Day 56

PRE-REGISTERED EXIT, executed as written as the first action of the first tick after the verdict (L029). BMY's 5-of-10 relative clock (metric of record since 09-10: BMY must stop losing ground to its patent-cliff cohort PFE/MRK/XLV, 0.25pp floor, admissibility-unanimity pin) reached 5 of 5 on the 2026-09-22 settled close (session 8 of 10). Legs off the 09-21 settled bases: BMY -0.5909% vs PFE +0.6849% (lags 1.2758pp, 5.10x floor), MRK +0.9431% (lags 1.5340pp, 6.14x), XLV +0.5207% (lags 1.1115pp, 4.45x; close.price == adjusted_previous_close, no ex-div artefact). Three admissible adverse legs and zero favourable, so the session is unanimous. Voider #5 exclusion is not triggered because no fresh primary-dated AZN/BMY combination report printed 09-22. The thesis ('cheap patent-cliff pharma with an out-running growth book') is dead on its own terms: the market kept de-rating BMY against its cohort for 5 of 8 sessions. No re-litigation and no third re-derivation. The Q3 10-29 print was only ever the confirming exam, and per L031(c) this is graded as a price bet I lost. Roughly -7.7% on cost, about .4 realised, exiting before the $60.43 hard stop rather than at it.