u/violetgerald

Author argues PLBY is undervalued at ~1x sales because its asset-light licensing pivot guarantees at least $15M annual royalties for 15 years, Q3 2025 net income turned positive, and Honey Birdette margins improved. Catalysts cited include the Q4 2025 earnings release around mid-March, a Winter 2025 magazine relaunch, new licensing deals for a movie and energy drinks, and a Playboy Mansion rollout in 2027. Stated risks are historical negative net margins, remaining debt, hospitality revenue being years out, small-cap volatility, and the CEO remaining in place.

The author has been buying and following Sellas Life Sciences long term, arguing the IMPACT-AML partnership expands the frontline SLS009 clinical program across Europe. The stated mechanism is faster and broader patient enrollment at improved capital efficiency, helping reach the 80-event threshold needed to complete the trial. The author notes fewer deaths than expected as a positive signal and sees the deal as validating efficacy and opening new markets, while acknowledging this is high-risk biotech.

The author argues BZFD is a high-risk turnaround play: BuzzFeed Island, an AI-driven social platform, plus relaunched YouTube channels and Tasty/HuffPost traffic could stabilize revenue and push the company toward profitability. The sale of First We Feast/'Hot Ones' for $82.5M provides cash to pay down debt and extend runway, with Q4 financials due early-to-mid March as a near-term catalyst. Main stated risks are heavy debt-to-equity, high current liabilities versus ~$34M cash, ongoing dilution risk, a weak ad market, and the author's caveat that this is a high-risk gamble.