Healthcare

• Quiddity’s “Who is Ready” series of insights aims to objectively identify names listed on the Tokyo Stock Exchange that are potential additions to the TOPIX Index in future.
• Japan Eyewear Holdings (5889 JP) and Core Concept Technologies Inc (4371 JP) continue to be in our watchlist of pre-event candidates for TOPIX Inclusions.
• Separately, the TOPIX Liquidity factor removal event will take place in April 2025 and there could be some positive index flows for Tokyo Metro (9023 JP) during this event.

• Received US FDA Approval for both Tarapur & Baddi Facility & moving to regulated market.
• Increase in revenues & margins with the US FDA approvals & Many products are backward integration or import substitution which is expected to boost demand
• US entry to allow product & bottomline expansion and would also focus on increasing market presence from semi-regulated markets along with regulated markets

• Paragon 28 is being acquired by Zimmer Biomet for $13/share in cash plus a non-transferable CVR tied to 2026 revenue.
• The CVR pays up to $1/share if Paragon’s revenue reaches $361m, requiring a 19% CAGR over two years.
• The merger is supported by management and faces minimal regulatory hurdles, with DaCosta incentivized to achieve CVR targets.

• Kevin Tang holds a 10% stake in Allakos, valuing its cash balance and nearly $1 billion in federal NOLs.
• Allakos estimates $35-$40 million cash by June 2025, with restructuring costs of $34-$38 million.
• Potential reverse merger could value Allakos at $0.45-$0.5/share, considering NOLs and cash after expenses.

• TuHURA is a clinical-stage, oncology-focused biotechnology company ad-vancing 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 and subsequent cascade that may eliminate the tumor.

• Quest Diagnostics Inc. reported strong financial performance for the fourth quarter and full year of 2024, driven primarily by revenue growth from acquisitions and robust organic growth.
• Revenue for the fourth quarter increased by 14.5% to $2.62 billion, with organic revenue growth accounting for nearly 5%.
• This growth was supported by the completion of eight acquisitions within the year, including LifeLabs in Canada and several hospital outreach lab businesses in the U.S. These acquisitions bolstered the company’s market position, particularly within the physician and hospital channels, and expanded its geographic reach.

• The company set terms for an IPO on Thursday seeking up to $85m if the offering prices at the middle of the ($16-$18) range. 
• Aardvark Therapeutics develops novel, small-molecule therapeutics to activate innate homeostatic pathways for the treatment of metabolic diseases.
• Their lead product candidate is an oral gut-restricted small-molecule agonist of certain TAS2Rs expressed in the gut lumen and have initiated a Phase 3 trial for hyperphagia associated with PWS.

• 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 the AI technology.
• The company announced that it has close a public offering of almost four million American Depository Shares, resulting in an additional of over $10 million in cash to its balance sheet.

• The current price guidance is pointing to the high-end of the prevailing $16-$18 range with allocations expected to be “cut-back”.
• This biotech is extremely well-backed with RA Capital entering the IPO as the company’s largest shareholder (29.2% pre-IPO stake).
• Clinical-Stage biopharmaceutical company on a mission to revolutionize the current treatment paradigm for cystic fibrosis (“CF”) patients is set to go public on Friday. 

• SK Biopharmaceuticals (326030 KS) reported first-ever annual operating and net profit of KRW96B and KRW227B, respectively in 2024. In 2023, operating and net loss stood at KRW38B and KRW35B, respectively.
• The company has turned profitable in 2024 driven by continued momentum of Xcopri in U.S. For 2024, Xcopri recorded revenue of $321.6M in the U.S., exceeding guidance of $300–320M.
• For 2025, SKBP has guided for Xcopri U.S. revenue of $420–450M (~KRW570–610B), up 31–40% YoY. The company expects 2025 SG&A expenses will be KRW490B, up 20% YoY.

• With the review period complete, we forecast 3 changes for the SSE STAR50 (STAR50 INDEX) and 8 changes for the STAR100 Index. There are a few migrations between the indices.
• We estimate turnover of 3.8% for the SSE STAR50 (STAR50 INDEX) and 9.9% for the STAR100 Index. The estimated net round-trip trade is CNY 13bn (US$1.8bn).
• The forecast adds to the STAR50 INDEX have underperformed the forecast deletes. For the STAR100 Index outright changes, the forecast adds have outperformed the forecast deletes by a lot.

