Healthcare

• GridAI Technologies is a diversified technology and life sciences company developing energy orchestration software for AI data centers and biopharmaceuticals. This prospectus registers shares for resale by selling stockholders, from.
• GridAI develops energy orchestration software for AI data centers and Adrulipase for exocrine pancreatic insufficiency. It anticipates 18 months of liquidity and has 16 employees.
• The company reported an accumulated deficit of $212.1 million and negative working capital of $13.7 million as of March 31, 2026. Auditors expressed substantial doubt about its going concern.

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• NeuroSpectrum Insights is a pre-revenue medical device company commercializing GyriCalc, a patented software for autism diagnosis using MRI images, targeting U.S. and Canadian markets.
• GyriCalc received FDA 510(k) marketing clearance in July 2025, demonstrating a 94% autism identification rate, with a second study initiated in July 2026.
• The company reported a net loss of $(1,826,397) in 2025 and an accumulated deficit of $(7,677,091) by March 2026, raising going concern doubts.

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• Mesoblast Ltd (MSB AU) achieved its target of at least 300 patients treated in Phase 3 trial of rexlemestrocel-L for chronic low back pain (CLBP) associated with degenerative disc disease.
• Mesoblast’s sole commercialized product, Ryoncil recorded revenue of $36M for Q4FY26, up from $30M in Q3FY26. For FY26, the drug recorded revenue of $115M, against guidance of $110–120M.
• Mesoblast seems to be well-positioned for long-term growth. The company is expected to become profitable in FY27. Next catalyst is FY27 Ryoncil revenue guidance to be announced in late August.

• USBC, Inc. is a publicly traded fintech company developing a U.S. dollar-denominated tokenized deposit offering on blockchain technology, incorporating digital identity.
• USBC is developing a tokenized deposit offering, formalized collaborations, initiated Phase 1 of its delivery strategy, and divested its legacy sensor business.
• USBC has a history of net losses, needs additional capital, and has $15.0 million in borrowings, with a 21.6% Bitcoin collateral margin call trigger.

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• Zoetis has agreed to acquire VitalRADS, a Texas-based provider of veterinary teleradiology and imaging services, extending a commercial relationship that began in August 2025.
• Under that partnership, VitalRADS supplied remote radiology interpretations through the Zoetis Virtual Laboratory, giving clinics access to specialist reviews without requiring an on-site radiologist.
• The proposed transaction, expected to close in the third quarter of 2026, would add a network of board-certified veterinary specialists covering more than 25 species, alongside VitalPACS cloud-image storage, an outpatient imaging center in Cypress, Texas, and mobile ultrasound operations in Houston and Seattle.

• CTT Pharmaceutical Holdings specializes in drug delivery systems, focusing on fast dissolving oral strips. Proceeds from an Equity Line of Credit may fund working capital and manufacturing.
• CTT targets the nicotine market, where smoking causes over 480,000 American deaths annually. Net loss decreased from $250,229 in 2024 to $155,907 in 2025.
• CTT reported total assets of $86,168 in 2025 and cash of $7,089 as of March 2026. Auditors issued a “going concern” qualification.

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• On July 13, 2026, Oncolytics Biotech, Inc. (ONCY) provided a regulatory update on REO 033, the ongoing randomized controlled trial evaluating pelareorep in combination with FOLFIRI and bevacizumab for the second-line treatment of patient with RAS-mutated, MSS-stable metastatic colorectal cancer.
• The company has activated nearly half of the planned clinical sites, with the remaining sites expected to be activated by the end of August 2026.
• In the first half of August 2026, Oncolytics plans to conduct a Type D meeting with the FDA to discuss the potential addition of Part B to REO 033.

• Eli Lilly courting AtaiBeckley. Eli Lilly (NYSE: LLY) has announced that it intends to acquire AtaiBeckley (NASDAQ: ATAI) in a deal worth up to $3.8 billion.
• The run time to complete is short, with the transaction expected to close this quarter. 
• Under the terms of the definitive agreement, LLY will pay ATAI shareholders $6.75 per share or $2.8 billion in upfront payment plus up to $2.50 per share of additional cash payments worth up to $1 billion in the form of a contingent value right (CVR). 

• Foundation Healthcare Holdings Limited (FHH) is a Singapore specialist healthcare operator that owns and operates specialist-practice businesses.
• It employs 108 Medical Specialists across 16 specialties and operates 74 specialist clinics in Singapore.
• The consolidated perimeter also includes four disclosed medical centres, AVA-related technology activities and a Malaysian software-development entity. 

