Healthcare

• Raffles Medical Group (RFMD SP) reported mixed 2024 result. However, 2H24 revenue increased 15% YoY, operating profit rose 5% YoY, and adjusted PATMI jumped 38% YoY.
• China operation is recovering, with revenue growing 10% YoY to S$65M in 2024. Three general hospitals in China have demonstrated strong potential for growth and have a positive outlook ahead.
• Raffles has revised its dividend policy to pay out at least 50%. The company intends to buy back up to 100M ordinary shares over the next two years.

• SpringWorks Therapeutics is in advanced acquisition talks with Merck KGaA, following FDA approval for its drug Gomekli.
• Merck’s acquisition strategy focuses on low-risk, value-creating oncology deals, aligning with SpringWorks’ FDA-approved treatments.
• Estimated peak sales for SpringWorks’ drugs range from $600m to $1bn, suggesting a potential $85/share valuation.

• Mesoblast Ltd (MSB AU) has announced pricing for Ryoncil in the U.S. in tandem with the economic value of treatment with product availability planned for the current quarter.
• Wholesale acquisition cost of Ryoncil has been set at $194K per infusion. Ryoncil infusion is given twice per week for 4 weeks. This brings the full treatment cost to $1.55M.
• The pricing is strategically determined against the cost of treating a child who dies of SR-aGvHD of $2.5M and calculated total benefits of patient outcomes using Ryoncil of $3.2–4.1M.

• Revenues of P$4.7bn grew 32.4% YoY, supported by healthy growth across all regions.
• Sales in Mexico were in line with our estimates, while in LatAm and the U.S. they were slightly lower than expected, with the former still posting a solid growth vs an easy comp base amid improving conditions in the region.
• In the U.S., a weaker flu season partially impacted sales.

• Visen Pharmaceuticals is looking at raising up to USD 300m to list in Hong Kong.
• The company has passed the hearing for the listing and filed a new version of the prospectus.
• We look at the difference between previous filing and current filing. Most of the changes are not critical but we think overall it doesn’t look good.

• 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 announced that a key Phase 2 trial was being extended due to the positive results seen to this point, which is a very positive sign for the treatment potential of EVX-01.

• Monogram Technologies (NASDAQ: MGRM) is a medical device company developing a product solution architecture to enable patient-optimized orthopedic implants at scale by linking 3D printing and robotics with advanced pre-operative imaging.
• The company delivered its first surgical robot in November 2023 and submitted its 510(k) on July 19th and the application passed the Administrative Review.
• The first live in patient surgery OUS is expected in early 2025.

• 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 released its full year 2024 financial results that showed good cash, low debt and good cost controls.
• The company continues with human trials, and we are looking forward to the initial results.

• Vigonvita is looking to raise at least US$100 million via a Hong Kong listing.
• Vigonvita has commercialized COVID-19 anti-viral drug and is expanding the indication to RSV. 
• The main contributor to the company’s develop is not holding a key management role.

• Kestra was founded in 2014 by Bain Capital private equity and leaders from the external (AED) and internal (ICD) defibrillation industries. 
• The company is seeking a valuation between $667m-$762m based on the $14-$16 range.
• Given the financials, sector in which this company operates in and the strong backing, it is our early opinion that the IPO will likely be well-received.

• There could be ad hoc change for the S&P/ASX 200 (AS51 INDEX) prior to the announcement of the changes at the March rebalance.
• Arcadium Lithium (LTM AU) could stop trading next week following the acquisition by Rio Tinto Ltd (RIO AU). The Royal Court of Jersey could sanction the scheme on 5 March.
• Mesoblast (MSB AU) is a high probability inclusion to the index, followed by DigiCo Infrastructure REIT (DGT AU). The stock that misses out will be added at the regular rebalance. 

• With recent approval from state regulators to move forward on a planned O&O PBRT facility in Rhode Island, we expect this and other potential new projects will likely leverage an ‘asset-light’ approach.
• The company has outlined a relatively asset-light model that includes seeking partners to reduce its upfront capital investment and still retain a majority interest in the center.
• Depending on the potential partner, this measure could not only reduce AMS’s upfront capital commitment, but potentially also broaden the medical services that the center could offer.

