In this episode, we examine Crystal Amber Fund Limited, an activist fund now heavily focused on a single asset: Morphic Medical, which constitutes about 70% of their net asset value after a sale of their previous stake. Morphic is developing a product called Reset, a reversible, non-surgical implant that targets obesity and type 2 diabetes by enhancing the body's natural GLP-1 hormones. The market potential for such a solution is substantial, with 272 million people affected globally, representing a $1.2 trillion opportunity. Despite strong initial results and regained regulatory approvals for sales in Europe and the UK, the U.S. launch is projected for 2029, posing significant challenges. This situation raises questions about whether Crystal Amber represents an undervalued opportunity or a high-risk bet reliant on achieving ambitious milestones.