Daily Brief Health Care: Remegen , Binhui Biopharmaceutical, MapLight Therapeutics, Oryzon Genomics, OSE Immuno, Rani Therapeutics Holdings and more

• After a huge upward move earlier this year, Remegen (9995 HK)‘s stock has started to drop as the sector starts to give back some of its gains. 
• Despite the recent correction, Remegen (9995 HK) should be added to a global index in November and that could help the stock outperform its peers.
• There appears to be a lot of positioning in the stock, but we see a similar trend across stocks in the industry.

• Binhui, a China-based clinical-stage biopharma company, is looking to raise at least USD 100 million via a Hong Kong listing. Huatai, CMB, and BOCI are the joint sponsors.
• In this note, we look at the company’s core product, BS001, and key products BS006 and BR003.
• We also look at the company’s pre-IPO investors and management team.

• Its prospectus reveals a $40 million anchor order from T. Rowe Price and an additional $8.1 million concurrent private placement through Goldman Sachs.
• Additionally, according to guidance, the deal is already being classified by our sources as well-oversubscribed on new and existing orders.
• Given the company’s scientific credibility and strategic investor base, MapLight Therapeutics appears well-positioned to navigate the current market.

Oryzon Genomics has announced that it has received FDA feedback on its plans for the Phase III programme in borderline personality disorder (BPD) for its lead central nervous system (CNS) drug candidate, vafidemstat. Following the submission of the proposed protocol in June 2025, Oryzon now has written feedback regarding various components of the programme, including trial endpoints as well as non-clinical considerations. Management has communicated that this dialogue with the regulators has been constructive and will enable the company to re-submit a revised Phase III protocol in due course. We highlight that such interactions with the FDA are common in drug development, and perhaps unsurprising in this case where there is no regulatory precedent for BPD. Should the FDA clear Oryzon’s revised protocol, it should strengthen the company’s chances of bringing an effective new treatment option for patients with BPD, an indication that currently has no approved drugs.

OSE Immunotherapeutics’ H125 results, the first since the board restructuring, reflected normalised operations typical of a clinical-stage biotech, following H124’s exceptional licensing income. The decline in operating revenues (to €1.3m vs €82.6m in H124) was attributed to the absence of upfront payments from AbbVie and Boehringer Ingelheim (BI) recognised in H124. Operating expenses rose modestly by 6% y-o-y to €19.6m, driven by higher R&D spending (€14.8m vs €13.9m), in particular related to lead asset Tedopi’s Phase III ARTEMIA trial and increased legal costs linked to governance changes (G&A +4.7% to €4.5m). In terms of liquidity, as communicated in September 2025, the company estimates it has a cash runway to Q426 (excluding potential milestone receipts, which may extend the runway, should payments be realised). Management is assessing financing and partnership options to extend it further. We place our estimates under review pending visibility on OSE’s development plans, in particular around the lusvertikimab programme.

• Rani is a clinical-stage biotherapeutics company developing the ingestible robotic RaniPill (RP) that enables oral delivery of biologics & other large molecules.
• Its pipeline features clinical assets RT-102 (teriparatide for osteoporosis) & RT-111 (ustekinumab for psoriasis).
• Both programs have completed Ph1 trials characterizing safety tolerability & pharmacokinetics.