• Sales of generic drugs are the largest performance contributor. However, due to VBP and the price reduction, Haixi’s generic drug business may shrink and is hard to drive future growth.
• Haixi’s valuation outlook would be mainly based on innovative drug pipeline. The primary goal is to address the issue of druggability of C019199. Haixi needs to provide convincing clinical data.
• Valuation of Haixi was about RMB1.948 billion in 2022. Considering the VBP, R&D failure risk of C019199, no licensing cooperation with MNCs, we think valuation could be lower than peers.  

• SeedWorks International Ltd (1441147D IN)  (SIL) is looking to raise about US$115m in its upcoming India IPO. The bookrunners for the deal are Equirus, DAM, SBI.
• SIL is a seed research and development organization engaged in the research, production, and marketing of hybrid seeds as well as open-pollinated variety (OPV) seeds for rice, wheat, and mustard.
• According to F&S Report, the company was the second fastest-growing Indian seed company in terms of revenues between FY21-24, with a CAGR of 11.98%.

• Our long-term outlook remains bullish as long as the S&P 500 remains above 5770-5850 and 5600-5670 (worst case), and we are buyers at these levels.
• With that said, we see potential for near-term downside based on several developments discussed below.  It likely means at least another 2-4 weeks of consolidation
• If SPX remains below 6100 and 6150 resistances, do not be surprised if there is a test of the bottom of the range at either 5770-5850 or 5600-5670

• DaVita ended 2024 strongly, with adjusted operating income of $1.98 billion and adjusted earnings per share (EPS) growing by 26% year-over-year, reaching $9.68.
• However, challenges such as the Change Healthcare outage and supply chain disruptions due to Hurricane Helene impacted performance.
• These issues contributed to a $6 million negative impact on operating income in the fourth quarter.

• Bio-Rad Laboratories recently announced its financial results for the fourth quarter and the full fiscal year 2024, revealing both achievements and challenges.
• The company reported net sales of approximately $668 million in the fourth quarter, representing a decline of 2% on a reported basis compared to the same period last year.
• This decrease was largely attributed to a shorter turnaround in the Life Science segment and fluctuations in the biopharma market, notably in China, which still reflected a market downturn.

• BUTONG’s growth momentum remained high, but customers are more focused on cost-effectiveness rather than premium products. We are unsure whether BUTONG’s  current high growth is sustainable in this low-growth industry. 
• The more revenue proportion from baby care products, the lower overall gross margin would be.BUTONG’s strategy of emphasizing sales over R&D isn’t conducive to establishing core competitiveness in fierce competition.
• After Series B financing, the post-investment valuation reached about RMB2 billion. However, the market value of peers is not high. BUTONG’s post-IPO valuation performance may be lower than expected.

• Celltrion Inc (068270 KS) achieved 178% YoY and 21% QoQ revenue growth to KRW1,064B in 4Q24, driven by rapid growth of new products such as Remsima SC, Yuflyma, and Steqeyma.
• Celltrion guided for 2025 revenue of KRW5.0T, up 43% YoY. Celltrion is targeting COGS ratio in 20%s by 4Q25. Operating profit margin is expected to recover to 30%s in 2025.  
• New launches, COGS improvement, and cost efficiency will drive 2025 growth. This year, Celltrion received European approval for four biosimilars and three biosimilars are under regulatory review in the U.S.

• Moderna reported its financial results for the fourth quarter and the full year of 2024, revealing both opportunities and challenges.
• The company recorded total revenue of $3.2 billion for the year, a 53% decrease from 2023, attributed largely to declining product sales.
• The net loss for 2024 was $3.6 billion, a slight improvement from a $4.7 billion net loss in 2023.

• After releasing its FY24 results last Friday, Haw Par Corp (HPAR SP) declared a S$1.00/share special dividend, in addition to a final dividend of S$0.20/share.
• Preceding my comments on Haw Par – and Singapore Land Group (SPLG SP) – are the current setup/unwind tables for Asia-Pacific Holdcos.
• These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation >20%.

• KKR has signed definitive agreements to acquire up to 54% of HCG from CVC Asia V, positioning itself as the largest shareholder and assuming sole operational control.
• This will trigger an open offer to buy an additional 26% stake at a price of INR 504.41 per share. 
• Now, HCG will be seen as a transformed healthcare leader with a robust growth trajectory, driven by global expertise and strategic restructuring for long-term value creation.

