Terms of Use
Last updated: 2 October 2026
In plain terms
We publish information, not advice. You make your own investment decisions.
Chat 2.0 posts are members' own views, not ours. Our AI assistants never give buy, sell or price views.
Be decent, and don't pump stocks. We can hold or remove posts, mute members, and end access for serious breaches.
Your subscription renews until you cancel. Prices and refunds are on the Billing page.
You must be 18 or older.
1. Who we are
This site is run by Dark Horse Capital Management LLC, c/o PGM, 6834 S University Blvd, Suite 226, Centennial, CO 80122, USA ("we", "us"). By creating an account or using the paid parts of the site, you agree to these Terms, the Billing page, the Disclaimer, the Chat 2.0 Guidelines and the Privacy Policy. If you don't agree, don't use the service.
2. Who can use it
You must be at least 18. The service is not for children. You must be able to form a binding contract where you live. If we learn that someone under 18 has an account, we will close it.
3. What the service is
The service has three parts: a list of small and micro-cap biotech companies with disclosed upcoming catalysts (the "Quality" list); a separate list of companies whose filings show financial-risk factors such as going-concern language, thin cash or dilution (the "Short-candidate watch"); and Chat 2.0, a discussion room with an AI Moderator and AI Expert specialists.
It is general information, published to all subscribers alike. It is not investment, financial, legal or tax advice, and not a recommendation to buy, sell, hold or short anything. We do not know your finances or goals. We are a publisher: we are not a registered investment adviser or broker-dealer, and using the service does not make us your adviser. Read the full Disclaimer. Being on either list is not a rating, a prediction or a trade idea.
Our data comes from public filings and company disclosures. It can be wrong, late or incomplete. Check the source before you rely on it.
4. Your account
Choose a handle that is not someone else's name or brand and does not impersonate anyone. Give us a real email address and keep it current. Your account is for you alone. Don't share your login. Tell us if you think someone else is using it. You are responsible for what happens under your account.
5. Chat 2.0 and your posts
You may post your own opinions in Chat 2.0, including buy, sell or short views, price targets and predictions. They are your views only. BiotechHandbook does not endorse them, check them or adopt them. Members' posts can be wrong, and some members may hold positions in the stocks they discuss. Do your own research.
We, our AI Moderator, our AI Experts and our own pages do not give investment advice, buy, sell or hold views, price targets or predictions.
You own your posts. You give us a worldwide, non-exclusive, royalty-free licence to store, display, process (including with AI, see section 7) and use them to run, secure and improve the service. We keep posts indefinitely, including after you cancel, unless you ask us to erase them (see the Privacy Policy).
You are responsible for what you post. Only post what you have the right to post, and obey the law. Securities laws ban manipulation, pump-and-dump schemes and trading on inside information. If you are paid, or have a stake, in promoting a stock, you must say so, and our Guidelines do not allow promotion anyway.
6. Guidelines and moderation
The Chat 2.0 Guidelines are part of these Terms. In short: no guarantees or pump campaigns, no inside information, no promotion, referral links or spam, be civil and respect privacy, and stay on topic.
An AI screens posts automatically. Posts it holds are reviewed by a person. We can remove or hold posts. For repeat problems we give a warning and then a mute. Only the owner can permanently ban a member. We can end access straight away for serious or repeated breaches, or for anything unlawful, and we may do so without a refund. If you think we got it wrong, use the contact form and we will look again.
7. AI features
The AI Moderator and AI Experts are automated, and every answer is labelled AI. They answer from our list data and the public SEC filings we cite. They can make mistakes, miss things or be out of date. They give information only. Check the cited filing before relying on an answer. We limit how many questions you can ask, and we can change or withdraw AI features at any time.
To screen posts and write AI answers, we send your posts and questions to Anthropic, which runs the Claude AI service. See the Privacy Policy.
8. Paying
Plans, auto-renewal, cancellation, refunds and the price lock are on the Billing page, which is part of these Terms.
9. Our content
The lists, text, design and software are ours and are protected by copyright. Your subscription gives you a personal, non-transferable right to use them for yourself. Don't copy, scrape, redistribute, resell or share the lists or any large part of them, and don't use them to train AI models. The underlying public filings remain public. If you think something here infringes your copyright, tell us through the contact form.
10. Availability and changes to the service
We aim to keep the service running but don't promise it will always be available or error-free. It is provided "as is". We may change or stop features. If we shut the whole service down, we will refund the unused part of any prepaid period.
11. Limits on our liability
Investing in small and micro-cap stocks is risky and you can lose everything. To the fullest extent the law allows, we are not responsible for investment losses, for decisions you make using the service, for members' posts, or for indirect or consequential losses. Our total liability to you for anything connected with the service is limited to what you paid us in the 12 months before the claim. Nothing in these Terms limits liability that the law does not allow us to limit, or your legal rights as a consumer where you live.
12. Disputes and governing law
Colorado law, and applicable US federal law, governs these Terms. Please contact us first. Most problems can be fixed with a message, and we will try to resolve a dispute informally for 30 days before either side goes to court. If that fails, disputes go to the state or federal courts in Colorado, and you and we both accept those courts. We do not require arbitration or ask you to give up class actions. If you live outside the US, you keep any mandatory consumer rights of your country.
13. Using the service from outside the US
We are based in the United States and the service is run from here. It is in English and is not directed at any particular country. It is up to you to check that using it is legal where you live. We may refuse service where we think it would break local law.
14. Ending your account
You can cancel at any time (see the Billing page) and you can ask us to delete your account through the contact form. Sections that by their nature should survive (such as the licence to your posts, liability limits and governing law) do.
15. Changes to these Terms
We may update these Terms. For changes that matter, we will email you or show a notice on the site at least 30 days before they apply. If you don't accept them, cancel before they take effect. Using the service after that means you accept them. If part of these Terms is unenforceable, the rest still applies.
16. Contact
Use the contact form, or write to Dark Horse Capital Management LLC, c/o PGM, 6834 S University Blvd, Suite 226, Centennial, CO 80122, USA.