Health Care Archives | Page 49 of 137 | Smartkarma

• Sharecare is a data-driven healthcare platform with three segments and access to a large amount of data from claims and eligibility information for 13 million covered lives
• The company has a market cap of $243 million and generates around $445 million in revenue, with an adjusted EBITDA breakeven
• Sharecare has a strong cash position, no debt, and a promising outlook for their life sciences segment, making it a potentially valuable investment opportunity

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

• Sumitomo Pharma (4506 JP) reported double-digit revenue growth in Q1FY25, driven by North America. Operating loss narrowed. Net profit stood at ¥16B in Q1FY25 (Q1FY24 net loss: ¥39B).
• Robust performance of key products, gross margin expansion, achievement of sizable benefits from the North America business restructure, and streamlining R&D initiatives are the key positives in Q1FY25 result.
• Sumitomo is expected to revise FY25 guidance during H1FY25 result announcement. Better-than-expected performance from key drugs as well as favorable Fx should lead to upward revision of revenue guidance.

• Q1 FY03/25 sales were JPY24.2bn (+11.2% YoY), operating profit JPY2.7bn (+11.3% YoY), and net income JPY2.0bn (+10.9% YoY).
• Research and Industrial Instruments sales JPY19.7bn (+10.9% YoY), Scientific sales JPY14.6bn (+10.0% YoY), Industrial sales JPY5.1bn (+13.6% YoY).
• E-commerce sales JPY8.0bn (+23.3% YoY), overseas business sales JPY1.2bn (+4.6% YoY), China sales down 7.3% YoY.

Oryzon’s Q224 results summarised an active quarter for its clinical pipeline, with multiple milestones expected in H224. Central to the H224 momentum will be the upcoming FDA end-of-Phase II (EoP2) meeting for vafidemstat in BPD, for which a positive outcome would provide impetus to subsequent plans. Interim data from FRIDA (iadademstat in AML) was encouraging, and with several additional combination trials planned, the second half of the year will continue to be highly active. Operating results threw no surprises, with R&D expenses remaining soft (€2.2m in Q224) following the PORTICO trial completion in late 2023. The period-end gross cash balance of €10.1m was supported by another €4m drawdown from the November 2023 convertible debt facility and should support operations into FY25. As we make minor revisions to our estimates, our valuation adjusts to €774.7m versus €748.8m previously. Our per share valuation remains unchanged (€12.1) on a higher post-conversion share count.

• Addex is a stub allowing investors to invest in Neurosterix at a lower valuation
• Neurosterix, backed by blue-chip VC firms, focuses on targeting muscarinic receptors for psychiatric disorders
• Addex transferred assets to Neurosterix in exchange for equity, including an M4 PAM and an mGlu7R NAM

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

• Sales decreased by 59.6% YoY to JPY1.3bn, with a gross profit of JPY996mn and a gross profit margin of 77.6%.
• Operating loss was JPY1.7bn, recurring loss JPY1.5bn, and net loss attributable to owners of the parent JPY1.5bn.
• SG&A expenses were JPY2.7bn (+7.6% YoY), with R&D expenses amounting to JPY1.5bn (+27.2% YoY).

• The KRX BBIG’s concentrated weight and top three replacements still attract significant flow trading interest despite a decline in AUM.
• In the Battery Sector, Posco Future M will replace Ecopro BM, while in the Bio Sector, Alteogen will replace SK Biopharmaceuticals.
• A significant single-day passive flow is expected, especially for SK Biopharm. Additionally, a day trading setup with Posco Future M and Ecopro BM will likely attract substantial interest.

• For the month of July 2024, 11 new transactions (firm and non-binding) were discussed on Smartkarma with an overall announced deal size of ~US$10bn.
• The average premium for the new transactions announced (or first discussed) in July was ~31%. The average premium YTD is ~44%.
• This compares to the average premium for transactions in 2023 (117 transactions), 2022 (106), 2021 (165), 2020 (158), and 2019 (145 ) of 39%, 41%, 33%, 31%, and 31% respectively.

• Daiichi Sankyo (4568 JP) announced better-than-expected Q1FY25 result, with all key parameters exceeding expectation. Q1 revenue increased 24% to ¥436B, mainly driven by 59% growth in Enhertu sales to ¥130B.
• For its approved indications, Enhertu maintained #1 market share for new patients in U.S. The drug is expected to have blockbuster status in both US and Europe this year.
• Despite a good progress in Q1FY25, especially on profitability front, Daiichi Sankyo has reaffirmed FY25 guidance. Better-than-anticipated Enhertu revenue and Fx should lead to guidance revision later this year.

