Daily Brief Health Care: Oura, ADARx Pharmaceuticals, Boditech Med, Alphamab Co Ltd, Cipher Pharmaceuticals , Discovery Loop, ISDN, Lakewood-Amedex Biotherapeutics, CStone Pharmaceuticals, Cannara Biotech and more

• Differentiated health-tech platform: Oura combines wearable technology, biometric data and recurring subscriptions, with approximately 5 million paid members.
• Rapid growth: Latest-twelve-month revenue reached approximately $1.43 billion, while paid membership doubled year over year.
• Valuation remains a key consideration: The proposed valuation represents a meaningful premium to its October 2025 private financing, despite improving margins and cash generation.

• September 25, 2026 ADARx Pharmaceuticals Inc. (Nasdaq: ADRX) delivered a strong opening in its public-market debut, opening at $22.10 , exactly 30.0% above its $17.00 IPO price .
• The company priced at the top of its marketed $15.00-$17.00 range and increased the offering to 26.25 million shares , raising $446.25 million .
• The strong opening reflected significant initial demand, with ADRX reaching an intraday high of $23.21.

• Boditech Med Inc. (206640 KS) is a leading South Korea-based in vitro diagnostics (IVD) company specializing in Point-of-Care Testing (POCT) analyzers (ichroma™ and AFIAS platforms) and consumable diagnostic reagent cartridges across more than 120 global markets.
• Following post-pandemic normalization, the company has delivered strong organic revenue expansion, reaching KRW 162.1bn in 2025 (+17.3% YoY) with sustained gross profit margins above 56% and EBITDA margins in the 23-26% range, powered by non-COVID test menus across cardiovascular, latent tuberculosis (IGRA-TB), therapeutic drug monitoring (TDM), and diabetes.
• Trading at attractive valuation multiples relative to global IVD peers (~7.5-8.5x trailing P/E and ~1.1x P/B), Boditech Med combines robust balance sheet resilience (net cash position), consistent dividend distributions (1.6% yield), and multiple regulatory commercial catalysts in North America and Europe.

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• Alphamab Co Ltd (9966 HK) reported drop of 15% YoY in revenue, driven by licensing income. Recorded loss of RMB 40.5M in 1H26 (vs profit of RMB 21.6M in 1H25).
• The NDA of KN026 in combination with docetaxel, as neoadjuvant treatment for HER2+ BC and as first-line treatment of HER2+ advanced BC is under priority review and approval procedure.
• We feel the trial results, approvals and launches of various candidates lined up would act as further triggers to the stock price. We prefer to be bullish on the name.

• Most individuals could not give 2 shits about any of the IP Cipher Pharmaceuticals has or is licensed with.
• In that way it’s much closer to a market failure than anything someone did wrong, as Eli Lilly was more than capable of turning spinosad into a topical for scabies.
• Hell, a baby could turn spinosad into a topical for scabies if you have spinosad and lotion and you were to just dump them together onto a tray. 

• Discovery Loop announced its initial financing on August 5, 2026, led by Radical Ventures and Khosla Ventures.
• Discovery Loop’s first external revenue could come from design-partner engagements with frontier AI laboratories and large enterprise R&D organizations, potentially beginning in late 2027.
• The founding team has experience across distributed systems, AI models, accelerator design, and production products, consistent with the company’s view that automated discovery at scale depends on systems engineering as well as model performance.

• Institutional investors recorded a net outflow of S$336 million across Singapore-listed stocks from 31 August to 25 September.
• Yangzijiang Shipbuilding saw the largest reversal with S$73.78 million net buying from 14–25 September after prior net selling.
• UI Boustead REIT and CapitaLand Ascott Trust reversed outflows with recent net buying of S$17.23 million and S$6.70 million, respectively.

• On September 24, 2026, Lakewood-Amedex Biotherapeutics, Inc. (LABT) announced that the first patient has been dosed in the Phase 2a clinical trial of Nu-3 for the treatment of diabetic foot ulcers.
• It is.
• Multicenter, single blind, dose-finding study designed to evaluate the safety and efficacy of three Nu-3 gel concentrations (2%, 5%, and 10%).

• CStone Pharmaceuticals (2616 HK) posted revenue of RMB 205.1M (vs RMB 49.4M in 1H25) as sales of Gavreto (pralsetinib) increased substantially following its successful inclusion in the NRDL.
• R&D expenses increased 95% to RMB 205.5M due to increased ongoing clinical trials. Company ended 1H26 with a loss of RMB 252.3M vs loss of RMB 270.2M in 1H25.
• Sugemalimab awaiting launches in new overseas territories, Aykavit and Gavreto sales slowly picking and CS2009 showing encouraging trial results pose a positive outlook about the company.

• Cannara continues to defend and grow its position amongst LPs throughout geographies and segments, highlighting management execution.
• We see several opportunities for Cannara to further penetrate the market as additional grow rooms activate and new products launch.
• LOVE is expected to report its Q4 and FY26 financials in late November, for which we expect 17% revenue growth and 11% Adj. EBITDA growth.