Healthcare

• MIRA Pharmaceuticals(MIRA) Company Sponsored Research Report

• Ligand Pharmaceuticals holds a portfolio of revenue, royalty & milestone generating assets that have been vetted by its internal investment team.
• Ligand considers individual biopharmaceutical products, platforms, companies & income streams in its opportunity set.
• It targets late-stage and commercial income-producing assets when making investments.

Recce is raising up to A$15.8m in equity fundraising through a now-completed A$5.0m share placement and an entitlement offer for remaining shareholders that could raise up to an additional A$10.8m in gross proceeds. Both rounds of financing are priced at A$0.28 per new share. We anticipate the total funding should support Recce’s operations into Q226 (Q4 CY25) as its near-term focus lies on advancing R327 topical gel (R327G) through registration-enabling pivotal studies. We expect Recce to start a registrational Indonesian Phase III study of R327G for the treatment of diabetic foot infections (DFIs) in the coming weeks. We now obtain an rNPV valuation of A$615.1m and our per-share valuation adjusts to A$2.51 per share (vs A$2.68 previously), reflecting the increase in shares outstanding after the placement.

• On the 21st Feb 2025, Mayne Pharma (MYX AU), a leader in dermatology and women’s health, entered into a Scheme Implementation Deed with US-based pharmaceutical outfit, Cosette Pharmaceuticals.
• Cosette is offering A$7.40/share, a 37% premium to last close. The Offer has the backing of Mayne’s two largest shareholder, Viburnum and Bruce Mathieson, collectively holding 14.1%.
• Mayne has now revised the Scheme timeline, with completion targeted late June, early July. This is done. 

• The review period ends on 30 April, the changes should be announced on 30 May and will be effective after the close of trading on 13 June.
• We forecast 5 potential changes for the index in June where there could be buying of 0.5-2x ADV in the adds and selling of between 0.7-3.8x ADV in the deletes.
• The forecast adds and deletes have performed in line over the last few months and there could be outperformance as we near the end of the review period and announcement.

• LXJ’s revenue/net profit showed an upward trend from 2022 to 24Q1-Q3, but growth momentum was decreasing. The same store sales growth dropped significantly. Profit margin is also lower than peers. 
• There’re significant differences in dietary habits and tastes across China, making it difficult for LXJ to expand nationwide. So, the future growth potential may not be as good as expected.
• In December 2021, valuation of LXJ had reached RMB18 billion. Since LXJ’s revenue growth/profit margin are inferior to Xiaocaiyuan, we think the valuation of LXJ should be lower than Xiaocaiyuan.

• Future Pak’s latest offer for THTX is $3.51/share in cash plus a CVR worth up to $0.99/share.
• THTX’s Egrifta SV has gross margins around 90%, while Trogarzo, a licensed drug, has gross margins at 48%.
• Future Pak’s offer, including the CVR, values THTX at approximately 4x the gross profits from its commercialized treatments.

• Sysmex Corp (6869 JP) earns 26% of total revenue from Americas. During 9MFY25, revenue from Americas increased 13% YoY to ¥96B.
• The U.S. President Trump has proposed 10% baseline import tariffs on medical devices. Although Trump announced a 90-day pause on most reciprocal tariffs, the respite seems to be temporary.
• Sysmex is exposed to tariff for instruments only as reagents are produced locally. Instrument sales in the Americas account for 5–6% of revenue, so tariff impact would be negligible.

• The UK-based biopharmaceutical Company developing regulatory approved, cannabinoid medicines to treat complex, chronic conditions, announced that trading in the Company’s ordinary shares on the OTCQB Venture Market in the US will commence today.
• There is no associated capital raise with this cross trade and the Ordinary Shares will continue to trade on the Company’s primary listing market, the Apex segment of the Aquis Stock Exchange.
• Cross trading on OTCQB allows the Company to access one of the world’s largest investment markets to expand its reach into a broader pool of investors and build brand awareness in the most important pharmaceutical market in the world.

