{
  "schema_version": "LEDGER-SCHEMA-1.0",
  "session_date": "2026-07-14",
  "sealed_at": "2026-07-14T18:32:28-04:00",
  "regime": "risk_on",
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      "kvd": "pro-forma pipeline value + $320M financed cash",
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      "tradeability": 5,
      "trr_modifier": 0.85,
      "structural_anchor": null,
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      "invalidation": null,
      "position_disclosure": "none",
      "kvd_note": "All-stock reverse merger with Avere Therapeutics (oral inflammatory-disease asset) + concurrent $320M private financing led by Fairmount/Hansoh; combined co to trade as AVRX. Pre-mkt +304%."
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      "kvd": "non-dilutive funding + immunology pipeline value",
      "catalyst_score": 95,
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      "trr_modifier": 1,
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      "ticker": "TSEM",
      "side": "LONG",
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      "kvd": "SiPho/AI-datacenter capacity + 2028 revenue model",
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      "ticker": "NIO",
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      "kvd": "premium-SUV volume + swing to profitability",
      "catalyst_score": 80,
      "tradeability": 5,
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      "ticker": "PMN",
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      "catalyst_age_sessions": 0,
      "kvd": "PMN310 oligomer-selective target engagement",
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      "tier": "Pass",
      "invalidation": null,
      "position_disclosure": "none"
    },
    {
      "ticker": "LVLU",
      "side": "LONG",
      "catalyst_type": "ma_deal",
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      "catalyst_age_sessions": 1,
      "kvd": "takeout optionality / strategic-review premium",
      "catalyst_score": 80,
      "tradeability": 4,
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      "structural_anchor": null,
      "ces": 10.9,
      "tier": "Pass",
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    {
      "ticker": "VMAR",
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      "catalyst_type": "earnings_beat",
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      "catalyst_age_sessions": 1,
      "kvd": "gross-margin / cash-generation inflection",
      "catalyst_score": 85,
      "tradeability": 3,
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      "structural_anchor": null,
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      "tier": "Pass",
      "invalidation": null,
      "position_disclosure": "none"
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    {
      "ticker": "GFUZ",
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      "catalyst_type": "other",
      "catalyst_timestamp": "2026-07-13",
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      "kvd": "fusion-scarcity listing premium (no KVD)",
      "catalyst_score": 65,
      "tradeability": 3,
      "trr_modifier": 0.9,
      "structural_anchor": null,
      "ces": 8.8,
      "tier": "Pass",
      "invalidation": null,
      "position_disclosure": "none"
    },
    {
      "ticker": "WKEY",
      "side": "LONG",
      "catalyst_type": "earnings_beat",
      "catalyst_timestamp": "2026-07-13",
      "catalyst_age_sessions": 1,
      "kvd": "revenue growth vs reaffirmed FY guide",
      "catalyst_score": 75,
      "tradeability": 3,
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      "structural_anchor": null,
      "ces": 8.2,
      "tier": "Pass",
      "invalidation": null,
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      "ticker": "PLUR",
      "side": "LONG",
      "catalyst_type": "other",
      "catalyst_timestamp": "2026-07-14",
      "catalyst_age_sessions": 0,
      "kvd": "none — insider ownership PR",
      "catalyst_score": 65,
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      "trr_modifier": 0.85,
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      "tier": "Pass",
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      "invalidation": null,
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    },
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      "ticker": "PSNL",
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      "catalyst_score": 65,
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      "ces": 3.3,
      "tier": "Pass",
      "invalidation": null,
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    {
      "ticker": "IBM",
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      "catalyst_type": "guidance_cut",
      "catalyst_timestamp": null,
      "catalyst_age_sessions": null,
      "kvd": null,
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      "tradeability": null,
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      "position_disclosure": "none",
      "kvd_note": "Q2 profit warning: prelim EPS $2.93 vs $3.01, rev $17.2B vs $17.86B; software/infra weak; HSBC cut to Reduce"
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      "ticker": "ERIC",
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      "catalyst_age_sessions": null,
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      "ticker": "SILO",
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      "catalyst_age_sessions": null,
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      "ticker": "AMIX",
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      "catalyst_type": "offering_dilution",
      "catalyst_timestamp": null,
      "catalyst_age_sessions": null,
      "kvd": null,
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      "tradeability": null,
      "trr_modifier": null,
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      "invalidation": null,
      "position_disclosure": "none"
    }
  ]
}