Healthcare

• SK Bioscience (302440 KS) has initiated phase 3 trial of Sanofi-partnered pneumococcal conjugate vaccine candidate in Australia. This year, Phase 3 trial will be initiated in U.S., Korea, and EU.
• This year, SK Bioscience has initiated global Phase 1/2 trials of mRNA Japanese Encephalitis vaccine candidate in Australia and New Zealand. The company aims to secure interim results by 2026.
• ITD Biologika is targeting for a 17% revenue CAGR during 2024–2028. The company aims to achieve EBITDA margin of 25%+ by 2028 and become IPO ready.

• Liquidia’s NDA for Yutrepia accepted by FDA with a PDUFA date set for May 24, commercialization expected soon.
• SpringWorks Therapeutics’ stock dropped 17% amid silence on Merck takeover talks, market perceives low deal probability.
• Allakos announced a buyout at $0.33/share, stock jumped 40%, deal expected to close in May 2025.

• Licensing-Out partnerships are expected to contribute approximately US$6–7 billion in annual upfront payments, US$12–14 billion in milestone payments, and US$25–30 billion in sales-sharing revenues to China’s innovative drug industry.
• SASAC’s new policy promotes SOE M&A to strengthen industrial chains, especially in weaker sectors like biomedicine. The strategic deployment of state-owned capital is set to gain momentum.
• WuXi AppTec is divesting its stake in WuXi XDC, viewing the shares as overvalued and aiming to lock in profits ahead of a potential price correction.

• The Hang Seng Index is the benchmark index for Hong Kong stocks. It follows a highly-subjective selection process which makes it difficult to predict index changes.
• In this insight, we take a look at a group of names with reasonably high likelihood of being involved in index changes during the next review in June 2025.
• The index changes are expected to be confirmed on 16th May 2025.

• HCA Healthcare delivered a mixed performance in its fourth-quarter 2024 results, reflecting both strengths and challenges faced during the period.
• Positively, the company continued to demonstrate robust demand for healthcare services, with an overall revenue growth of approximately 6% compared to the previous year.
• Key performance indicators like inpatient admissions showed a healthy upward trajectory, with a 3% increase in both categories when measured on a same-facility basis.

• This Nasdaq-listed, Hong Kong-based company hopes to apply Traditional Chinese Medicine (TCM) to significant illnesses like ADHD, but that seems unlikely. The company is a family affair, with all research provided by the CEO’s father, so one wonders how objective scientific assessment can be.
• The stock surged by more than 700% in a month without patent approval, a buyout offer, or other notable news. The CEO funded a share buyback, but rather than demonstrating faith in the company, the repurchase looked suspiciously like a way to inflate the short-term share price, possibly for an equity issue or insider self- enrichment since the CEO’s compensation is tied to market capitalization.
• This is a highly speculative business run by a family team from Hong Kong, thus little trusted in the U.S. and very volatile.

• During 9MFY25, Paramount Bed Holdings Co Lt (7817 JP) reported 3% YoY revenue growth to ¥75B, mainly driven by the nursing care businesses.
• Due to higher SG&A expenses, operating profit decreased 15% YoY to ¥7.2B and net profit was down 11% YoY to ¥5.9B.
• Paramount Bed has reiterated FY25 guidance, which calls for 2% YoY revenue growth, while higher SG&A is expected to erode operating profit by almost 6% YoY.

• CytoSorbents is commercializing its E.U. approved CytoSorb blood purification technology to treat life-threatening conditions in the intensive care unit and cardiac surgery.
• The company also seeks U.S. and Canadian approval of a second product, DrugSorb-ATR, to reduce perioperative bleeding risk in patients on blood thinners during cardiac surgery.
• Based on the results of its pivotal U.S. and Canadian STAR-T trial, the company submitted for FDA De Novo approval on September 27, 2024, and Health Canada on November 1, 2024, with regulatory decisions expected in 2025.

