Daily Brief Health Care: BillionToOne, NovaBridge Biosciences, Sosei Group, Hims & Hers Health Inc, Oryzon Genomics, Shinpoong Pharmaceutical, SK Bioscience , Takeda Pharmaceutical, Evommune, FibroBiologics and more

• Single-Molecule precision enables highly accurate, scalable tests across prenatal and oncology diagnostics, setting BillionToOne apart from traditional sequencing-based competitors.
• BillionToOne delivers 100%+ revenue growth, 69% gross margins, and positive EBITDA—rare performance metrics in molecular diagnostics ahead of its $2.3B IPO.
• IPO is multiple-times oversubscribed with long-only healthcare anchors and top-tier backers, signaling strong institutional confidence ahead of pricing.

• NovaBridge Therapeutics, a China-based clinical-stage biotech company, is looking to raise at least USD 100 million via a Hong Kong listing. GS and CITIC are the joint sponsors.
• In this note, we look at the company’s history and its core product, givastomig.
• We are of the view that there is no fundamental improvement in the company, since it changed its name and restructured its China business.

• Revenue decreased by JPY135mn to JPY21.8bn due to smaller milestone payments, partially offset by Quviviq sales.
• R&D expenses rose 31.5% YoY to JPY11.2bn, driven by increased investment and a weaker yen, mainly in the UK.
• Core operating loss was JPY986mn, compared to a JPY4.4bn profit in cumulative Q3 FY12/24, reflecting non-cash expenses.

• Hims & Hers is a rapidly growing telehealth platform capitalizing on the increasing consumer demand for convenient and discreet access to healthcare, particularly in stigmatized or lifestyle-related categories.
• The company’s aggressive direct-to-consumer marketing and subscription-based model have fueled impressive top-line growth and a recent turn to profitability, though it relies heavily on continued marketing spend.
• Strategic initiatives, including international expansion through the acquisition of ZAVA and entry into new high-potential categories like weight management, present significant future growth opportunities but also introduce execution and regulatory risks.

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Oryzon has announced encouraging updates for iadademstat. In acute myeloid leukaemia (AML), positive data was reported for two programmes, including the lead oncology programme, FRIDA. Updated interim data from FRIDA (iadademstat in combination with gilteritinib in relapsed/refractory AML) showed an overall response rate (ORR) of 67%, suggesting improved outcomes compared to gilteritinib alone. In a separate Phase I study exploring the synergy between iadademstat, venetoclax and azacitidine, in newly diagnosed AML, the preliminary interim data (n=8) showed a 100% ORR. We view this as a positive indicator of the novel combination, but we acknowledge that it is from a relatively small population. Beyond malignant haematological indications, Oryzon has also enrolled the first patient in its sickle cell disease (SCD) trial. If successful, we believe this could bolster the value proposition for iadademstat, with applications beyond oncology.

• Shinpoong Pharmaceutical is a South Korean pharmaceutical company transitioning from a generics manufacturer to an R&D-focused entity, highlighted by its antimalarial drug Pyramax and a pipeline focused on cardiovascular and neurological diseases.
• The company has experienced significant financial headwinds, with consistent net losses and negative cash flow over the past three fiscal years, although recent quarterly results in 2025 show a marked improvement towards profitability.
• Future growth hinges on the successful clinical progression and commercialization of its key pipeline asset, Otaplimastat (SP-8203) for acute ischemic stroke, and its ability to expand its global market presence for existing products.

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• SK Bioscience (302440 KS) reports 2.5x jump in revenue and narrowing operating loss in 3Q25, driven by additional revenue contribution and improving profitability of German subsidiary, IDT Biologika.
• For 2025, SKBS guided for IDT revenue of KRW410B. With 3Q25 YTD revenue reaching KRW341B (up 19% YoY), IDT is expected to beat the guidance.
• 2026 will be crucial for the company, with couple of vaccine candidates entering late-stage trials. PCV21 global Phase 3 trial is ongoing. This should keep R&D spend elevated.

• Takeda Pharmaceutical (4502 JP) reported H1FY26 revenue of ¥2,220B, down 7%, primarily attributable to unfavorable foreign exchange and lower sales of Vyvanse.
• Takeda revised its FY26 guidance downwards expecting lower sales and margins, reflecting near term headwinds amid cost control.
• Six of these late-stage programs are estimated to have the potential to generate peak revenues ranging from $10B to $20B in total and contribute to long-term growth.

• Lead asset EVO756 shows promising Phase 2 data in symptomatic dermographism, validating its MRGPRX2-targeting mechanism and supporting further expansion into atopic dermatitis.
• A $115M Series C co-led by RA Capital and Sectoral Asset Management strengthens credibility and provides funding for multiple Phase 2 clinical programs.
• Evommune’s IPO is multiple-times oversubscribed, driven by significant demand from healthcare-dedicated investors and mutual funds, signaling robust institutional interest.

• On October 31, 2025, FibroBiologics, Inc. (FBLG) announced financial results for the third quarter of 2025 and provided a business update.
• The company is set to initiate the manufacturing of CYWC628 for the Phase 1/2 clinical trial in diabetic foot ulcers (DFUs).
• We anticipate the trial starting in the first quarter of 2026 and estimate the trial will complete in the third quarter of 2026.