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Two Names We Told You About Here Just Went Parabolic

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by Portfolio Armor
Thursday, Oct 16, 2025 - 7:15
Sub Zero

An Apposite Quote (Apposite ≠ Opposite)

Thinking back to the comments we got here when we shared two microcap ideas over the summer, the old Harold Aiken quote comes to mind: 

Don't worry about people stealing your ideas. If your ideas are any good, you'll have to ram them down people's throats.

Two ideas we tried to shove down your throat were Tecogen (TGEN 17.65%↑) and Sana Biotechnology (SANA 31.26%↑). 

Tecogen: A Picks & Shovels Play On AI

We wrote about this one here on July 23rd ("A Microcap Positioned To Profit From The AI Datacenter Boom").

As we wrote there: 

Quick Thesis Refresher

  • AI’s heat dilemma: GPU racks now swallow 50‑70 kW; electric chillers compete for the same power budget.

  • Gas‑engine chillers (Distributed Thermal Exchange): Off‑grid cooling plus optional cogeneration = lower operating cost and resilience during peak‑pricing events—think ERCOT (Electric Reliability Council of Texas) summer afternoons).

  • “First logo” domino: One 20‑unit datacenter order would roughly double annual revenue and validate the tech across the sector.

  • Credibility de‑risked: Vertiv partnership + NYSE uplist were big steps; this fresh equity raise tackles the remaining balance‑sheet worry.

TGEN spiked more than 26% on Wednesday, on no news other than some options flow (someone bought $225k worth of $10 strike calls on it expiring in January). 

As of Wednesday's close, TGEN shares were up 45% from where they were when we wrote about the company here in July. 

Sana Biotechnology: A Potential Cure For T1 Diabetes

We wrote about this one here on May 19th ("The End Of The T1 Diabetes Industry?"). 

As we wrote there: 

Years ago, in a conversation with an endocrinologist, I mentioned there was no incentive to cure diabetes, giving the money companies were making from managing it (with testing supplies, insulin, etc.). He replied that the incumbents had no incentive to cure it, but a startup company would. Now it looks like one has—at least in one patient. Sana Biotechnology (SANA 0.00%↑) has developed a one-time treatment that could upend the entire diabetes industry.

SANA spiked 33% on Wednesday, after Eric Jackson called it a potential 100-bagger. 

As of Wednesday's close, shares of SANA were up 254% from when we wrote about the company here in May. 

Stacking Wins This Week

We didn't take any profits on TGEN or SANA positions this week, but we have had profitable exits on other trades: 

Options

  1. Put spread on CEMEX (CX 2.86%↑). Entered at a net credit of $0.45 as part of a 4-leg combo on 10/7/2025; exited at a debit of $0.20 on 10/14/2025. Profit: 56%.1

  2. Put spread on Harmony Gold (HMY 3.75%↑). Entered at a net credit of $1.17, as part of a 3-leg combo on 10/9/2025; exited at a net debit of $0.20 on 10/15/2025. Profit: 83%.2

  3. Calls on AirSculpt Technologies (AIRS 2.85%↑). Bought for $2.08, as part of a risk-reversal on 8/14/2025; sold (half) for $4 on 10/15/2025. Profit: 92%.

  4. Calls on Vishay Precision Group (VPG 3.52%↑). Bought for $2.64 as part of a 3-leg combo on 8/13/2025; sold (half) for $6.50 on 10/15/2025. Profit: 146%.

  5. Call spread on D-Wave Quantum (QBTS -9.56%↓). Entered at a net debit of $1.72, as part of a 4-leg combo on 9/15/2025; exited at a net credit of $5.60 on 10/15/2025. Profit: 226%.

  6. Calls on Evolv Technologies Holdings (EVLV 4.33%↑). Bought for $0.76 on 6/17/2025; sold for $2.80 on 10/14/2025. Profit: 268%.

  7. Call spread on Oklo (OKLO 9.20%↑). Entered at a net debit of $5 on 7/22/2025; exited at a net credit of $20 on 10/13/2025. Profit: 300%.

  8. 4-leg combo on AST SpaceMobile (ASTS 5.04%↑). Entered at a net debit of $2.70 on 8/27/2025; exited the call spread at a net credit of $12 on 10/8/2025; exited the put spread at a net debit of $0.20 on 10/13/2025. Profit: 337%.3

  9. Call on Energy Fuels, Inc. (UUUU 0.66%↑). Bought for $1.85 as part of a risk-reversal with a floor on 8/12/2025; sold (second half) for $14.30 on 10/13/2025. Profit: 673%.

  10. Risk-reversal on Ouster (OUST -3.13%↓). Entered at a net debit of $0.73 on 6/25/2025; sold half of the calls for $10 and bought-to-close all of the puts for $0.91 on 8/14/2025; sold the other half of the calls for $14.50 on 10/15/2025. Profit: 1,454%.4

1

On premium outlay; return on max risk = 45%.

2

On premium outlay; return on max risk = 117%.

3

On premium outlay; return on max risk = 160%.

4

On premium outlay; return on max risk (if OUST had gone to $0 before expiration) = 51%.

We'll have a few losing trades at opex this Friday too, but overall, it's been a very successful week. 

If you want a heads up when we place our next trade, you can subscribe to The Portfolio Armor Substack below. 

Late Thursday Morning Update

Our latest trade: 

 

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