• This takeover could be at negotiation stage and different parties haven’t reached an agreement.When Legend Bio releases official announcement, it means main issues of the deal have been agreed upon.
• Genscript will be a big winner if Legend Bio is acquired. Major shareholders would take measures to maximize personal interests.The concern is whether Genscript will offer dividends to small/medium shareholders/investors. 
• Whether the takeover is successful or not, reasonable valuation of Legend Bio is between US$12.5- US$15 billion. Due to uncertainties, we recommend investors buy Legend Bio directly rather than Genscript.

• The review period for the September rebalance ends today, the changes will be announced in the first week of September and implemented at the close of trading on 12 September.
• There is at least one change expected for each of the Secondary Battery, Bio, Internet, Game and BBIG indices. 
• The largest flows will be in Posco Future M, Ecopro BM, SK Biopharmaceuticals, Alteogen, Celltrion, SKC Co, Kakao Corp, Douzone Bizon, Krafton and Samsung Biologics.

• Breadth continues to improve and Russell 2000 (IWM) small-caps and the Dow remain bullish, all while the S&P 500 and Nasdaq 100 (QQQ) are going through a pullback/consolidation phase.
• Considering the Russell 2000 vs. S&P 500 ratio is reversing a 3.5-year downtrend, we expect this trend of small-cap outperformance to continue for months or longer.
• With new risk-off signals emerging, potential pullback zones we would look for include 5100-5191 on the S&P 500 and $443-$449 on the QQQ, expecting a low near the election.

• The message WuXi AppTec hopes to convey in 24H1 report is that the Company isn’t losing orders/customers due to BIOSECURE Act and from 2025 it will return to high growth. 
• TIDES business growth is below expectations. Whether WuXi AppTec’s performance can be reversed is no longer solely depends on fundamentals/industry cycles, but on whether geopolitical risks can be fully resolved.
• Regardless of the outcome of 2024 presidential election, securing US supply chain is a already bipartisan consensus. If any Bill does pass in the future, valuation will plummet again.

• Azitra is developing genetically engineered bacteria for therapeutic use in dermatology.
• The company possesses a microbial library of 1,500 unique bacterial strains that are candidates for a variety of indications.
• Azitra’s lead candidate is ATR-12 for the rare disease Netherton Syndrome (NS).

• EVAX is a clinical stage company that has proprietary AI models designed to more efficiently and more accurately target much-needed treatments.
• The company has two streams of possible revenue: from the treatments themselves and from the licensing of the AI technology.
• The company aims to be cash-flow neutral in 2024 and continues to develop relationships with major pharmaceutical companies, while also pushing treatments through the FDA approval process.

• Better-than-expected 2Q24 results throughout the P&L.
• While we had already forecasted healthy profitability ahead, we are raising our FY24E-25E estimates given the company’s anticipated path towards profitability targets.
• We continue to see Genomma with healthy brand power across most of its core categories and also expect previous headwinds, such as FX (at least in some regions) and performance in Argentina, to become neutral-to-positive ahead, while the company’s productivity initiatives remain with ample runway as they reached 41% of the FY27 P$1.8bn target.

• M3 Inc (2413 JP) reported 1QFY03/2025 results on Friday. Both revenue and OP for the quarter beat consensus estimates by 3.5% and 11.0% respectively despite earnings continue to decline.
• Medical Platform segment’s earnings have continued to decline as a result of pharma marketing whose revenues are impacted due to spending cuts by pharmaceutical companies.
• M3’s share price has declined by more than 35% YTD and we don’t see any tangible recovery in the company’s earnings as overseas and other businesses face challenges.

• Dr. Reddy’s Laboratories (DRRD IN) had a good start to FY25, with a record high quarterly revenue of INR77B in Q1FY25, beating estimates.
• Increase in base business volume in the U.S. and revenue from Sanofi’s vaccine portfolio in India drove the revenue growth. Higher opex and effective tax rate impacted bottom line.
• The company will split its shares in the ratio of 1:5. This will be first time in last 20 years the company will be splitting its stocks.  

