Healthcare

• Following disappointing clinical data for its lead asset, EO-3021, Elevation Oncology has discontinued its development and is now exploring strategic alternatives to maximize shareholder value.
• The company has shifted its focus to its preclinical HER3-targeted antibody-drug conjugate (ADC), EO-1022, with plans to file an Investigational New Drug (IND) application in 2026.
• With a significant workforce reduction and a cash runway extended into the second half of 2026, the company is in a transitional period with high uncertainty, facing pressure from activist investors to wind down operations.

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• Hisamitsu Pharmaceutical Co (4530 JP) reported revenue of ¥34.7B in 1HFY26 down 1% YoY, mainly dragged by subdued performance by Salonpas focused OTC pharmaceutical products.
• Rx business revenues grew 6% as Zicthoru, Apohide, Combipatch,Vivelle-Dot etc clocked healthy numbers excepting Mohrus product line.
• Hisamitsu reiterated FY26 guidance expecting revenue to be ¥165B with profits growth expected to decelerate on higher cost.

• AVROBIO, Inc. has ceased to operate as an independent entity following a reverse merger with Tectonic Therapeutic, which closed in June 2024. The combined company now operates under the name Tectonic Therapeutic, Inc. and trades under the ticker ‘TECX US’.
• Prior to the merger, AVROBIO was a clinical-stage gene therapy company focused on developing hematopoietic stem cell (HSC) gene therapies for rare diseases. Its pipeline included programs for Gaucher disease, cystinosis, Hunter syndrome, and Pompe disease.
• The acquisition by Tectonic Therapeutic has resulted in the discontinuation of all of AVROBIO’s legacy gene therapy programs. The new entity is focused on advancing Tectonic’s pipeline of G-protein coupled receptor (GPCR)-targeted therapies.

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• A compelling investment strategy focused on high-quality Japanese equities, selected for strong financial health and growth prospects. This approach targets companies offering stability and long-term appreciation.
• The portfolio emphasizes industrial, automation, pharma, and technology hardware sectors, balanced with a tactical volatility trading approach. This strategy aims to enhance returns while managing short-term market fluctuations.
• Otsuka Holdings is highlighted as a core pharma pick. Screen and Hirose Electric are strong value picks in manufacturing and electronic tech, contributing to the portfolio’s quality and value focus.

• Intuitive Surgical’s third-quarter 2025 results reflect significant operational successes as well as challenges to consider.
• Intuitive Surgical, a leader in robotic-assisted surgical platforms, demonstrated notable growth, driven by the adoption of its new da Vinci 5 system and ongoing expansion in international markets.
• However, the company also faces certain pressures, including economic conditions in some regions and competitive dynamics.

• Quest Diagnostics reported strong results for the third quarter of 2025, with revenues reaching $2.82 billion, a 13.1% increase compared to the previous year.
• This growth was driven by a combination of organic expansion, contributions from acquisitions, and increased demand for the company’s clinical solutions.
• Organic revenue grew 6.8%, indicating positive momentum in the company’s core operations.

• Novo Nordisk A/S reported its financial results for the first quarter of 2025, showcasing strong growth across its operations, though facing certain challenges.
• The company delivered an 18% increase in sales and a 20% growth in operating profit, reflecting robust demand for its diabetes and obesity treatments.
• These positive results underscore the company’s ongoing market leadership, with approximately 46 million patients currently benefiting from its treatment solutions.

• FDA’s first-ever priority vouchers send out positive signals for psychedelics.
• Following up on our podcast discussion with Kadysh in June about the FDA’s proposed reforms, including the idea of a national priority voucher program, he highlighted the recent award of the first-ever priority vouchers to nine products, which included ketamine (a psychedelic-like compound) for US manufacturing.
• This means that anyone who applies to the FDA to manufacture ketamine in the US (currently approved for the treatment of treatment-resistant depression under the brand Spravato®) gets an “incredibly aggressive” two-month review timeline. 

• Atom Therapeutics, a China-based clinical-stage biotech company, is looking to raise at least USD 100 million via a Hong Kong listing. CITIC is the sole sponsor.
• In this note, we look at the company’s core product, ABP-671.
• We also look at the company’s pre-IPO investors and management team.

