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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.

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<ul><li>FDA Commissioner Martin Makary injected some regulatory optimism with his first public comments, advocating for accelerated drug approval pathways.</li><li>While biopharma headlines were a roller coaster, investors appeared ready to grasp any positive news, despite more signs of FDA dysfunction.</li><li>In an E&amp;Y report reviewed by Reuters, 25% pharma tariffs would increase drug costs by $51 billion, leading to either 12.9% higher prices or reductions in R&amp;D efforts and workforce. </li></ul>

FDA Commissioner Martin Makary injected some regulatory optimism with his first public comments, advocating for accelerated drug approval pathways.While biopharma headlines were a roller coaster, investors appeared ready to grasp any positive news, despite more signs of FDA dysfunction.In an E&amp;Y report reviewed by Reuters, 25% pharma tariffs would increase drug costs by $51 billion, leading to either 12.9% higher prices or reductions in R&amp;D efforts and workforce. 

Biopharma Week in Review: Makary Sparked FDA Optimism; Growing Pushback on HHS Changes

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>EMA’s human medicines committee (CHMP) recommended sixteen medicines for approval at its April 2025 meeting. CHMP also adopted positive opinion for nine biosimilar medicines.</li>
<li>Among the new medicines, Vertex’s triple combination cystic fibrosis drug Alyftrek, Amgen’s Thyroid eye disease drug Tepezza, and Jazz Pharmaceutical’s billiary tract cancer drug Ziihera have potential to become blockbusters.</li>
<li>The Agency has recommended the refusal of the marketing authorization for Eli Lilly’s Alzheimer’s Disease drug Kisunla. Eli Lilly may ask for a re-examination of the opinion within 15 days.</li>
</ul>


EMA’s human medicines committee (CHMP) recommended sixteen medicines for approval at its April 2025 meeting. CHMP also adopted positive opinion for nine biosimilar medicines.
Among the new medicines, Vertex’s triple combination cystic fibrosis drug Alyftrek, Amgen’s Thyroid eye disease drug Tepezza, and Jazz Pharmaceutical’s billiary tract cancer drug Ziihera have potential to become blockbusters.
The Agency has recommended the refusal of the marketing authorization for Eli Lilly’s Alzheimer’s Disease drug Kisunla. Eli Lilly may ask for a re-examination of the opinion within 15 days.


CHMP Meeting Update April 2025: Sixteen New Medicines Recommended For Approval

<ul><li>The HHS rescheduled the CDC’s postponed February ACIP (vaccine experts panel) meeting for mid-April, with a revised agenda to include the ongoing measles outbreak.</li><li>Flu vaccine guidelines for fall strains are not on the schedule, as the FDA issued recommendations without the usual ACIP guidance. </li><li>The CDC’s Division of HIV Prevention is under review, which could disrupt a major funding source of HIV prophylaxis (PrEP) drugs (GILD, GSK). </li></ul>

The HHS rescheduled the CDC’s postponed February ACIP (vaccine experts panel) meeting for mid-April, with a revised agenda to include the ongoing measles outbreak.Flu vaccine guidelines for fall strains are not on the schedule, as the FDA issued recommendations without the usual ACIP guidance. The CDC’s Division of HIV Prevention is under review, which could disrupt a major funding source of HIV prophylaxis (PrEP) drugs (GILD, GSK). 

Biopharma Week in Review - March 24, 2025

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

Cross Asset Strategy

<ul><li>Technically, the SET Index is expected to move sideways down, with the support at 1,262/1,252 points and the resistance at 1,282/1,290 points.</li><li>The MSCI rebalancing for February will be announced on February 11 (Thailand time: February 12) and will take effect on closing prices on February 28, 2025.</li><li>KTX expects the US January 2025 inflation report to show signs of easing due to: i) a decline in cost-push inflation, as natural gas prices fell 16% MoM and oil prices remained stable at +0.8% MoM; and ii) a slowdown in service sector inflation (demand-pull inflation), reflected in the ISM Services Index for January 2025, which dropped to 52.8 from 54.0 in the previous month.</li></ul>

Technically, the SET Index is expected to move sideways down, with the support at 1,262/1,252 points and the resistance at 1,282/1,290 points.The MSCI rebalancing for February will be announced on February 11 (Thailand time: February 12) and will take effect on closing prices on February 28, 2025.KTX expects the US January 2025 inflation report to show signs of easing due to: i) a decline in cost-push inflation, as natural gas prices fell 16% MoM and oil prices remained stable at +0.8% MoM; and ii) a slowdown in service sector inflation (demand-pull inflation), reflected in the ISM Services Index for January 2025, which dropped to 52.8 from 54.0 in the previous month.

Earnings Results & US Inflation (Wednesday)

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/insilico-medicine-cayman-topco" target="_blank" data-smartkarma-citation="entities:39890:1" rel="noopener">Insilico Medicine (3696 HK)</a> has risen since its 1H26 earnings announcement.  The company's rentosertib drug reversed biological aging markers in its Phase IIa trial.
</li>
<li>Rentosertib holds a singular distinction: it is the first end-to-end AI-discovered and AI-targeted drug to reach Phase III clinical development globally.</li>
<li>The China CDE permitted a direct jump from Phase IIa to Phase III based on efficacy data, an unusual regulatory concession.</li>
</ul>



Insilico Medicine (3696 HK) has risen since its 1H26 earnings announcement.  The company's rentosertib drug reversed biological aging markers in its Phase IIa trial.

Rentosertib holds a singular distinction: it is the first end-to-end AI-discovered and AI-targeted drug to reach Phase III clinical development globally.
The China CDE permitted a direct jump from Phase IIa to Phase III based on efficacy data, an unusual regulatory concession.


INSILICO: Discovering the Fountain of Youth - You're Not Getting Any Older !!

United States

Gilead Sciences, Inc. is a research-based biopharmaceutical company that discovers, develops, and commercializes therapeutics to advance the care of patients suffering from life-threatening diseases.  The Company's primary areas of focus include HIV/AIDS, liver disease and serious cardiovascular and respiratory conditions.

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Gilead Sciences (GILD US)

Biopharma Week in Review: Makary Sparked FDA Optimism; Growing Pushback on HHS Changes

FDA Commissioner Martin Makary injected some regulatory optimism with his first public comments, advocating for accelerated drug approval pathways.

Water Tower Research

CHMP Meeting Update April 2025: Sixteen New Medicines Recommended For Approval

Among the new medicines, Vertex’s triple combination CF drug Alyftrek, Amgen’s Thyroid eye disease drug Tepezza, and Jazz Pharmaceutical’s cancer...

Tina Banerjee

Biopharma Week in Review - March 24, 2025

The HHS rescheduled the CDC’s postponed February ACIP (vaccine experts panel) meeting for mid-April, with a revised agenda to include the ongoing...

Water Tower Research

Earnings Results & US Inflation (Wednesday)

Technically, the SET Index is expected to move sideways down, with the support at 1,262/1,252 points and the resistance at 1,282/1,290 points. The...

Krungthai XSpring

INSILICO: Discovering the Fountain of Youth - You're Not Getting Any Older !!

Insilico Medicine (3696 HK) has risen since its 1H26 earnings announcement. The company's rentosertib drug reversed biological aging markers in...

David Mudd

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