• Herbs Generation’s performance growth momentum is strong, with growth rate of net profit higher than that of revenue. However, net profit margin is not high due to high SG&A expenses. 
• Due to small market size in Hong Kong, growth ceiling of Herbs Generation is obvious. It’s quite challenging to seize market share from top ranking providers due to fierce competition.
• We’re concerned that future revenue could decline to single-digit growth, as the effectiveness of continuing to invest in marketing/promotion will diminish. Valuation of Herbs Generation should be lower than peers.

Immix Biopharma has received a grant of US$8m from the California Institute for Regenerative Medicine (CIRM) to advance clinical development of its lead CAR-T asset, NXC-201, in relapsed/refractory amyloid light chain amyloidosis (r/r ALA). We believe that this backing from the government agency not only bolsters the company’s capital position (cash runway estimated to extend to Q425), but also provides external endorsement of its efforts towards developing the first outpatient CAR-T treatment while addressing the unmet medical need in ALA. We remind readers that Immix recently dosed the first patient in the US as part of the Phase Ib NEXICART-2 trial, which plans to complete enrollment (expected n=40) by end-2025. If the data are supportive, we expect the company to follow it up with a Biologics License Application (BLA) submission to the FDA.

• Revenue: JPY23.1bn (-4.8% YoY), Operating profit: JPY1.6bn (-51.1% YoY), Recurring profit: JPY2.1bn (-48.9% YoY).
• Domestic revenue: JPY20.9bn (-4.0% YoY), Overseas revenue: JPY2.2bn (-11.9% YoY), Medical care business revenue: JPY7.9bn (-13.6% YoY).
• Nursing care business revenue: JPY14.3bn (+2.5% YoY), Health promotion business revenue: JPY2.2bn (-12.2% YoY).

• Thermo Fisher Scientific Inc. recently disclosed their financial results for the second quarter of 2024, which provide a mixed picture, illustrating both strengths and weaknesses in their performance.
• Starting with the positives, Thermo Fisher experienced a solid revenue posting of $10.54 billion for the quarter, alongside an adjusted operating income of $2.35 billion.
• The adjusted operating margin also saw a notable increase to 22.3%, reflecting a refined operational efficiency.

• We summarise the latest spreads and newsflow of merger arb situations we cover across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.
• Highest spreads: Yichang HEC Changjiang Pharma (1558 HK), China Traditional Chinese Medicine (570 HK), Canvest Environmental Protection Group (1381 HK), Greatview Aseptic Packaging (468 HK), Asia Cement China (743 HK). 
• Lowest spreads: Fancl Corp (4921 JP), Mimasu Semiconductor Industry (8155 JP), Infocom Corp (4348 JP), L’Occitane (973 HK), Qantm Intellectual Property (QIP AU), Alps Logistics (9055 JP). 

• There are only 3 trading days left in the review period for the September rebalance of the SSE STAR50 (STAR50 INDEX). 
• We see two potential changes that could result in a one-way turnover of 3.6% and in a one-way trade of CNY 4.7bn (US$644m).
• Cumulative excess volume has started to pick up in the stocks over the last few weeks and that could be an indicator of further gains for a long/short trade.

• We noticed some positive updates about Ascentage as competitors’ products have encountered varying degrees of challenges. However, the top priority for Ascentage is to get the approval of APG-2575 first.
• China Resources Boya has agreed to buy Green Cross for RMB1.82 billion, with premium of 160%.We think this is the right strategy considering the high barriers in blood products industry. 
• Weigao’s performance was negatively affected by VBP and anti-corruption campaign. The unsatisfactory share price performance is closely related to its business model. 2x P/S is reasonable for Weigao.

• In June of 2024, GRAIL, a market leader in early cancer detection, spun off from Illumina into an independent publicly traded company.
• Following the spin-off, Illumina retains up to ~15% ownership interest in GRAIL and continues to fund GRAIL’s operations and R&D with disposal funding of ~$974M.
• I view GRAIL as a market leader in the MCED testing market and uniquely positioned to be very effective in detecting some of the most aggressive early-stage cancers.

• In Q1FY25, Cipla Ltd (CIPLA IN) posted 7% YoY revenue growth to INR66.9B. Despite surging R&D expenditure, EBITDA increased 26% YoY to INR17.2B, leading to 154bps margin expansion to 25.6%.
• Record high quarterly revenue in the U.S. market, double-digit revenue growth in India branded prescription business, and continued strong momentum in South Africa drove overall performance.
• Cipla is well-positioned for mid-to-high single-digit revenue growth through FY27. Sitting on a robust cash balance of INR90B, Cipla is eyeing on M&A. Valuation still looks reasonable.