• Molbio Diagnostics Limited (1788863D IN) is looking to raise US$229m in its upcoming India IPO.
• Molbio Diagnostics is a healthcare technology company specializing in point-of-care molecular diagnostics. Its flagship product, Truenat, is a portable, battery-operated PCR testing system used for the rapid detection of infection.
• In this note, we look at the company’s past performance.

• Nektar Therapeutics is back in Wall Street’s spotlight after reports and social media speculation suggested that pharmaceutical heavyweight Eli Lilly may be exploring a potential acquisition of the biotech company.
• Shares surged roughly 8% following the chatter, extending a 294% year-to-date rally that has lifted its market capitalization to over $1 billion.
• The speculation arrives at a pivotal time for Nektar, whose lead candidate, rezpegaldesleukin (REZPEG), has produced promising results in moderate to severe atopic dermatitis and is advancing toward Phase III readiness by early 2026.

• Alnylam Pharmaceuticals (ALNY US), Monolithic Power Systems (MPWR US) and Seagate Technology Holdings (STX US) are the top 3 addition candidates with ALNY at the top.
• GLOBALFOUNDRIES (GFS US), CDW Corp (CDW US) and Biogen (BIIB US) are the top 3 deletion candidates with GFS at the bottom.
• Versant (VSNT) and Solstice Advanced Materials (SOLS) are estimated to be deleted following completion of their spinoffs with the earliest one expected on 30 October 2025.

• BillionToOne (BLLN US) set terms for its IPO on October 17th by offering 3.846 million shares at $49-$55 and to debut on November 6th.
• The underwriters have reserved up to 5% of the shares of Class A common stock through a directed share program. 
• There is a lot to like about this company including the explosive revenue growth and the narrowing losses.

• Nanjing Leads Biolabs (NLB HK) entered into an exclusive global license agreement with Dianthus Therapeutics to jointly advance LBL-047, a first and potentially best-in-class pre-clinical asset.
• Leads Biolabs will receive upfront and potential near-term milestone payments up to $38M and an additional $962M in total development and regulatory approval milestones and sales-based milestones across multiple indications.
• Promising autoimmune drug candidate and sufficient cash runway make Dianthus a suitable outlicensing partner for Leads Biolabs. Since LBL-047 is a pre-clinical asset, the upfront payment seems competitive. 

• Sonova is a global leader in the hearing care market, well-positioned to capitalize on favorable long-term demographic trends, including an aging population and increasing awareness of hearing loss solutions.
• The company’s innovation in hearing aid technology, particularly in areas like artificial intelligence and connectivity, provides a key competitive advantage and drives market share gains.
• While facing challenges from currency fluctuations and evolving regulatory landscapes, Sonova’s strong brand portfolio and broad distribution network support a resilient business model with a positive long-term outlook.

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• The technology-driven modular housing Company provided an operational market update outlining its geographic expansion strategy and technology roll-out.
• The Company has completed the computerisation and integration of the entire modular housing production process, creating fully automated, high-precision housing manufacturing platforms.
• At the heart of the system is the Company’s proprietary Vertical Panel Casting Machine combined with Glass Fibre Reinforced Gypsum wall technology, a blend of advanced materials science, precision automation, and architectural flexibility. 

• Gossamer Bio is a clinical-stage biopharmaceutical company whose value is almost entirely dependent on its lead drug candidate, seralutinib, for the treatment of pulmonary arterial hypertension (PAH) and pulmonary hypertension associated with interstitial lung disease (PH-ILD).
• The pivotal Phase 3 PROSERA trial for seralutinib in PAH has completed enrollment, with topline data expected in February 2026. This is the single most significant catalyst for the company.
• Financially, the company operates at a net loss, burning cash to fund R&D. However, its current cash reserves are expected to fund operations into the first half of 2027, beyond the anticipated PROSERA data readout.

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LTR Pharma is a clinical- and commercial-stage pharmaceutical company pioneering intranasal drug delivery with lead product SPONTAN, a first-in-class nasal spray for erectile dysfunction (ED). LTR has achieved compelling clinical validation, with SPONTAN demonstrating 470% faster absorption compared to oral PDE5 inhibitors such as vardenafil (Levitra) and sildenafil (Viagra), reaching peak concentration in c 12 minutes versus 56 minutes for the more traditional oral tablets. With early access having commenced in Australia and its FDA regulatory pathway progressing, LTR is expanding the application of its intranasal platform. Strategic diversifications into ROXUS (US personalised medicine) and OROFLOW (oesophageal motility disorders) position LTR to capture further value across multiple billion-dollar markets. Management estimates that its end-FY25 cash position (A$31.8m) should provide a runway through FY26.

