项目负责人伊万·马丁教授表示："尽管小鼠模型为骨髓研究奠定了基础，但人类与动物的生物学差异显 著。新模型能更精准地模拟人体造血机制，尤其在疾病建模和药物筛选中具有不可替代的优势。" 团队成员安德烈斯·加西亚博士补充道，该系统有望减少血癌研究中对动物试验的依赖，符合科研伦理 中"替代、减少、完善"的原则。不过，当前模型尺寸较大，若用于高通量药物测试，需进一步微型化以 适应多化合物并行实验的需求。 这项研究不仅为血液疾病机制探索提供了新工具，更标志着人类在体外模拟复杂器官功能领域迈出了关 键一步。未来，该技术或可拓展至个性化医疗领域。通过提取患者自身细胞构建专属骨髓模型，医生能 提前测试不同疗法的效果，为血癌患者定制最优治疗方案。团队强调，这一应用目前仍需克服技术瓶 颈，距离临床落地尚需时日。（记者张梦然） 瑞士巴塞尔大学研究团队在最新一期《细胞·干细胞》上发表了一项突破性成果：他们首次在实验室中 用人类细胞构建出高度仿真的三维骨髓组织模型。该模型完整复现了骨髓中血管、骨细胞、神经及免疫 细胞等复杂结构，为血癌研究、药物测试及替代动物试验提供了全新平台。 骨髓作为人体"血液工厂"，其内部由多种细胞构成的微环境对血 ...

骨髓作为人体"血液工厂"，其内部由多种细胞构成的微环境对血液生成至关重要，尤其在骨表附近的内 质生位，不仅调控造血过程，还与血癌耐药性密切相关。然而，传统研究依赖动物模型或简化的二维细 胞培养，难以真实反映人类骨髓的复杂性。 来源：科技日报 图片来源：瑞士巴塞尔大学 科技日报北京11月19日电 （记者张梦然）瑞士巴塞尔大学研究团队在最新一期《细胞·干细胞》上发表 了一项突破性成果：他们首次在实验室中用人类细胞构建出高度仿真的三维骨髓组织模型。该模型完整 复现了骨髓中血管、骨细胞、神经及免疫细胞等复杂结构，为血癌研究、药物测试及替代动物试验提供 了全新平台。 团队成员安德烈斯·加西亚博士补充道，该系统有望减少血癌研究中对动物试验的依赖，符合科研伦理 中"替代、减少、完善"的原则。不过，当前模型尺寸较大，若用于高通量药物测试，需进一步微型化以 适应多化合物并行实验的需求。 这项研究不仅为血液疾病机制探索提供了新工具，更标志着人类在体外模拟复杂器官功能领域迈出了关 键一步。未来，该技术或可拓展至个性化医疗领域。通过提取患者自身细胞构建专属骨髓模型，医生能 提前测试不同疗法的效果，为血癌患者定制最优治疗方案。团队强调 ...

这项研究不仅为血液疾病机制探索提供了新工具，更标志着人类在体外模拟复杂器官功能领域迈出了关 键一步。未来，该技术或可拓展至个性化医疗领域。通过提取患者自身细胞构建专属骨髓模型，医生能 提前测试不同疗法的效果，为血癌患者定制最优治疗方案。团队强调，这一应用目前仍需克服技术瓶 颈，距离临床落地尚需时日。 【总编辑圈点】 这几乎堪称再生医学与转化研究领域的一座里程碑。它突破了传统动物模型种属差异与二维培养模型过 于简单的双重局限，直接推动未来的疾病研究、高通量药物筛选及个性化治疗，还可能会帮助解决生物 医药研发中的伦理困局与周期难题。尽管这一模型的长期稳定性可能仍需优化，但它已经向人们展示了 一条全新科研路径：通过工程化模拟人体器官微环境，我们正从被动观察生命现象，转向主动"编写"疾 病与治疗的体外剧本。 新模型以羟磷灰石（骨骼天然成分）为支架，结合人工诱导的多能干细胞，通过精准调控分化信号，培 育出包含多种细胞类型的三维骨髓组织。该构造直径达8毫米，厚度4毫米，可维持人类血液生成活动数 周，且细胞组成与空间结构均高度接近真实人体组织。 项目负责人伊万·马丁教授表示："尽管小鼠模型为骨髓研究奠定了基础，但人类与动物 ...

