Daily Briefs

• Takeda Pharmaceutical (4502 JP) reported 1QFY26 revenue of ¥1,107B, down 8%, primarily attributable to unfavorable foreign exchange and lower sales of Vyvanse.
• Takeda reiterated its FY26 guidance of lower sales and higher margins, reflecting near term headwinds amid cost control.
• Positive Phase 3 data read outs for rusfertide (for Polycythemia Vera) and oveporexton (for narcolepsy type 1) is a step ahead towards filing in FY26 and likely approval thereafter.

• The stock priced a full-size deal of five million shares at $15.00 ($4 below the prevailing $19-$21 range) and opened at $15.60. 
• According to our sources, the deal was reportedly multiple-times oversubscribed with several anchor orders from mutual fund and sector-dedicated funds.
• We think this deal was placed and priced well. Furthermore, the small deal size assisted in getting this company a small premium at first trade.

• 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.

Oryzon Genomics has reported its Q225 results, summarising an active period. Its programme focused on vafidemstat in borderline personality disorder (BPD) remains a strategic priority, with the Phase III protocol submitted to the FDA in June. Clearance is anticipated in Q325, most likely in September, and could represent the most significant upcoming inflection point for the company. Trials relating to Orzyon’s lead oncology candidate, iadademstat, continue to progress, with the next FRIDA update in acute myeloid leukaemia (AML) expected in December 2025. Oryzon has also expanded iadademstat’s potential application to new non-malignant haematological indications; a clinical trial application (CTA) for a Phase Ib study in sickle cell disease (SCD) has been submitted to the EMA. Following the Q225 results update, our valuation adjusts to €887.2m or €11.3 per share (from €862.4m or €11.0 per share previously).

• Neautus is facing performance headwinds. Revenue growth rate is declining and profit margin is in downward trend. Net profit growth is lower than the revenue growth, indicating the weak profitability
• VBP, increasing competition and raw materials cost are the challenges. Because of financial fraud, Neautus once failed its A-share IPO. So, there is corporate governance issue in the Company.
• We’re conservative about the outlook of Neautus. It is already good for valuation to reach the industry average.Our forecast in 2025 is revenue to reach RMB1.4-1.5 billion (up 12-15% YoY).

• On July 31, 2025, Soligenix, Inc. (SNGX) announced encouraging results from the Phase 2a clinical trial of SGX-945 (dusquetide) for the treatment of Behcet’s disease (BD) in which the compound demonstrated biological efficacy.
• This was an open-label study designed to be highly comparable to the Phase 3 trial of apremilast (Otezla ) that was the basis for marketing approval for oral ulcers in BD.
• Using the same primary endpoint as the Phase 3 apremilast study (area under the curve of the mean number of ulcers vs. time), after four weeks of treatment the SGX945 group had a 40% improvement relative to the placebo group from the Phase 3 apremilast study, while apremilast had a 37% improvement relative to placebo.

• Telomir Pharmaceuticals is a preclinical stage company focused on reversing biological aging and degenerative diseases.
• The company announced preclinical test results that showed Telomir-1 restored mitochondrial function without triggering oxidative stress or cell proliferation in human cells.
• This sets Telomir-1 apart from many other related treatments and opens the door to treating numerous serious conditions.

Basilea Pharmaceutica has commenced the second Phase III study for fosmanogepix, a key step forward for its novel broad-spectrum antifungal candidate. The trial (FORWARD-IM) will evaluate the efficacy and safety of fosmanogepix in invasive, multi-drug-resistant mould infections against the standard of care (SoC) across two cohorts (n=220). In contrast to the ongoing placebo-controlled FAST-IC trial in invasive yeast infections, FORWARD-IM is an open-label study, raising the possibility of interim data readouts, ahead of top-line results expected in 2028. Fosmanogepix, a first-in-class agent with a novel mechanism of action, has demonstrated promising safety and efficacy across three completed Phase II studies and remains one of the broadest-spectrum antifungals in development. We maintain our valuation and estimates for Basilea following this milestone.

• West Pharmaceutical Services Inc.’s second quarter (Q2) of 2025 revealed a solid performance above expectations with net sales increasing by 9.2%, and 6.8% on an organic basis.
• Driven primarily by the growth in high-value product (HVP) components, especially through strong GLP-1 elastomer uptake, the results underscore West’s position in the injectable solutions market.
• This position is strengthened by a strategic focus on areas like biologics and biosimilars.

• Daiichi Sankyo (4568 JP) started FY26 on a strong note, with 9% revenue growth to ¥475B, driven by Enhertu. The negative effect on revenue from foreign exchange was ¥19B.
• Although Daiichi Sankyo reaffirmed FY26 guidance announced in April, the company raised Datroway FY26 revenue expectation, following strong initial uptake. There is scope for further guidance raise.
• Moving ahead, Enhertu and Datroway progress (uptake, indication and geography expansion, and data readouts) will be the key drivers.