• Biocon, a global biopharmaceutical company, saw Mylan exit its entire 5.64% stake through a INR 3,680 crore block deal, removing a major ownership overhang.
• The transaction is earnings-neutral but improves liquidity and price discovery, allowing investors to refocus on FY27 biosimilar launches, generics utilisation, deleveraging and Syngene recovery.
• With integration largely done and deleveraging underway, FY27 is the year Biocon has to prove the biosimilars-insulin-GLP-1 bet actually pays for itself.

• Genfleet Therapeutics (2595 HK) announced the placement of 13.6M shares for subscription at HK$ 34.69 per share. The placing price represents a discount of 9.7% to the undisturbed price.
• Genfleet Therapeutics intends to use the proceeds majorly to advance core products of RAS inhibitors and other innovative treatments, enhance company’s research and development platforms and for working capital.
• Genfleet is rightly placed at this point to accelerate the clinical development of core products, rapidly advance their innovative product pipeline to later stages of development and expand the portfolio.

• The developer of synthetic binders for the life sciences industry announces that it has commenced development of Optimer binders for a potential rapid diagnostic test for the highly infectious Bundibugyo strain of the Ebola virus.
• Fatality rates for the Bundibugyo strain of Ebola range from approximately 30% to 50%.
• The global Ebola testing market is projected to grow from $1.3bn in 2026 to $2.3bn by 2033, as it is witnessing sustained growth due to the increasing emphasis on outbreak preparedness. 

• Fermenta Biotech, a global Vitamin D3 and speciality-ingredients manufacturer, delivered 26% underlying revenue growth, 44% EBITDA growth, INR 62 crore free cash flow, FSSAI approval and INR 110 crore expansion.
• Plant-Source VITADEE Green, calcifediol and enzyme capacity can diversify a business still dominated by Vitamin D3, improve product differentiation and support repeatable specialty-ingredient growth.
• Constructive but proof-dependent: order conversion, Dahej utilisation, normalized margins, working-capital discipline, leverage and Green Chemistry scale-up must demonstrate that the INR 110 crore expansion earns attractive returns.

• Strong FY26 delivery, ahead of expectations.
• Revenue increased 10%YoY to £87.5m (11.5% at constant currency), ahead of revised market expectations, while adjusted EBITDA rose 5% to £8.5m, with margin improving to 9.8% (FY25: 9.2%).
• Gross margin strengthened to 48.6%, reflecting growth in higher-margin markets.

• What you need to know: • Cannara reported record Q3/26 revenue of $31.8M (+16% YoY) and Adjusted EBITDA of $8.5M (+11% YoY), both ahead of our estimates, marking a rebound from the seasonally soft Q2.
• • Gross revenue reached a record $44.1M (+16% YoY), gross margin was 42%, and net income was $4.8M (+17% YoY).
• • Cannara activated two additional grow zones (14 of 24), lifting annualized capacity above 58,000kg, and entered into its first international supply agreement with Curaleaf (up to $21M) plus exclusive Canadian rights to Blue River’s Ampersand technology.

• In Q3 FY05/25, the company finalized provisional accounting for a business combination, impacting reported financial figures.
• Revenue increased by 3.4% YoY to JPY22.2bn, while recurring profit rose by 79.3% YoY to JPY415mn.
• The full-year forecast anticipates a 19.2% YoY revenue increase to JPY26.5bn, with EBITDA growing 76.3% YoY to JPY1.7bn.

• While one broker has turned more cautious on ResMed due to a one-off cost and risk of rising competition, analysts broadly welcome the MatrixCare sale as a strategic refocus backed by a sizeable shareholder return.
• ResMed’s remediation program clouds near-term earnings Citi has relegated the company to its lower-growth Healthcare basket MatrixCare sale sharpens strategic focus Share buybacks seen neutralising dilution from MatrixCare sale and Noctrix acquisition

• CONMED Corporation became the latest medical-technology company to attract takeover speculation after reports indicated that it was working with advisers to evaluate strategic options, including a possible sale.
• Private equity firms have reportedly expressed interest, sending the shares approximately 10% higher in after-hours trading.
• The reaction is understandable: Conmed’s market value had fallen to roughly $1.2 billion after a difficult year, potentially creating an entry point for buyers seeking established surgical products at a reduced price.