Summary of Oculis Holding Conference Call Company Overview - Oculis Holding is an ophthalmology company that has transitioned to include neuro-ophthalmology as a key focus area, with two franchises: neuro-ophthalmology and ophthalmology [2][4] Key Programs and Indications Neuro-Ophthalmology - **Privosegtor**: A product showing promising results in treating acute optic neuritis, which is often a relapse of multiple sclerosis (MS). The product demonstrated an 18-letter improvement in visual function at three months compared to placebo plus steroid, and a 15-letter improvement at six months [8][9] - **Market Potential**: The total population of optic neuropathies in the US is estimated at 60,000-70,000 patients annually, with a potential market size of $7 billion due to the lack of competition [12] Ophthalmology - **DME (Diabetic Macular Edema)**: Oculis has two candidates in phase three trials, with the first eye drop for DME expected to read out in Q2 2026. The product targets two segments: early first-line patients (60% of diagnosed DME) and those not responding to VEGF treatments (40%) [4][12] Clinical Trials and Regulatory Support - **Pioneer Program**: Includes three clinical trials (Pioneer One, Two, and Three) targeting acute optic neuritis and NAION (Non-Arteritic Anterior Ischemic Optic Neuropathy). The FDA is supportive of the program, recognizing its potential impact [10][38] - **Enrollment and Community Support**: The medical community shows strong interest in participating in trials, with a response rate exceeding 20% from centers approached for participation [31][32] Product Development and Market Strategy - **OCS-01 for DME**: The product is designed to be a topical solution that allows for early intervention, potentially changing patient outcomes significantly compared to existing treatments [66][68] - **OCS-02 for Dry Eye Disease**: This product is being developed as a personalized medicine, targeting TNF-R1 positive patients, which could lead to a more efficient trial process and higher probability of success [96][97] Financial and Business Implications - The company anticipates significant business opportunities from its neuro-ophthalmology products, particularly given the lack of existing treatments and the high unmet medical need [12][38] - The innovative approach to personalized medicine in dry eye disease is expected to enhance market access and pricing strategies [97] Conclusion - Oculis Holding is positioned to make substantial advancements in both neuro-ophthalmology and ophthalmology, with promising clinical data and strong market potential. The company's focus on innovative treatments and personalized medicine could lead to transformative outcomes for patients and significant business growth [12][96]

Core Viewpoint - Hims & Hers Health continues to demonstrate strong growth potential, with significant revenue increases and a robust outlook for future performance [1][11]. Revenue Performance - In Q3, Hims & Hers reported a 49% year-over-year increase in revenue, reaching $599 million, surpassing both its guidance and analyst expectations [2][7]. - Monthly online revenue per subscriber increased by 19% to $80, while the subscriber base grew by 21% to over 2.47 million [3][7]. Subscriber Growth and Transition - The number of customers utilizing personalized treatment plans surged by 50%, with those using at least one personalized subscription rising by 80% to 1.6 million, accounting for over 65% of the subscriber base [4][3]. - Excluding the impact of the transition to personalized treatments, subscriber growth exceeded 40% [3]. Financial Metrics - Adjusted EBITDA increased by 53% from $51.1 million to $78.4 million, while earnings per share (EPS) was reported at $0.06, missing the analyst consensus of $0.09 [6][7]. - Gross margin experienced a decline of 500 basis points year-over-year to 74%, with operating expenses slightly decreasing to 72% of revenue [5][7]. Future Guidance - Hims & Hers narrowed its 2025 revenue forecast to between $2.335 billion and $2.355 billion and adjusted EBITDA guidance to a range of $307 million to $317 million [7]. - For Q4, the company anticipates revenue between $605 million and $625 million, with adjusted EBITDA expected to be between $55 million and $65 million [8]. Strategic Developments - The company is in discussions with Novo Nordisk to potentially offer Wegovy injections and oral Wegovy on its platform, following a previous collaboration that ended earlier this year [9]. Valuation Metrics - The stock trades at a forward price-to-earnings (P/E) ratio of approximately 32.5 for 2026, with a price/earnings-to-growth (PEG) ratio around 1, indicating potential undervaluation [12][13]. - Based on price-to-sales multiples, the stock is valued at 3.6 times 2026 analyst estimates, suggesting attractive valuation given its growth outlook [13].

