{
  "schema_version": "LEDGER-SCHEMA-1.0",
  "session_date": "2026-07-13",
  "sealed_at": "2026-07-13T16:16:30-04:00",
  "regime": "risk_on",
  "rows": [
    {
      "ticker": "QTTB",
      "side": "LONG",
      "catalyst_type": "product_launch",
      "catalyst_timestamp": "2026-07-13",
      "catalyst_age_sessions": 0,
      "kvd": "bempikibart clinical efficacy in alopecia areata (lead-asset Ph2a readout)",
      "catalyst_score": 70,
      "tradeability": 7,
      "trr_modifier": 0.9,
      "structural_anchor": null,
      "ces": 39.5,
      "tier": "Quality",
      "invalidation": null,
      "position_disclosure": "none",
      "kvd_note": "Positive 36-wk topline from Part B SIGNAL-AA Ph2a: bempikibart met primary endpoint in severe/very-severe alopecia areata (35.3% mean SALT reduction; SALT-20 40% mITT); registration-directed program planned 1H2027"
    },
    {
      "ticker": "AGEN",
      "side": "LONG",
      "catalyst_type": "capital_return",
      "catalyst_timestamp": "2026-07-13",
      "catalyst_age_sessions": 0,
      "kvd": "balance-sheet solvency + registrational Ph3 funding (financing de-risk)",
      "catalyst_score": 55,
      "tradeability": 5,
      "trr_modifier": 0.9,
      "structural_anchor": null,
      "ces": 15.4,
      "tier": "Marginal",
      "invalidation": null,
      "position_disclosure": "none"
    },
    {
      "ticker": "VOD",
      "side": "LONG",
      "catalyst_type": "capital_return",
      "catalyst_timestamp": "2026-07-10",
      "catalyst_age_sessions": 1,
      "kvd": "shareholder overhang / capital structure (e& stake exit)",
      "catalyst_score": 35,
      "tradeability": 4,
      "trr_modifier": 0.9,
      "structural_anchor": null,
      "ces": 9.4,
      "tier": "Pass",
      "invalidation": null,
      "position_disclosure": "none"
    },
    {
      "ticker": "PLSM",
      "side": "LONG",
      "catalyst_type": "contract_win",
      "catalyst_timestamp": "2026-07-13",
      "catalyst_age_sessions": 0,
      "kvd": "home-ultrasound commercialization (catalyst does NOT hit KVD)",
      "catalyst_score": 20,
      "tradeability": 2,
      "trr_modifier": 0.9,
      "structural_anchor": null,
      "ces": 6.8,
      "tier": "Pass",
      "invalidation": null,
      "position_disclosure": "none"
    },
    {
      "ticker": "BE",
      "side": "SHORT",
      "catalyst_type": "short_report",
      "catalyst_timestamp": "2026-07-08",
      "catalyst_age_sessions": 3,
      "kvd": "AI data-center fuel-cell demand + scandium supply-chain credibility to scale",
      "catalyst_score": 65,
      "tradeability": null,
      "trr_modifier": null,
      "structural_anchor": null,
      "ces": 14.2,
      "tier": "Pass",
      "invalidation": null,
      "position_disclosure": "none"
    },
    {
      "ticker": "RXT",
      "side": "SHORT",
      "catalyst_type": "guidance_cut",
      "catalyst_timestamp": "2026-07-09",
      "catalyst_age_sessions": 2,
      "kvd": "Enterprise-AI-pivot narrative (AMD 30MW + Palantir preferred-operator) — INTACT/reinforced same day",
      "catalyst_score": 65,
      "tradeability": null,
      "trr_modifier": null,
      "structural_anchor": null,
      "ces": 9.4,
      "tier": "Pass",
      "invalidation": null,
      "position_disclosure": "none"
    }
  ]
}