• LivsMed is getting ready to complete its IPO on the KOSDAQ exchange in December 2025. LivsMed is a medical device manufacturer that specialises in minimally invasive surgery products.
• This is expected to be one of the largest IPOs in KOSDAQ in 2025.  The IPO price range is from 44,000 won to 55,000 won per share.
• LivesMed has commercialized the world’s first multi-joint, multi-degree-of-freedom (DOF) technology capable of 90° rotation in all directions.

• There is a good amount of froth in the market.
• The “Fear & Greed Index” has slipped into “Extreme Fear” which is usually a good contra-indicator.
• For what it’s worth, I’m still finding plenty of ideas that look attractive from a “bottom up” perspective.

• Evommune (EVMN US) is set to offer 9.375 million shares at $15-$17 and is slated for a debut of November 6th on the NYSE.
• According to the prospectus, the underwriters have reserved up to 5% of the shares at the initial public offering price in a directed share program.
• The company has a handful of license agreements which could boost the profile of this biotech. 

Key points (machine generated)

• Anebulo Pharmaceuticals plans a significant reverse stock split to cash out small shareholders at $3.50 per share.
• The reverse split aims to reduce record holders below 300, avoiding SEC reporting and saving $1.3 million annually.
• The author, currently shorting the stock, warns of the $1.8 million costs of the transaction and advises independent research.

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Key points (machine generated)

• Quest Diagnostics is a leading diagnostic health information provider in the U.S. with projected revenues of $9.9 billion in 2024, increasing to $11.2 billion by 2026.
• The company operates in a duopoly with LabCorp, granting it significant pricing power despite challenges like high fixed costs and complex reimbursement processes.
• Quest’s focus on dividends and share repurchases indicates strong investment appeal and potential for sustained profitability.

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• Cooper Companies surged over 6.5% in premarket trading following a bombshell report that activist investor Jana Partners has taken a stake in the company and is pushing for sweeping strategic changes, including a high-profile merger of its contact lens unit with rival Bausch + Lomb.
• The news, first reported by the Wall Street Journal, has sent shockwaves through the vision care industry.
• Jana, known for catalyzing structural change across multiple sectors, is also urging Cooper to improve its capital allocation and returns, hinting at broader dissatisfaction with management’s operational strategy.

• Vigonvita’s product revenue is unlikely to show significant improvement in short term. Whether Vigonvita can avoid the pitfalls that peers have fallen into remains to be tested by the market.
• With a large amount of idle production capacity, the rationality and necessity of the IPO fundraising plan still including the construction of a new factory in Qingdao are questionable.
• Vigonvita’s valuation is mainly based on the commercialization of TPN171/VV116. If sales of TPN171 is poor or clinical trial of VV116 fails, valuation will face the risk of significant decline.

Key points (machine generated)

• Femasys specializes in minimally invasive solutions for women’s reproductive health, targeting a $3 billion market.
• The company has FDA clearance and CE marking for four products, including FemaSeed and FemBloc, which is in pivotal trials.
• Femasys faces liquidity risks due to convertible debt maturities but has a history of successful fundraising, presenting potential investment opportunities.

This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

• GN Store Nord is a global leader in intelligent audio solutions, operating through three main segments: Hearing, Enterprise, and Gaming.
• The company is strategically focusing on its core, higher-margin businesses by divesting from the competitive consumer earbuds market to reallocate resources to its Hearing, Enterprise, and Gaming divisions.
• While facing challenges in the enterprise market, the Hearing division is demonstrating robust growth, driven by new product launches and market share gains.

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• Mesoblast Ltd (MSB AU) has reported Q1FY26 product revenue of $20.6M, up from $12.9M in the previous quarter, with Ryoncil gross sales increasing 66% QoQ.
• With mandatory state CMS coverage becoming effective as of July 1 in all U.S. states and Mesoblast completing onboarding of the remaining major U.S. transplant centers, Ryoncil revenue is accelerating.
• Mesoblast ended September quarter with $145M in cash. Considering current pace of cash outgo, the company estimates that the current cash should provide runway of approximately 10 more quarters.

