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

Thematic (Sector/Industry)

<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

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Equity Bottom-Up

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<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.
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<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>
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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 !!

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>In reviewing MannKind Corporation's latest financial performance and strategic initiatives, the company presents a nuanced investment outlook characterized by both opportunities and challenges.</li><li>MannKind reported a revenue increase of 6% year-over-year for the second quarter of 2025, with $77 million in total, and $155 million year-to-date, marking a 12% growth compared to the previous year.</li><li>This growth was primarily driven by Tyvaso DPI royalties, which rose by 22%, contributing $31 million in the second quarter.</li></ul>

In reviewing MannKind Corporation's latest financial performance and strategic initiatives, the company presents a nuanced investment outlook characterized by both opportunities and challenges.MannKind reported a revenue increase of 6% year-over-year for the second quarter of 2025, with $77 million in total, and $155 million year-to-date, marking a 12% growth compared to the previous year.This growth was primarily driven by Tyvaso DPI royalties, which rose by 22%, contributing $31 million in the second quarter.

MannKind Buys scPharmaceuticals For $360 Million Bet: Can This Transform Its Future In Cardiorenal Care?

Global Healthcare Analyst

Tina Banerjee

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<a href="https://www.smartkarma.com/entities/mannkind-corp" target="_blank" data-smartkarma-citation="entities:3629:1" rel="noopener">Mannkind Corp (MNKD US)</a> has multiple revenue stream, with two marketed products. Flagship drug Afrezza, an inhaled insulin recorded 11% YoY revenue growth to $10.8M in Q3.</li>
<li>Due to high R&amp;D and SG&amp;A expenses, Mannkind records operating loss. However, gross profit margin is improving, with Afrezza gross margin improving to 81% in 3Q22 from 61% in 3Q21.</li>
<li>Mannkind’s inhaled clofazimine (MNKD 101) is advancing to Phase 2/3 study for potential treatment of nontuberculous mycobacterial (NTM) lung disease. ~86K people in US are living with NTM lung disease.</li>
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Mannkind Corp (MNKD US) has multiple revenue stream, with two marketed products. Flagship drug Afrezza, an inhaled insulin recorded 11% YoY revenue growth to $10.8M in Q3.
Due to high R&amp;D and SG&amp;A expenses, Mannkind records operating loss. However, gross profit margin is improving, with Afrezza gross margin improving to 81% in 3Q22 from 61% in 3Q21.
Mannkind’s inhaled clofazimine (MNKD 101) is advancing to Phase 2/3 study for potential treatment of nontuberculous mycobacterial (NTM) lung disease. ~86K people in US are living with NTM lung disease.


Mannkind Corp (MNKD US): Stable Revenue Stream; High Hope for MNKD 101 for Rare Lung Disease

United States

MannKind Corporation operates as a biopharmaceutical company. The Company focuses on the development and commercialization of therapeutic products such as diabetes, cancer, inflammatory, and autoimmune diseases. MannKind lead investigational product candidate is the technosphere insulin system.

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Mannkind Corp (MNKD US)

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

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

MannKind Buys scPharmaceuticals For $360 Million Bet: Can This Transform Its Future In Cardiorenal Care?

In reviewing MannKind Corporation's latest financial performance and strategic initiatives, the company presents a nuanced investment outlook...

Baptista Research

Mannkind Corp (MNKD US): Stable Revenue Stream; High Hope for MNKD 101 for Rare Lung Disease

Mannkind’s flagship inhaled insulin Afrezza reports double-digit revenue growth, with expanding gross profit margin. Drug candidate MNKD 101 is...

Tina Banerjee

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