• CytoSorbents is commercializing its E.U. approved CytoSorb blood purification technology to treat life-threatening conditions in the intensive care unit and cardiac surgery.
• The company also seeks U.S. and Canadian approval of a second product, DrugSorb-ATR, to reduce perioperative bleeding risk in patients on blood thinners during cardiac surgery.
• Based on the results of its pivotal U.S. and Canadian STAR-T trial, the company submitted for FDA De Novo approval on September 27, 2024, and Health Canada on November 1, 2024, with regulatory decisions expected in 2025.

• On March 31, 2025, Dogwood Therapeutics, Inc. announced financial results for 2024 and provided a business update.
• The company recently dosed the first patient in the Halneuron Chemotherapy Induced Neuropathic Pain (CINP) Phase 2b trial.
• We anticipate interim data in the fourth quarter of 2025.

• On March 31, 2025, Dogwood Therapeutics, Inc. announced financial results for 2024 and provided a business update.
• The company recently dosed the first patient in the Halneuron Chemotherapy Induced Neuropathic Pain (CINP) Phase 2b trial.
• We anticipate interim data in the fourth quarter of 2025.

• The Ensign Group’s recent quarterly earnings presents a comprehensive picture of the company’s operational and financial performance, accompanied by strategic insights for future growth.
• Here’s an investment thesis and results summary reflecting both the positive aspects and potential challenges.
• The company’s performance highlights strong operational momentum characterized by record clinical and financial results.

• Fresenius Medical Care (FMC) reported its fourth-quarter 2024 financial results, showcasing both achievements and areas needing attention as the company continues its strategic transformation.
• The results reflect a period of organizational change and progress, with tangible financial improvements but also challenges that persist.
• Beginning with the positives, FMC reported a notable 7.4% organic revenue growth in the fourth quarter, driven by both its Care Delivery and Care Enablement segments.

Immix’s FY24 results summarize a period of focus on its lead CAR-T asset, NXC-201, which is being developed for amyloid light chain amyloidosis. Recent newsflow reflects heightened clinical activity for the candidate as it progresses through the US-based Phase Ib/II NEXICART-2 clinical trial. Notably, following completion of the six-patient safety run-in portion of the study, the pace of enrolment has picked up for participants to be treated at the higher of the two tested doses; we expect the next interim data update in mid-2025. NXC-201 was granted regenerative medicine advanced therapy (RMAT) designation by the FDA, which may streamline its clinical development and subsequent approval process. We expect period-end net cash of $17.7m to provide a runaway into Q425, past interim readouts for NXC-201. Our valuation is largely unchanged at $126.3m or $4.6/share.

Immix’s FY24 results summarize a period of focus on its lead CAR-T asset, NXC-201, which is being developed for amyloid light chain amyloidosis. Recent newsflow reflects heightened clinical activity for the candidate as it progresses through the US-based Phase Ib/II NEXICART-2 clinical trial. Notably, following completion of the six-patient safety run-in portion of the study, the pace of enrolment has picked up for participants to be treated at the higher of the two tested doses; we expect the next interim data update in mid-2025. NXC-201 was granted regenerative medicine advanced therapy (RMAT) designation by the FDA, which may streamline its clinical development and subsequent approval process. We expect period-end net cash of $17.7m to provide a runaway into Q425, past interim readouts for NXC-201. Our valuation is largely unchanged at $126.3m or $4.6/share.

• Duality Biotherapeutics, a China-based clinical-stage biotechnology company, plans to raise up to US$250m via a Hong Kong listing.
• We look at the company’s valuation based on its core products, namely DB-1303, DB-1311, and DB-1305.
• We highlight key differences between our valuation and the broker valuation guidance.

