Equity Long-Short Analyst

Pyari Menon

Thematic (Sector/Industry)

<ul>
<li>In this report we analyzed data from technical publications to review leadership in RNA related therapeutics. We have listed the top thirty.</li>
<li>In terms of quantity and quality of innovations <a href="https://www.smartkarma.com/entities/alnylam-pharmaceuticals-inc" target="_blank" data-smartkarma-citation="entities:2191:1" rel="noopener">Alnylam Pharmaceuticals (ALNY US)</a>  and <a href="https://www.smartkarma.com/entities/moderna-inc" target="_blank" data-smartkarma-citation="entities:28744:1" rel="noopener">Moderna (MRNA US)</a>  are best positioned. Among private companies Senda Biosciences screened well. </li>
<li>Partnerships and acquisitions  between RNA startups and big pharma as well as between big pharma and big pharma highlight RNA's potential versatility, risks and the necessity for RNA related exposure.</li>
</ul>


In this report we analyzed data from technical publications to review leadership in RNA related therapeutics. We have listed the top thirty.
In terms of quantity and quality of innovations Alnylam Pharmaceuticals (ALNY US)  and Moderna (MRNA US)  are best positioned. Among private companies Senda Biosciences screened well. 
Partnerships and acquisitions  between RNA startups and big pharma as well as between big pharma and big pharma highlight RNA's potential versatility, risks and the necessity for RNA related exposure.


Who Are Leading the Charge in the RNAissance of Medicine

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sk-bioscience-co-ltd" target="_blank" data-smartkarma-citation="entities:31484:1" rel="noopener">SK Bioscience (302440 KS)</a> has initiated global Phase 3 clinical trial of GBP410, a 21-valent pneumococcal conjugate vaccine (PCV21) candidate, with topline result expected in 2027.</li>
<li>IDT Biologika recorded revenue of KRW118B in 1Q25, up from KRW111B in 4Q24. Considering 1Q25 momentum, IDT seems to be on track to meet 2025 guidance of KRW410B.</li>
<li>1Q25 base business revenue increased 62% YoY to KRW36B. Operating loss of the base business narrowed to KRW26B from a loss of KRW28B in year-ago quarter.</li>
</ul>



SK Bioscience (302440 KS) has initiated global Phase 3 clinical trial of GBP410, a 21-valent pneumococcal conjugate vaccine (PCV21) candidate, with topline result expected in 2027.
IDT Biologika recorded revenue of KRW118B in 1Q25, up from KRW111B in 4Q24. Considering 1Q25 momentum, IDT seems to be on track to meet 2025 guidance of KRW410B.
1Q25 base business revenue increased 62% YoY to KRW36B. Operating loss of the base business narrowed to KRW26B from a loss of KRW28B in year-ago quarter.


SK Bioscience (302440 KS): Dual Engines Led Growth Strategy Is on Track; Solid 1Q25 Performance

Research from Water Tower Research, Water Tower Research

Water Tower Research

Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Equity Research Firm

<ul><li>Pharma benefited from some defensive sector rotation, led by the big obesity duo, LLY and NVO, ahead of this week’s major diabetes conference (ADA 2025).</li><li>Vaccine concerns reached new heights as RFK Jr. suddenly (but not surprising) dismantled the CDC’s ACIP (vaccine expert panel) and replaced it with vaccine skeptics to reshape vaccine policy and guidance.</li><li>Most- Favored-Nation (MFN) appeared to be in a stand-off as the 30- day deadline (June 11) for drug price targets passed without any action. </li></ul>

Pharma benefited from some defensive sector rotation, led by the big obesity duo, LLY and NVO, ahead of this week’s major diabetes conference (ADA 2025).Vaccine concerns reached new heights as RFK Jr. suddenly (but not surprising) dismantled the CDC’s ACIP (vaccine expert panel) and replaced it with vaccine skeptics to reshape vaccine policy and guidance.Most- Favored-Nation (MFN) appeared to be in a stand-off as the 30- day deadline (June 11) for drug price targets passed without any action. 

Biopharma Week in Review - Vaccine Advisory Board Overhaul Sudden but Not Surprising

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Algosun Global

<ul>
<li>Shares of <a href="https://www.smartkarma.com/entities/moderna-inc" target="_blank" data-smartkarma-citation="entities:28744:1" rel="noopener">Moderna Inc (MRNA US)</a> underperformed and fell ~32% YTD. Investors continued to cut exposure to stocks of COVID vaccine makers, including BioNTech, Novavax, CureVac, among others.</li>
<li>In August 2021, Moderna announced the first share buyback plan. The company’s Board of Directors has authorized share repurchase for up to $1 billion with an expiry date in 2023. </li>
<li>We estimate Moderna may end 2021 with a total of ~$18.5 billion in cash, cash eq., investments and expect the company may boost share buyback in the future.</li>
</ul>


Shares of Moderna Inc (MRNA US) underperformed and fell ~32% YTD. Investors continued to cut exposure to stocks of COVID vaccine makers, including BioNTech, Novavax, CureVac, among others.
In August 2021, Moderna announced the first share buyback plan. The company’s Board of Directors has authorized share repurchase for up to $1 billion with an expiry date in 2023. 
We estimate Moderna may end 2021 with a total of ~$18.5 billion in cash, cash eq., investments and expect the company may boost share buyback in the future.