• Eisai Co Ltd (4523 JP) has received FDA approval for a once-weekly Leqembi subcutaneous autoinjector (branded as Leqembi Iqlik) as an initiation dose for the treatment of early Alzheimer’s disease.
• With the latest approval, throughout the entire treatment course – from initiation through maintenance – patients may receive Leqembi either as IV infusion or as SC injection with Leqembi Iqlik.
• This approval will further sharpen Leqembi’s competitive edge over Kinsunla. Eisai guided for FY27 Leqembi revenue of ¥144B (~$900M), up 63% YoY. Leqembi is expected to become blockbuster by FY29.

• FY26 revenue jumped 140% to Rs. 381 crore on the back of the Noumed Australia consolidation, but EBITDA margin nearly halved to 10%.
• Sai Parenterals is converting from a Hyderabad-centric injectables maker into a regulated-market CDMO and consumer-health platform, funded by a fresh IPO and a large FY27 capex plan.
• Execution on Noumed integration, plant capacity ramp-up and cash conversion will decide whether the premium valuation is earned or borrowed.

• Ensysce Biosciences is committed to finding a solution to the opioid crisis plaguing the US and other developed countries around the world.
• Through its proprietary TAAP technology Ensysce is in the process of receiving approval for an abuse-resistant yet still pain-relieving opioid.
• The company announced that it has received a $5.4 million cash infusion from a Federal grant that greatly aids in furthering the commercialization process and further validates the ENSC plan.

• Ming Yu Pharmaceutical, a China-based clinical-stage biotech company, is seeking a Hong Kong Chapter 18A listing. MS, BOA, and CITIC are the joint sponsors.
• In our previous note, we looked at the company’s core products MHB018A and MHB036C, as well as its management and investor backings.
• In this note, we look at the developments in the company’s assets and the competitive landscape.

• Perfect Medical is a niche manufacturer of hemodialysis consumables, operating in a steadily growing global market driven by the rising prevalence of kidney disease. The company has demonstrated strong top-line growth and a robust three-year net income CAGR.
• Significant financial volatility, including fluctuating margins, a sharp decline in free cash flow to negative territory in the most recent fiscal year, and a drastic dividend cut, raises concerns about operational efficiency and cash management.
• The company faces intense competition from large, well-established global players. Its future success will depend on its ability to manage costs, stabilize cash flow, and potentially carve out a defensible position in its target markets across Asia, Europe, and South America.

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• Qiagen has once again become the center of takeover speculation after reports indicated that private-equity firms EQT, Advent International, and KKR had shown early interest in the molecular-testing company.
• The stock jumped 11% on the report, reflecting investor expectations that competition among financial or strategic buyers could produce an acquisition premium.
• Yet the appeal of Qiagen is not based on rapid headline growth.

Key points (machine generated)

• Kusuri no Madoguchi, ticker 5592, is expected to achieve record-high sales and profits by March 2027.
• The company focuses on innovative healthcare solutions across pharmacies, drugstores, and medical institutions.
• Its diverse segments include a pharmacy portal, an electronic medicine notebook app, and an AI-driven drug inventory management system.

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• On May 18, 2026, Estrella Immunopharma, Inc. (ESLA) filed form 10-Q with financial results for the first quarter of 2026.
• We recently initiated coverage of Estrella, highlighting the company’s ARTEMIS platform as a differentiated next-generation T cell technology designed to address several of the biological limitations associated with conventional CAR-T therapies.
• One of the most significant remaining challenges in cellular therapy is achieving durable disease control in patients with extranodal lymphoma, where emerging evidence suggests that tissue-specific relapse remains a key obstacle despite high initial response rates.

• Apnimed is a late-stage clinical pharmaceutical company on the cusp of potentially launching the first-in-class oral therapy, AD109, for obstructive sleep apnea (OSA), a large and underserved market.
• The company has successfully completed two Phase 3 trials for AD109, demonstrating statistically significant efficacy and a favorable safety profile, and has submitted a New Drug Application (NDA) to the U.S. FDA, with a potential PDUFA target action date in the first quarter of 2027.
• Positioned as a convenient alternative to cumbersome CPAP machines, AD109 targets the neuromuscular cause of OSA and could significantly expand the treated patient population, representing a substantial commercial opportunity; the company has recently filed for an IPO to fund its commercial launch.