• Back on the 18th August, Apiam Animal Health (AHX AU), Australia’s largest rural and regional veterinary group, announced a A$0.88/share non-binding indicative Offer from PE outfit Adamantem Capital.
• That was a 64.5% premium to last close. If terms were firmed, shareholders would also be afforded a partial scrip option.
• Apiam and Adamantem have now firmed terms at A$0.87/share, including a permitted fully franked dividend up to A$0.10/share. Mix & match options available, including 100% scrip.

• Bel Fuse’s Class A and B shares have a price gap, with BELFB trading 18% above BELFA, suggesting potential arbitrage.
• Mayne Pharma’s court ruling favors MYX in the A$7.40/share takeover by Cosette, pending FIRB approval by October 31.
• STAAR Surgical’s Q3 sales rose 7% YoY, driven by China demand recovery, amid proxy advisory opposition to Alcon’s offer.

• Herb Standard adopts light-asset model, which helps to bring about high gross margin.However, gross margin showed a declining trend due to increase in promotional discounts to capture more market share
• The total sales value of products returned was up 317% YoY in FY2025 due to unsold products after promotional events. There’re concerns whether the current strong growth momentum is sustainable
• Our forecast is revenue to increase 20%/15%/12% and net profit to increase 14% /11.7%/8.8% in FY2026/FY2027/FY2028, respectively.Due to higher growth/profit margin, valuation of Herb Standard could be higher than peer

• Japan Eyewear Holdings (5889 JP) shares are moving from the Standard Market to the Prime Market of the Tokyo Stock Exchange, thereby enhancing visibility and liquidity.
• The company has been showing consistently strong financial performance, driven by continuous recovery in inbound tourists. Overseas sales are also gaining traction.
• For FY30, JEH targets revenue of ¥28B, representing five-year CAGR of 10%. JEH aims to achieve operating profit of ¥10B in FY30, a CAGR of 13% during FY25–30.

• Levels of certain harmful particles typically returned to pre-treatment levels 1-3 weeks after treatment ended, suggesting a potential benefit to patients while being treated the study is designed to examine whether an increased number of Hemopurifier treatments can help extend positive patient responses.
• The company’s goal is to build its database supporting development of the Hemopurifier as an oncology treatment and this data appears to support that goal.
• It will be important to monitor whether these observations are reproducible as the study progresses, as it is early in the clinical trial to draw definitive conclusions and the data from Cohort 1 is not statistically significant.

• GRAIL Inc., a healthcare company whose mission is to detect cancer early when it can be cured, announced detailed results from its registrational PATHFINDER 2 study.
• Samsung C&T and Samsung Electronics also made a ~$110M equity investment in GRAIL at a price of $70.05 per share of common stock.
• I expect GRAIL shares to outperform the market as solid performance from its Galleri test continues and investors are confident that the first MCED test will receive FDA approval.

• After a huge upward move earlier this year, Remegen (9995 HK)‘s stock has started to drop as the sector starts to give back some of its gains. 
• Despite the recent correction, Remegen (9995 HK) should be added to a global index in November and that could help the stock outperform its peers.
• There appears to be a lot of positioning in the stock, but we see a similar trend across stocks in the industry.

• Binhui, a China-based clinical-stage biopharma company, is looking to raise at least USD 100 million via a Hong Kong listing. Huatai, CMB, and BOCI are the joint sponsors.
• In this note, we look at the company’s core product, BS001, and key products BS006 and BR003.
• We also look at the company’s pre-IPO investors and management team.

• Its prospectus reveals a $40 million anchor order from T. Rowe Price and an additional $8.1 million concurrent private placement through Goldman Sachs.
• Additionally, according to guidance, the deal is already being classified by our sources as well-oversubscribed on new and existing orders.
• Given the company’s scientific credibility and strategic investor base, MapLight Therapeutics appears well-positioned to navigate the current market.

Oryzon Genomics has announced that it has received FDA feedback on its plans for the Phase III programme in borderline personality disorder (BPD) for its lead central nervous system (CNS) drug candidate, vafidemstat. Following the submission of the proposed protocol in June 2025, Oryzon now has written feedback regarding various components of the programme, including trial endpoints as well as non-clinical considerations. Management has communicated that this dialogue with the regulators has been constructive and will enable the company to re-submit a revised Phase III protocol in due course. We highlight that such interactions with the FDA are common in drug development, and perhaps unsurprising in this case where there is no regulatory precedent for BPD. Should the FDA clear Oryzon’s revised protocol, it should strengthen the company’s chances of bringing an effective new treatment option for patients with BPD, an indication that currently has no approved drugs.