• PegBio is looking to raise at least USD 100m via its Hong Kong IPO.
• In this note, we looked at the company’s fundamentals, particularly its core product PB-117.
• We think the story might look simple as a straightforward GLP-1 challenger but there are quite a number of concerns as we dig into the company’s story.

• After PD-1/L1, we haven’t seen the next successful/reliable immune checkpoint emerges due to issues on efficacy/safety profile. So, for 4-1BB/LAG3, we’re worried about the druggability or future commercialization after approval.
• In Leads Biolabs’ pipeline, we think the future highlight may still lie in CD3, since the mechanism by which TCR/CD3 is used to activate T cells is well validated.
• After Series C+ Financing, the post investment valuation has exceeded RMB3 billion.If the pipeline development progresses smoothly, Leads Biolabs’ valuation would surpass peers in the future due to better outlook.

• 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 the AI technology.
• The company announced that it has close a public offering of almost four million American Depository Shares, resulting in an additional of over $10 million in cash to its balance sheet.

• Cumulative Q3 revenue increased by 2.8% YoY to JPY75.1bn, while operating profit decreased by 15.2% YoY.
• Domestic revenue rose 3.0% YoY, driven by a 7.9% YoY increase in the nursing care business.
• SG&A expenses rose 9.2% YoY, impacting profit margins; net income attributable to owners declined by 10.7% YoY.

• Cloudbreak re-filed for a Hong Kong listing in December 2024 to raise at least USD 100 million.
• In this note, we look at updates to its product lines. The progress of core products is on track while there are significant delays observed for other products.
• We have a negative readthrough from the leading competitor of its core product.

• Sana Biotechnology (NasdaqGS:SANA) is a well-funded cell and gene therapy innovator.
• Its therapies address significant unmet needs across oncology, central nervous system (CNS) disorders, and rare genetic diseases.
• Leveraging IP protected platform technologies, SANA is developing a robust pipeline of allogeneic cell therapies, in vivo gene editing and hypoimmune solutions, that might revolutionize treatment paradigms.

• LVC increased its holding of Henlius by 1,110,900 shares on January 23, reflecting its high recognition of the Company and optimism on its prospects, despite the biosimilar VBP headwinds.
• Even with concerns, LVC still repeatedly invested in Henlius at a valuation far higher than its actual value, offering support with real money during pre-IPO stage.
• Lin Lijun’s dissenting vote was a deliberate decision. We are interested to see Lin’s next move. Lin should have a very clear understanding of the true value of Henlius.

• Dr Agarwal’s Health Care Ltd (8140044Z IN) raised around US$350m in its India IPO.
• Dr Agarwal’s Health Care is a healthcare/hospital chain in India providing eyecare services, including surgeries; consultations, diagnoses, non-surgical treatments; and sells opticals, contact lens, accessories and eyecare related pharmaceutical products.
• We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.

• In November 2024, Alteogen Inc (196170 KS) entered into an exclusive license agreement with Daiichi Sankyo for an upfront payment of $20M (KRW28B).
• With increasing number of players developing ADC drugs mainly targeting various cancers, we can expect more big-ticket licensing deals for ALT-B4, going ahead.
• On February 4, Alteogen has raised ~KRW155B through redeemable convertible preference shares. Over the last few months, Alteogen shares had a roller coaster ride due to fund raising rumors.

• Cardinal Health, Inc.’s recent financial results offer a multifaceted view of the company’s current position and future potential in the healthcare industry.
• The company showcased strong performance in certain areas while facing challenges in others, leading to a complex investment outlook.
• A significant highlight from the results was the robust performance of the Pharmaceutical and Specialty Solutions segment.

• ResMed Inc.’s second quarter fiscal year 2025 earnings presentation highlights several notable financial and operational results, alongside key strategic initiatives.
• From a performance standpoint, the company reported a global revenue increase of 10%, reaching $1.28 billion.
• This growth spanned ResMed’s key business sectors, including device sales, which rose by 11%, and masks and accessories, which grew by 11% as well.

• For the fourth quarter of 2024, Thermo Fisher Scientific reported a 5% year-over-year growth in revenue, reaching $11.4 billion, alongside a 7% increase in adjusted operating income, which totaled $2.72 billion.
• This resulted in an adjusted operating margin expansion by 50 basis points to 23.9%.
• Moreover, adjusted earnings per share (EPS) grew by 8% to $6.10.