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• The Cigna Group reported strong financial and operational results in the first quarter of 2026, highlighted by total revenues of $68.5 billion and adjusted earnings per share of $7.79, representing a 16% increase year-over-year.
• The company raised its full-year adjusted earnings per share guidance to at least $30.35, reflecting confidence in sustained growth driven by disciplined execution, strategic portfolio management, and continued investments in innovation.
• The company operates two primary segments: Evernorth Health Services and Cigna Healthcare, both contributing positively to overall performance.

• Options sentiment fractured this week.
• Defensive hedging dominated in healthcare and real estate names, while clean energy attracted a rare burst of pure bullish call flow.
• The week’s most striking signals came from opposite ends of the put-call spectrum, with several names printing z-scores above 4.0.

• CRISPR platform targets common cardiometabolic diseases, with lead candidate STX-1150 advancing into human trials for durable LDL cholesterol reduction.
• Strategic partnerships with Eli Lilly and Sanofi, plus backing from Andreessen Horowitz and other top investors, strengthen the company’s credibility and funding profile.
• Favorable biotech market momentum and a differentiated platform position Scribe as a closely watched IPO candidate with potential for strong investor demand.

• CSPC Pharmaceutical (1093 HK) entered into an agreement with AstraZeneca, to jointly discover and develop siRNA preclinical candidates, with the potential to treat renal diseases across multiple indications.
• CSPC Pharmaceutical Group (1093 HK) 1Q26 revenue dropped 8% YoY as finished drugs witnessed decrease on VBP and NRDL inclusion. License fees compensated to an extent.
• CSPC Pharmaceutical aims to expand into the high-end market to achieve competitive differentiation and thereby command higher prices. We remain bullish on the name.

• Shanghai Henlius Biotech (2696 HK) reported 10% YoY revenue growth in China to RMB1.4B for core innovative product serplulimab. Henlius is now pursuing its globalization initiatives for serplulimab.
• Thus far, the drug has been approved in ~50 countries. With its license-out areas comprehensively covering over 100 countries and regions, the international commercialization has further growth potential.
• With continuous indication and geography expansion, serplulimab is accelerating toward its next milestone as a domestically developed blockbuster with the potential to exceed RMB10B (~$1.5B) in annual sales before 2030.

• China’s CXO sector is growing rapidly, with China’s dominant companies providing critical services to global pharmaceutical companies.  New modalities, particularly GLP-1/TIDES, ADCs, and bispecific antibodies, are structural demand drivers.
• The biggest overhang for the sector, the US BioSecure Act, is overblown due to the US pharma industry’s substantial structural dependency on China’s CXO sector.
• Pharmaron’s investment case rests on three interlocking pillars: an irreplaceable integrated platform, a landmark commercial anchor in the GLP-1 supercycle, and the structural impossibility of a rapid US-China CXO decoupling.

• Ziyond Pharmaceutical is a specialized topical dermatology company in China, offering category-leading products. It seeks HKEX listing to fund portfolio, manufacturing, and market expansion.
• Revenue increased from RMB1,030,560 thousand in 2023 to RMB1,323,670 thousand in 2025, with adjusted net profit reaching RMB180,933 thousand in 2025.
• Gross profit margin decreased from 71.8% in 2023 to 66.1% by March 31, 2026, while the debt-to-assets ratio increased to 64.9%.

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• Boston Scientific Corporation reported first quarter 2026 organic revenue growth of 9.4%, aligning with the high end of its guidance range (8.5% to 10%).
• Adjusted earnings per share (EPS) increased 6% to $0.80, also at the top of its forecast, supported by an adjusted operating margin of 28%.
• Despite this solid start, the company revised downward its full-year 2026 organic revenue growth guidance to 6.5%–8%, citing unforeseen headwinds particularly impacting key segments and evolving business trends.

• The financial results reported by Centene Corporation for the first quarter of 2026 demonstrate a stronger-than-expected adjusted diluted earnings per share (EPS) performance of $3.37, which exceeded prior guidance.
• This financial strength allowed the company to raise its full-year 2026 adjusted EPS outlook to over $3.40, up from an earlier projection of more than $3.
• The improved results were driven primarily by solid operational performance and enhanced visibility across key segments, including Medicaid, Medicare, and Commercial lines.

