Director, Head of Research, Smartkarma

Pranav Rao

Director, Head of Research

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Bottom-Up

<ul>
<li>Welcome to Curator’s Cut — a fortnightly roundup of standout themes from the 1,000+ insights shared on Smartkarma. After a brief one-issue break, we’re back with fresh perspectives.</li>
<li>In this cut, we explore Japan’s renewed defense ambitions, Asia’s eyewear evolution, and US diagnostics' next frontiers.</li>
<li>Want to dig deeper? Comment or message with the themes you’d like to see highlighted next</li>
</ul>


Welcome to Curator’s Cut — a fortnightly roundup of standout themes from the 1,000+ insights shared on Smartkarma. After a brief one-issue break, we’re back with fresh perspectives.
In this cut, we explore Japan’s renewed defense ambitions, Asia’s eyewear evolution, and US diagnostics' next frontiers.
Want to dig deeper? Comment or message with the themes you’d like to see highlighted next


Curator's Cut: Japan's Defense Drive, Asia's Vision Opportunities & US Diagnostics Picks

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Capital Markets

<ul>
<li>BillionToOne Inc., a fastest-growing healthtech unicorn in the prenatal and oncology testing market in the U.S., set terms for its US IPO.</li>
<li>The California-based molecular diagnostics company posts hyper-growth and enjoys industry-leading gross margins. Positive non-GAAP op income is likely to be achieved in 2025.</li>
<li>BillionToOne Inc. has delivered 3+ years of exceptional revenue growth with a +167% CAGR over the past three years and strong gross margin profile supporting emerging profitability.</li>
</ul>


BillionToOne Inc., a fastest-growing healthtech unicorn in the prenatal and oncology testing market in the U.S., set terms for its US IPO.
The California-based molecular diagnostics company posts hyper-growth and enjoys industry-leading gross margins. Positive non-GAAP op income is likely to be achieved in 2025.
BillionToOne Inc. has delivered 3+ years of exceptional revenue growth with a +167% CAGR over the past three years and strong gross margin profile supporting emerging profitability.


BillionToOne IPO (BLLN.US): Unique Financial Profile For Molecular Diagnostics Company, Strong Buy

External reports (aggregated public sources), Value Investors Club

Value Investors Club (VIC)

External reports (aggregated public sources)

Value Investors Club

Key points (machine generated)<ul><li>The writeup is a disclaimer about GRAIL (NASDAQ: GRAL) and is not investment advice.</li><li>GRAIL's innovative Galleri blood test aims to revolutionize early cancer detection and has significant potential.</li><li>The memo includes a statistical prediction about a clinical trial's success, indicating potential regulatory approval.</li></ul>This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Key points (machine generated)The writeup is a disclaimer about GRAIL (NASDAQ: GRAL) and is not investment advice.GRAIL's innovative Galleri blood test aims to revolutionize early cancer detection and has significant potential.The memo includes a statistical prediction about a clinical trial's success, indicating potential regulatory approval.This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

<ul>
<li>After an IPO attempt two years ago, Mirxes filed an updated prospectus in an attempt to raise at least US$100m via a Hong Kong listing.</li>
<li>In our previous note, we analyzed its product pipelines and highlighted signs of commercialization challenges.</li>
<li>In this note, we note that the company expanded its clinical trial plans. Yet, more data shows that blockbuster-level uptakes are unlikely given the profile of its clinical data.</li>
</ul>


After an IPO attempt two years ago, Mirxes filed an updated prospectus in an attempt to raise at least US$100m via a Hong Kong listing.
In our previous note, we analyzed its product pipelines and highlighted signs of commercialization challenges.
In this note, we note that the company expanded its clinical trial plans. Yet, more data shows that blockbuster-level uptakes are unlikely given the profile of its clinical data.


