Smartkarma Daily Briefs

• China’s steel industry is facing significant challenges, including price drops, overcapacity, and government intervention
• Steel producers are preparing for potential consolidation and supply side reforms to address the industry crisis
• Iron ore prices have also been impacted by the challenges in the steel market, with expectations for lower Chinese imports and domestic output

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• During last week, the International Energy Association (IEA) as well as OPEC both announced that demand for oil is slowing, revising down previous demand forecasts for the year and beyond.
• The world is seeing a major deceleration in oil demand growth led by China, with inventories set to rise next year even if OPEC+ were to postpone its plans to ease output cuts, the IEA stated.
• Meanwhile, the growth from the US won’t be able to offset the slowdown from China, according to the agency.

• Wheaton Precious Metals has reported its second quarter results for 2024, demonstrating a robust financial and operational performance, reflecting the company’s successful business model and strategic asset management.
• The company generated $234 million in operating cash flows and reached a record of over $450 million for the first half of the year.
• Wheaton Precious Metals produced over 305,000 gold equivalent ounces year-to-date, keeping on track with the 2024 production guidance of 550,000 to 620,000 gold equivalent ounces.

• Duolingo Inc., a leader in language learning platforms, demonstrated robust performance in its second quarter of 2024 financial results, showcasing a balanced mix of high growth, increased user engagement, and strategic milestones that solidifies its market position while highlighting areas for prudence looking ahead.
• The company reported a significant year-over-year growth in daily active users (DAUs) at 59% and revenues surged by 41%.
• This robust top-line growth is supported by key product expansions and user engagement strategies.

Although the topline results of PALM 007 (studying SIGA’s tecovirimat in the treatment of mpox) did not meet the statistical significance for the full population (primary endpoint), we are encouraged by the clinically meaningful benefit reported over placebo in early-treated patients and in those with severe disease. The data highlight an opportunity to establish an effective regime for these key populations, given the lack of effective treatment options and the overall importance of early treatment in infectious diseases. PALM 007 was not a registrational study, and SIGA’s priorities in mpox are the four remaining ongoing studies targeting this indication, which may potentially support a mpox label in the US. Currently, tecovirimat is approved for mpox treatment in the EU and UK.

• On August 14, 2024, Cocrystal Pharma, Inc. (COCP) announced financial results for the second quarter of 2024 and provided a business update.
• In the second half of 2024, we anticipate topline results from the Phase 2a trial of CC-42344, which is a live virus challenge study.
• The company plans to file an Investigational New Drug (IND) application in 2025 to conduct the next study of CC-42344 in the U.S. In addition, planning is underway for a Phase 1 study in healthy volunteers to evaluate inhaled CC-42344 as a potential prophylactic and therapeutic for influenza A.

• CF Industries reported notable operational and financial results for the first half and second quarter of 2024, reflecting strong performance despite a mix of ongoing challenges and strategic advancements.
• The company, a major player in the nitrogen fertilizer industry, generated an adjusted EBITDA of $750 million for the quarter, bringing the figure to $1.2 billion for the half-year period.
• Key drivers included robust operational rates at ammonia plants, particularly the Waggaman facility which outperformed expectations, and significant strides in its decarbonization initiatives which include several carbon capture and sequestration projects.

• Bio-Techne Corporation recently held its earnings call for the fourth quarter of fiscal year 2024, during which the company announced in-line financial results with modest organic revenue growth of 1% year-over-year.
• This growth came amidst market stabilization and strategic execution by the company despite a complex external environment that included reduced biotech funding and significant budget recalibrations from large pharmaceutical entities and academia.
• Baptista Research looks to evaluate the different factors that could influence the company’s price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

• Dyadic has developed C1, its proprietary fungal expression system that can produce a variety of recombinant proteins.
• C1 has been commercialized in industrial applications and is in development for production of pharmaceutical grade proteins.
• C1 exhibits potential to economically produce biologic vaccines, virus like particles, antibodies, Fc-fusion, enzymes, AAVs and other biopharmaceuticals.

• CACI International Inc. reported a solid financial performance for the fiscal year 2024, characterized by significant revenue growth and strong earnings.
• The company’s revenue increased by 14% year-over-year, surpassing their revised guidance.
• This improvement was driven by a 20% growth in the fourth quarter alone, highlighting a robust end to the year.