• Zacks Small-Cap Research Note for FibroBiologics, Inc. (FBLG)

• Molina Healthcare reported first quarter 2026 adjusted earnings per share of $2.35 on premium revenues of approximately $10.2 billion.
• The company described these results as solid within a context of modest expectations shaped by ongoing challenges in managing medical costs.
• The consolidated Medical Cost Ratio (MCR) stood at 91.1%, with segment-specific MCRs of 92% in Medicaid, 89.8% in Medicare, and 84% in Marketplace.

• A differentiated “acute intervention” thesis. Solvonis is developing acute, durable interventions for high-burden central nervous system (CNS) disorders rather than chronic maintenance therapies.
• Its clinical-stage programs are anchored by ketamine’s glutamatergic, an N-methyl-D-aspartate (NMDA) receptor antagonist mechanism, which is thought to induce a transient period of enhanced neuroplasticity during which structured psychotherapy could help remodel the neural circuits underlying craving and addictive behavior.
• The company’s lead indication is alcohol use disorder (AUD), one of the most prevalent substance use disorders in the US and Europe, associated with an annual economic burden estimated in the hundreds of billions of dollars and served by pharmacological treatment options that have seen little innovation in decades. 

• Hang Seng Indexes added three stocks in the May review. The first implementation week is complete, and we review current-cycle performance vs history.
• All three ADDs fell in the first implementation week. The cohort averaged -4.1%, vs the historical ADD mean of -0.6%.
• The pre-implementation base rates held for the two negative-bridge names. Weeks 2 to 4 then split the cohort: Chalco fell -26.6% while J&T Express and BeOne Medicines rebounded.

• HSCEI June 2026 added Hansoh Pharma and Akeso and deleted Sunny Optical and Haier Smart Home. All event windows through the fourth post-implementation week are complete.
• ADDs were mixed in the first implementation week, then both rallied in weeks two to four.
• DELETEs broke the historical positive-bridge rebound pattern. Sunny Optical drove the miss with a -12.8% first-week return.

• Ming Yu Pharmaceutical, established in 2018, focuses on oncology (ADCs, immunotherapies) and advanced autoimmune assets, seeking HKEX Chapter 18A listing due to profitability.
• The company boasts 11 product candidates, including core products MHB036C and MHB018A, leveraging its proprietary SuperTopoi ADC platform with high potency.
• Ming Yu reported significant losses, including RMB919,308 in 2025, and net liabilities of RMB2,148,726 as of May 31, 2026.

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• Salubris, a CKM-focused innovative pharmaceutical company, is seeking an A+H listing. Goldman Sachs, Citi, and CITIC are the sponsors.
• We look at the company’s core segments: innovative drugs and other pharmaceuticals.
• We discuss our preliminary thoughts on the company’s valuation based on A-H premium.

• The difficulty of developing KRAS G12D has been recognized by the industry. Investors will be more cautious about any early and unverified G12D projects, demanding higher risk premiums.
• Without data validation, the market cannot assess whether the efficacy/safety of TSN1611 are competitive. The “good safety” data of TSN222 still needs to be validated through larger clinical trials.
• We think Tyligand’s valuation may not exceed the valuations of comparable companies such as Jacobio Pharmaceuticals (1167 HK) and GenFleet Therapeutics (GENFL12 HK).

• The UnitedHealth Group’s first quarter of 2026 demonstrated a generally solid operational and financial performance, supported by ongoing strategic initiatives across its primary business segments.
• Total revenues grew modestly by 2% year-over-year to $111.7 billion, with adjusted earnings per share of $7.23 surpassing internal expectations.
• Membership stood at 49.1 million, a slight decline from 49.8 million at the end of 2025, reflecting anticipated contraction especially in the individual ACA market.

• Vertex Pharmaceuticals moved decisively into specialty endocrinology by agreeing to acquire Crinetics Pharmaceuticals (NASDAQ:CRNX) for $85 per share in cash, implying about $10 billion of equity value and roughly $8.8 billion net of estimated cash acquired.
• The agreement, announced in early July 2026, comes as Vertex looks to broaden a business still heavily anchored in cystic fibrosis, where it generated most of its $12 billion 2025 revenue.
• Crinetics brings PALSONIFY, an FDA-approved once-daily oral acromegaly therapy launched in October 2025, and Atumelnant, a once-daily oral ACTH receptor antagonist in Phase III for congenital adrenal hyperplasia and Phase II for ACTH-dependent Cushing’s syndrome.

