Daily Brief Health Care: Iambic Therapeutics, Beijing QL Biopharmaceutical, Pharmala Biotech Holdings , SanBio Co Ltd, Bullfrog AI Holdings , FunPep Co Ltd, Terumo Corp and more

• Founded in 2019 and backed by NVIDIA, Iambic is a technology and clinical-stage biotech company. S1 was filed on 21 September.
• Iambic’s value creation hinges on 1) its molecular superintelligence platform (flagship AI models Enchant/NeuralPLexer), 2) pipeline: partnered/wholly-owned programs including clinical-stage IAM1363 (Type2 HER2 inhibitor), 3) a growing roster of partnerships
• 1H26 collaboration revenue and net loss amounted to US$12.8m (vs. US$3.9m in 1H25) and US$50.2m, respectively. See inside for more on Iambic AI models and IAM1363 clinical data

• QL adopts a comprehensive business model of “independent R&D + full industrial chain layout + diversified pipeline”.Based on proprietary technology platforms, QL is able to form a structural cost advantage.
• The competition for GLP-1 is moving from the broad stage to the “efficacy, safety, convenience, and economy” refined competition stage, and QL is facing intense competition in multiple dimensions.
• With the comprehensive assessment of QL – “no commercialized product + strong pipeline”, and “first mover advantage + product differentiation”, a neutral scenario is HK$15-20 billion market value.

• SanBio Co Ltd (4592 JP) reported marginally higher operating loss (~¥1909.9M) in H1FY27.  R&D expenses decreased. Net loss witnessed narrowing too.
• Integration of manufacturing at Minaris Japan’s Yokohama facility and contract manufacturing agreement with JCR Pharmaceuticals to strengthen the stable supply of Akuugo.
• FY27 guidance reiterated with revenue expected to be ¥396M. FY27 would be an inflection point for SanBio and the stock still remains a moderately risky bet.

• Singh’s goal is an expansion with the large pharma customer in 4Q on standard commercial terms rather than pilot terms.
• The engagement, announced at the end of March, is a six- to 12-month pilot in which the customer will select one major depressive disorder target to advance in-house.
• Bullfrog has delivered a couple of interim milestones and booked its first revenue in 2Q. 

Key points (machine generated)

• FunPep, founded in 2013, develops pharmaceuticals using functional peptides for preventive medicine.
• The company will announce Phase 3 clinical trial results for its skin ulcer treatment in early 2027.
• Preliminary Phase 1 results for the pollen allergy vaccine ‘FPP004X’ showed no safety issues but lacked effectiveness against cedar pollen symptoms.

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• Terumo Corp (4543 JP) posted strong Q1FY27 result, with record high quarterly revenue, operating profit, and net profit, driven by TIS, GBS, and Organ Technologies business, mainly in North America.
• While revenue outlook and earnings from business operations remain unchanged, the company has incorporated the impact of the U.S. tariff refund and one-time income, resulting in higher profit guidance.
• Terumo’s business fundamentals continue to be solid. The company continues to witness strong global demand, with TIS and GBS serving as the main drivers.