• Due to the low base in 2023, net profit in 2024 would show restorative growth, with net profit attributable to owners of the company reaching RMB5+ billion, up 33% YoY.
• Different from Sinopharm/CRP whose assets are scattered in different listed companies, pharmaceutical assets/resources of SH Pharma are integrated within the Company, so the intrinsic value of this model is greater.
• SH Pharma is undervalued. Interim dividend will be added in 2024.Future dividend ratio would remain 30+%.SH Pharma as a SOE takes the lead in responding to policies to increase dividends.

• IQVIA’s business fundamentals remain strong, achieving a 5% revenue growth rate and 8.6% growth in adjusted diluted earnings per share in the second quarter of 2024.
• The company’s revenue and earnings growth were driven by robust performances across their business segments, such as Technology & Analytics Solutions (TAS) and the Clinical segment.
• In the TAS segment, IQVIA reported growth of about 3% in the first quarter and 4% in the second quarter, excluding COVID-19 and foreign exchange impacts.

• I tally 47 – mostly firm, mostly Asia-Pac – transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal. 
• Two new deals discussed this week on Smartkarma: Furukawa Battery (6937 JP)‘s TOB, and the Arvida (ARV NZ). Warehouse Group Limited (WHS NZ)‘s co-founder is kicking tyres. 
• Key updates took place on Pacific Smiles (PSQ AU), Canvest Environmental Protection Group (1381 HK), CPMC Holdings (906 HK), Jeisys Medical (287410 KS), and Hollysys Automation Technologies (HOLI US).

• NIFTY 50 represents the 50 largest stocks listed in the National Stock Exchange (NSE) of India and the NIFTY Next 50 index tracks the next 50 largest names.
• With three more trading days left in the reference period, we are presenting our final  expectations for ADDs and DELs for the September 2024 index rebal event.
• We see five changes for the NIFTY 100 index which will also affect the NIFTY Next 50 index. There could also be multiple changes for the NIFTY 50 index.

• Expect True Wind to walk away rather than raising their price further for Sun Corp (6736 JP). They’d need to pay ¥5,500-5,800 to dislodge a large chunk. And they won’t.
• Amorepacific Group (002790 KS) plumbs new discount lows as Amorepacific Corp (090430 KS)  gets a boost from Amazon Prime Day.
• Canon Marketing Japan (8060 JP) is still significantly under-levered. That means the stock price will generically not be that volatile. That generally means one should buy dips and sell pops.

OSE Immunotherapeutics’ run of positive news continues with the announcement of encouraging data from the Phase II proof-of-concept CoTikiS study, evaluating Lusvertikimab as a novel treatment for ulcerative colitis (UC). The randomised, double-blind trial (n=136) has reported encouraging, statistically significant benefits, reflected in material improvements on the Modified Mayo Score (MMS). The full data set will be presented in due course, and we expect the next stage of development to be undertaken in partnership, which we estimate will be in place in 2025. Lusvertikimab is a potentially first-in-class IL-7R antagonist, offering a differentiated mechanism of action to other available biologics that currently dominate the UC market. We expect the next major catalyst for OSE to be the initiation of the Phase III trial for lead asset Tedopi, anticipated to commence imminently (previous guided timeline was Q224).

• Akums Drugs and Pharmaceuticals (0200361D IN) is looking to raise up to US$222m in its upcoming India IPO.
• Akums Drugs and Pharmaceuticals (ADP) is a pharmaceutical contract development and manufacturing organization (CDMO) offering a comprehensive range of pharmaceutical products and services in India and overseas.
• In our previous note, we talked about the company’s historical performance. In this note, we talk about its RHP updates and share our quick thoughts on peer comparison and valuation.

• Our long-term bullish outlook (since early-November 2023) remains intact. With that said, we believe a 1-3-month pullback has likely begun.
• Supports to watch are at $110 on MSCI ACWI (ACWI-US) and $41-42 on MSCI EM (EEM-US), and whether these levels hold or not will determine the severity of the pullback.
• The S&P 500 is violating its 20-day MA, Europe’s EURO STOXX 50 is breaking below 4884, and Japan’s TOPIX appears to be staging a false breakout at the 2800-2815 level

• Akums Drugs and Pharmaceuticals, the largest India-focused CDMO, has set price band of Rs 646–679/share for its upcoming IPO. The company has blue chip and sticky clientele.
• The Indian domestic CDMO market is forecasted to grow at a CAGR of 14.3% during FY24–28, nearly doubling its historical growth rate.
• Akums seeks a P/E valuation of 28.7–30.2x, which seems to be reasonable compared with listed peers.