• Sumitomo Pharma (4506 JP) reported 25% YoY revenue growth during 9MFY25, driven by North America.
• Restructuring and streamlining efforts help curb expenses and post a core operating profit of ¥21B during 9MFY25 compared to an operating loss of ¥96B in same period last year.
• Sumitomo is now expecting FY25 revenue to be ¥381B, up by ¥43B from the previous forecast and a core net profit of ¥16B.

• Cumulative Q3 FY03/25 sales were JPY75.4bn (+9.8% YoY), operating profit JPY8.4bn (+11.5% YoY), net income JPY6.0bn (+10.2% YoY).
• Research and Industrial Instruments sales reached JPY62.4bn (+11.0% YoY), with Scientific and Industrial sales at JPY46.1bn and JPY16.3bn respectively.
• E-commerce sales rose to JPY24.7bn (+23.8% YoY), overseas business sales were JPY4.1bn (+8.9% YoY), driven by online expansion.

• Daiichi Sankyo (4568 JP) reported mixed Q3FY25 result, with revenue increasing 8% YoY to ¥484.8M and net profit decreasing 7% YoY to ¥61.9M. Enhertu revenue increased 39% YoY to ¥143B.
• The company has raised FY25 net profit guidance by 7% to ¥240B (up 20% YoY), to reflect an increase in financial income due to an improvement in foreign exchange gains.
• As Daiichi Sankyo enters the final year of its current five-year business plan, the company has appointed Hiroyuki Okuzawa as Chief Executive Officer effective April 1, 2025.

• Protalix is a clinical and commercial pharmaceutical company using its proprietary ProCellEx plant-based expression system to pro duce thera peutic proteins for global markets.
• The company has two commer cialized products, Elelyso that is marketed by Fiocruz in Brazil & Pfizer in the rest of the world for Gaucher Disease and Elfabrio which was approved in May 2023.
• Chiesi Rare Disease will commercialize Elfabrio globally.

• SEM stub trading at a discount to fair value with a catalyst expected to narrow gap in near future
• Predicted to be valued closer to 9.5x EV/EBITDA in 12 months, offering potential 49% upside
• Select Medical is a prominent operator of critical illness recovery hospitals, rehab hospitals, physical therapy clinics, and occupational health centers in the U.S., recently IPOed occupational health business Concentra and plans to spin off remaining stake in CON to shareholders

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

• Biopharmaceutical company on a mission to revolutionize the current treatment paradigm for cystic fibrosis filed for IPO.
• The terms value the company between $652m-$734m with the $16-$18 price range.
• The company’s existing shareholders include some of the best pre-IPO names in the biotech sphere.

• The review period for the March rebalance ended on 31 January, changes will be announced first week of March and implemented at the close of trading on 13 March.
• We forecast two changes for the Bio Index and one change for the Internet Index. Plus there will be capping changes for all indices.
• The largest flows will be in Samsung SDI, LG Energy Solution, POSCO Holdings, Alteogen, Naver Corp, Legochem Biosciences, Netmarble and Celltrion Inc.

• The market’s expectations for GLP-1 have changed, and the sales growth of GLP-1 may enter a turning point, which would cast a shadow over the prospects of PegBio’s GLP-1 pipelines.
• PB-119 would be the first commercialized product for PegBio. However, this market is highly crowded. It’s highly uncertain whether PB-119 can stand out from fierce market competition after its launch.
• The post investment valuation has reached RMB4 billion, which is already expensive in our view. Due to poor valuation performance of peers, we are not optimistic about PegBio after IPO.

• If product sales cannot continue to climb rapidly and dilute the costs, the final profit will gradually fade away. Therefore, Chinese biotech companies need new blockbuster products to drive growth.
• The decline in the number of biotech companies in the future is actually “a supply side reform” that fundamentally reduces market competition, which obviously benefit those first-tier companies.
• The acquisition of Tasly by China Resources Sanjiu Medical & Pharma is still in progress. The deal may not be completed until 25H1 if the approval time is not enough.

• In this insight, we take a look at the potential index changes for ASX 300, 200, 100, 50, and 20 in the run-up to the March 2025 index rebal event.
• We expect two changes for ASX 50, one change for ASX 100, and seven changes for ASX 200. Separately we see 8 ADDs and 6 DELs for ASX 300.
• The Sigma Healthcare – Chemist Warehouse merger will be completed soon and there will be major inflows for Sigma Healthcare due to float percentage/share count upgrades.

