Daily Brief Health Care: Duality Biotherapeutics, D.Western Therapeutics Institute Inc., Crism Therapeutics, Evaxion Biotech A/S, FibroBiologics, Fortrea Holdings , Newron Pharmaceuticals, Oramed Pharmaceuticals , OSE Immuno, Pharmaessentia Corp and more

• Duality Biotherapeutics, a China-based clinical-stage biotechnology company, plans to raise up to US$250m via a Hong Kong listing.
• We look at the company’s valuation based on its core products, namely DB-1303, DB-1311, and DB-1305.
• We highlight key differences between our valuation and the broker valuation guidance.

• SIR believes DWTI has entered an exciting new phase given significant advances in pipeline development achieved over the last 12 months.
• Key advances include: publishing favorable topline results of in-house H-1337 PIIb US trials (strong prospects as “first choice as a second-line Glaucoma drug”), commencing jointly developed Japan PII clinical trials of regenerative medicine cell therapy DWR-2206 with ActualEyes, and successfully completing all transplants, completion of dosing to subjects in global Phase III clinical trials of FECD treatment K-321 being developed by licensee Kowa, and obtaining China approval for DW-1002 by licensee DORC, among others.
• Potential for earnings to turn profitable over the next several years, transitioning from the growth investment phase to the recovery phase, suggests to us share price risk is likely weighted to the upside going forward.

• The UK drug delivery company focused on the localised delivery of chemotherapy drugs, announced that it has been awarded a grant by Innovate UK to support the pre-clinical development of the Company’s proprietary ChemoSeed technology in prostate cancer.
• The Project is in line with the Company’s strategy as detailed in the admission document published when CRISM joined the AIM market last year and which highlighted the potential of ChemoSeed in multiple disease areas.
• The Innovate UK grant was awarded as part of the Government’s ‘Launchpad: life and health sciences, Northern Ireland – Rd2 MFA’. 

• 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 released its full-year 2024 results and updated investors on the tremendous progress made.

• On March 31, 2025, FibroBiologics, Inc. (FBLG) announced financial results for 2024 and provided a business update.
• In preparation for the upcoming Phase 1/2 clinical trial of CYWC628 for the treatment of diabetic foot ulcers, the company recently announced the establishment of a master services agreement with Charles River Laboratories to manufacture the master cell bank, working cell bank, and fibroblast-based spheroids product.
• In addition, the master cell bank was completed and successfully passed all required safety testing.

• Fortrea’s recent earnings provided a comprehensive view of their financial and operational performance for the fourth quarter and full year 2024.
• The company, which specializes in clinical pharmacology services (CPS) and full-service clinical work, has been navigating significant changes and encountering both challenges and opportunities post-spin from its former parent corporation.
• The company reported a book-to-bill ratio of 1.35x for the fourth quarter, with a trailing 12 months figure of 1.16x, and concluded the year with a backlog of $7.7 billion.

Newron Pharmaceuticals has published its FY24 results, reflecting a rewarding period for its lead clinical candidate, evenamide, which is being developed for treatment-resistant schizophrenia (TRS). Key achievements included licensing agreements for Japan and South Korea ahead of the planned pivotal Phase III trial, expected to launch in Q225. We expect the €44m upfront payment from EA Pharma to provide operational headroom into H126, with further liquidity likely to be injected following a potential US up-listing (planned for early 2026). Reflecting Newron’s FY24 results and near-term operational guidance, we adjust our valuation to CHF385.6m or CHF19.3/share (from CHF368.5m or CHF18.5/share previously).

• OraTech will leverage HTIT’s manufacturing capabilities and focus on developing and commercializing innovative products globally based on ORMP’s technology & pipeline.
• HTIT is a high-tech company focused on biopharmaceutical product manufacturing and R&D with an emphasis on the oral delivery of therapeutic macromolecules.
• It operates an oral insulin manufacturing facility in China.

OSE Immunotherapeutics is a clinical-stage immuno-oncology and immuno-inflammation company, with a pipeline spanning all stages of development. The company recently reported its FY24 results, reflecting a successful clinical period. OSE’s two lead programmes made notable progress throughout 2024, with the launch of the Phase III ARTEMIA trial for Tedopi in non-small cell lung cancer (NSCLC) and lusvertikimab presenting favourable Phase II results in ulcerative colitis (UC). The company also continued to execute on its multi-partnership strategy by signing new agreements, including agreements with AbbVie and Boehringer Ingelheim. As we update our assumptions, our valuation for OSE adjusts to €560.8m or €25.6/share (from €541.2m or €24.8/share previously).

• Pharmaessentia Corp (6446 TT) shares nosedived nearly 30% since February 17 after an unfavorable ruling from the ICC regarding an arbitration with AOP Orphan Pharmaceuticals.
• Pharmaessentia ended 2024 on a high note, with 91% YoY revenue growth to NT$9.7B and turned profitable at both operating and net level for the first time.
• Going ahead, geography expansion of Besremi, indication expansion, and pipeline progress will remain the main growth engines. Ongoing global shortage of a competing drug should be positive for Besremi.