/* Biotech Stock Reports: shared editorial stylesheet. One file for every page. */
:root{
  --bg:#ffffff; --bg-alt:#f6f5f2; --ink:#111111; --ink-2:#333333; --ink-3:#4a4a4a;
  --rule:#d9d6cf; --rule-strong:#111111; --accent:#0b2a4a; --accent-tint:#eef2f6;
  --serif:"Source Serif 4","Source Serif Pro",Georgia,"Times New Roman",serif;
  --sans:Inter,"Helvetica Neue",Arial,system-ui,sans-serif;
  --measure:68ch; --maxw:1180px;
}
*,*::before,*::after{box-sizing:border-box}
html{-webkit-text-size-adjust:100%}
body{margin:0;background:var(--bg);color:var(--ink);font-family:var(--serif);font-size:1.1875rem;line-height:1.6;font-feature-settings:"kern","liga";text-rendering:optimizeLegibility}
body::before,body::after{content:none!important}
img{max-width:100%;height:auto}
p,ul,ol{margin:0 0 1.1em}
h1,h2,h3,h4{font-family:var(--serif);color:var(--ink);font-weight:700;line-height:1.2;margin:0 0 .5em;letter-spacing:-.005em}
h1{font-size:clamp(2rem,4.6vw,3.1rem);line-height:1.12}
h2{font-size:clamp(1.5rem,2.6vw,1.9rem);margin-top:2.2rem}
h3{font-size:1.3rem;margin-top:1.6rem}
h4{font-family:var(--sans);font-size:.78rem;font-weight:700;letter-spacing:.08em;text-transform:uppercase;color:var(--ink-2);margin:1.4rem 0 .6rem}
em,i{font-style:italic}
h1 em,h2 em,h3 em,.brand em,.mark em,.fb em,.fbrand em,.big,.num{font-style:normal}
strong,b{font-weight:700;color:var(--ink)}
s{text-decoration:none}
a{color:var(--accent);text-decoration:underline;text-decoration-thickness:1px;text-underline-offset:.18em}
a:hover{text-decoration-thickness:2px}
:focus-visible{outline:3px solid var(--accent);outline-offset:3px}
::selection{background:var(--accent);color:#fff}
.wrap{max-width:var(--maxw);margin:0 auto;padding:0 20px}
@media(min-width:760px){.wrap{padding:0 32px}}
.anim,.d1,.d2,.d3,.d4{animation:none!important;opacity:1!important;transform:none!important}

/* masthead / top bar */
.topbar{border-bottom:1px solid var(--rule-strong);background:var(--bg)}
.topbar .wrap{display:flex;flex-wrap:wrap;align-items:center;justify-content:space-between;gap:10px 24px;padding-top:16px;padding-bottom:14px}
.brand,.brand .mark,a.brand{font-family:var(--serif);font-weight:700;font-size:1.55rem;letter-spacing:-.01em;color:var(--ink);text-decoration:none;display:flex;align-items:baseline;gap:12px;flex-wrap:wrap}
.brand em,.mark em{color:var(--accent)}
.brand .tag,.tag{font-family:var(--sans);font-size:.72rem;letter-spacing:.08em;text-transform:uppercase;color:var(--ink-3)}
.dz{color:inherit;font-weight:700;letter-spacing:.06em}
.topnav{display:flex;flex-wrap:wrap;gap:4px 20px;font-family:var(--sans);font-size:.85rem;font-weight:600}
.topnav a,.backlink{color:var(--ink);text-decoration:none;padding:6px 0;border-bottom:2px solid transparent}
.topnav a:hover,.backlink:hover{border-bottom-color:var(--accent)}
.backlink{font-family:var(--sans);font-size:.85rem;font-weight:600}
.breadcrumb{font-family:var(--sans);font-size:.8rem;color:var(--ink-3);padding:14px 0 0}
.breadcrumb a{color:var(--ink-3)}

/* section labels (small caps) */
.kicker,.kick,.sub,.note,.sec-head .note,.lab,.cl,.k,.when,.yr,.feat-flag .lbl,.edition,.updated{font-family:var(--sans);font-size:.75rem;font-weight:700;letter-spacing:.09em;text-transform:uppercase;color:var(--accent)}
.sub{color:var(--ink-3);margin:-.3rem 0 1rem;font-weight:600}

/* homepage masthead */
.masthead{border-bottom:1px solid var(--rule);padding:40px 0 32px}
.masthead h1 .num,.masthead h1 .big{color:var(--accent)}
.subhead{display:grid;gap:20px;margin-top:16px}
.subhead p{font-size:1.2rem;color:var(--ink-2);max-width:var(--measure);margin:0}
.edition{border:1px solid var(--rule-strong);padding:8px 12px;align-self:start;justify-self:start;color:var(--ink)}
.edition b{display:block;color:var(--accent)}
@media(min-width:900px){.subhead{grid-template-columns:1fr auto;align-items:end}}