Mirxes Pre-IPO: Challenges for Mass Adoption Become Clearer

<ul>
<li>GRAIL shares outperformed the market in 2025 with shares up ~168% year-to-date vs. a modest ~3% gain on the Nasdaq Composite.</li>
<li>Most notably, management disclosed that Quest Diagnostics and TRICARE Health Insurance expanded their relationships with GRAIL.</li>
<li>A fast-growing healthcare company reported FY24 revenues of ~$126M, up ~35% year-over-year, and ended 4Q’FY24 with ~$767M of cash and cash equivalents.</li>
</ul>


GRAIL shares outperformed the market in 2025 with shares up ~168% year-to-date vs. a modest ~3% gain on the Nasdaq Composite.
Most notably, management disclosed that Quest Diagnostics and TRICARE Health Insurance expanded their relationships with GRAIL.
A fast-growing healthcare company reported FY24 revenues of ~$126M, up ~35% year-over-year, and ended 4Q’FY24 with ~$767M of cash and cash equivalents.


GRAIL’s 4Q’FY24 Financial Results: The Company Is On Track To Complete FDA/PMA Submission In FY26

United States

GRAIL, Inc. operates as a biotechnology company. The Company focuses on combining science, technology, and clinical studies to reveal cancer at its beginings. GRAIL offers its services in the United States.

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GRAIL (GRAL US)

Curator's Cut: Japan's Defense Drive, Asia's Vision Opportunities & US Diagnostics Picks

Curator's Cut highlights Japan's defense ambitions, Asia's eyewear evolution, and US diagnostics' advancements. Share your thoughts on future...

Pranav Rao

BillionToOne IPO (BLLN.US): Unique Financial Profile For Molecular Diagnostics Company, Strong Buy

Healthtech unicorn BillionToOne Inc. sets terms for US IPO, showing hyper-growth and emerging profitability. In my insight, I discuss IPO...

Andrei Zakharov

Grail Inc (GRAL) - Monday, Jul 7, 2025

This writeup outlines GRAIL's potential as a transformative player in early cancer detection with its Galleri test, while clarifying it is not...

Value Investors Club (VIC)

Mirxes Pre-IPO: Challenges for Mass Adoption Become Clearer

Mirxes files updated prospectus for Hong Kong listing, expanding clinical trial plans but facing challenges in achieving blockbuster-level success.

Ke Yan, CFA, FRM

GRAIL’s 4Q’FY24 Financial Results: The Company Is On Track To Complete FDA/PMA Submission In FY26

In my insight, I discuss GRAIL’s 4Q’FY24 financial results, outline key revenue growth drivers and update my financial model.

Andrei Zakharov

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Curator's Cut: Japan's Defense Drive, Asia's Vision Opportunities & US Diagnostics Picks

​Curator's Cut highlights Japan's defense ambitions, Asia's eyewear evolution, and US diagnostics' advancements. Share your thoughts on future...

Pranav Rao

BillionToOne IPO (BLLN.US): Unique Financial Profile For Molecular Diagnostics Company, Strong Buy

​Healthtech unicorn BillionToOne Inc. sets terms for US IPO, showing hyper-growth and emerging profitability. In my insight, I discuss IPO...

Andrei Zakharov

Grail Inc (GRAL) - Monday, Jul 7, 2025

This writeup outlines GRAIL's potential as a transformative player in early cancer detection with its Galleri test, while clarifying it is not...

Value Investors Club (VIC)

Mirxes Pre-IPO: Challenges for Mass Adoption Become Clearer

​Mirxes files updated prospectus for Hong Kong listing, expanding clinical trial plans but facing challenges in achieving blockbuster-level success.

Ke Yan, CFA, FRM

GRAIL’s 4Q’FY24 Financial Results: The Company Is On Track To Complete FDA/PMA Submission In FY26

In my insight, I discuss GRAIL’s 4Q’FY24 financial results, outline key revenue growth drivers and update my financial model.

Andrei Zakharov

Curator's Cut highlights Japan's defense ambitions, Asia's eyewear evolution, and US diagnostics' advancements. Share your thoughts on future...

Healthtech unicorn BillionToOne Inc. sets terms for US IPO, showing hyper-growth and emerging profitability. In my insight, I discuss IPO...

Mirxes files updated prospectus for Hong Kong listing, expanding clinical trial plans but facing challenges in achieving blockbuster-level success.