In today’s briefing:
- Duality Biotherapeutics (映恩生物) Pre-IPO: Too Early, Too Ambitious
- HealthEquity Inc: Expansion into Digital and API Solutions & Other Major Drivers
Duality Biotherapeutics (映恩生物) Pre-IPO: Too Early, Too Ambitious
- Duality Biotherapeutics, a China-based clinical-stage biotechnology company, plans to raise up to US$300m via a Hong Kong listing.
- In this note, we examine the company’s two core products, namely DB-1313 (HER2 ADC) and DB-1311 (B7-H3 ADC). We think the company’s products are not yet convincing.
- While the management has expertise as biotech investors, biotech-related operational experience seems to be lacking.
HealthEquity Inc: Expansion into Digital and API Solutions & Other Major Drivers
- HealthEquity recently shared its fiscal second quarter 2025 results, showcasing strong growth driven by strategic initiatives and integration gains from the BenefitWallet asset acquisition.
- The company, under the leadership of President and CEO Jon Kessler and CFO James Lucania, outlined its current position and future direction during the latest discussion.
- The company posted impressive financial results, with a 23% year-over-year revenue increase.
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