• Refocusing on the core business with the promoter stepping back on the board & demerger. Also focusing on value-added products and reducing debt from rights issues & internal accruals.
• Solara Active Pharma Sciences (SOLARA IN) had issues in getting US FDA approvals for the Visakhapatnam facility & pricing pressure on the key product Ibuprofen.
• The CRAMS and high-potent API segments have the potential to generate significant value over the next 4-5 years through the addition of new customers.

• Krsnaa Diagnostics (KRSNAA IN) Q3 FY25 Revenue increased by 10% YoY, with PAT up by 50%, driven by strong performance in radiology and pathology, and expansion in retail and collection centers.
• Robust financial and operational improvements, despite some project delays, highlight the company’s effective cost management and strategic expansion, positioning it well for future market growth.
• The company aims to expand its retail network to 500 touchpoints and target to expand partnerships with hospitals, nursing homes, and laboratories to 1,000 by FY26.

• Full House Resorts (FL) and Sage Therapeutics (SAGE) are discussed as potential investment opportunities
• Passive investing is overtaking active investing, raising questions about price discovery and corporate governance
• Passive managers take a formulaic approach to corporate governance, focusing on best practices rather than active engagement

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

• Innogen’s business, financial condition, operation results and prospects for the next couple of years are substantially dependent on the successful approval and commercialization of Efsubaglutide Alfa, indicating single product risk. 
• Due to slower R&D progress and fierce competition brought by first movers and generic drugs, commercialization prospects of Efsubaglutide Alfa is highly uncertain, leading to potential lower-than-expected sales performance.
• After Series B+ financing, the post-investment valuation of Innogen is already RMB4.65 billion. However, share price of peers has not done well, which makes us cautious about Innogen’s IPO prospects.

• DexCom Inc.’s latest earnings for the fourth quarter of 2024 reports a period of strategic growth and investment, aligning with the company’s guidance and expectations.
• The company achieved an 8% organic revenue growth in the fourth quarter year-over-year, with full-year organic growth at 12%.
• An increase in the customer base by approximately 25% to over 2.8 million globally was a critical driver of this growth.

• On December 23, 2024, Tonix Pharmaceuticals Holding Corp. (TNXP) announced that the FDA has assigned a Prescription Drug User Fee Act (PDUFA) goal date of August 15, 2025 for a decision on the NDA for TNX-102 SL for fibromyalgia.
• TNX-102 SL has the potential to become the first new treatment for fibromyalgia in more than 15 years.
• The company also recently announced that it had approximately $98.9 million in cash and cash equivalents as of Dec.

• 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 continues to advance its therapies, with the company’s BioRetain product receiving approval for a clinical study for the treatment of venous leg ulcers.

• Blueprint Medicines’ latest earnings report presents a comprehensive look into its financial health and future prospects.
• The company reported a significant increase in product revenue, particularly from AYVAKIT, a treatment for systemic mastocytosis (SM), marking an annual growth of 135% with revenues hitting $479 million in 2024.
• The forecast for 2025 includes an anticipated rise in AYVAKIT revenue to between $680 million and $710 million, reflecting a 45% growth rate at the midpoint.

• BeiGene (6160 HK) and ZTO Express Cayman (2057 HK) will replace Sino Biopharmaceutical (1177 HK) and Li Ning (2331 HK) in the HSCEI INDEX at the close on 7 March.
• Estimated one-way turnover at the rebalance is 5% resulting in a round-trip trade of HK$6.4bn (US$825m). The final capping will use the close of trading on 4 March.
• ZTO Express Cayman (2057 HK) is also an inclusion to a global index with implementation scheduled for the close on 21 March.

• Haw Par Corp (HPAR SP)  announced a special dividend of S$1.00 per share for 2024, alongside its regular S$0.40 dividend.
• Investors have long pushed for higher payouts and special dividends, given the company’s strong cash reserves and free cash flow.
• Based on our analysis of its financials, Haw Par could sustainably raise its regular dividend to S$1.00 per share without tapping into reserves.

