the Site’s original text, organization, graphics, models, code, branding and presentation are owned by or licensed to Clinaptis and are protected by applicable intellectual-property laws.

You may access the Site for personal, non-commercial research and may share links with appropriate attribution. Unless Clinaptis gives prior written permission, you may not reproduce substantial portions, republish, sell, license, scrape at scale, systematically extract, create a competing database from, remove attribution from, or use Site content to train or evaluate a commercial machine-learning system.

Limited quotation for commentary, criticism or other legally permitted use must identify Clinaptis and link to the original publication where practicable. Third-party marks and materials remain the property of their respective owners.

08 / Newsletter communications and unsubscribe

If you subscribe, you authorize Clinaptis and its email-service providers, currently Mailchimp and/or Loops, to process your email address and send research and platform communications. Subscription is voluntary, and you may withdraw at any time. The Privacy & Cookies Notice explains the associated data practices.

Every marketing email should include a recipient-specific unsubscribe link provided by the email-service provider that sends it (Mailchimp or Loops). You may also review the website’s unsubscribe instructions. Unsubscribe requests will be honored in accordance with applicable law, although messages already queued may arrive before processing is complete.

Do not forward a recipient-specific unsubscribe link to another person: that link may be tied to the original recipient’s address.

09 / No warranties and limitation of liability

To the fullest extent permitted by applicable law, the Site is provided “as is” and “as available,” without warranties of any kind, express or implied, including warranties of accuracy, completeness, merchantability, fitness for a particular purpose, non-infringement, availability or security.

To the fullest extent permitted by applicable law, Clinaptis and its author, contributors and service providers will not be liable for any direct, indirect, incidental, consequential, special, exemplary or punitive loss arising from or related to use of, inability to use, or reliance on the Site—including investment losses, lost profits, lost data, business interruption or decisions made using Site content—even if advised of the possibility of such loss.

Some jurisdictions do not permit certain warranty exclusions or liability limitations. In those jurisdictions, these provisions apply only to the maximum extent permitted by law.

10 / External services, severability and contact

The Site may link to third-party websites or use third-party services. Clinaptis does not control and is not responsible for their availability, security, content, terms or privacy practices. A link, citation or reference does not imply endorsement.

If any provision of these Terms is found unenforceable, the remaining provisions will remain in effect and the affected provision will be limited or modified only to the minimum extent necessary. A failure to enforce any provision is not a waiver of that provision.

Questions about these Terms or requests concerning Site content may be sent to bikram@clinaptisresearch.com.