OSE Immunotherapeutics’ H125 results, the first since the board restructuring, reflected normalised operations typical of a clinical-stage biotech, following H124’s exceptional licensing income. The decline in operating revenues (to €1.3m vs €82.6m in H124) was attributed to the absence of upfront payments from AbbVie and Boehringer Ingelheim (BI) recognised in H124. Operating expenses rose modestly by 6% y-o-y to €19.6m, driven by higher R&D spending (€14.8m vs €13.9m), in particular related to lead asset Tedopi’s Phase III ARTEMIA trial and increased legal costs linked to governance changes (G&A +4.7% to €4.5m). In terms of liquidity, as communicated in September 2025, the company estimates it has a cash runway to Q426 (excluding potential milestone receipts, which may extend the runway, should payments be realised). Management is assessing financing and partnership options to extend it further. We place our estimates under review pending visibility on OSE’s development plans, in particular around the lusvertikimab programme.

• 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 & pharmacokinetics.

• Pending Acquisition by Cosette Pharma: Mayne Pharma‘s future is largely defined by a pending acquisition by Cosette Pharmaceuticals, which aims to create a leading entity in the U.S. Women’s Health and Dermatology sectors. However, the deal is subject to a legal dispute initiated by Cosette, creating significant uncertainty around its completion.
• Strategic Focus and Turnaround: Following a period of financial distress and a major asset sale in 2022, management has refocused the company on its core specialty areas of Women’s Health and Dermatology. This strategy has led to significant improvements in recent financial performance, with strong revenue growth and a return to positive operating cash flow.
• Highly Competitive Landscape: The company operates in the intensely competitive generic and specialty pharmaceutical markets. While it possesses a portfolio of branded products, it faces constant pricing pressure from larger competitors and other generic manufacturers, necessitating strong commercial execution.

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• A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
• ECM developments: JST Group (6687 HK) and FineToday Holdings (420A JP) IPOs; Sany Heavy Industry (600031 CH) H Share listing.
• Event-Driven developments: Mayne Pharma (MYX AU),Soft99 Corp (4464 JP), Hangzhou Kangji Medical Instrument Co., Ltd. (9997 HK), Mandarin Oriental International (MAND SP), Genting Malaysia (GENM MK). 

• The new payload story/ADC-engineering platforms need to be verified by big licensing-out deals. If verification is successful, MNCs will pay high price.However, if verification fails, BlissBio’s pipeline would be “ignored”.
• BlissBio entered into a wind-down agreement with Eisai for BB-1701.In our view, MNC’s interest in BB-1701 is decreasing.The possibility of reaching big BD deal on BB-1712/BB-1705 is also not high.
• The investment logic of biotech has changed and high valuation is driven by big licensing-out deals. From this perspective, we think valuation of BlissBio should be lower than peers.

• Hansoh Pharmaceutical Group (3692 HK) granted Roche an exclusive worldwide license to (excluding the Chinese Mainland, Hong Kong, Macau and Taiwan) to develop, manufacture and commercialize HS-20110.
• HS-20110 is an investigational CDH17-targeting ADC currently being developed for the treatment of colorectal cancer (CRC) and other tumors, with global Phase I trial underway in China and the US.
• CDH17 targeted ADCs development (about 31 drug development projects ongoing) scene obviously seems crowded, but Hansoh’s strong execution with Roche’s global prowess will surely give it an edge.

• Their revolutionary single molecule NGS (smNGS) platform achieves what was once thought impossible – detecting and precisely quantifying genetic targets with single-molecule sensitivity.
• For the year ended December 31, 2024, they generated revenue of $152.6 million, representing 113% year-over-year growth, with a gross margin of 53% and net loss of $41.6 million.
• BillionToOne has raised nearly $400 million in equity funding prior to its IPO, complemented by debt financing, and continues to innovate within prenatal, oncology, and rare disease testing markets. 

• Evommune is a clinical-stage biotechnology company focused on developing therapies for chronic inflammatory diseases.
• Their most advanced clinical-stage product candidate, EVO756, is a potent and highly selective oral small molecule antagonist of MRGPRX2, a receptor predominantly found on mast cells and peripheral sensory neurons.
• The company is backed by many well-known sector dedicated investors including RA Capital. 

