Marinus Pharma (MRNS) is a small cap biotech that has seen bullish positions open in July expiration with 1570 July $15 calls opening on 12/26 and on 1/18 the July $20 calls bought 2000X to open. MRNS is a commercial-stage pharmaceutical company dedicated to the development of innovative therapeutics for the treatment of seizure disorders, including rare genetic epilepsies and status epilepticus. ZTALMY (ganaxolone) oral suspension for the treatment of seizures associated with Cyclin-dependent Kinase-like 5 Deficiency Disorder (CDD) in patients 2 years of age and older is its first approved product. MRNS has the potential for two additional transformative launches through 2025. ZTALMY is seeing strong initial results for prescriptions and usage. CDD, RSE & TSC represent a $3B+ total U.S. market opportunity. Expected launches of IV ganaxolone for RSE and expansion of ZTALMY to TSC to propel growth in 2025 and beyond with the company seeing $1B potential revenues. Refractory status epilepticus interim data is due in Q1 as the next major catalyst for shares. MRNS has a market cap of $545M and trades 3.1X Cash and 3X FY26 expected revenues. MRNS has 12% of its float short and an average analyst price target of $20.