• SIR believes DWTI has entered an exciting new phase given significant advances in pipeline development achieved over the last 12 months.
• Key advances include: publishing favorable topline results of in-house H-1337 PIIb US trials (strong prospects as “first choice as a second-line Glaucoma drug”), commencing jointly developed Japan PII clinical trials of regenerative medicine cell therapy DWR-2206 with ActualEyes, and successfully completing all transplants, completion of dosing to subjects in global Phase III clinical trials of FECD treatment K-321 being developed by licensee Kowa, and obtaining China approval for DW-1002 by licensee DORC, among others.
• Potential for earnings to turn profitable over the next several years, transitioning from the growth investment phase to the recovery phase, suggests to us share price risk is likely weighted to the upside going forward.

• The UK drug delivery company focused on the localised delivery of chemotherapy drugs, announced that it has been awarded a grant by Innovate UK to support the pre-clinical development of the Company’s proprietary ChemoSeed technology in prostate cancer.
• The Project is in line with the Company’s strategy as detailed in the admission document published when CRISM joined the AIM market last year and which highlighted the potential of ChemoSeed in multiple disease areas.
• The Innovate UK grant was awarded as part of the Government’s ‘Launchpad: life and health sciences, Northern Ireland – Rd2 MFA’. 

• EVAX is a clinical stage company that has proprietary AI models designed to more efficiently and more accurately target much-needed treatments.
• The company has two streams of possible revenue: from the treatments themselves and from the licensing of AI technology.
• The company released its full-year 2024 results and updated investors on the tremendous progress made.

• On March 31, 2025, FibroBiologics, Inc. (FBLG) announced financial results for 2024 and provided a business update.
• In preparation for the upcoming Phase 1/2 clinical trial of CYWC628 for the treatment of diabetic foot ulcers, the company recently announced the establishment of a master services agreement with Charles River Laboratories to manufacture the master cell bank, working cell bank, and fibroblast-based spheroids product.
• In addition, the master cell bank was completed and successfully passed all required safety testing.

• Fortrea’s recent earnings provided a comprehensive view of their financial and operational performance for the fourth quarter and full year 2024.
• The company, which specializes in clinical pharmacology services (CPS) and full-service clinical work, has been navigating significant changes and encountering both challenges and opportunities post-spin from its former parent corporation.
• The company reported a book-to-bill ratio of 1.35x for the fourth quarter, with a trailing 12 months figure of 1.16x, and concluded the year with a backlog of $7.7 billion.

Newron Pharmaceuticals has published its FY24 results, reflecting a rewarding period for its lead clinical candidate, evenamide, which is being developed for treatment-resistant schizophrenia (TRS). Key achievements included licensing agreements for Japan and South Korea ahead of the planned pivotal Phase III trial, expected to launch in Q225. We expect the €44m upfront payment from EA Pharma to provide operational headroom into H126, with further liquidity likely to be injected following a potential US up-listing (planned for early 2026). Reflecting Newron’s FY24 results and near-term operational guidance, we adjust our valuation to CHF385.6m or CHF19.3/share (from CHF368.5m or CHF18.5/share previously).

• OraTech will leverage HTIT’s manufacturing capabilities and focus on developing and commercializing innovative products globally based on ORMP’s technology & pipeline.
• HTIT is a high-tech company focused on biopharmaceutical product manufacturing and R&D with an emphasis on the oral delivery of therapeutic macromolecules.
• It operates an oral insulin manufacturing facility in China.

OSE Immunotherapeutics is a clinical-stage immuno-oncology and immuno-inflammation company, with a pipeline spanning all stages of development. The company recently reported its FY24 results, reflecting a successful clinical period. OSE’s two lead programmes made notable progress throughout 2024, with the launch of the Phase III ARTEMIA trial for Tedopi in non-small cell lung cancer (NSCLC) and lusvertikimab presenting favourable Phase II results in ulcerative colitis (UC). The company also continued to execute on its multi-partnership strategy by signing new agreements, including agreements with AbbVie and Boehringer Ingelheim. As we update our assumptions, our valuation for OSE adjusts to €560.8m or €25.6/share (from €541.2m or €24.8/share previously).