.sec-head{display:flex;flex-wrap:wrap;justify-content:space-between;align-items:baseline;gap:8px;border-top:2px solid var(--rule-strong);margin-top:44px;padding-top:12px;margin-bottom:20px}
.sec-head h2{margin:0;font-size:1.6rem}

/* feature (cover story) */
.feature{border-bottom:1px solid var(--rule);padding-bottom:28px}
.feature-inner{display:grid;gap:32px}
@media(min-width:960px){.feature-inner{grid-template-columns:minmax(0,1fr) 320px}.thesis-strip{grid-column:1/-1}}
.feature-main{max-width:var(--measure)}
.feat-flag{display:flex;gap:12px;align-items:baseline;margin-bottom:8px}
.feat-flag .no,.cno{font-family:var(--sans);font-weight:700;font-size:.9rem;color:var(--ink-3);font-variant-numeric:tabular-nums}
.feat-flag .lbl b{display:block;color:var(--ink)}
.feature h3{font-size:clamp(1.7rem,3vw,2.2rem);margin:.2rem 0 .5rem}
.tickers,.tick{font-family:var(--sans);font-size:.85rem;color:var(--ink-3);display:flex;flex-wrap:wrap;gap:6px 16px;margin-bottom:14px}
.tk b{color:var(--ink)}
.lede{font-size:1.25rem;color:var(--ink)}
.ir-link,.cta{display:inline-block;font-family:var(--sans);font-weight:600;font-size:.9rem;margin:6px 20px 12px 0;color:var(--accent)}
.arw{text-decoration:none}

/* stat rail and data rows: tabular numerals, hairlines */
.feature-rail,.snapshot{font-family:var(--sans);font-variant-numeric:tabular-nums lining-nums}
.feature-rail .stat,.snapshot>div{border-top:1px solid var(--rule);padding:10px 0}
.feature-rail .stat:first-child{border-top:2px solid var(--rule-strong)}
.stat .v,.snapshot .v{font-family:var(--sans);font-size:1.15rem!important;font-weight:700;color:var(--ink)}
.stat .v small,.snapshot .v small{display:block;font-weight:400;font-size:.8rem;color:var(--ink-3)}
.snapshot{display:grid;grid-template-columns:repeat(2,minmax(0,1fr));gap:0 24px;border-top:2px solid var(--rule-strong);border-bottom:1px solid var(--rule);margin:24px 0 8px}
@media(min-width:760px){.snapshot{grid-template-columns:repeat(4,minmax(0,1fr))}}
.snapshot>div{border-top:none}
.badge{display:inline-block;border:1px solid var(--rule-strong);font-size:.7rem;font-weight:700;padding:1px 6px;margin:6px 6px 0 0;letter-spacing:.05em}
.designations{font-size:1rem!important}

.cats ul,.timeline{list-style:none;padding:0;margin:0}
.cats li{border-top:1px solid var(--rule);padding:8px 0;font-family:var(--sans);font-size:.92rem;line-height:1.45}
.cats .yr{display:block}
.pipe{margin-top:22px}
.pipe-row{display:grid;grid-template-columns:1fr;gap:2px 16px;border-top:1px solid var(--rule);padding:10px 0;font-family:var(--sans);font-size:.95rem}
.pipe-row .asset{font-weight:700}
.pipe-row .stg{color:var(--accent);font-weight:600;font-size:.85rem}
@media(min-width:700px){.pipe-row{grid-template-columns:150px 1fr auto}}

.thesis-strip,.pullquote,.callout,.keybox{background:var(--bg-alt);border-left:3px solid var(--accent);padding:18px 22px;margin:24px 0}
.thesis-strip .q{display:none}
.thesis-strip p,.pullquote p,.callout p{margin:0;color:var(--ink);font-size:1.1rem}
.pullquote p{font-family:var(--serif);font-weight:600}
.callout p+p{margin-top:.8em}

