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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.

Equity Research Firm

Equity Bottom-Up

<ul><li>On our latest WTR Healthcare Happenings podcast, we welcomed back Mitch Steiner, CEO of Veru, Inc. (NASDAQ: VERU) to fill us in on the company’s latest significant developments and progress made since his previous appearance on our podcast in February 2025.</li><li>Having divested its sexual health business for $18 million last year, Veru has pivoted toward the burgeoning obesity market with its lead drug candidate enobosarm, which selectively causes fat loss, while preserving lean mass in patients taking GLP-1 for weight loss.</li><li>The state of the GLP-1 market for obesity. Steiner offered his take on the latest trends in the rapidly evolving GLP-1 market for weight loss.</li></ul>

On our latest WTR Healthcare Happenings podcast, we welcomed back Mitch Steiner, CEO of Veru, Inc. (NASDAQ: VERU) to fill us in on the company’s latest significant developments and progress made since his previous appearance on our podcast in February 2025.Having divested its sexual health business for $18 million last year, Veru has pivoted toward the burgeoning obesity market with its lead drug candidate enobosarm, which selectively causes fat loss, while preserving lean mass in patients taking GLP-1 for weight loss.The state of the GLP-1 market for obesity. Steiner offered his take on the latest trends in the rapidly evolving GLP-1 market for weight loss.

Why Veru’s Enobosarm Can Fan the Flames of the Hot GLP-1 Weight Loss Market

<ul><li>Veru is a clinical-stage biopharmaceutical company focused on cardiometabolic and inflammatory diseases.</li><li>Lead drug enobosarm is a selective androgen receptor modulator (SARM) in Phase 2b for obesity, specifically to preserve muscle while on GP-1s for weight loss.</li><li>Second pipeline drug sabizabulin is a microtubule disruptor being evaluated for inflammation in atherosclerotic cardiovascular (CV) disease</li></ul>

Veru is a clinical-stage biopharmaceutical company focused on cardiometabolic and inflammatory diseases.Lead drug enobosarm is a selective androgen receptor modulator (SARM) in Phase 2b for obesity, specifically to preserve muscle while on GP-1s for weight loss.Second pipeline drug sabizabulin is a microtubule disruptor being evaluated for inflammation in atherosclerotic cardiovascular (CV) disease

VERU: Importance of Preserving Muscle in Weight Loss with GLP-1 Obesity Drugs

Thematic (Sector/Industry)

<ul><li>M&amp;A and deal activity provided a much-needed tailwind for biotech last week.</li><li>Exiting a positive, but mostly expected, ASCO weekend, we witnessed the second-largest biotech acquisition in 2025, with SNY buying BPMC for $9.1 billion, and a mega-licensing deal, as BMY will pay up to $11.1 billion for co- rights to BNTX’s PD-1/VEGF (read-across to TIL, SMMT, PFE, MRK).</li><li>Gene and cell therapy (NTLA, BEAM, CRSP) got a boost, as the heads of the HHS, FDA, CBER, NIH, and CDC expressed support for faster rare disease approvals at an FDA roundtable. </li></ul>

M&amp;A and deal activity provided a much-needed tailwind for biotech last week.Exiting a positive, but mostly expected, ASCO weekend, we witnessed the second-largest biotech acquisition in 2025, with SNY buying BPMC for $9.1 billion, and a mega-licensing deal, as BMY will pay up to $11.1 billion for co- rights to BNTX’s PD-1/VEGF (read-across to TIL, SMMT, PFE, MRK).Gene and cell therapy (NTLA, BEAM, CRSP) got a boost, as the heads of the HHS, FDA, CBER, NIH, and CDC expressed support for faster rare disease approvals at an FDA roundtable. 

Biopharma Week in Review Large M&A and Licensing Deals Provide a Boost

<ul><li>The holiday-shortened week was fairly quiet on the macro front, as certain vaccine-related actions by health agencies were largely expected.</li><li>Mainly affected was MRNA, which had a new COVID-19 vaccine approved with a restrictive label and HHS funding canceled for pre-pandemic bird flu vaccines.</li><li>Public comments for the Section 232 investigation are rolling out, signaling pharma tariffs could be imminent, with expectations of ~25%.</li></ul>

The holiday-shortened week was fairly quiet on the macro front, as certain vaccine-related actions by health agencies were largely expected.Mainly affected was MRNA, which had a new COVID-19 vaccine approved with a restrictive label and HHS funding canceled for pre-pandemic bird flu vaccines.Public comments for the Section 232 investigation are rolling out, signaling pharma tariffs could be imminent, with expectations of ~25%.

Biopharma Week in Review - Possible Calm Before the Storm; Pharma Tariffs Looming

United States

Veru Inc. is a revenue generating oncology and urology biopharmaceutical company developing medicines for prostate cancer treatment and prostate cancer supportive care as well as urology specialty pharmaceuticals. Veru Inc. was founded in 1996 and is headquartered in Miami, Florida with offices in London UK and Kuala Lumpur, Malyasia.

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Veru (VERU US)

Why Veru’s Enobosarm Can Fan the Flames of the Hot GLP-1 Weight Loss Market

On our latest WTR Healthcare Happenings podcast, we welcomed back Mitch Steiner, CEO of Veru, Inc. (NASDAQ: VERU) to fill us in on the company’s...

Water Tower Research

VERU: Importance of Preserving Muscle in Weight Loss with GLP-1 Obesity Drugs

Lead drug enobosarm is a selective androgen receptor modulator (SARM) in Phase 2b for obesity, specifically to preserve muscle while on GP-1s for...

Water Tower Research

Biopharma Week in Review Large M&A and Licensing Deals Provide a Boost

Gene and cell therapy (NTLA, BEAM, CRSP) got a boost, as the heads of the HHS, FDA, CBER, NIH, and CDC expressed support for faster rare disease...

Water Tower Research

Biopharma Week in Review - Possible Calm Before the Storm; Pharma Tariffs Looming

The holiday-shortened week was fairly quiet on the macro front, as certain vaccine-related actions by health agencies were largely expected.

Water Tower Research

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