In today’s briefing:
- Innogen (银诺医药) Pre-IPO: Thoughts on Valuation
- Beta Bionic Inc (BBNX) Six Month Summary: From Breakout to Breakdown
- Vigonvita Life Sciences (旺山旺水) Pre-IPO: Structural Challenges for Commercialization
- Pre-IPO Guangzhou Innogen Pharmaceutical Group (PHIP Updates) – Some Points Worth the Attention
- CCLD: 2Q25 Earnings
- FBLG: Closes Third Tranche of 5M
- SK Biopharmaceuticals (326030 KS): Momentum Accelerates With Record High Q2 Profit
Innogen (银诺医药) Pre-IPO: Thoughts on Valuation
- Innogen, a China-based near-commercial stage biotech company, is looking to raise at least USD 100 million via a Hong Kong listing. CITIC Securities and CICC are the joint sponsors.
- In our previous note, we have examined the company’s core product namely efsubaglutide alfa, and updates in various filings.
- In this note, we will provide a valuation for the company’s core product.
Beta Bionic Inc (BBNX) Six Month Summary: From Breakout to Breakdown
- The company priced an upsized 12.0 million share offering at $17.00—above the initial range—and opened 29.4% higher at $22.00.
- In March, amid broader sector weakness across the medical device space, the stock broke below its IPO price.
- The company did report better than expected sales in its most recent quarterly report last week with guidance raised giving long term investors more confidence in its execution moving forward.
Vigonvita Life Sciences (旺山旺水) Pre-IPO: Structural Challenges for Commercialization
- Vigonvita is looking to raise at least US$100 million via a Hong Kong listing. The book runner is CITIC.
- The company refiled its prospectus and dropped VV116, the commercialized COVID-19 anti-viral drug, from its core asset list.
- In this note, we look at changes between filings and also further examine the prospect of LV232 and TPN171.
Pre-IPO Guangzhou Innogen Pharmaceutical Group (PHIP Updates) – Some Points Worth the Attention
- Compared to competitors, the competitive advantage of Efsubaglutide Alfa is not obvious.The weight loss effect of single target mechanism could be weaker than that of competing dual and triple agonists
- Before Innogen filed for listing, some pre-IPO investors chose to transfer the Company’s equity they held at a discount, indicating that these investors lack confidence in the Company’s prospects.
- Under the double pressure of a single pipeline and lagging commercialization, pre-IPO valuation of RMB4.65bn is more like a dangerous bubble game.We shared our views on valuation and post-IPO performance.
CCLD: 2Q25 Earnings
- Key 2Q25 takeaways include: 1) CCLD’s “AI Center of Excellence” is now fully operational, with senior executives focused on incorporating proprietary AI solutions across operations, products, and services to enhance provider/patient experience, streamline claims coding, improve A/R workflows, and augment denial management efficacy 2) we view the company’s recent ONC certification as a key catalyst to increasingly penetrate a $1.5+ billion market spanning ~1,300 Critical Access Hospitals (CAHs) across rural markets needing to upgrade legacy EHR systems 3) in light of disciplined execution, rising operating leverage, and improving financial performance, CCLD maintains ample capacity to continue to reinvest for growth and capitalize on incremental M&A opportunities and 4) while senior executives remain disciplined on pricing and strategic fit, management increasingly views M&A as an attractive path to enter new markets and drive incremental growth via cross-selling services and leveraging existing infrastructure/technology post-acquisition.
FBLG: Closes Third Tranche of 5M
- On July 31, 2025, FibroBiologics, Inc. (FBLG) announced financial results for the second quarter of 2025 and provided a business update.
- The company recently closed on the third tranche of $5M from a $25M total financing, which will be used to support the upcoming Phase 1/2 clinical trial in diabetic foot ulcers (DFUs).
- That trial is expected to initiate in the first quarter of 2026 and complete in the third quarter of 2026.
SK Biopharmaceuticals (326030 KS): Momentum Accelerates With Record High Q2 Profit
- SK Biopharmaceuticals (326030 KS) (SKBP) reported record high second quarter earnings in 2Q25 on surging U.S. sales of Xcopri, which surpassed quarterly revenue of $100M for the first time.
- During 2Q25, revenue increased 32% YoY and 22% QoQ to KRW176B, while operating profit improved at a faster pace of 138% YoY and 141% QoQ to KRW62B.
- For 2025, SKBP maintained Xcopri U.S. revenue guidance of $420–450M (~KRW570–610B), up 31–40% YoY. With 1H25 revenue of $201M, the company is expected to meet the target.
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