• Merit Medical Systems has made headlines with its definitive agreement to acquire the C2 CryoBalloon technology from Pentax for $22 million—$19 million in upfront cash and up to $3 million in milestone-based contingent payments.
• This move, expected to close in Q4 2025, marks a strategic push by Merit into the gastrointestinal (GI) endoscopy space, targeting patients with Barrett’s esophagus and other GI disorders.
• This asset purchase follows a broader industry trend of tuck-in acquisitions aimed at boosting specialty portfolios while maintaining capital discipline.

• BillionToOne Inc., a fastest-growing healthtech unicorn in the prenatal and oncology testing market in the U.S., set terms for its US IPO.
• The California-based molecular diagnostics company posts hyper-growth and enjoys industry-leading gross margins. Positive non-GAAP op income is likely to be achieved in 2025.
• BillionToOne Inc. has delivered 3+ years of exceptional revenue growth with a +167% CAGR over the past three years and strong gross margin profile supporting emerging profitability.

• I tally 43 – mostly firm, mostly Asia-Pac – arb transactions currently being discussed and analysed on Smartkarma.
• Three new deal was discussed on Smartkarma this week: Mandarin Oriental International (MAND SP), RPMGlobal Holdings Limited (RUL AU) and Genting Malaysia (GENM MK).
• Key updates/news took place on: Mayne Pharma (MYX AU), Iress Ltd (IRE AU), and Hangzhou Kangji Medical Instrument Co., Ltd. (9997 HK).

• Anixa is a biotech company with two early-stage clinical developments: (1) a novel type of chimeric antigen receptor (CAR)-T-cell therapy for the treatment of terminally ill ovarian cancer patients; (2) and a breast cancer vaccine designed as both a treatment and prophylactic.
• The vaccine is being used to train patients’ T-cells to recognize and attack breast cancer cells, especially those from triple-negative breast cancer, the most aggressive form of breast cancer.
• Additionally, Anixa runs several pre-clinical programs.

• Novavax, once a prominent pandemic-era vaccine contender, is now in the midst of intensifying turmoil.
• The latest blow comes from Shah Capital, the company’s largest shareholder, which is calling for an outright sale of the biotech firm.
• This move follows a string of financial disappointments, declining market relevance, and concerns about Novavax’s execution under current leadership.

• Smith & Nephew’s recent earnings announcement for the second quarter and the first half of the year indicates a strategic trajectory that is both complex and multifaceted.
• On the whole, the underlying growth figures are a positive highlight, with the company reporting a 6.7% increase in revenue.
• This growth is seen across all regions and business units, showing robust momentum especially in Sports Medicine, Wound Management, and Orthopaedics.

• AstraZeneca’s stock gained after a landmark drug pricing agreement with the White House, marking a significant policy pivot for the pharmaceutical industry.
• As part of the deal, AstraZeneca will provide all its prescription medications to Medicaid at “most favored nation” prices—effectively matching the lowest global rates.
• Additionally, the company will participate in the new TrumpRx.com platform, offering consumers direct access to discounted drugs.

• Rigel Pharmaceuticals is a commercial-stage biotechnology company focused on hematologic disorders, cancer, and rare immune diseases. Its lead product, TAVALISSE® (fostamatinib), is approved for chronic immune thrombocytopenia (ITP) and is driving revenue growth.
• The company is expanding its commercial portfolio with the addition of GAVRETO® and REZLIDHIA®, which are expected to contribute significantly to future revenue streams. The pipeline includes promising candidates like R289, an IRAK1/4 inhibitor, which has received Orphan Drug and Fast Track designations from the FDA.
• Rigel has demonstrated a strong growth trajectory with a significant increase in year-over-year revenue and has achieved profitability. The company’s strategy of reinvesting profits into its pipeline and strategic collaborations positions it for potential long-term value creation.

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• Top Glove Corp (TOPG MK) revenue grew 39% YoY to RM 3.5B in FY25 on the back of sales volume increasing 55%, because of competitive pricing.
• Drop in raw material costs resulted in FY25 EBITDA rising 79% YoY to RM 454M. The FY25 Core EBITDA margin of 13%, was a significant improvement from 10% in FY24.
• With the company’s rigorous cost control, competitive pricing efforts in fray and resulting in volumes strengthening, we prefer to be positive on the stock.