Research from ACF Equity Research, ACF Equity Research

ACF Equity Research

Research from ACF Equity Research

Accuracy | Clarity | Foresight

ACF was set up to improve the effectiveness of capital markets for smaller and mid-sized companies. The majority of jobs are created by smaller companies not global companies. If we can help improve companies use of capital markets more projects will be completed, more jobs created, more global GDP grown, which in turn helps create more resources for education, leading to equality and opportunity for those who are still oppressed by ignorance and poverty.

ACF Equity Research is an independent research house specialising in the highest specification independent equity research for corporate clients.

We deliver premium independent corporate sponsored equity research characterised by its accuracy, clarity and foresight based upon a fundamental valuation approach.

Our independent research is designed to educate our professional investor readers about your company, with an emphasis on clear and accurate explanations. Our mission is to improve company’s liquidity through credible equity research services, excellent international distribution and reliable access for investment managers.

We believe in the importance and value of clarity, the careful articulation of technical ideas, concepts and solutions.

Our team of analysts are independently minded individuals who believe in thoroughness, technical competence and clear punchy communications.

Equity Bottom-Up

Sana Biotechnology Inc / Equity Bottom-Up

<ul><li>Sana Biotechnology (NasdaqGS:SANA) is a well-funded cell and gene therapy innovator.</li><li>Its therapies address significant unmet needs across oncology, central nervous system (CNS) disorders, and rare genetic diseases.</li><li>Leveraging IP protected platform technologies, SANA is developing a robust pipeline of allogeneic cell therapies, in vivo gene editing and hypoimmune solutions, that might revolutionize treatment paradigms.</li></ul>

Sana Biotechnology (NasdaqGS:SANA) is a well-funded cell and gene therapy innovator.Its therapies address significant unmet needs across oncology, central nervous system (CNS) disorders, and rare genetic diseases.Leveraging IP protected platform technologies, SANA is developing a robust pipeline of allogeneic cell therapies, in vivo gene editing and hypoimmune solutions, that might revolutionize treatment paradigms.

Sana Biotechnology (SANA) Core Investment Case 05022025

Thematic (Sector/Industry)

<ul>
<li>We consider the merged platform Kadimastem (KDST.TA) + NLS Pharmaceutics (NLSP:NasdaqCM).</li>
<li>We provide an investment case analysis and a selection of merged metrics prior to any synergies.</li>
<li>The merger creates a cross-platform pre-revenue biotech with lead programs including a proprietary stem-differentiation platform capable of delivering scalable therapies for replacing lost or damaged cells; IsletRx could revolutionize insulin production for Type 1 diabetes (T1D) patients; AstroRx® targets neurodegenerative diseases (NDDs); and a clinical-stage Dual Orexin Receptor Agonist (DOXA) platform targets NDD therapies and metabolic disorders including ALS and sleep-wake disorders.</li>
</ul>


We consider the merged platform Kadimastem (KDST.TA) + NLS Pharmaceutics (NLSP:NasdaqCM).
We provide an investment case analysis and a selection of merged metrics prior to any synergies.
The merger creates a cross-platform pre-revenue biotech with lead programs including a proprietary stem-differentiation platform capable of delivering scalable therapies for replacing lost or damaged cells; IsletRx could revolutionize insulin production for Type 1 diabetes (T1D) patients; AstroRx® targets neurodegenerative diseases (NDDs); and a clinical-stage Dual Orexin Receptor Agonist (DOXA) platform targets NDD therapies and metabolic disorders including ALS and sleep-wake disorders.


KDST + NLSP Combined Core Investment Case 29052025

<ul>
<li>Diabetes mellitus, Type 1 (T1D) and Type 2 (T2D, 85-90% of cases), is a USD ~75bn global therapy market.</li>
<li>Global economic costs of diabetes may exceed USD1 trn today and USD 450bn in the US, suggesting a pressing global health challenge.</li>
<li>Diabetes is a chronic metabolic disorder characterized by high blood sugar levels.</li>
</ul>


Diabetes mellitus, Type 1 (T1D) and Type 2 (T2D, 85-90% of cases), is a USD ~75bn global therapy market.
Global economic costs of diabetes may exceed USD1 trn today and USD 450bn in the US, suggesting a pressing global health challenge.
Diabetes is a chronic metabolic disorder characterized by high blood sugar levels.