• ugo robots installed with AI Nose. Ainos and partner ugo completed the installation of AI Nose on a humanoid service robot, enhancing the functional applications of ugo’s robotics platform with AI-powered smell.
• The collaboration has advanced to the next development phase, which involves software integration before real-world deployment in active environments for AI training.
• Moving to software integration. Ainos expects integration of the backend control system and user interface design will take two to four weeks to complete. 

• Eli Lilly & Co (LLY US) has recently announced positive topline Phase 3 results for orforglipron, the GLP 1 RA drug candidate they licensed from Chugai Pharma in 2018.
• At the top dose, patients lost 7.3 kg of the 90.2 kg they weighed at the start of the trial, bettering Ozempic’s trial results.
• Once approved and commercialized, orforglipron should provide a long-term revenue visibility for Chugai Pharmaceutical (4519 JP) through milestone and royalty receipts from Lilly.

• BenQ BM Holding Cayman Corp. (BBHC HK)  is looking to raise at least $US100m in its upcoming Hong Kong IPO.
• BenQ is a leading private for-profit general hospital group in mainland China, operating two general hospitals – Nanjing BenQ Hospital and Suzhou BenQ Hospital.
• In this note, we provide updates on the firm’s past performance. 

• SIR believes DWTI has entered an exciting new phase given significant advances in pipeline development achieved over the last 12 months.
• Key advances include: 1) publishing favorable topline results of in-house H-1337 PIIb US trials (strong prospects as “first choice as a second-line Glaucoma drug”),
• 2) commencing jointly developed Japan PII clinical trials of regenerative medicine cell therapy DWR-2206 with ActualEyes, and successfully completing all transplants

• Sartorius AG (SRT GR) reported 21% YoY increase in net profit for 1Q25 on 7% YoY growth in sales. Growth was driven by Bioprocessing Solutions division, which facilitates biopharma manufacturing.
• The company expects sales to increase by ~6%, with EBITDA margin of 29–30% (2024: 28.0%) for 2025. Bioprocess Solutions division is projected to grow ~7% in 2025.
• With Sartorius reporting a strong 1Q25 result, we are upbeat on the 1Q25 performance as well as near-term growth prospects of two major biopharma CDMO players, Samsung Biologics and Lonza.

• The CSI Medical Index represents the top 50 largest and most-liquid stocks involved in medical devices, medical care, medical informatization, and other medical themes in China.
• In this insight, we take a look at the potential ADDs and DELs leading the race for the semiannual index rebal event in June 2025.
• We expect up to three ADDs and three DELs in June 2025 based on the latest available data.

• Mani Inc (7730 JP) H1FY25 revenue rose 6.5% YoY, mainly driven by surgical segment, eyeless needles segment, while margins remained under pressure.
• Despite the underperformance of dental segment, management reiterated FY25 guidance. Expecting Yen appreciation against the USD, the company expects just mid-single-digit sales and operating income growth for FY25.
• Mani shares plunged 5% since it published its H1 results. Investors should avoid Mani due to its uncertain revenue outlook and deteriorating profitability in short-term.

• The ChiNext index represents the performance of the 100 largest and most liquid A-share stocks listed on the ChiNext Market of the Shenzhen Stock Exchange.
• The ChiNext 50 index is a subset of the ChiNext Index and it consists of the top 50 names in the ChiNext index with the highest daily average turnover.
• We see 10 changes for the ChiNext index and 5 changes for the ChiNext 50 index in the next index rebal event.

• Park Medi World is the second largest private hospital chain in North India with a capacity of 3,000 beds, and the largest private hospital chain in Haryana.
• The company aims to raise INR9.6B through issuing fresh shares. Founder and Chairman, Dr. Ajit Gupta is the selling shareholder offering shares worth of INR3B for sale.
• IPO proceeds will be utilized for debt repayment, funding capex for development of new hospital, expansion of existing hospital, and purchase of medical equipment.