• I tally 58 – mostly firm, mostly Asia-Pac – transactions currently being discussed and analysed on Smartkarma.
• Ten new deals discussed this week! Australia’s Dropsuite, Red Hawk,; Singapore’s Japfa, SLB; Japan’s Global Food, Ascot Corp, Chuoh Pack Industry, Giga Prize, Sanyo Special Steel; and Dada Nexus.
• Key updates/news took place on: Sigma Healthcare (SIG AU), Shandong Hi-Speed New Energy (1250 HK), China National Building Material (3323 HK), Malaysia Airports (MAHB MK), and Sun Art (6808 HK).

• Blue Jet Healthcare Ltd (BJHC IN) is a science-led pharmaceutical company that has evolved into a strategic partner for the CDMO of advanced Pharmaceutical Intermediates and APIs.
• Company gave a record breaking Q3FY25 primarily driven by capacity expansion in Contrast media and PI Segment. Strong demand for the cardiovascular product was also witnessed.
• Company commissioned an additional manufacturing block during Q3 FY25 at Ambernath for manufacturing Advance Contrast Media with investment around Rs. 100Mn.

• Metsera (MTSR US), a biotech using peptides to treat obesity, overweight and related conditions opened 41.7% above the issue price. 
• The company was seeking a specific cash-raise of $275 million and was not looking to allow further dilution.
• IPOs in the biotech sector are a “sell-the-news” event until we see on the tape otherwise.

• Sigachi Industries (SIGACHI IN)  has increased MCC capacity to 21,700 MTPA and expects to achieve 80-90% utilization by Q4 FY27 from 50% utilization in Q4FY25.
• Sigachi is increasing its focus on the API segment, with a target of 20-25% revenue contribution in next 2-3 yrs and further expanding to 35-40% of revenue in 3-5 Yrs.
• Sigachi is introducing new product lines including pharmaceutical coatings like PureCoat and UltraMod and plans to commercialize Croscarmellose Sodium (CCS) by FY26 to enhance drug stability and bioavailability.

• 23andMe’s recent earnings report reveals a period of significant transition and strategic refocus for the company, characterized by financial adjustments, business restructuring, and an evolving operational strategy.
• These developments present a nuanced view of the company’s current state and future potential in the health genetics and consumer genomics sector.
• On the positive side, 23andMe reported strides in its overarching goal to achieve cash-flow positivity.

• Maze Therapeutics (MAZE US) upsized its transaction but saw its IPO price dip below issue on day one.
• A critical piece of information, price guidance, was missing from the final channel check sending a warning message to the market.
• With the lack of enthusiasm for this IPO during its first session, we would encourage investors to exercise caution on this IPO in the aftermarket.

• The company’s sales and profits are concentrated in Q3 due to medical equipment deliveries to public institutions.
• Medical Devices and Consumables segment sales rose 7.6% YoY, driven by consumables and strategic regional sales activities.
• SPD business sales increased 9.8% YoY, with operating profit up 5.3% YoY, despite rising SG&A expenses.

• Stryker Corporation reported strong financial performance in its fourth quarter of 2024 and the full fiscal year, demonstrating resilience and robust growth across its business segments.
• The company’s organic sales growth exceeded 10% for both periods, with U.S. sales growth at 10.6% and international sales at 8.8%.
• Key drivers included double-digit growth in the Instruments, Endoscopy, Medical, Neuro Cranial, and Trauma and Extremities businesses.

• Chugai Pharmaceutical (4519 JP) announced stellar performance in 2024, with revenue, operating profit, and net income exceeded revised forecasts, all reaching record highs.
• Export of Hemlibra to Roche increased 45% YoY to ¥304B. Roche is seeing strong uptake of Hemlibra in Europe, where the drug reported double-digit growth.
• Chugai guided for 2% revenue growth in 2025. Domestic sales are expected to remain flat, while overseas sales are expected to increase 4%. Bottomline to outpace revenue growth.

• Jcr Pharmaceuticals (4552 JP) revenue dropped 23% to ¥26B during 9MFY25, dragged by lower contractual payments. With higher R&D and SG&A expenses, the company reported operating loss of ¥754M.
• FY25 Guidance has been revised downwards with revised sales now stands at ¥39B. While product sales remain largely on track, income from contractual payment was revised downward.
• The heavy dependence on one major product and no major product launch lined up anytime soon poses as a negative on the company’s prospects in near future.