ACF Thematic Research Regenerative Medicine Diabetes Treatment & Innovation 13032025

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>Preannouncements were abundant as we approached this week’s major healthcare conference in SF.</li><li>As investors prepped for company updates and significant news flow, signs of M&amp;A activity were trickling in, with BIIB bidding for SAGE, LLY looking at Scorpion, and JNJ talking with ITCI.</li><li>Last week, Medicare confirmed coverage for LLY’s obesity drug, SANA had a successful hypoimmune transplant for T1D, and VIR’s dual- masked TCE kept up with JANX. </li></ul>

Preannouncements were abundant as we approached this week’s major healthcare conference in SF.As investors prepped for company updates and significant news flow, signs of M&amp;A activity were trickling in, with BIIB bidding for SAGE, LLY looking at Scorpion, and JNJ talking with ITCI.Last week, Medicare confirmed coverage for LLY’s obesity drug, SANA had a successful hypoimmune transplant for T1D, and VIR’s dual- masked TCE kept up with JANX. 

Biopharma Week in Review - January 13, 2025

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Algosun Global

Equity Capital Markets

Sana Biotechnology Inc / Equity Capital Markets

<p>A preclinical biotech company <a href="https://www.smartkarma.com/entities/sana-biotechnology-inc" target="_blank" data-smartkarma-citation="entities:31366:1" rel="noopener">Sana Biotechnology Inc (SANA US)</a>  publicly filed for IPO in January. Sana develops in vivo and ex vivo engineering platforms that can repair and control genes in cells or replace any cell in the body. Technologies are being developed in collaboration with leading academic laboratories and industry partners. Combining science and technology, disruptor and innovative biotech unicorn invests in transformative in vivo and ex vivo engineered cell therapies leveraging proprietary gene editing capabilities. Morgan Stanley, Goldman Sachs, J.P. Morgan and BofA Securities are lead underwriters on the upcoming IPO.</p><p><a href="https://www.smartkarma.com/entities/sana-biotechnology-inc" target="_blank" data-smartkarma-citation="entities:31366:1" rel="noopener">Sana Biotechnology Inc (SANA US)</a>  was backed by venture capital firms ARCH Venture Partners, Flagship Pioneering, F-Prime Capital, GV, Bezos Expeditions and other institutional investors. <a href="https://www.smartkarma.com/entities/sana-biotechnology-inc" target="_blank" data-smartkarma-citation="entities:31366:1" rel="noopener">Sana Biotechnology Inc (SANA US)</a> raised ~$706M in funding over 2 rounds, according to S-1 company filings and Crunchbase.</p>

A preclinical biotech company Sana Biotechnology Inc (SANA US)  publicly filed for IPO in January. Sana develops in vivo and ex vivo engineering platforms that can repair and control genes in cells or replace any cell in the body. Technologies are being developed in collaboration with leading academic laboratories and industry partners. Combining science and technology, disruptor and innovative biotech unicorn invests in transformative in vivo and ex vivo engineered cell therapies leveraging proprietary gene editing capabilities. Morgan Stanley, Goldman Sachs, J.P. Morgan and BofA Securities are lead underwriters on the upcoming IPO.Sana Biotechnology Inc (SANA US)  was backed by venture capital firms ARCH Venture Partners, Flagship Pioneering, F-Prime Capital, GV, Bezos Expeditions and other institutional investors. Sana Biotechnology Inc (SANA US) raised ~$706M in funding over 2 rounds, according to S-1 company filings and Crunchbase.

Sana Biotechnology IPO. Moving The Genomic Revolution Forward

United States

Sana Biotechnology, Inc. operates as a biotechnology company. The Company focuses on creating and delivering engineered cells as medicine for patients. Sana Biotechnology replaces damaged cells and tissues and treats broad array of diseases.

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Sana Biotechnology Inc (SANA US)

Sana Biotechnology (SANA) Core Investment Case 05022025

Sana Biotechnology (NasdaqGS:SANA) is a well-funded cell and gene therapy innovator. Its therapies address significant unmet needs across...

ACF Equity Research

KDST + NLSP Combined Core Investment Case 29052025

We consider the merged platform Kadimastem (KDST.TA) + NLS Pharmaceutics (NLSP:NasdaqCM). We provide an investment case analysis and a selection of...

ACF Equity Research

ACF Thematic Research Regenerative Medicine Diabetes Treatment & Innovation 13032025

Global economic costs of diabetes may exceed USD1 trn today and USD 450bn in the US, suggesting a pressing global health challenge.

ACF Equity Research

Biopharma Week in Review - January 13, 2025

As investors prepped for company updates and significant news flow, signs of M&A activity were trickling in, with BIIB bidding for SAGE, LLY...

Water Tower Research

Sana Biotechnology IPO. Moving The Genomic Revolution Forward

We expect strong investor demand for upcoming IPO of Sana Biotechnology, disruptor in novel engineered cell therapies to treat cancer, diabetes,...

Andrei Zakharov

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