• Korea’s battery sector got wrecked, crushing POSCO and Samsung SDI’s caps. Shakeup incoming: Hanwha Aerospace locks in, and Samsung Biologics is also a strong contender.
• Low pre-positioning leads to highly correlated moves on rebalance day; last June, KB and Shinhan got in while LG Chem and Energy got cut with similar impact, netting ~3% yield.
• Given the track record, it makes sense to trim the holding window on rebalance day and deploy a long-short strategy.

• Rigaku Holdings (268A JP) raised around US$750m in its Japan IPO in October 2024. The lockup on its pre-IPO investors is set to expire soon.
• Rigaku engages in developing, manufacturing, sales and servicing scientific instruments specializing in X-ray technologies.
• In this note, we will talk about the lockup dynamics and possible placement.

• Since mid-March, amid sessions of significant volatility, share-price spreads have generally tightened across the European liquid universe of ordinary and preferred shares, with 10 tightening and 9 widening.
• The discount of Grifols B has widened although Brookfield is again knocking at the door; Handelsbanken B shares trade at 48% premium to A shares. 
• Recommended trades long preferred/short ords: Atlas Copco, Grifols. Recommended trades long ordinary / short preferred shares: Henkel, SSAB Svenska Stal.

• On April 15, 2025, MetaVia Inc. (MTVA) announced positive results from the 4-week Phase 1 multiple ascending dose (MAD) trial of DA-1726 for the treatment of obesity.
• The results showed a mean weight loss of 4.3% at Day 26 in the 32 mg dose with only mild gastrointestinal (GI) adverse events reported in 4/6 subjects, most of which resolved within 24 hours.
• In addition, a mean reduction in waist circumference of 1.6 inches was demonstrated along with a mean lowering of -5.3 mg/dL in fasting blood glucose.

• MIRA Pharmaceuticals(MIRA) Company Sponsored Research Report

• TCMTech’s business model is directly targeted at industry pain points.The innovation point lies in using AI technology and offline clinics to break the time/space limitations of traditional TCM business model. 
• The current revenue scale is small. We have already seen a sharp decline of YoY revenue growth in 24Q1-Q3, thus raising questions about the sustainability of future growth momentum.
• Considering Gushengtang’s scale, business model, and the control of core renowned physician resources have been validated by the market, we think that TCMTech’s reasonable valuation should be lower than Gushengtang.

• BioStem Technologies is a leading innovator focused on harnessing the natural properties of perinatal tissue in the development, manufacture, and commercialization of allografts for regenerative therapies.
• The company announced its 4Q and full year 2024 results.
• The company continues to execute at a high level by posting record revenue and earnings that beat expectations.

• The expansion space of BenQ is severely limited as the market has been saturated in Jiangsu Province. Due to DRG, future revenue/net profit growth would continue to be under pressure. 
• Low profit margin of general hospitals is a common problem in this industry due to pain points of business model.It’s difficult to achieve improvement.Investors need to be aware of this.
• BenQ’s valuation should be lower than Hygeia due to weaker profitability, smaller revenue scale, lower growth outlook.Post-money valuation before IPO of US$375 million (or about RMB2.7 billion) is already expensive

• 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 data from its study of its overdose protection drug showed the compound to be effective and safe-furthering the case for FDA approval of this much-needed treatment.

Oryzon Genomics has announced that the first patient has been dosed in iadademstat’s Phase I/II trial, sponsored by the National Cancer Institute, (NCI) in extensive-stage small cell lung cancer (SCLC). The trial is evaluating lead oncology candidate iadademstat in combination with an immune checkpoint inhibitor (ICI), either atezolizumab or durvalumab, with primary objectives focussed on safety, tolerability, dose-finding and efficacy. Should the results of this trial be positive, they may support Oryzon’s plans for its STELLAR programme, a randomised, multi-centre Phase II study of iadademstat in combination with a checkpoint inhibitor for first-line extensive-stage SCLC. Management has indicated that additional data from STELLAR could aid an accelerated approval pathway.