Core Insights - Hims & Hers Health, Inc. (HIMS) reported a significant decline in earnings per share (EPS) for Q3 2025, with EPS at 6 cents, down 81.3% from 32 cents in the same period last year [1][10]. Revenue Performance - Hims & Hers achieved revenues of $598.9 million in Q3 2025, reflecting a year-over-year increase of 49.2% and surpassing the Zacks Consensus Estimate by 2.6% [2][10]. - Online Revenues contributed significantly, totaling $589.1 million, which is a 50.1% increase year over year [3][10]. - Wholesale Revenues reached $9.9 million, marking a 9.9% year-over-year growth [5]. Subscriber Growth - The company reported a subscriber base of 2.5 million, up 20.7% year over year, driven by increased traffic and improved customer experiences [4][10]. Financial Metrics - Monthly online revenue per average subscriber increased by 19.4% year over year to $80, attributed to personalized offerings and changes in product mix [5]. - Gross profit rose by 39.1% year over year to $442.1 million, although gross margin contracted by 536 basis points to 73.8% [6][10]. - Operating profit fell to $11.8 million, a decline of 47.2% from the previous year, with operating margin contracting by 360 basis points to 1.9% [8][10]. Expense Analysis - Marketing expenses increased by 27.4% year over year to $232.2 million, while technology and development expenses surged by 92.4% to $40.6 million [7]. - General and administrative expenses rose by 80.8% to $80.7 million, and operations and support expenses increased by 61.7% to $76.8 million [7]. Cash Position - At the end of Q3 2025, Hims & Hers had cash and cash equivalents of $629.7 million, down from $1.14 billion at the end of Q2 2025 [9]. Future Outlook - The company projects Q4 2025 revenues between $605 million and $625 million, indicating a year-over-year growth of 26%-30% [12]. - For the full year, Hims & Hers anticipates revenues between $2.335 billion and $2.355 billion, representing a growth of 58%-59% from 2024 levels [12]. Strategic Developments - Hims & Hers launched new health specialties targeting women's health and men's health, and completed the acquisition of ZAVA, expanding its market presence [14]. Overall Assessment - Despite strong revenue growth and subscriber increases, the significant decline in EPS and margin contractions raise concerns about the company's profitability [15].

Core Insights - The article discusses the promising applications of organoid technology in regenerative medicine, particularly focusing on human pluripotent stem cell (hPSC)-derived kidney organoids and their potential for clinical applications in organ transplantation and tissue regeneration [2][3]. Group 1: Research Breakthroughs - Researchers developed a scalable, reproducible, and cost-effective method to generate human kidney organoids from hPSCs, which can differentiate into various kidney cell types [6]. - The study successfully demonstrated the ex vivo transplantation of hPSC-derived kidney organoids into porcine kidneys, marking a significant milestone in regenerative medicine and personalized healthcare [3][10]. Group 2: Methodology and Findings - The research utilized single-cell RNA sequencing, confocal imaging, and CRISPR-Cas9 engineering to analyze the transcriptional diversity and cellular composition of hPSC-kidney organoids [8]. - The hPSC-kidney organoids were perfused into ex vivo pig kidneys using a room-temperature mechanical perfusion technique, confirming the feasibility and effectiveness of this approach for organ transplantation [8][11]. Group 3: Clinical Implications - The study indicates that combining organoids with ex vivo perfusion technology can facilitate controlled conditions for cell therapy, aiming to regenerate or repair organs before transplantation, thereby reducing patient wait times and increasing the availability of healthy organs [10].