• West Pharmaceutical Services delivered its financial results for the fourth quarter and full year 2024, demonstrating both achievements and challenges.
• The company’s financial performance showed signs of recovery in certain areas but also faced headwinds that are influencing its outlook for 2025.
• In 2024, West made notable progress in several strategic initiatives.

• Telix Pharmaceuticals (TLX AU) reported 2024 revenue of A$783M, up 56% YoY, beating full year revised guidance of A$745–776M, driven by Illuccix. 2024 R&D expenditure was in-line with guidance.
• Telix provides 2025 revenue guidance of A$1.18–1.23B ($770–800M), up 51–57% YoY. The company expects 2025 R&D expenses to increase 20–25% YoY to A$234–243M.
• 2025 will be a pivotal year for Telix, with three new products launches planned for this year in the U.S. (Zircaix, Pixclara, and Gozellix) and the European/UK rollout of Illuccix.

• Zoetis reported strong financial results for its fiscal year 2024, reaching the high end of its guidance, largely driven by double-digit operational revenue growth of 11%.
• The company’s robust performance is attributed to its formidable portfolio spanning both the Companion Animal and Livestock segments.
• For the U.S., revenue surged by 11%, while international revenue saw a 10% operational increase, demonstrating the company’s capability to navigate a competitive landscape effectively.

• Mayne Pharma (MYX AU) entered a scheme implementation deed with Cosette Pharma at A$7.40 per share, a 36.8% premium to the undisturbed price.
• The offer is conditional on shareholder and FIRB approval. The vote is low-risk as the two largest shareholders are supportive.  
• The offer is reasonable but not a knockout bid. At the last close and for an end-of-May payment, the gross/annualised spread was 2.8%/11.0%. 

• Aster DM Healthcare Ltd (ASTERDM IN) reported stellar performance in Q3FY25. Revenue achieved 11% YoY growth to INR10.5B, driven by increased patient volumes and growth in ARPOB. 
• Consistent growth across core businesses, combined with strategic cost optimization, operational efficiencies, and optimized service mix, have significantly strengthened margins, with Q3FY25 operating EBITDA margins standing at 19.3% (Q3FY24: 17.7%).
• Our original investment thesis is intact. Margin levers are working well. Expansion plan is on track. Macro trend is favorable. Merger with Quality Care can be a game changer.

• Biogen Inc.’s fourth-quarter and full-year 2024 financial results highlight a company in transition, balancing the challenges of competition in its core multiple sclerosis (MS) franchise while seeking growth avenues through new product launches and pipeline prioritization.
• Biogen’s earnings call detailed their strategic focus on launching innovative treatments, optimizing their pipeline, and reshaping company operations to align with future growth opportunities.
• 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.

• Tenet Healthcare’s performance for the fourth quarter of 2024 and the full year was marked by significant operational achievements and strategic transactions aimed at strengthening its financial posture and business flexibility.
• The company reported net operating revenues of $20.7 billion with a consolidated adjusted EBITDA of $4 billion for the year, reflecting a 13% increase over 2023 and an enhanced EBITDA margin of 19.3%.
• This performance was buoyed by robust same-store revenue growth across its segments and disciplined cost management.

• Royalty Pharma has reported robust financial results for the fourth quarter and full year 2024, underscoring its position as a leading funder of innovation within the life sciences sector.
• With a significant emphasis on strategic capital deployment, Royalty Pharma achieved portfolio receipts of $2.8 billion, marking a commendable 13% growth and surpassing initial guidance expectations of 5% to 9%.
• This financial performance reflects the company’s adept management and its capacity to expand its portfolio effectively.

• Genuine Biotech is looking to raise at least US$100 million via a Hong Kong listing.
• Genuine Biotech has commercialized product and is expanding indication of its core product from HIV to cancer.
• The company’s founder has experience of R&D in the relevant area in leading NMCs.

• Exelixis reported a robust performance for the fourth quarter and fiscal year 2024, highlighting significant financial growth and ongoing developments in their oncology portfolio.
• The company’s total revenues for the fourth quarter reached approximately $567 million, driven by the strong performance of the cabozantinib franchise, specifically CABOMETYX, which achieved net product revenues of $515.2 million.
• For the full year 2024, Exelixis reported U.S. cabo franchise net product revenues of $1.81 billion, reflecting substantial year-over-year growth.