• Pharmaessentia Corp (6446 TT) shares nosedived nearly 30% since February 17 after an unfavorable ruling from the ICC regarding an arbitration with AOP Orphan Pharmaceuticals.
• Pharmaessentia ended 2024 on a high note, with 91% YoY revenue growth to NT$9.7B and turned profitable at both operating and net level for the first time.
• Going ahead, geography expansion of Besremi, indication expansion, and pipeline progress will remain the main growth engines. Ongoing global shortage of a competing drug should be positive for Besremi.

• Brookfield has renewed takeover interest in Grifols after a failed bid, signaling confidence in the company’s turnaround and prompting investor speculation about a significantly improved future offer.
• Grifols’ financial position has strengthened with a 4.6x Net Debt/EBITDA, €504 million in free cash flow, and strategic refinancing, reducing the likelihood of a capital increase and supporting shareholder value.
• Grifols B shares trade at a 21.6% discount to A shares, offering an attractive convergence opportunity, as bylaws mandate equal treatment in the event of a public acquisition offer.

• Among other growth measures SBC intends to add new services, often leveraging a multi-branding strategy to broaden its target market and retain strategic pricing power as it targets new demographics – some from rising medical tourism – & enhance its outreach by increasing social media marketing.
• The company believes its strong market position & financial position ($125m in cash at YE24) can enable it to successfully expand its footprint domestically, internationally and into new services.

• WuXi AppTec (2359 HK) aims to raise around US$250m via selling around 3.5% stake in WuXi XDC Cayman (2268 HK).
• WuXi XDC Cayman (WXDC) is a contract research, development, and manufacturing organization (CRDMO) focused on the global antibody drug conjugates (ADC) and broader bioconjugate market providing integrated and end-to-end services.
• In this note, we will talk about the placement and run the deal through our ECM framework.

• NIOX Group received a non-binding takeover proposal from Keensight Capital at 81p/share, with a 9% spread.
• Øystein Spetalen surpassed 50% ownership in SAGA Pure, triggering a mandatory bid under Norwegian securities law.
• Pacific Current Group’s tender was undersubscribed; River Capital increased its stake to 40.48%, while Regal Funds exited.

• TCM finished drugs and TCM decoction pieces businesses could be the second and third growth curve of China TCM when the concentrated TCM granules business is facing VBP headwinds.
• 2024 would be the performance low point. Due to 2024 low base, we would see positive growth in 2025.Performance recovery is expected in next three years based on our forecast.
• Annual profit of RMB1 billion is achievable. If based on 10x P/E, market value is RMB10 billion.We think if valuations fall below RMB10 billion, investors can consider buying on dips.

• NIOX Group received a non-binding takeover proposal from Keensight Capital at 81p/share, with ongoing negotiations and a deadline of April 17.
• NZME Limited is exploring a separation of its OneRoof business, with activist investor Jim Grenon launching a proxy fight.
• Øystein Spetalen triggered a mandatory bid in SAGA Pure, presenting a low-risk opportunity with a 40% spread to NAV.

IRLAB has confirmed that clinical candidate IRL757, which has been designed to address apathy in patients with neurodegenerative conditions, will proceed to the next stages of clinical development. The next step will be a safety and efficacy signal finding Phase Ib trial in patients with Parkinson’s disease (PD), which will be financially supported by IRLAB’s collaboration partner, the McQuade Center for Strategic Research and Development (MSRD) through an initial payment of US$4.5m. The company expects patient enrolment for this Phase Ib study to commence in H225. We note that the decision to advance this programme was based on data from the preceding two Phase I studies for IRL757 and believe that the external recognition highlights the potential of IRLAB’s third clinical candidate.

