This edition features an in-depth look at Coinbase; our opposing view of Iberdrola's offshore wind unit; a quarterly update on the U.S. economy; and notes from Winnebago, Tencent, and new coverage I-Mab Biopharma.

I-Mab Biopharma is a clinical-stage biotech company in China that listed on Nasdaq in January 2020. Its first commercial drug will be felzartamab for the China market, a CD38 inhibitor for multiple myeloma, which we estimate will be launched in 2022. Core assets include lemzoparlimab, a potential best-in-class CD47 inhibitor; uliledlimab, a potential best-in-class CD73 inhibitor; and efineptakin alfa, a potential first-in-class long-acting IL-7 drug for tumors and treatment-associated lymphopenia.