• Grace is a clinical-stage, biotechnology company focused on rare disease.
• Its lead program, GTX-104, is a novel injectable formulation of nimodipine for the treatment of aneurysmal subarachnoid hemorrhage (aSAH).
• Other programs include GTX-102 for Ataxia Telangiectasia & GTX-101 for postherpetic neuralgia.

• GRAIL shares outperformed the market in 2025 with shares up ~168% year-to-date vs. a modest ~3% gain on the Nasdaq Composite.
• Most notably, management disclosed that Quest Diagnostics and TRICARE Health Insurance expanded their relationships with GRAIL.
• A fast-growing healthcare company reported FY24 revenues of ~$126M, up ~35% year-over-year, and ended 4Q’FY24 with ~$767M of cash and cash equivalents.

• Telomir Pharmaceuticals is a preclinical stage company focused on the science of lengthening telomere caps, which the company believes will extend human lifespans and improve quality of life as people age.
• The company released test results that showed Telomir-1 captured and stabilized the highly reactive Silver(II) in a biologically compatible form.
• This creates the potential for entry into a multi-billion-dollar market.

• Tsumura & Co (4540 JP) shocked everyone a year ago when they announced an immediate large price hike across the board for its kampo medicines. The stock was +35% immediately.
• It did not fall back. Now the stock is up 60% from a year ago and earnings are too. It’s still <10x PER. Now we get a ¥10bn secondary offering.
• It’s 12 days of ADV but not super heavy, and there is a buyback on the back end.

• Mayne Pharma (MYX AU), a leader in dermatology and women’s health, has 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. Apart from Mayne’s shareholder approval, the Offer requires FIRB signing off. 
• The Offer also has the backing of Mayne’s two largest shareholder, Viburnum and Bruce Mathieson, collectively holding 14.1%. Implementation is expected late May, early June 2025. This is done.

• Development of medicine for weight loss and diabetes has evolved over time, with newer drugs like Tirzepatide showing dual actions for weight loss and metabolic benefits
• These drugs have potential to impact behaviors like smoking, alcohol consumption, and potentially drug addiction, but further studies are needed
• Blue sky scenario for future impact includes potential for weight management to become a choice rather than an affliction, and reduction in downstream diseases of obesity like cardiovascular risk and kidney disease, which account for a significant portion of healthcare costs

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

• Gilead Sciences Inc. delivered a strong performance in the fourth quarter and full year 2024, with significant revenue growth driven by its core business areas despite facing some industry-specific and macroeconomic challenges.
• Positives from the earnings results include a robust increase in product sales, excluding Veklury (remdesivir), demonstrating an 8% year-over-year growth, reaching $26.8 billion.
• The primary driver was the HIV portfolio, which exceeded expectations with an 8% growth to $19.6 billion for the year, led by the leading HIV treatment, Biktarvy, which saw a 13% increase in sales.

• DWTI announced that ophthalmic surgical aid product “DW-1002” has been approved by the National Medical Products Administration (NMPA) in China for the indication of staining of the internal limiting membrane (ILM) during vitreous surgery, as reported by the Company’s sublicensee Dutch Ophthalmic Research Center International B.V. (DORC).
• This drug is already being sold in 76 countries and regions around the world, including Europe and the United States, and sales are progressing favorably.
• The graph below shows the annual trend of DW-1002 royalty income to DWTI from DORC. In China, it is scheduled to be launched under the product name ILM-BlueⓇ

• Lantheus is a leader in radiopharmaceutical offerings in oncology & precision diagnostics.
• It offers a portfolio of diagnostic & therapeutic products directly & via partnerships & licensing.
• The primary revenue driver is Pylarify, a PET tracer for PSMA-expressing prostate cancer.

• NurExone (OTC-NRXBF) is a preclinical stage biotech company that is developing a breakthrough treatment for spinal cord injuries that has the potential to dramatically improve lives.
• The technology involved also has the potential to more efficiently get other treatments to the needed area.
• The company’s stock has performed exceptionally well in Canada and is expanding its presence in the US.

• IDEXX Laboratories,  a $35 billion company, is a global leader in veterinary diagnostics, selling and developing the tools that help vets diagnose and treat animals.
• IDEXX operates a highly recurring, subscription-like business model, particularly in its Companion Animal Group (CAG), which accounts for over 90% of its revenue.
• IDEXX is a cash-generating, high-return compounder at the center of a booming industry and stock looks undervalued right now.

