Daily Brief Health Care: JPJ (TCM) Limited(TCM), Abeona Therapeutics , Mani Inc, BioVie , Propanc Biopharma, Tivic Health Systems Inc and more

• JPJ (TCM) Limited is a leading Hong Kong-based proprietary Chinese medicine group with a vertically integrated business model centered on trusted heritage brands.
• Ranked first in Hong Kong PCM market by end-market sales in 2025 (9.2% share), revenue grew 16.9% CAGR from HK$339.3M (FY2024) to HK$463.8M (FY2026).
• FY2026 revenue was HK$463,814, with profit for the year at HK$80,893, but net current liabilities reached HK$506.8 million.

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• Abeona is a clinical-stage biopharmaceutical company transitioning into a commercial entity with its lead gene therapy, Zevaskyn, for the treatment of recessive dystrophic epidermolysis bullosa (RDEB).
• The company has begun generating revenue, reporting $8.7 million in Q1 2026, and is expanding its commercial footprint by increasing the number of qualified treatment centers in the U.S.
• Strategic pipeline expansion is underway with the recent in-licensing of ABO-701, a T cell therapy for advanced prostate cancer, diversifying the company’s focus beyond rare genetic diseases.

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• Mani Inc (7730 JP) 9MFY26 revenue increased 9.5% YoY to ¥24.4B while operating margin improved 320bps to 30.7%. Dental segments reported margin improvement from 10.4% to 18.2%.
• Underperformance of dental segment because of recall and margin erosion had been a major concern. Q3FY26 sales recovered to around 87% of the pre-recall level.
• FY26 guidance witnessed upward revision. They now expect FY26 revenue to be ¥32.9B (up 9.8% YoY), operating profit at ¥9.7B (up 18%) and net income to be ¥6.8B (up 46%).

• BioVie Inc. is a clinical-stage company developing innovative drug therapies for neurological, neurodegenerative disorders, and advanced liver disease. It acquired NE3107 (bezisterim) in June 2021.
• BioVie secured a $13.1 million clinical trial grant in April 2024. It completed enrollment for PD Phase 2b and Long COVID Phase 2 studies by May 2026.
• As of March 31, 2026, BioVie had $13.1 million cash and $17.5 million total assets, but an accumulated deficit of $368.6 million raises going concern doubt.

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• Propanc Biopharma, Inc. is a development-stage healthcare company focused on developing new cancer treatments for pancreatic, ovarian, and colorectal cancer patients. Its lead product candidate, PRP, is a novel pro-enzyme.
• Propanc Biopharma received Orphan Drug Designation from the FDA for PRP for pancreatic cancer in 2017. The company also filed new provisional patent applications and executed a service agreement in.
• As of March 31, 2026, the company reported $443,702 in cash and $14,333,780 in total assets, but incurred a significant net loss and is in default on certain loans.

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• Valion Bio is a late-stage biopharmaceutical company advancing Entolimod for acute radiation syndrome and oncology, having recently pivoted and established Velocity Bioworks.
• Valion Bio secured exclusive worldwide rights to Entolimod, a lead program with FDA Fast Track and Orphan Drug designations for ARS, supported by extensive trials.
• The auditor’s report raises substantial doubt about Valion Bio’s ability to continue as a going concern, requiring significant additional funding for long-term operations.

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