• Singapore’s largest private specialist platform by doctor/clinic count, 60/40 JVs with selling doctors hand ~40% of Specialists profit — and 2/3 FY25A group profit — to non-controlling interests before shareholders.
• Bottom-Up SOTP: Specialists S$1,182m post-NCI, Medical Centres S$112m, AVA® S$24m, less S$217m net debt = S$1,100m vs. S$1,009.8m offer-price market cap.
• We initiate with a BUY with TP of S$0.83 (+19%): Specialists alone outvalues the whole deal post-NCI; Medical Centres and AVA® are priced for free. True P/E ~21x, not 74x.

• Sichuan Kelun-Biotech Biopharmaceutical (6990 HK) announced the placement of 5.8M shares for subscription at HK$470.2 per share. The placing price represents a discount of 8.5% to the undisturbed price.
• Sichuan Kelun Biotech intends to use the proceeds majorly for research and development, enhance internal R&D capabilities, strengthen external collaboration, expand its product pipeline portfolio and for working capital.
• Kelun Biotech’s drug development skill is evidenced by the outlicensing deals it has signed, especially with Merck for sac-TMT. From commercial perspective, sac-TMT has potential to generate multi-billion-dollar revenue.

• Today SBP (1177.HK) announced two deals today: 1) licensing out ex-China rights of PDE3/4 inhibitor TQC3721 to AstraZeneca; 2) obtained China sales right for two respiratory drugs from GSK
• SBP will receive USD200m upfront from AstraZeneca (mgmt expects majority to recognise in 2H26); SBP expects c.RMB1bn incremental revenue from GSK’s Trelegy Ellipta and Anoro Ellipta in China.
• On future BD deals, SBP highlights key data readouts and registration study initiations in 2H26, as well as key upcoming IND filings. See below tables for details.

• Gufic Biosciences, a specialty pharma company focused on complex injectables, closed FY26 with INR 940.5 crore revenue, flat profit and a record Q4.
• The Indore plant reached 30% utilisation and turned EBITDA-positive, while exports and working capital are shifting from drag factors to growth levers.
• FY27 performance depends on Indore scale-up, export approvals and cleaner receivables, management targets around 15% revenue growth and near-18% EBITDA margin.

• Humana Incorporated reported first-quarter results that aligned with its internal expectations, reflecting a stable start to 2026 amid ongoing strategic initiatives.
• Management emphasized adherence to their previously disclosed commitment of returning to a sustainable Medicare Advantage (MA) margin of at least 3% by 2028, with measurable progress expected in 2027.
• The company continues to manage growth dynamics carefully, maintaining a focus on membership retention and benefit adjustments to address the persistent gap between medical cost trends and program funding.

• Island Pharmaceuticals Ltd (ASX:ILA) is an antiviral therapeutics company targeting infectious diseases.
• The company has announced that, in response to the current Bundibugyo Ebola epidemic in Africa, it has secured government and regulatory approvals for the compassionate use of its drug Galidesivir as a treatment for infected patients.
• While ILA is progressing Galidesivir for Marburg virus disease through Non-Human Primate (NHP) studies under the FDA’s Animal Rule pathway, this development enables ILA the unique opportunity to generate prospective human efficacy, safety and virological data on a number of deadly filoviruses (including various strains of Ebola and Marburg), potentially demonstrating Galidesivir’s appeal as a broad-spectrum antiviral and thus expanding the commercial opportunities available to ILA.

• Strategic pivot to a capital-light, IP-licensing model. PharmAla is deliberately shifting toward a capital-light model in which partners fund development while the company contributes its IP.
• Management cites the Restora SPV spin-out of APA-01, repositioned as a neurology, non-controlled-substance asset, and the proposed US licensing transaction for ALA-002 with Jupiter Neurosciences as transformational.
• If completed, the combined licensing transactions could generate ~US$4 million in value, substantially exceeding management’s current expectation of ~$2 million in annual product sales across Australia and international markets on a go-forward basis.

• Bone Biologics is pursuing a better and more effective way of dealing with back pain requiring surgery by developing bone regeneration in spinal fusion using the recombinant human protein known as NELL-1/DBX, or NB1.
• The company continues with human trials that will prove critical to the success of the company, and the company just announced a financing deal that will help to fund those trials.

• Sudeep Pharma, a mineral excipients and speciality ingredients maker, delivered FY26 revenue of INR 642.3 crore and PAT of INR 174.3 crore, though EBITDA margin declined.
• Specialty Ingredients now contributes 44% of revenue, while Nandesari expansion, NSS Europe integration and Dahej battery-materials plant create the next growth levers.
• Future performance depends on margin recovery, working-capital control, faster customer approvals at Nandesari and execution of the INR 300 crore battery materials project.