• With 6 days left to review cutoff, there are 2 potential adds and 3 potential deletions for the MV Australia Equal Weight Index at the March rebalance.
• Even if there are no constituent changes, capping changes will lead to one-way turnover of 3% and a round-trip trade of A$159m.
• The final list of inclusions/exclusions will depend on price movements till next Friday and whether the provider makes any significant changes to the free float of stocks in the universe.

• CSI Medical Service represents the top 50 largest and most-liquid stocks involved in medical devices, medical care, medical informatization, and other medical theme from the Shanghai, Shenzhen and Beijing Exchanges.
• 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 for the CSI Medical Service index during this index review event based on the latest available data.

• Incyte Corporation’s recent financial and corporate update for the fourth quarter and full year 2024 showcases a year of significant growth and strategic progress.
• The company achieved a 15% increase in total revenues, reaching $4.2 billion for the year, driven by a robust 8% growth in Jakafi sales and a 50% surge in Opzelura revenues.
• The financial health of Incyte remains strong, with $2.2 billion in cash reserves and no debt, allowing the company to complete a $2 billion share repurchase program.

• Terumo Corp (4543 JP) reported record high revenue, operating profit, and net profit for both Q3FY25 and Q3 YTD. Global demand continues to expand, driven by the U.S.
• In terms of segments, TIS and blood center business drove the growth. Steady progress in pricing measures and profit improvement measures led the bottomline outperforming topline, thereby improving profitability.
• FY25 guidance implies Q4FY25 revenue of ¥238B, flat YoY and down 10% QoQ. Mainstay C&V business revenue is expected to decline 6% YoY to ¥139B due to seasonality.

• Medpace Holdings, Inc. reported for the fourth quarter and full fiscal year 2024, showcasing a mixed financial environment defined by growth challenges yet significant earnings improvements.
• For the year, Medpace recorded revenues of $2.11 billion, marking an 11.8% increase from the previous year, with fourth-quarter revenues of $536.6 million, up by 7.7% year-over-year.
• These increments indicate a steady income trajectory, albeit amidst a business environment tempered by rising cancellations and decreased new business awards.

• Avantor, a global supplier of materials and services for the life sciences and advanced technology industries, reported its fourth-quarter 2024 financial results, indicating a mix of positive and challenging elements in its performance.
• Avantor noted a return to low single-digit organic growth across the enterprise, a milestone that aligns with the broader market recovery.
• The bioprocessing business, in particular, showed strong performance for a fourth consecutive quarter, achieving high single-digit organic growth.

• Vertex Pharmaceuticals demonstrated notable progress in its financial and operational performance for the fourth quarter and full year 2024.
• The company reported record revenues, attributed primarily to the sustained commercial success of its cystic fibrosis (CF) treatments and the initiation of CASGEVY’s launch.
• Vertex’s total product revenue for the fourth quarter reached $2.91 billion, marking a 16% increase from the prior year, while full-year revenues surpassed $11 billion, reflecting a 12% growth rate.

• BioLineRx is a commercial stage biopharmaceutical company with a development portfolio advancing motixafortide, a platform molecule targeting indications in stem cell mobilization (SCM) & in the treatment of advanced pancreatic cancer.
• The candidate is approved in the US for SCM and is undergoing studies for use in gene therapy and in pancreatic cancer.
• Partner Gloria Biosciences is developing motixafortide in Asia & is expected to be conducting bridging studies in the near term for SCM & longer-term studies for other indications.

• IN8Bio is a clinical-stage, oncology-focused biotechnology company using ?d T cells against solid and hematological tumors.
• Its pipeline is built on the DeltEx platform & drug-resistant immunotherapy (DRI) technology which have produced clinical candidates targeting leukemia & GBM.
• INB-100 is evaluating leukemia in a Ph1 study, while INB-200 & INB-400 are Ph1 and Ph2 assets evaluating GBM.

• Inspire Medical Systems demonstrated a strong performance in fiscal year 2024 with notable achievements and financial results.
• The company showed significant progress in both the U.S. and international markets, indicating a positive trajectory for its operations and market presence.
• Revenue for 2024 reached $802.8 million, marking a 28% increase from the previous year.