/* watch-list grid */
.grid{display:grid;gap:0 40px}
@media(min-width:900px){.grid{grid-template-columns:repeat(2,minmax(0,1fr))}}
.card{border-top:1px solid var(--rule-strong);padding:20px 0 28px;position:relative}
.card h3{font-size:1.6rem;margin:.2rem 0 .3rem}
.card .oneline{color:var(--ink-2);font-size:1.05rem}
.card .kv,.card .row{display:grid;grid-template-columns:repeat(2,minmax(0,1fr));gap:0 20px;font-family:var(--sans);font-variant-numeric:tabular-nums;border-top:1px solid var(--rule);border-bottom:1px solid var(--rule);margin:14px 0}
.card .kv>div,.card .row>div{padding:8px 0}
.card .kv .v,.card .row .v{font-weight:700;font-size:1.05rem}
.asset-line{font-size:1.02rem}
.catalyst-chip{border-left:3px solid var(--accent);background:var(--accent-tint);padding:10px 14px;margin:12px 0;font-family:var(--sans);font-size:.92rem}
.catalyst-chip .ct{color:var(--ink)}
.take{font-size:1.02rem;color:var(--ink-2)}

/* method / cols */
.method,.cols{display:grid;gap:24px}
@media(min-width:900px){.cols{grid-template-columns:repeat(3,minmax(0,1fr))}}
.intro{max-width:var(--measure);font-size:1.15rem}
.check{color:var(--accent);font-weight:700}

/* article pages */
.hero{border-bottom:1px solid var(--rule);padding:22px 0 26px}
.hero h1{max-width:28ch}
.dek{font-size:1.25rem;color:var(--ink-2);max-width:var(--measure);margin-top:.6rem}
.byline,.meta{font-family:var(--sans);font-size:.85rem;color:var(--ink-3);margin-top:12px;border-top:1px solid var(--rule);padding-top:10px}
.byline b{color:var(--ink)}
article{max-width:var(--measure)}
.wrap>article,.wrap article{margin:0}
article p,article li{color:var(--ink)}
article ul{padding-left:1.2em}
article ul li{margin-bottom:.5em}
article ul li::before{content:none}
article .sub+p{margin-top:0}

.timeline .ev{display:grid;grid-template-columns:1fr;gap:2px 20px;border-top:1px solid var(--rule);padding:10px 0}
.timeline .ev:last-child{border-bottom:1px solid var(--rule)}
.timeline .what{font-family:var(--serif);font-weight:600}
.timeline .what span{font-weight:400;color:var(--ink-2)}
@media(min-width:700px){.timeline .ev{grid-template-columns:170px 1fr}}

.bb{display:grid;gap:0 32px;border-top:2px solid var(--rule-strong);margin:16px 0}
@media(min-width:760px){.bb{grid-template-columns:1fr 1fr}}
.bb .col{padding-top:6px}
.bb ul{padding-left:1.1em}
.bb li{font-size:1.02rem}

.faq details{border-top:1px solid var(--rule);padding:12px 0}
.faq details:last-child{border-bottom:1px solid var(--rule)}
.faq summary{cursor:pointer;font-weight:700;font-family:var(--serif);font-size:1.12rem}
.faq details p{margin:.6em 0 0}

.related{border-top:2px solid var(--rule-strong);margin:40px 0 0;padding:18px 0;max-width:var(--measure)}
.related h2{margin-top:0;font-size:1.4rem}

.disclosure{border-top:1px solid var(--rule-strong);margin:36px 0 0;padding:18px 0;max-width:var(--measure);font-size:1rem;color:var(--ink-2)}
.disclosure h4{margin-top:0}
.disclosure p{font-size:1rem}

/* tables */
table{width:100%;border-collapse:collapse;font-family:var(--sans);font-size:.95rem;font-variant-numeric:tabular-nums lining-nums;margin:1rem 0 1.4rem}
th,td{text-align:left;padding:8px 10px 8px 0;border-bottom:1px solid var(--rule);vertical-align:top}
thead th{border-bottom:2px solid var(--rule-strong);font-size:.75rem;letter-spacing:.08em;text-transform:uppercase}
td.n,th.n{text-align:right}

/* reports */
.postlist{list-style:none;padding:0;margin:0}
.postlist li{border-top:1px solid var(--rule);padding:18px 0}
.postlist h2{margin:0 0 4px;font-size:1.45rem}
.postlist h2 a{color:var(--ink);text-decoration:none}
.postlist h2 a:hover{text-decoration:underline}
.disc{font-size:1rem;color:var(--ink-2);border-top:1px solid var(--rule);margin-top:36px;padding-top:14px}
code{font-family:ui-monospace,Menlo,Consolas,monospace;font-size:.88em}

/* forms */
.cform{max-width:560px}
.cform .row{margin-bottom:14px}
.cform label{display:block;font-family:var(--sans);font-size:.8rem;font-weight:700;letter-spacing:.06em;text-transform:uppercase;margin-bottom:6px}
.cform input,.cform textarea{width:100%;font:inherit;font-size:1rem;color:var(--ink);background:#fff;border:1px solid #767676;padding:10px 12px;border-radius:2px}
.cform textarea{min-height:140px}
.cform .hp{position:absolute;left:-9999px}
.cform button{font-family:var(--sans);font-weight:700;font-size:.95rem;color:#fff;background:var(--accent);border:0;padding:12px 26px;border-radius:2px;cursor:pointer}

