Every ADIN Investment Analysis assumes you know the company category. Most of the time, you don't. We just added context to the Analysis.

Open an ADIN investment report generates an analysis on a company category you don’t know you get the analysis and it is competent, the writing is clear, and yet you understand almost none of it.

That’s fine when the company sits in a space you already live in; you bring the category with you. But the moment a deal is one step outside your lane, the report comes loose from anything you can judge it against. You pass on a company you might have wanted, simply because you don’t know much about the category (BioTech can be really complicated!)

We watched this happen on our own platform. Someone would open a genuinely good report on a company in an unfamiliar category, and the report would just hang there, accurate and useless at the same time, because the thing it needed underneath it wasn’t anywhere on the page.

We added a new product to solve for this. Every ADIN report now ships with Additional Research. All Scouts have access now, if you want access, apply to be a Scout (adin.online/waitlist).

Additional Research is a full report on the category, sitting next to the report on the company. It exists to answer the things you’d want answered before you read a single line about any specific business in that space.

We published one recently on a company making suits for working in space, which is a good test case precisely because almost nobody can fake their way through it. Before you ever reach the company, the category research has already worked through who’s actually buying, and whether that’s one government customer or a market quietly broadening out, and what the suit has to physically survive, and which of those engineering problems are the genuinely unsolved ones rather than the ones that only sound hard. It gets into why this is a real category in 2026 when it plainly wasn’t in 2016, and what changed in the science and the budgets to make that true. It names the players you’d expect and the two or three you wouldn’t. It walks the economics down to how these contracts are actually structured and when revenue gets recognized, which in a procurement-driven category turns out to matter enormously. And it ends where the useful version always ends: what would have to go right for this to become a real outcome, and what would quietly kill it.

The research goes wherever the category actually lives, and that address changes depending on the category, which is the entire point. When the space runs on science, it’s pulling peer-reviewed work out of Nature and Science and whatever field-specific journals the real practitioners read. When the frontier is moving faster than peer review can keep up with, which describes most of what’s worth looking at right now, it’s into the preprints on arXiv, bioRxiv, medRxiv, and SSRN. When the category lives or dies on regulation, it’s reading the filings and the rule changes themselves instead of somebody’s summary of them. Every claim is cited inline, so you can click any sentence and land on the thing it came from.

Here’s the part that actually matters to us. The company report is now written against the category research instead of hovering above it, and that quietly upgrades every judgment in it.

A defensibility claim used to mean defensibility in the abstract. Now it means defensibility as this category defines it, because the category work has already established what a moat even looks like here. A line about the team stops being a recitation of pedigree and becomes pedigree measured against the people who actually run this space.

A company is a bet on a category, and a bet you can’t see clearly isn’t one you can size. If the category underneath a company is a blank, then so is your read on the company, however good the prose on top of it looks.

That’s what we mean when we say research first. The category work isn’t a sidecar bolted on for completeness.

It pairs with Report Re-Run the way you’d hope. Re-Run keeps the company current as it moves; Additional Research keeps the category current as it moves, and categories move constantly. A paper lands, a contract gets awarded, a regulator rewrites the rules, and the research shifts under your feet to match.

If you’d like access to the report to see the Investment Analysis to get access to Additional Research, you need to first be a Scout of the Network. Join here: adin.online/waitlist and submit a deal. If you’re a Scout already, you have access to the feature now.