IRLAB has bolstered the value of its lead programme, mesdopetam in levodopa-induced dyskinesias (PD-LIDs), following confirmation that the European Medicines Agency (EMA) is aligned with the company on its proposed plans for Phase III. The EMA has agreed on the primary endpoint for the Phase III programme being the Unified Dyskinesia Rating Scale (UDysRS), on which mesdopetam demonstrated a statistically significant improvement (p=0.026) in the prior Phase IIb trial (where it was a secondary endpoint). Importantly, IRLAB is now aligned with the US Food and Drug Administration (FDA) and the EMA and, hence, is in a position to proceed with preparations for the registrational studies of the candidate while meeting regulatory requirements in both the US and Europe. With this latest update, we anticipate partnering discussions to pick up pace in the coming weeks.

IRLAB has announced top-line results for its Phase IIb trial assessing pirepemat’s potential to improve balance and reduce falls in Parkinson’s disease (PD-Falls). The primary endpoint was the change in patients’ fall rates, and while the high-dose 600mg group showed a 42% reduction, the effect was not statistically significant compared to placebo. A meaningful improvement in cognitive impairment was also observed in the 600mg group, although this did not achieve statistical significance either. IRLAB will conduct a detailed review of the study data before making a decision on next steps for the programme. Reflecting the increased uncertainty, and pending release of the full data set, we have reduced our probability of success (PoS) for pirepemat to 10% (from 30% previously) and pushed out the expected launch timeline by a year, to 2030. Our valuation resets to SEK3.3bn or SEK63.3/share (from SEK5.0bn or SEK97.1/share previously).

• The Interims to December 2024 reported cash of £4.1m, excluding the £1.1m raised in March 2025 at 12.5p.
• There is a loss before tax reduced to £1.33m, compared to a loss of £2.5m (H123 to end Dec 2023) which included Phase 1a clinical trial costs.
• There are significant operational highlights in the development pipeline with SDC-1801, SRA737 and SDC-1802 as Sareum advances the next generation of kinase inhibitors for autoimmune disease and cancer.

• On March 31, 2025, Cocrystal Pharma, Inc. (COCP) announced financial results for 2024 and provided a business update.
• Following the release of favorable safety and tolerability results for CDI-988, the company’s novel, broad-spectrum protease inhibitor being developed for the treatment of noroviruses and coronaviruses, we anticipate topline results from the high-dose healthy volunteer cohort in the second quarter of 2025 and for a human challenge study as a norovirus treatment and prophylaxis later in 2025.
• Cocyrstal’s Phase 2a influenza human challenge study of CC-42344, the company’s development candidate for the treatment of pandemic and seasonal influenza A infections, is continuing after the company reported a lower than expected influenza infection rates among study participants.

• MIRA Pharmaceuticals(MIRA) Company Sponsored Research Report

• The business model of QingSong is a platform offering comprehensive healthcare services and tailored financial resources. By connecting different stakeholders, QingSong can monetize its user base, creating a virtuous cycle.
• Qingsong’s revenue structure has undergone significant changes. However, if Qingsong’s future business focus is on Qingsong Healthcare services, it may be difficult to generate large-scale profits in the end.
• Listed insurance intermediary platforms have been in the shadow of a decline in stock prices. So, there is concerns that future share price performance of QingSong may not be optimistic.  

• Asahi Intecc (7747 JP) announced double-digit growth across all the key parameters in H1FY25. Market share expansion of medical division and favorable Fx drove growth.
• Reiteration of FY25 guidance implies a softer H2 performance. In H2FY25, revenue is expected to increase 4% YoY, while both operating and net profit are likely to decline.
• The U.S. contributes ~20% of medical division’s revenue of Asahi Intecc, which is lower than other large Japanese medtech companies. This should limit tariff exposure.

