Daily Brief Health Care: Shanghai Shengsheng Pharmaceutical Cold Chain Technology, Akeso, Mitesco Inc, Nagaileben, Repligen Corp, Scribe Therapeutics, Cosmos Health and more

• The apparent 2024 profit crash to 26.4 million RMB was primarily an accounting artifact rather than an operational failure, driven by a massive 72.1 million RMB non-cash share-based compensation charge following the withdrawal of their A-share IPO. On an adjusted basis, profitability grew steadily from 97.5 million RMB in 2023 to 152.0 million RMB in 2025.
• Shengsheng’s industry-leading 36.94% gross margin is structurally anchored by its vertically integrated manufacturing of proprietary cold-chain materials (vacuum insulated panels and phase change materials). This buffer shields them from traditional third-party logistics margin erosion, though domestic pricing pressures are rising as clinical sponsors demand multi-vendor setups to reduce dependency.
• The company’s “global leader” marketing narrative is severely mismatched with its actual international commercial footprint, with US operations yielding only 19.4 million RMB in 2025. Upstream financing constraints among domestic biotechs have also begun deteriorating Shengsheng’s balance sheet, pushing trade receivables to 226 million RMB and extending collection times to 106 days.

• On Harmoni squamous NSCLC, SMMT expects FPS data in “backend of 2026” and believes interim OS data in 1H27 (with follow-up of low 20s months) to be “key focal point”
• On Harmoni-3 (2L EGFRm NSCLC post TKI), SMMT provided updated OS analysis (showing consistent HR of 0.76 for Asian and western patients). FDA PDUFA date on 14 November
• See inside for additional SMMT takeaways (on Ivonescimab’s competitions and commercial preparation) and catalyst table on ivonescimab

• Mitesco’s transition from healthcare clinics (“The Good Clinic”) to AI-powered sales automation (Vero’s “Robo Agent”) and edge computing (Centcore’s “TC/DC”) is an operational pivot born out of financial distress, rather than a natural strategic expansion.
• The recently announced up to $30 million equity line of credit with C/M Capital Partners is structurally restrictive and highly dilutive, providing minimal near-term liquidity due to Mitesco’s sub-$2 million market capitalization and daily volume constraints.
• Outstanding legacy liabilities of $19.49 million, including $3.45 million in legal settlements, combined with severe internal control weaknesses and chronic SEC filing delays, pose a high risk of involuntary restructuring or insolvency.

• Mitesco, Inc. is a holding company providing products, services, and technology through Centcore, LLC and Vero Technology Ventures, LLC.
• Centcore, LLC offers data center services, while Vero Technology Ventures develops AI-based software like “Robo Agent” for real estate, expected Q3 FY2026.
• Cash and cash equivalents were $7,000 as of June 30, 2026. Substantial doubt exists about the Company’s ability to continue as a going concern.

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Key points (machine generated)

• Nagai Reiben reported a 0.7% decrease in sales to 13,267 million yen for Q3 FY ending August 2026.
• Operating profit declined by 3.5% to 2,813 million yen, with ordinary profit down 1.2% to 2,958 million yen.
• A 12.3% increase in operating profit is expected for the full fiscal year due to a price increase and delayed projects.

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• Repligen Corporation has agreed to acquire BioLife Solutions (NASDAQ:BLFS) for approximately $1.5 billion, combining cash and stock in a transaction designed to strengthen Repligen’s position in cell therapy manufacturing.
• BioLife shareholders would receive $11.25 in cash and 0.1442 Repligen shares for each BioLife share, implying consideration of $31 per share.
• The proposed acquisition follows a strong operating period for Repligen, which reported 11% organic revenue growth in the first quarter of 2026 and preliminary second-quarter organic growth of approximately 13%.

• Scribe priced above expectations, upsized its IPO, and opened 66.7% higher, highlighting exceptional institutional demand.
• The deal wasmore than 10x oversubscribed, supported by strategic investments from Eli Lilly and Sanofi.
• Although Phase 1 data is not expected until 2027, strong long-term holders should help preserve much of the IPO premium.

• Shanghai Shengsheng Pharmaceutical Cold Chain Technology is a leading integrated temperature-control supply chain service provider in China for the pharmaceutical and life science industry, with a core focus on clinical.
• Shanghai Shengsheng is the largest temperature-control supply chain service provider in China for the pharmaceutical and life science industry in 2025. Revenue increased from RMB614.2 million in 2023 to RMB727.6.
• Revenue was RMB727,574 in 2025, with a gross profit margin of 36.9% in the same year. Adjusted net profit was RMB151,984 in 2025.

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• Cosmos is a vertically integrated healthcare group with a portfolio that spans pharmaceutical and nutraceutical brands, pharmaceutical distribution, proprietary and contract manufacturing as well as an emerging set of technology- and services-oriented assets.
• Cosmos Health has announced record revenues, expanded business and impressive share buyback numbers and investors should start to pay attention.