• Elevance Health reported first quarter 2026 adjusted diluted earnings per share of $12.58, exceeding company expectations.
• The performance was supported by favorable claims experience, seasonality in the individual ACA business, and approximately $1 per share from nonrecurring investment income adjustments.
• The company raised its full-year adjusted EPS guidance to at least $26.75, citing improving claims trends and disciplined cost management.

• Sichuan Kelun-Biotech Biopharmaceutical (6990 HK) is looking to raise up to US$350m from a primary placement.
• Kelun is a China-based biopharmaceutical company focused on developing and commercializing innovative oncology therapies, with a particular emphasis on antibody-drug conjugates (ADCs), bispecific antibodies, and other biologics.
• In this note, we will talk about the placement and run the deal through our ECM framework.

• Following the spinoff of its consumer health segment, Kenvue, Johnson & Johnson is now a more focused entity, concentrating on the higher-growth, higher-margin Innovative Medicine (pharmaceuticals) and MedTech (medical devices) sectors.
• The company’s growth strategy is heavily reliant on its robust R&D pipeline and strategic acquisitions, particularly in high-value areas like oncology and immunology, to offset the impact of patent expirations on key products like Stelara.
• J&J maintains a strong financial profile, characterized by significant cash flow generation and a long-standing commitment to dividend growth, providing financial flexibility for continued investment in innovation and strategic M&A.

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• Fennec Pharmaceuticals is a single-product commercial-stage biopharmaceutical company focused on its sole asset, PEDMARK®, the first and only FDA-approved therapy to reduce the risk of cisplatin-induced hearing loss (ototoxicity) in specific pediatric cancer patients.
• The company is experiencing rapid revenue growth, driven by the commercial launch of PEDMARK® in the U.S. and Europe. Full-year 2025 net product sales reached $44.6 million, a 50% year-over-year increase, with Q1 2026 sales growing 73% year-over-year to $15.1 million.
• Key risks are intrinsically tied to its single-product reliance. Any challenges related to manufacturing, reimbursement, competition, or market adoption could significantly impact financial performance, making it a high-risk, high-reward investment proposition.

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• Novartis has put another marker down in oncology, agreeing to buy U.K.-based Myricx Bio for up to $1.5 billion.
• The proposed deal includes $1.1 billion upfront and up to $400 million in milestone payments, with closing expected in the second half of 2026.
• Myricx is still preclinical, yet its antibody-drug conjugate platform offers differentiated cancer-killing mechanisms aimed directly at tumor cells.

• Strategic pivot to a capital-light, IP-licensing model. PharmAla is deliberately shifting toward a capital-light model in which partners fund development while the company contributes its IP.
• Management cites the Restora SPV spin-out of APA-01, repositioned as a neurology, non-controlled-substance asset, and the proposed US licensing transaction for ALA-002 with Jupiter Neurosciences as transformational.
• If completed, the combined licensing transactions could generate ~US$4 million in value, substantially exceeding management’s current expectation of ~$2 million in annual product sales across Australia and international markets on a go-forward basis.

• Q & M Dental Group (QNM SP) aims to pursue regional growth strategy with focus on M&A alongside organic growth, across Australia, Thailand, Singapore, and China.
• The company aims to build a leading dental platform in Australia and has set a target of expanding its Australian network to ~400 dental clinics over the next five years.
• Over the longer term, the company aims to further strengthen domestic presence and has set a target of expanding Singapore network to ~300 dental clinics over the next five years.

• Island Pharmaceuticals Ltd (ASX:ILA) is an antiviral therapeutics company targeting infectious diseases.
• The company has announced that, in response to the current Bundibugyo Ebola epidemic in Africa, it has secured government and regulatory approvals for the compassionate use of its drug Galidesivir as a treatment for infected patients.
• While ILA is progressing Galidesivir for Marburg virus disease through Non-Human Primate (NHP) studies under the FDA’s Animal Rule pathway, this development enables ILA the unique opportunity to generate prospective human efficacy, safety and virological data on a number of deadly filoviruses (including various strains of Ebola and Marburg), potentially demonstrating Galidesivir’s appeal as a broad-spectrum antiviral and thus expanding the commercial opportunities available to ILA.