• Biogen built its reputation on a differentiated modality-agnostic approach to drug development, deploying innovative technologies to address complex and intractable diseases.
• This innovative approach yielded the company’s golden era, which lasted ~20 years from the mid- 1990s to 2017. During this period, Biogen enjoyed near unrivaled leadership in the disease-modifying treatment of multiple sclerosis (MS).
• But the adage of ‘all good things must come to an end’ could not be more of a truism for the company, as genericization and the entry of more efficacious next-generation treatments began to erode revenue from its MS franchise. 

• On March 13, 2025, Cadrenal Therapeutics, Inc. (CVKD) announced financial results for 2024 and provided a business update.
• The company has been laying the groundwork for a Phase 3 trial of tecarfarin in patients with left ventricular assist devices (LVAD).
• In support of this, Cadrenal recently announced a collaboration agreement with Abbott to support the planned TECarfarin Anticoagulation and Hemocompatibility with Left Ventricular Assist Devices (TECH-LVAD) trial.

• HealthEquity Inc. has reported its financial results for the fourth quarter and full fiscal year 2025, showing significant growth and strategic developments.
• The company, known for managing health savings accounts (HSAs), achieved robust year-over-year growth across pivotal metrics.
• Revenue increased by 19% to $1.2 billion for the full fiscal year, with a notable 20% uptick from the previous year.

• On March 20, 2025, MetaVia Inc. (MTVA) announced financial results for 2024 and provided a business update.
• We anticipate topline results from the multiple ascending dose (MAD) Part 2 of the Phase 1 trial of DA-1726 to be reported in April 2025.
• DA-1726 is the company’s novel dual oxyntomodulin analog that functions as a dual glucagon-like peptide-1 receptor (GLP1R) and glucagon receptor (GCGR) agonist.

• HealthCare Global Enterprises (“HCG”) reported a strong Q3FY25 despite Q3 being a seasonally weak quarter. Revenue growth was strong across both the established centers and the emerging centers.
• Revenue from established centers grew 20% YoY while that from emerging centers grew 25% YoY in Q3FY25. Within emerging centers, Kolkata led the growth with 40% YoY rise in revenues.
• HCG saw promoter change in Feb 2025. KKR announced acquisition of 54% stake from CVC who owns around 60%+. Dr. BS Ajaikumar, the founder promoter, will continue to own 10%+.

• Prodia (PRDA IJ) FY2024 results reflect an impending recovery, with the company aggressively expanding its outlets by adding 73 over the year, and mostly lower cost points of collection. 
• The company continues to roll out new tests, with more emphasis on esoteric testing, but also looking at routine testing. It will continue opening new outlets in 2025. 
• Prodia also continues to expand its digital capabilities through U by Prodia for patients and Prodia for Doctors, and Prodialink. Valuations look attractive with Prodia trading on a low-single-digit EV/EBITDA,

• Innovent Biologics Inc (1801 HK) has announced 2024 result, with total revenue increasing a whopping 52% YoY to RMB9,422M and net loss narrowing 91% YoY to RMB933M.
• On adjusted basis, the company reported maiden net profit of RMB332M compared with loss of RMB515M in 2023. Innovent is expected to become profitable on reported basis this year.
• Innovent aims to achieve RMB 20B product revenue in 2027, implying a CAGR of 34% and advance five pipeline assets to the global/multi-regional Phase 3 clinical trial stage by 2030. 

• DENTSPLY SIRONA’s fourth-quarter and full-year 2024 earnings report reflects a mixed performance amid ongoing challenges and strategic repositioning.
• On the positive side, the company experienced growth in several areas, including a 13% uplift in imaging and a 7% increase in Wellspect sales.
• In Europe, DENTSPLY SIRONA achieved a 2% organic sales growth, supported by significant momentum in Germany and a 20% year-on-year growth in the SureSmile business.

• NIOX Group received a non-binding takeover proposal from Keensight Capital at 81p/share, with a 9% spread.
• NIOX’s management is open to the offer, having previously run a limited private sale process with ongoing negotiations.
• Valuation at 81p/share aligns with industry standards, given NIOX’s growth, profitability, and upcoming product launches.