/* footer */
.footer,footer.footer{border-top:1px solid var(--rule-strong);margin-top:48px;padding:20px 0 48px;font-family:var(--sans);font-size:.88rem;color:var(--ink-2);display:flex;flex-wrap:wrap;gap:10px 24px;justify-content:space-between}
.footer a{color:var(--ink-2)}
.fb,.fbrand{font-family:var(--serif);font-weight:700;font-size:1.15rem;color:var(--ink)}

/* print */
@media print{
  body{font-size:11pt;color:#000;background:#fff}
  .topnav,.backlink,.ir-link,.cta,.related,.cform{display:none!important}
  a{color:#000;text-decoration:none}
  article a[href^="http"]::after{content:" (" attr(href) ")";font-size:.8em;word-break:break-all}
  .callout,.thesis-strip,.pullquote,.catalyst-chip{background:none;border:1px solid #000}
  .faq details>*{display:block}
  h2,h3{break-after:avoid}
}
@media(prefers-reduced-motion:reduce){*{animation:none!important;transition:none!important}}
/* fixes */
article.feature,article.card{max-width:none}
.brand .mark{display:inline;font-size:inherit}
.brand em,.mark em{margin-left:0}
/* company pages: article + sticky rail */
.page-grid{display:block}
.page-grid>article{max-width:68ch}
.side-rail{font-family:var(--sans);font-variant-numeric:tabular-nums lining-nums;margin:32px 0;border-top:2px solid var(--rule-strong);padding-top:8px}
.side-rail .stat:first-of-type{border-top:0}
.rail-label{font-size:.72rem;font-weight:700;letter-spacing:.12em;text-transform:uppercase;color:var(--accent);margin:14px 0 4px}
.rail-cats{list-style:none;margin:0;padding:0}
.rail-cats li{border-top:1px solid var(--rule);padding:9px 0;font-size:.92rem;line-height:1.4;color:var(--ink-2)}
.rail-cats .when{display:block;font-weight:700;font-size:.8rem;color:var(--ink)}
.rail-link{display:inline-block;margin-top:10px;font-size:.88rem;color:var(--accent)}
@media (min-width:1000px){
 .page-grid{display:grid;grid-template-columns:minmax(0,68ch) 300px;gap:56px;justify-content:space-between}
 .side-rail{margin:0}

