About

A regulatory incentive to spur research and development for neglected diseases has led to an entirely new market, one where a digital 'piece of paper' is worth hundreds of millions of dollars. I find that fascinating.

Yet the market for these vouchers is oddly inefficient. Companies buy and sell them largely by anchoring to the last known sale price, or sell via auction to the highest bidder, with no real underlying pricing model. When I looked for data to understand this better, I couldn't find a reliable, comprehensive dataset, so I built my own.

I'm now over 500 hours in, having manually reviewed thousands of press releases, regulatory disclosures, and company financials to track all the issuances, sales, and redemptions I can find.