In today’s briefing:
- Pre-IPO Hanx Biopharmaceuticals – The Risk of Pipeline Development Failure Is High
- SSI Weekly Newsletter: Mergers, Strategic Reviews, Liquidations, and Investment Updates
- M3: ELAN Acquisition Drives Top Line Growth; Earnings Growth to Remain Weak
- CVM: Fiscal Year 2024 Results
- Cybin, Inc. – Why CYB003 Deserves More Attention
Pre-IPO Hanx Biopharmaceuticals – The Risk of Pipeline Development Failure Is High
- CD47 has been considered “problematic” by the industry, so in order to prove its druggability, it usually requires very good clinical data, and cannot rely on “conjectures” such as BsAb.
- There’s no compelling evidence to prove that the toxicity issue of CD47 can be resolved. There’re concerns on the safety profile and efficacy of HX009/HX044, with high R&D failure risks.
- After Series B+ of financing in June 2024, post-investment valuation of Hanx reached about RMB1.6 billion. Due to slower R&D progress. we think Hanx’s valuation should be lower than ImmuneOnco.
SSI Weekly Newsletter: Mergers, Strategic Reviews, Liquidations, and Investment Updates
- Paragon 28 is being acquired by Zimmer Biomet for $13/share plus a non-transferable CVR, with potential payout.
- Allakos is undergoing a strategic review, trading at net cash, with potential value in NOLs and reverse merger.
- Copper Property CTL Trust is liquidating, marketing 121 retail properties leased to JC Penney, with 30%+ NAV upside.
M3: ELAN Acquisition Drives Top Line Growth; Earnings Growth to Remain Weak
- M3 Inc (2413 JP) reported 3QFY03/2025 earnings today. Both revenue and OP grew YoY as well as beat consensus estimates. Most of revenue growth came from the ELAN acquisition.
- Medical Platform’s earnings have continued to decline as a result of spending cuts by pharmaceutical companies while there has been a slight improvement in Overseas earnings during the quarter.
- Though the overall declining trend in m3’s earnings has eased, we expect the earnings growth to remain weak. ELAN’s margins have continued to deteriorate.
CVM: Fiscal Year 2024 Results
- CEL-SCI is developing two platforms: Multikine and LEAPS.
- Multikine has completed a Phase 3 trial for head and neck cancer while LEAPS is conducting preclinical studies for RA, Pandemic Flu and breast cancer.
- In June 2021, CEL-SCI reported selected data from its IT-MATTERS trial demonstrating a benefit in the low PD-L1, non-chemotherapy population.
Cybin, Inc. – Why CYB003 Deserves More Attention
- GH Research’s (NASDAQ: GHRS) release earlier this week of the top-line read of the Phase 2b trial of its lead fast onset and short-acting 5-MeO-DMT monotherapy candidate GH-001 in treating treatment-resistant depression (TRD) elicited an unequivocally positive reaction from investors.
- GHRS’ share price surged 70% on the day of the release and opportunistically opened up a pathway to the commencement of a public offering at $15/share (41.5% above the GHRS level immediately prior to the GH-001 Phase 2b results release).
- GH-001 met its end points in its short eight-day double-blind placebo-controlled study with an eight-day 15.2 placebo-adjusted reduction in MADRS from the baseline and a remission rate of 57.5%.
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