Terms of service

Aperture provides a subscription research service covering catalysts affecting publicly traded biopharmaceutical companies: a calendar, statistical model output, derived market-data metrics and written research. Access depends on your subscription tier.

You agree that the service is impersonal publishing, not investment advice, and that Aperture is not acting as your investment adviser, broker, fiduciary or agent. You are solely responsible for your own trading decisions and for the suitability of any position you take. See the risk disclosure.

• One account per individual. Accounts are personal and non-transferable.
• You are responsible for keeping your credentials secure and for all activity under your account.
• Sharing credentials, or reselling, sublicensing or redistributing access, terminates the subscription without refund.

Some data underlying the service is licensed from third parties under terms that prohibit redistribution of the raw data. You may use the service's output for your own investment research and trading. You may not:

• Scrape, bulk-download or systematically extract the service's content by any automated means other than an API key issued to you.
• Redistribute, republish, resell or make available to third parties any material portion of the content, including model scores and derived market-data metrics.
• Use the content to build or train a competing product or dataset.

Quoting a small, attributed extract in commentary or in a client note is permitted. Bulk reproduction is not.

• Subscriptions renew automatically at the interval you selected until cancelled. Payments are processed by Stripe; we never hold your card details.
• You may cancel at any time from your account page. Access continues to the end of the period already paid for.
• Fees already paid are non-refundable except where required by law, or at our discretion within fourteen days of a first subscription.
• We may change prices with at least thirty days' notice before your next renewal.

We aim for continuous availability but do not guarantee it. The service may be unavailable for maintenance, and third-party data feeds may fail or be withdrawn. Where a data source is lost, affected metrics are marked as stale rather than silently carried forward.

To the maximum extent permitted by law, Aperture is not liable for any trading loss, lost profit, lost opportunity or indirect, incidental, special or consequential damages arising from your use of the service. Our aggregate liability is limited to the fees you paid in the twelve months preceding the claim. Nothing in these terms limits liability that cannot lawfully be limited.

We may modify these terms with notice. Continued use after the effective date constitutes acceptance. We may suspend or terminate an account that breaches section 3 or 4, or that is used unlawfully.

[Jurisdiction to be completed on advice of counsel.] Disputes are subject to the exclusive jurisdiction of the courts of that jurisdiction.