• Amgen is rapidly positioning itself as a formidable player in the obesity drug market, a sector that has witnessed explosive growth due to the popularity of GLP-1 based therapies from Eli Lilly and Novo Nordisk.
• The company’s investigational drug MariTide is generating significant interest following promising Phase II results showing up to 20% weight loss with monthly dosing.
• With two Phase III trials now underway—targeting both diabetic and non-diabetic patients—Amgen is accelerating its strategy to gain a slice of what analysts forecast to be a $100 billion market by 2030.

• Universal Vision Biotechnology (3218 TT) is struggling with expansion plans, decelerated revenue growth, and unfavorable revenue mix. 2024 revenue growth of 4% is significant deterioration from 17% reported in 2023.
• China business remained challenging. In 2024, revenue from China 22% YoY to NT$594M.  Both the number of partnered hospitals and self-operated clinics/hospitals in China decreased during 2024.
• Through the first three months of 2025, revenue growth has not shown any sign of improvement. 1Q25 revenue grew just 5% YoY to NT$1,123M.

• Duality Biotherapeutics raised HKD 1,512m (USD 194m) from its global offering and will list on the Hong Kong Stock Exchange on Tuesday, April 14th.
• In our previous note, we looked at the company’s business lines of ADC products and analyzed its valuation.
• In this note, we provide an update for the IPO before trading debut.

• 2024 results appear to be improving, but there’s no large-scale/sustainable new increment with high certainty in revenue end.Fosun Pharma would rely on reducing costs/selling loss-making projects to recover profit/cash flow.
• Financial performance in 2025 could be under pressure due to VBP. Fosun Pharm is also mired in a huge guarantee quagmire. International business expansion is facing fierce market competition.
• There could be a “valuation discount” for Fosun Pharma due to the concerns on its business model and undervaluation could be a norm. Our recommendation is to invest Henlius directly.

• TuHURA is a clinical-stage, oncology-focused biotechnology company advancing innate immune agonists, checkpoint inhibitors & antibody-drug conjugates (ADCs).
• It offers the IFx platform technology featuring the IFx-2.0 tumoral injection delivery approach for Merkel cell carcinoma (MCC) & the IFx-3.0 intravenous delivery approach for lymphoma.
• IFx encodes a bacterial protein to be expressed in cancer cells, activating the innate immune system & subsequent cascade that may eliminate the tumor.

• The company reported revenue of JPY16.4bn (+32.1% YoY) and net income of JPY121mn, reversing previous losses.
• Medical Care Sales segment saw strong growth from D2C sales, driven by flagship products and enhanced advertising efficiency.
• Healthcare Marketing business achieved significant EBITDA boost from a profitable corporate project completed in Q3 FY05/25.

• On April 14, 2025, Soligenix, Inc. (SNGX) announced interim results from the ongoing, open label, investigator initiated study (IIS) evaluating HyBryte (synthetic hypericin) treatment for up to 54 weeks in patients with early stage cutaneous T cell lymphoma (CTCL).
• Of the eight evaluable patients at Week 18, six (75%) achieved ‘treatment success’, which is defined as a =50% improvement in the cumulative mCAILS (modified Composite Assessment of Index Lesion Severity) score compared to baseline.
• Four patients have completed the 54-week treatment with an average maximum improvement in mCAILS of 85%.

• Trump’s administration will soon impose tariffs on pharmaceuticals. Chinese API companies will be hit the most. Pharmaceutical companies that mainly focus on domestic market could be better investment options.
• NSCEB released “Changing the Future of Biotechnology”, among which WuXi AppTec was named again. Chinese CXO’s performance this year could be lower than expected due to geopolitical conflicts.
• RemeGen’s 2024 results improved, but concerns remain due to its  “disorganized” pipeline layout and uncompetitive products. The reasonable market value of Remegen is about RMB10 billion to RMB15 billion.

• Lensar (LNSR) is being acquired by Alcon for $14/share plus a CVR up to $2.75/share, with closing expected in H2 2024.
• OCI N.V. announced a $1bn extraordinary cash distribution, with shareholders choosing payment currency, ex-dividend date April 15.
• Kronos Bio (KRON) terminated a lease for $1.5m, with potential net cash outcome between ~$1 and $1.30/share.