HCM III ACQUISITION CORP.

# Signal Note: Driehaus Capital Position in HCM III Acquisition Corp (HCMAW) HCM III is a SPAC targeting acquisition of Ayala Pharmaceuticals, a clinical-stage oncology company with lead asset AYALA1, a selective estrogen receptor degrader (SERD) in development for ER+ breast cancer. Driehaus's $511K entry into warrants suggests conviction in near-term SPAC closure/merger timing and potential upside from upcoming Phase 2 data or commercial inflection points in the SERD class, where competitors (e.g., GSK's elacestrant, Roche's giredestrant) are advancing. The warrant position provides asymmetric exposure if the merger closes and clinical/commercial milestones are achieved.