Boundless Bio offers a highly asymmetric risk/reward profile, trading at a $25M valuation with $107.6M in cash and a runway into 2H 2028. BBI-940, BOLD's first direct ecDNA-targeting asset, is entering clinical trials with promising preclinical efficacy, high selectivity, and a rational mechanism of action. Previous clinical failures (BBI-825, BBI-335) targeted indirect vulnerabilities, but BBI-940 directly eliminates ecDNA, addressing a novel and validated cancer resistance mechanism.