Is It Time For Moderna To Boost Share Buyback And Start Paying Dividends?

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

1. Industry viewpoints: <ul>
<li>For a long time, the National Healthcare Security Administration has explicitly mentioned to include the traditional Chinese medicines into volume-based purchase (VBP) and the related policy is now in process.</li>
<li>Vaccine is a hot topic in 2020, so it deserves further discussion.</li>
<li>In terms of future trend, the IVD industry will undergo profound changes in the next five years.</li>
</ul>2. Company news:News about the new agreement and the progress of new drugs from <a href="https://www.smartkarma.com/entities/ascentage-pharma-group-inter" target="_blank" data-smartkarma-citation="entities:27824:1" rel="noopener">Ascentage Pharma Group Corp (6855 HK)</a>, <a href="https://www.smartkarma.com/entities/cspc-pharmaceutical-group-ltd" target="_blank" data-smartkarma-citation="entities:229:1" rel="noopener">CSPC Pharmaceutical Group (1093 HK)</a>, <a href="https://www.smartkarma.com/entities/ascletis-pharma-inc" target="_blank" data-smartkarma-citation="entities:27265:1" rel="noopener">Ascletis Pharma Inc (1672 HK)</a>, and <a href="https://www.smartkarma.com/entities/antengene-corporation-limited" target="_blank" data-smartkarma-citation="entities:29705:1" rel="noopener">Antengene (6996 HK).</a>3. Market review:Last week, stock price for healthcare sector in A share increased 5.98%, while CSI 300 increased 1.71% over the same period of time.4. Risk Disclosure:Policy risk, R&amp;D risk, Company risk and COVID-19 risk.

1. Industry viewpoints: 
For a long time, the National Healthcare Security Administration has explicitly mentioned to include the traditional Chinese medicines into volume-based purchase (VBP) and the related policy is now in process.
Vaccine is a hot topic in 2020, so it deserves further discussion.
In terms of future trend, the IVD industry will undergo profound changes in the next five years.
2. Company news:News about the new agreement and the progress of new drugs from Ascentage Pharma Group Corp (6855 HK), CSPC Pharmaceutical Group (1093 HK), Ascletis Pharma Inc (1672 HK), and Antengene (6996 HK).3. Market review:Last week, stock price for healthcare sector in A share increased 5.98%, while CSI 300 increased 1.71% over the same period of time.4. Risk Disclosure:Policy risk, R&amp;D risk, Company risk and COVID-19 risk.

United States

CureVac N.V. operates as a global clinical-stage biopharmaceutical company. The Company focuses on developing a new class of transformative medicines based on messenger ribonucleic acid that has the potential to improve the lives of people. CureVac serves customers worldwide.

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CureVac NV (CVAC US)

Who Are Leading the Charge in the RNAissance of Medicine

RNA therapeutics: We analyze the field and spotlight top players driving this precision medicine, for tackling rare diseases with innovative solutions

Pyari Menon

SK Bioscience (302440 KS): Dual Engines Led Growth Strategy Is on Track; Solid 1Q25 Performance

SK Bioscience initiates global Phase 3 trial of PCV21 vaccine. IDT Biologika shows revenue growth in 1Q25, on track to meet 2025 guidance. 1Q25...

Tina Banerjee

Biopharma Week in Review - Vaccine Advisory Board Overhaul Sudden but Not Surprising

Pharma benefited from some defensive sector rotation, led by the big obesity duo, LLY and NVO, ahead of this week’s major diabetes conference (ADA...

Water Tower Research

China Healthcare Weekly (Dec.4)

This article summarized the updated news in China volume-based purchase policy, industry viewpoints, company news, and capital market review for...

Xinyao (Criss) Wang

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Who Are Leading the Charge in the RNAissance of Medicine

RNA therapeutics: We analyze the field and spotlight top players driving this precision medicine, for tackling rare diseases with innovative solutions

Pyari Menon

SK Bioscience (302440 KS): Dual Engines Led Growth Strategy Is on Track; Solid 1Q25 Performance

​SK Bioscience initiates global Phase 3 trial of PCV21 vaccine. IDT Biologika shows revenue growth in 1Q25, on track to meet 2025 guidance. 1Q25...

Tina Banerjee

Biopharma Week in Review - Vaccine Advisory Board Overhaul Sudden but Not Surprising

Pharma benefited from some defensive sector rotation, led by the big obesity duo, LLY and NVO, ahead of this week’s major diabetes conference (ADA...

Water Tower Research

Is It Time For Moderna To Boost Share Buyback And Start Paying Dividends?

Our analysis suggests that Moderna may boost share buyback and announce dividend payments in 2022 as cash pile will exceed $20 billion

Andrei Zakharov

China Healthcare Weekly (Dec.4)

This article summarized the updated news in China volume-based purchase policy, industry viewpoints, company news, and capital market review for...

Xinyao (Criss) Wang

SK Bioscience initiates global Phase 3 trial of PCV21 vaccine. IDT Biologika shows revenue growth in 1Q25, on track to meet 2025 guidance. 1Q25...