 .side-rail{align-self:start;position:sticky;top:24px}
}
@media print{.side-rail{position:static}}
/* thank-you check icon */
.check{width:56px;height:56px;border-radius:50%;background:var(--accent);display:inline-flex;align-items:center;justify-content:center;margin-bottom:20px}
.check svg{width:28px;height:28px;fill:none;stroke:#fff;stroke-width:2.5}
/* text-only pages (about, disclaimer): center the reading column */
@media (min-width:1000px){
 body:not(:has(.page-grid)):has(.breadcrumb) .wrap>article,
 body:not(:has(.page-grid)):has(.breadcrumb) .hero .wrap,
 body:not(:has(.page-grid)):has(.breadcrumb) nav.breadcrumb{max-width:720px;margin-inline:auto;padding-inline:0}
}
h2 .n{font-family:var(--sans);font-size:.85rem;font-weight:700;color:var(--accent);margin-right:12px;font-variant-numeric:tabular-nums;vertical-align:.15em}
main .check{margin-top:56px}
main{padding-bottom:72px}
.grid>.card:last-child:nth-child(odd){grid-column:1/-1}
/* color hierarchy (all ≥ AA on #fff and #f6f5f2) */
:root{--h1:#0b2a4a;--h2:#1f3a5f;--h3:#24364d;--label:#2b6e8f;--rail-label:#4f5f73;--rule-strong:#0b2a4a}
h1{color:var(--h1)}
h2{color:var(--h2)}
h3,h4{color:var(--h3)}
.postlist h2 a{color:var(--h2)}
.kicker,.kick,.sub,.lab,.cl,.yr,.feat-flag .lbl,.edition,.updated,.sec-head .note,.when{color:var(--label)}
.rail-label,.side-rail .k,.feature-rail .k,.snapshot .k{color:var(--rail-label)}
.topbar,.footer{border-color:var(--rule-strong)}
/* light-blue bands: methodology, card heads, company hero */
.method{background:var(--accent-tint);border-left:3px solid var(--accent);padding:22px 20px;gap:14px}
.method h2{margin-top:0}
.method .cols{gap:14px}
.method .cols>div{border-top:1px solid var(--rule);padding-top:10px}
.method h5{margin:0 0 .3em}
.method p,.method .intro{margin:0}
.card-head{background:var(--accent-tint);border-left:3px solid var(--accent);padding:14px 16px 12px;margin:0 0 12px}
.card-head .tick{margin-bottom:8px}
.card-head .oneline{margin:0}
.card{padding-top:0}
body:has(.page-grid) .hero{border-bottom:0;padding:12px 0 8px}
body:has(.page-grid) .hero .wrap{background:var(--accent-tint);border-left:3px solid var(--accent);padding:20px 20px 16px}
body:has(.page-grid) .hero .byline{border-top-color:#cfd8e2}
@media(min-width:1000px){.method{padding:30px 32px}body:has(.page-grid) .hero .wrap{padding:28px 32px 20px}}
/* tighter vertical rhythm */
p,ul,ol{margin:0 0 .85em}
h2{margin-top:1.7rem}
h3{margin-top:1.2rem}
.sec-head{margin-top:32px;margin-bottom:14px}
.hero{padding:16px 0 18px}
.card{padding-bottom:20px}
.disclosure,.disc{margin-top:26px}
.footer,footer.footer{margin-top:32px}
@media(max-width:640px){
 p,ul,ol{margin-bottom:.75em}
 h2{margin-top:1.4rem}
 .sec-head{margin-top:24px}
 .grid{gap:16px}
}
/* smaller, muted disclosure */
.disclosure,.disclosure p,.disc,.disc p{font-size:.875rem;line-height:1.55;color:#4a4a4a}
.disclosure h4,.disclosure h2,.disclosure h3{font-size:1rem}
/* cover story band */
.cover-head .sec-head{border-top:0;margin:0 0 12px;padding-top:0}
.cover-head .h3,.cover-head h3{margin-top:.3rem}
.cover-head .tickers{margin-bottom:0}
/* report / contact header band */
.hero.hero-band{border-bottom:0;padding:12px 0 8px}
.hero.hero-band .wrap{background:var(--accent-tint);border-left:3px solid var(--accent);padding:20px 20px 16px}
.hero.hero-band .byline{border-top-color:#cfd8e2}
@media(min-width:1000px){.hero.hero-band .wrap{padding:28px 32px 20px}}
/* report cards */
.note-card{background:var(--accent-tint);border-left:3px solid var(--accent);padding:16px 18px;margin:1.2em 0}
.note-card>:last-child{margin-bottom:0}
.note-card .note-label{font-family:var(--sans);font-size:.75rem;font-weight:700;letter-spacing:.09em;text-transform:uppercase;color:var(--label);margin-bottom:8px}
.note-card ul{margin-bottom:0}
.note-summary{border-left-width:5px}
.note-summary p{font-size:1.05em}
.table-wrap{overflow-x:auto;margin:1.2em 0}
table.data{border-collapse:collapse;width:100%;font-family:var(--sans);font-size:.92rem;font-variant-numeric:tabular-nums lining-nums}
table.data th{text-align:left;font-size:.72rem;letter-spacing:.08em;text-transform:uppercase;color:var(--rail-label);border-bottom:2px solid var(--rule-strong);padding:8px 10px 6px 0}
table.data td{border-bottom:1px solid var(--rule);padding:8px 10px 8px 0;vertical-align:top}
.cform .opt{text-transform:none;letter-spacing:0;font-weight:400;color:var(--ink-3)}
@media print{.note-card{background:none;border:1px solid #000}}
@media(min-width:1000px){body .hero.hero-band .wrap{padding:28px 32px 20px!important;max-width:720px}}
/* shared masthead nav */
.brand a.mark{color:var(--ink);text-decoration:none}
.brand a.mark:hover{color:var(--accent)}
.topnav a.active,.topnav a[aria-current="page"]{color:var(--accent);border-bottom-color:var(--accent)}
@media(max-width:640px){
 .topbar .wrap{flex-direction:column;align-items:flex-start;gap:6px;padding-top:12px;padding-bottom:0}
 .brand{font-size:1.35rem}
 .topnav{width:100%;flex-wrap:nowrap;overflow-x:auto;gap:0 18px;border-top:1px solid var(--rule);-webkit-overflow-scrolling:touch;scrollbar-width:none}
 .topnav::-webkit-scrollbar{display:none}
 .topnav a{padding:10px 0;white-space:nowrap;min-height:44px;box-sizing:border-box;display:flex;align-items:center}
}