Heavily-shorted float + fresh clinical/analyst catalysts = short-covering feedback loop Short-interest pool feeds a loop where catalyst buying raises price, forcing shorts to cover; covering buys more price. A brake gate opens a drain when capitulation, new supply, or technical stretch stalls the loop. short interest pool sellers crowded on one side 24-33% of float 33.2M sh · 5.9 d to cover 2 covering buys price climbs shorts cover 1 3 4 loop braked capitulation new supply stretch 1 Short interest ~24-33% of TEM's float (33.2M shares; ~5.9 days to cover at Jul 31, 2026) — sellers already crowded on one side 2 Positive catalyst — Phase 3 readout, BTIG price-target raise — pulls in fresh buyers 3 Rising price forces leveraged shorts to cover; covering adds buying pressure → price climbs → more covering — the loop is self-reinforcing 4 Loop abates only when shorts capitulate; new supply arrives (all-stock deal dilution, Rule 144 insider sales, equity/convert) or valuation/technical stretch (RSI ~75, +70% in 20 days) stalls new longs