• Nearing a few days left in the review period, there could be 39 adds/deletes across the S&P/ASX family of indices in March.
• Passive trackers will need to trade a lot of stock in the forecast changes, with the impact being especially large for the changes to the S&P/ASX 200 and S&P/ASX 300.
• Except for the S&P/ASX 200 (AS51 INDEX) that is heavily tracked, the performance of the forecast changes to the other indices has been very stable with adds outperforming deletes bigly.

• On February 14, 2025, JEH announced the cancellation of its planned share offering and withdrew its Prime Market listing application due to a potential insider trading violation involving an executive.
• While the news may trigger a sharp correction in the stock, JEH’s core business remains strong, driven by pricing power, expansion opportunities, and growing inbound demand.
• If governance concerns are effectively addressed, the stock could offer a compelling buy-and-hold opportunity once market sentiment stabilizes.

• Cytokinetics Inc. reported its third quarter 2024 results, highlighting significant developments across its pipeline and commercial readiness efforts.
• A notable achievement was the completion of the rolling submission and the new drug application to the FDA for aficamten, a cardiac myosin inhibitor targeting obstructive hypertrophic cardiomyopathy (HCM).
• This represents a key milestone in Cytokinetics’ efforts to bring potentially transformative therapies to market.

• Classys (214150 KS) reported record-high revenue of KRW243B for 2024, 8% ahead of guidance. Operating profit grew 37% YoY to KRW 123B, and the operating profit margin improved to 50.4%.
• Volnewmer remained the key growth driver. Volnewmer has exceeded 1,200 units in annual global sales mainly due to successful launches in major countries including Brazil, Thailand, and the U.S.
• The company has guided for 2025 sales of KRW350B, up 44% YoY. 2025 operating profit margin is expected to improve from the operating profit margin of 48.1% reported in 4Q24.

• Rani is a clinical-stage biotherapeutics company developing the ingestible robotic RaniPill (RP) that enables oral delivery of biologics & other large molecules.
• Its pipeline features clinical assets RT-102 (teriparatide for osteoporosis) & RT-111 (ustekinumab for psoriasis).
• Both programs have completed Ph1 trials characterizing safety tolerability & pharmaco-kinetics.

• Encompass Health Corporation concluded its fourth quarter of 2024 with a robust financial performance, emphasizing strategic growth and improved patient care metrics.
• The company reported a 12.7% increase in revenue for the quarter, reaching $1.4 billion, alongside a 13.6% rise in adjusted EBITDA to $289.6 million.
• Key metrics contributing to this growth were the 7.8% increase in discharges and a 4.2% rise in net revenue per discharge.

• Arcutis Biotherapeutics’ latest financial results show a mix of strategic execution and market opportunity, underpinned by the performance of its ZORYVE portfolio.
• The company’s Q3 2024 results highlighted substantial sales growth, reflecting a year-over-year increase of 452% and a sequential quarterly rise of 45%, bringing net product revenue to $44.8 million.
• This growth is underpinned by the expansion of ZORYVE’s indications, now covering psoriasis, seborrheic dermatitis, and atopic dermatitis.

• All the three candidates lonapegsomatropin, TransCon CNP, palopegteriparatide in the pipeline of VISEN are based on Exclusive License Agreements with Ascendis Pharma. So, there’re concerns about VISEN’s independent R&D capabilities.
• VBP would destroy the price system of growth hormone market in China, and market size would shrink due to price reduction and decreasing demand as fewer babies will be born.
• Post investment valuation reached US$1.03 billion. Since leading domestic companies have dominated the market, it’s not easy for VISEN to break through. Valuation of VISEN could be lower than peers.

• China-Based vaccine biopharmaceutical company Ab&B is looking to raise at least US$100 million via a Hong Kong listing.
• In this note, we look at the story that the company is trying to market.
• We are of the view that the potential of its core flu vaccine product is not that rosy. Its pre-IPO investors and founders are of mediocre quality.

• Telomir Pharmaceuticals is a preclinical stage company focused on the science of lengthening telomere caps, which the company believes will extend human lifespans and improve quality of life as people age.
• The company released preclinical test results that showed exciting developments that could lead to a better treatment for AMD.