ROKU, INC

**Signal Note: Driehaus Capital ROKU Position Initiation** Driehaus Capital's $19.5M entry into Roku (a streaming platform company) represents a notable shift toward digital media/advertising exposure rather than direct biotech therapeutics. This positioning likely reflects conviction in Roku's ad-tech platform as healthcare companies increasingly allocate digital marketing budgets—particularly relevant given accelerating DTC (direct-to-consumer) campaign spending in specialty pharma and biotech for rare disease and oncology indications. No near-term catalysts tied to specific drug development are evident; this is a portfolio diversification move into digital infrastructure benefiting from pharma's marketing spend trends.