• Lexicon Pharmaceuticals, a biopharmaceutical company focused on developing treatments for serious diseases, recently shared their third-quarter 2024 financial results and provided business updates.
• Among their key areas of activity are their drug programs including INPEFA, ZYNQUISTA, LX9211, and LX9851.
• This quarter marked significant developments for Lexicon as they continued their strategic initiatives and focused on advancing their pipeline.

• Today Takeda Pharmaceutical (4502 JP) announced earnings which will mean last year was the trough, not this year. The pipeline looks OK too. 
• The company also announced a ¥100bn buyback and a change of CEO. The buyback has a big number, but it isn’t particularly exciting. 
• All in all, there’s positive news here, but it is all much of a muchness, but as it is a nine-figure buyback in 3mos, we take a look.

• Takeda Pharmaceutical (4502 JP) reported better-than-expected performance in Q3FY25, with 3% revenue growth to ¥1,144B, driven by continued strong momentum from Growth and Launch Products. All key parameters beat estimates.
• Takeda has upgraded its full year outlook for growth, reflecting strong year-to-date product performance and OPEX efficiencies, as well as revised foreign exchange assumptions. Takeda has also announced ¥100B buyback.
• Continued strong performance of its Growth and Launch product portfolio, ripe late-stage pipeline, and expected margin improvement from FY26 envisage long-term growth prospect of the company.  

• HCA Healthcare concluded the fourth quarter of 2024 with robust business fundamentals, maintaining consistency with previous quarters.
• The company displayed resilience amidst challenges, such as significant weather disruptions caused by hurricanes, and a stable operational environment underpinned a reasonable starting point for 2025.
• The execution of efficient operational strategies has allowed the organization to stabilize operations in affected regions like North Carolina, Georgia, and West Florida.

• Pharma-Bio Serv(PBSV) Company Sponsored Research Report

• Zacks Small-Cap Research Note for Aethlon Medical (AEMD)

• There’s great potential for PSCs, which provides new treatment options for complex diseases where traditional therapies are ineffective.The more solid the platform technology, the greater the dividends in later stage.
• Zephyrm’s pipeline candidates are promising. However, considering the R&D risks, the uncertainty of future commercialization and product safety profile, we think the investment risk of this Company is relatively high.
• Valuation of overseas peers is not high. In our view, valuation performance of Zephyrm would be largely depend on its clinical results of pipeline, which is a gamble for investors.

• AURN001, is an improved formulation designed to be mechanistically identical to Vyznova and to provide enhanced benefits, including manufacturing scalability and extended shelf life.
• There is pending litigation between Aurion Biotech and the company’s largest shareholder, Alcon Research.
• This company is on a trajectory to set terms and debut in the first half of February.

• The stock opened 29.4% above its issue price at $22.00 and closed its debut session at $23.63, delivering a first-day gain of 39.0%.
• This was a major victory for the IPO market, marking the highest first-day percentage gain of the year.
• Looking ahead, the IPO market’s next test will be from the biotech sector.

• Sigma Healthcare (SIG AU) and Chemist Warehouse (CWG) shareholders have approved the merger with 99.86% and 100% of the votes cast in favour.
• The Second Court Hearing is on 3 February and the merger will be implemented on 12 February, which is when the passive buying could commence.
• Sigma Healthcare has continued to trade higher on a record margin and sales expansion for CWG and expected passive buying that could top A$3bn over the next few months.

• The company is performing an abbreviated four-day roadshow and has gained momentum with interest from sector-dedicated investors. 
• According to our sources, the deal was considered oversubscribed at launch from a mix of new and existing investors.
• Typically, the biotech IPOs that are eager to come out of the gates in January have fared overwhelmingly better than those that trickle out later in the year.

• Sigma Healthcare (SIG AU) announced that more than 99% of the shareholders cast vote in favor of the merger with CWG. The merger now remains subject to court approval.
• The court hearing is scheduled on February 3, 2025. If the Court approves the merger, it is expected that implementation of the merger scheme will occur on February 12, 2025.
• CWG continued healthy performance, with double-digit like-for-like retail network sales growth and 400bps EBIT margin expansion in H1FY25. We are bullish on the long-term growth prospect of the merged entity.

• The GLP-1 market has experienced a recent boom and Metsera is capitalizing on this with a well-times IPO.
• According to our sources, the deal is well-oversubscribed with the books closing Wednesday at 4pm for a Friday debut.
• The company is seeking a mega valuation of$1.8b if priced at the high-end of the range. An IPO valuation at these levels would put the company in “rare-company”.