• Intuitive Surgical experienced healthy performance in the second quarter of 2024, with strong capital placements and solid procedure growth.
• Several advancements were made, with the rollout of da Vinci 5, stability of Ion supply, and expanding da Vinci SP installs in Europe among the highlights.
• The company also faced some headwinds related to multiport procedures.

• Novartis’s second quarter 2024 earnings were decent and revealed a company strongly positioned and confident of its continued growth trajectory.
• From a financial standpoint, the Swiss multinational pharmaceutical firm posted a solid performance with 11% quarter-on-quarter growth in sales, profits expanding 19%, and a core margin of 39.6%.
• The robustness in financials was driven by commendable productivity as well as sustained sales growth.

• Biotech play Genscript Biotech (1548 HK) and ~48%-held Legend Biotech (LEGN US) popped recently on a reported tilt for Legend.  Neither Genscript nor Legend made exchange announcements supporting the claim. 
• Preceding my comments on Genscript/Legend are the current setup/unwind tables for Asia-Pacific Holdcos.
• These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation >20%.

• Arvida (ARV NZ), a leading retirement living and aged care service provider in New Zealand, announced a Scheme from PE-outfit Stonepeak at NZ$1.70/share, in cash, a 65% premium to undisturbed. 
• The Offer has unanimous board support. ~18% of shares out are supportive. Standard Scheme voting applies. Consent from NZ’s Overseas Investment Office also required. 
• A Scheme Meeting is expected to be held in 4Q24 with implementation in the same quarter. Optics are a tad opportunistic; but this looks priced to complete. 

• On 22 July, Arvida (ARV NZ) entered a scheme implementation agreement with Stonepeak at NZ$1.70, a 65.0% premium to the undisturbed price.
• The transaction will require OIO approval, statutory supervisors’ consent and shareholder approval. The Metlifecare Ltd (MET NZ) precedent suggests that the OIO and statutory supervisor should be forthcoming.
• The offer is attractive, and shareholders representing 18% of outstanding shares are supportive. At the last close and for a November payment, the gross/annualised spread was 4.9%/14.2%.  

• Last month, aesthetic laser maker Jeisys Medical (287410 KS) announced French PE outfit Archimed SAS was seeking to delist the company.
• Via a Tender Offer, Archimed sought to acquire 72% of Jeisys at ₩13,000. Archimed also inked agreements with founders/directors for 26.44%, taking its possible % holding to 98.44%.
• The Tender Offer closed on the 22nd July with Archimed holding 81.39% (including the aforementioned agreements). Archimed has now reloaded, on the same terms. There is no minimum acceptance condition. 

• Embecta is in an intricate phase as strategists contemplate its potential as an acquisition target.
• Analyzing Embecta’s scenario involves balancing an array of factors highlighted during its thorough earnings discussion.
• On the positive side, Embecta has displayed a robust earnings performance in the fiscal second quarter of 2024, with a total revenue growth of 3.6% on an as-reported basis and 4.5% on a constant currency basis.

• Fusion Pharmaceuticals is being acquired by AstraZeneca for $21 in cash and a $3 CVR
• Fusion presented promising results from its phase II trial, showing consistent safety signals
• The acquisition demonstrates continued interest and investment in the biotech industry

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

• Ainos business and priorities. The medtech company has three key technology platforms: (1) AI Nose point of care testing (POCT); (2) Low dose interferon-α Veldona; and (3) Synthetic RNA in early discovery stage.
• Priorities for AI Nose are Ainos Flora (POCT diagnostic for women vaginal health and STIs) and a health monitor system for elderly care in co-development.
• Veldona will focus on oral warts in HIV+ patients and Sjogren’s syndrome, in addition to cat FCGS (gum disease) for animal health.

• In the first tender offer, 42.5 million shares of Jeisys Medical were purchased by Archimed Group. Post tender offer, Archimed now owns an 82.1% stake in Jeisys Medical. 
• On 24 July, it was announced that Archimed will be conducting a second tender offer for Jeisys Medical. The second tender offer will be made for 17.2% of common shares.
• It could be difficult for Archimed to gain more than 95% stake at the end of the second tender offer. Rather, a third tender offer is likely in 2025.