• Hygeia Healthcare Group (6078 HK) reported revenue growth of 9% YoY to RMB4,446 million, mainly driven by a 11% YoY growth in hospital business.
• Hygeia’s gross profit margin contracted 170bps YoY to 29.9%. Net profit decreased 13% on higher finance cost despite of income tax expenses being lower.
• Accelerated organic growth and strengthening of margins are crucial to boost valuation.

• On 28 March, Bukwang Pharmaceutical (003000 KS) announced a capital raise of 100 billion won. Its share price fell by 13.3% today. 
• The company plans to issue 30.2 million new shares (44% of outstanding shares). Expected rights offering price is 3,310 won (15.1% lower than current price). 
• We are negative on Bukwang Pharm mainly due to excessive shareholding dilution from this rights offering as well as lack of valuation merits. 

• Cost-saving initiatives and divestment – Q1-3 FY3/25 results indicated continued traction for Treatment service in the Americas with 8.6% sales growth, but Product rental sales grew 0.6% YoY (-2.4% YoY under constant currency).
• Operating losses are narrowing YoY, with the positive impact from cost reduction initiatives at Head Office costs as well as R&D.
• We view the announcement to divest the 63.6%-owned subsidiary LeyLine GmbH as a positive surprise, as this will assist in narrowing operating losses further YoY into FY3/26. 

Recce is preparing to start a registrational Indonesian Phase III study of the topical gel formulation (R327G) of its lead anti-infective therapeutic drug candidate, RECCE 327 (R327), for the treatment of diabetic foot infections (DFIs). We expect the trial to start in the coming weeks and note that DFIs are the leading cause of limb morbidity in diabetic patients and an area of unmet need as currently available topical drugs have limited effectiveness. We anticipate that positive results could lead to Recce’s earliest R327 commercialisation opportunity, through a launch in South-East Asia in the DFI indication in H2 CY26. After adjusting for forex and other minor adjustments, we now obtain an rNPV valuation of A$610.1m (or A$2.68 per share), versus A$593.6m (or A$2.60 per share) previously.

• On March 25, 2025, Imunon, Inc. (IMNN) held a conference call to discuss the finalized protocol for a Phase 3 clinical trial of IMNN-001 in patients with newly diagnosed ovarian cancer.
• The study will mirror the Phase 2 OVATION 2 trial that reported benefits in both progression-free and overall survival.
• It will initially focus on those patients who are positive for homologous recombination deficiency (HDR) positive, including BRCA1 and BRCA2 mutations.

• Lantern Pharma uses AI & data to identify drug responders, uncover mechanism of action & rescue failed drugs.
• It is developing LP-300 for non- & never smoker NSCLC in the Harmonic trial.
• Secondary candidates include LP-100 for mCRPC and LP-184 and LP-284 which are in clinical development for multiple biomarker-defined tumors and hematological cancers, respectively.

• QuidelOrtho delivered results in line with their expectations for the full year 2024, closing the year with a total reported revenue of $2.8 billion.
• The company noted a 4% decrease in fourth quarter revenue compared to the prior year, attributed largely to anticipated declines in COVID and flu testing revenues.
• Notably, revenues from regions such as the Labs business, which grew by 4%, and the Immunohematology segment, which also rose by 4%, demonstrated stable performance and continued business growth irrespective of the broader respiratory revenue challenges.

• Certara reported robust financial performance for the fourth quarter and full year of 2024, reflecting a 9% growth in revenue to $385.1 million compared to the previous year.
• The company experienced a stronger growth trajectory in the fourth quarter, with revenues reaching $100.4 million, marking a 14% year-over-year increase.
• This growth was primarily fueled by a substantial 26% increase in software revenue, attributed to the robust demand for their biosimulation software and contributions from the recent acquisition of Chemaxon, which added $6.6 million to the reported revenue.