• GLP-1s are “a solution” for obesity and not “the solution”. There are over 100 GLP-1s in development and this space could become very commoditised.
• Its valuation has certainly become a lot more palatable, and Novo Nordisk is now trading on a FPE of 24.
• Lilly’s Zepbound is the preferred GLP-1: Given the better tolerance, and superior results, Zepbound is chosen over Wegovy.

• Zacks Small-Cap Research Note for Lantheus Holdings, Inc. (LNTH)

• Dr Agarwal’s Health Care Ltd (8140044Z IN) is looking to raise about US$350m in its India IPO. The deal is downsized from an earlier reported size of around US$480m.
• Dr Agarwal’s Health Care is a healthcare/hospital chain in India providing eyecare services, including surgeries; consultations, diagnoses, non-surgical treatments; and sells opticals, contact lens, accessories and eyecare related pharmaceutical products.
• Previously, we have looked at the company’s past performance. In this note, we provide a summary of its RHP updates and share our quick thoughts on peer comparison and valuation.

• Hyphens Pharma (HYP SP EQUITY) is Singapore’s leading specialty pharmaceutical and consumer healthcare group, leveraging on its diverse footprints in ASEAN countries. Its core business lies in three segments: Specialty Pharma Principals, Proprietary Brands, and Medical Hypermart and Digital.
• Based on its scalable business model, direct access to the five countries in the southeast Asia region enabling it to capture health expenditure growth in ASEAN countries, sustainable growth from both in-house product innovation and in-licensing cooperation, as well as realization of DocMed’s potential when rolling out the digital platform to other ASEAN markets, Hyphens Pharma will demonstrate sustainable growth momentum and optimistic investment value in the future.
• Revenue in 2024 full year is expected to show a strong rebound compared to 2023.

• The underwriters amended the terms of this offering with a S-1/A on Tuesday morning.
• With the updated terms, the company could raise as much as $170 million at the high-end of the new range. 
• We have updated our first day forecast given the bullish momentum during the roadshow. 

• I expect GRAIL shares will appreciate over time as investors gain greater conviction in one of the most meaningful opportunities in healthcare.
• A fast-growing maker of MCED screening tests reported ~46% sales growth of Galleri tests in 2024. Commercial Galleri sales surpassed 250K tests since launch.
• At ~0.5x EV/2025E revenues, GRAIL shares trade at a significant discount to Guardant Health and Tempus AI. GRAIL shares appreciated ˃100% from October 4, 2024.

• DeepSeek appears to have turned the chatbot market upside-down, putting pressure on AI-linked stocks. The dust has yet to settle, but the selloff has been largely contained to AI-linked stocks.
• The rest of the market did not seem to care; the equal-weighted S&P 500 was roughly flat yesterday.
• Additionally, market dynamics remain healthy. Bottom line: as long as the S&P 500 remains above 5600-5670, our long-term outlook remains bullish.

• Henry Schein, a global leader in healthcare products and services, has faced significant scrutiny following the intervention of activist investor Anynam.
• With demands for a new CEO, strategic cost cuts, and a refined approach to capital allocation, Anynam has raised concerns over Henry Schein’s performance and governance.
• The activist’s recommendations include splitting the company’s dental and medical businesses, enhancing operational efficiencies, and reassessing leadership for improved shareholder returns.

• Imunon, Inc. (IMNN) is finishing preparations to initiate a Phase 3 clinical trial of its lead development compound, IMNN-001, in the treatment of advanced ovarian cancer.
• In support of this, the company recently announced a positive Type C Chemistry, Manufacturing, and Controls (CMC) meeting in which the agency agreed the company’s potency assay is acceptable for the Phase 3 trial and use in a commercial setting.
• This follows the company’s prior announcement in which it had reached alignment with the FDA on its proposed plan for the Phase 3 trial, including the overall trial design, the target patient population, the treatment schedule, and the primary endpoint.

• Lexaria is a biotechnology company seeking to enhance the bioavailability of multiple drug agents using DehydraTECH (DHT), its technology using oral and topical delivery.
• It combines lipophilic APIs with specific fatty acid and carrier compounds followed by dehydration.
• DHT offers several attractive features: substantial improvement in bioabsorption in terms of time to measurable plasma levels & AUC, brain permeation, taste masking & side effect reduction.