Daily Brief Health Care: Kitazato, MetaVia, AS ONE Corporation, Nanjing Leads Biolabs, Oryzon Genomics, Longeveron , Cloudbreak Pharma and more

• Kitazato (368A JP) manufactures and sells medical devices and products for fertility treatment. It raised around US$130m in its Japan IPO.
• Kitazato specializes in artificial insemination, in vitro fertilization, cell cryopreservation and reproductive engineering technologies in regenerative medicine
• In our previous note, we looked at its past performance and the deal dynamics. In this note, look at the trading dynamics.

• On June 21, 2025, MetaVia Inc. (MTVA) announced the presentation of preclinical data for DA-1241, the company’s novel GPR119 agonist, that showed hepatoprotective effects when administered in combination with Efruxifermin, a fibroblast growth factor 21 (FGF21) analogue, in a mouse model of metabolic dysfunction-associated steatohepatitis (MASH).
• The results were presented in a poster session at the American Diabetes Association 85th Scientific Sessions.
• The data showed that 94% of mice receiving the combination therapy achieved a =2-point improvement in the non-alcoholic fatty liver disease (NAFLD) activity score and immunohistochemistry revealed significantly reduced inflammatory and fibrotic gene expression in the liver.

• AS ONE Corporation (7476 JP)‘s revenue rose 9% YoY to ¥104B as growth was witnessed across segments in FY25. Operating profit grew 11% YoY to ¥11.6B (margin: 11.2%, up 30bps).  
• E-Commerce revenue was ¥34B (up 22% YoY) contributing 33% of total sales. Product offering increased by 1.8M SKUs YoY to 12.4M SKUs.
• For FY26, As One expects consistent growth in revenue and profits. The company unveiled new medium-term plan, with an aim to maintain an average annual growth rate of 7–8%.

• Leads Biolabs, a China-based clinical-stage biotech, is looking to raise at least USD 100 million via a Hong Kong listing. The joint book runners are MS and CITIC.
• In our previous insight, we looked at the company’s core products and its management team, as well as investor backing.
• In this insight, we look at the updates of the prospectus spanning six months’ time. We have also read through from the competing products’ disclosures.

Oryzon Genomics has submitted the Phase III clinical trial protocol to the FDA for its lysine-specific demethylase 1 (LSD1) inhibitor, vafidemstat, in borderline personality disorder (BPD), marking a major step towards developing its lead programme as a potential first-in-class therapy for aggression in BPD. The primary endpoint will be the previously defined STAXI-2 Trait Anger score, where vafidemstat had demonstrated statistically significant improvement in the previous Phase IIb study. The key secondary endpoint will be the score on the clinician-rated Modified Overt Aggression Scale (OAS-M). The study design incorporates guidance from the FDA and input from US psychiatric key opinion leaders (KOLs), which we believe significantly derisks the Phase III programme. We expect FDA clearance in Q325, with Phase III to commence in 2026, potentially under a partnering agreement. Our valuation remains unchanged following the announcement.

• Longeveron is focusing on using its primary treatment, Lomecel-B, to fight a rare pediatric heart birth defect that devastates families but continues to receive good FDA news regarding its treatment for Alzheimer’s Disease.
• The company announced that it has completed enrollment for the Phase 2b trial evaluating laromestrocel for the treatment of HLHS.
• The rare nature of the condition makes this a major milestone for the company.

• Since diagnosis/treatment rate of pterygium is low, it’s uncertain how many patients will be willing to pay high price for CBT-001. CBT-009 may lose first-mover advantage in front of Ryjunea.
• Due to pressure on cash flow, the development progress of CBT-006 and CBT-004 could be slower-than-expected. CBT-004’s sales may be squeezed due to the off-label use of anti VEGF drugs. 
• Valuation could be lower than peers considering that CLOUDBREAK has out-licensed commercialization rights of core product and has to face fierce competition and uncertain market demand after the product launch.