• Akums Drugs and Pharmaceuticals (0200361D IN) is looking to raise up to US$239m in its upcoming India IPO. 
• Akums Drugs and Pharmaceuticals (ADP) is a pharmaceutical contract development and manufacturing organization (CDMO) offering a comprehensive range of pharmaceutical products and services in India and overseas.
• In this note, we talk about the company’s historical performance.

• In 2Q24, Samsung Biologics (207940 KS) reported 34% YoY revenue growth to KRW1,157B, driven by full utilization of Plants 1–3, ramp-up of Plant 4, milestone payment, and favorable Fx.
• The company expects annual revenue to exceed KRW4T mark this year, thereby setting a record for the Korean pharmaceutical and biotechnology sector.
• During 1H24, Samsung Biologics has secured order worth of KRW2.6T. Currently, the company is serving 16 out of the top 20 global pharmaceutical companies, up from 14 last year.

• Enrolled first subject in feline oral disease study, paving way for animal health opportunity.
• The randomized, double- blind Veldona animal study will enroll 30 cats with feline chronic gingivostomatitis (FCGS) at a single Taiwan clinical site.
• Two dosage groups, a low dose (6,000 IU) and high dose (12,000 IU), will be evaluated. The first enrolled subject will be dosed later this week. 

• SAI Life Sciences(SLS) is looking to raise up to US$500m in its upcoming India IPO. The deal will be run by Kotak, IIFL, Jefferies and MS.
• SLS is a CRDMO. It provides end-to-end services across the drug discovery, development and manufacturing value chain, for small molecule NCE to global pharmaceutical innovators and biotechnology firms
• As per Frost & Sullivan, SLS was the fastest-growing Indian CRDMOs among listed Indian peers in terms of revenue CAGR as well as EBITDA CAGR from FY22 to FY24.

• Arrowhead Pharmaceuticals delivered a comprehensive update on its operational and financial developments for the fiscal second quarter ended March 31, 2024.
• A major focus for the company during this period has been its expanding presence in the cardiometabolic space, where substantial investments have been channeled to advance clinical and pre-commercial activities.
• In these endeavors, significant strides were made with plozasiran and zodasiran, their leading drug candidates designed to tackle diseases associated with lipid disorders.

• Telix Pharmaceuticals (TLX AU) is raising A$600M via convertible debentures to fund key clinical development programs across the company’s therapeutic and diagnostic portfolio.
• The convertible debentures, which are due to mature in 2029, will have annual yield between 2.00% and 2.75%. These will be listed on the Singapore Exchange.
• Riding on strong performance during the first half, Telix has raised full-year 2024 revenue guidance by nearly 10% at mid-point to $490M–510M (A$745M–776M), representing 48–54% YoY growth.

• TY-9591 has differentiated indication compared with the current listed third-generation EGFR-TKI, but it still depends on the final clinical results, which also bring more uncertainty to the commercialization performance.
• TYK’s development strategy requires it to invest heavily on head-to-head trials.Due to cash shortage, until TYK successfully addresses survival pressure,we recommend a more cautious assessment of pipeline prospects/future R&D arrangements.
• TYK is a “mediocre” company. The valuation (RMB3.08 billion) is based on optimistic expectations that core product will be successfully developed, become Me-Better, and commercialized smoothly.We’re, however, conservative about this.

• BrainStorm Cell Therapeutics Inc. (Nasdaq: BCLI) develops NurOwn® stem cell therapy for NDDs – BCLI’s first target is ALS (MND/Lou Gehrig’s).
• Since initiation – CMC FDA questions resolved, commercialization team in place, raised US$ 4m (gross) enabling PIIIb rollout start, signed a CRO and lined up a commercial manufacturer, shortening the BLA timeline.
• Whilst the US$ 4m raise and new warrants dilution effect has reduced our value range ~5%, it remains well above our >10x return investment hypothesis.

• Lexaria is a biotechnology company seeking to enhance the bioavailability of multiple drug agents using DehydraTECH (DHT), its technology using oral and topical delivery.
• It combines lipophilic APIs with specific fatty acid and carrier compounds followed by dehydration.
• DHT offers several attractive features: substantial improvement in bioabsorption in terms of time to measurable plasma levels & AUC, brain permeation, taste masking & side effect reduction.