Core Viewpoint - The targeted drug market for allergic diseases is rapidly evolving due to increased understanding of immune pathways and the rising burden of allergic diseases globally, with a focus on precision medicine and innovative therapies [3][4]. Group 1: Definition and Overview - Allergic diseases affect approximately 25% of the global population, with type 2 immune pathway abnormalities being a significant factor in their development [2]. - Targeted drugs, including biologics and small molecule inhibitors, are becoming mainstream in the treatment of allergic diseases, showing better efficacy and safety compared to traditional therapies [2][3]. Group 2: Market Development - The market for targeted drugs is expanding from monoclonal antibodies to a diverse range of biologics and small molecule inhibitors, with several products already approved for conditions like asthma and atopic dermatitis [4]. - Major pharmaceutical companies and emerging biotech firms are actively participating in this market, driving innovation and expanding treatment indications [4]. Group 3: Future Trends - Future drug development will focus on new mediators related to allergic inflammation, such as IL-33, and will integrate precision medicine approaches to enhance treatment efficacy [5]. - The market is expected to see a rise in small molecule therapies and oral treatments, providing more convenient administration options [5]. Group 4: SWOT Analysis - Strengths include a solid scientific foundation based on advances in immunology and molecular biology, leading to effective targeted therapies [6]. - Opportunities arise from the increasing prevalence of allergic diseases and the potential for new targets and combination therapies [8]. Group 5: Market Size and Competition - The global market for targeted drugs for allergic diseases is projected to reach approximately $37.15 billion by 2024, with a compound annual growth rate (CAGR) of 16.07% [10]. - Major manufacturers like Sanofi, AbbVie, and Novartis hold about 76.09% of the market share, with IL-4R being the leading product type [12][14]. Group 6: Regional Market Insights - North America leads the market due to advanced healthcare systems and high patient awareness, while Europe shows strong growth supported by regulatory frameworks [20]. - Emerging markets, particularly in Asia, are experiencing rapid growth due to rising prevalence and expanding healthcare coverage [20].

Core Insights - The recombinant protein industry in China, despite its late start, has rapidly developed due to continuous support from national industrial policies, leading to significant breakthroughs in technology, production processes, and quality control [1][15] - The market for recombinant proteins is expected to grow steadily, driven by increased investment in innovative drug research, rising demand for precision medicine, and the expansion of downstream application scenarios [1][15] Industry Overview - Recombinant proteins are proteins obtained through genetic engineering and cell engineering, essential for the development and production of biopharmaceuticals, cell immunotherapy, and diagnostic reagents [4] - The industry has experienced three stages: the initial stage (1970-1990), rapid development (1990-2000), and transformation and upgrading (2000-present) [8][9] Market Growth - The market size of China's recombinant protein industry is projected to grow from 5.1 billion yuan in 2015 to 27 billion yuan in 2024, with a compound annual growth rate (CAGR) of 20.34% [1][15] - The global recombinant protein market is expected to increase from $7 billion in 2015 to $18.5 billion in 2024, with a CAGR of 11.4% [13][14] Policy Support - The Chinese government has implemented various policies to encourage technological innovation and market expansion in the biopharmaceutical sector, including funding support for research and expedited drug approval processes [9][10] Industry Chain - The upstream of the recombinant protein industry includes raw materials and equipment, while the midstream consists of recombinant protein products, and the downstream includes customers such as research institutions and pharmaceutical companies [10] Competitive Landscape - The recombinant protein market is characterized by a diverse and dynamic competitive landscape, with major multinational pharmaceutical companies like Pfizer, Roche, and Novartis leading the market, while numerous small and medium-sized enterprises focus on innovative technologies [16][17] Development Trends - The industry is moving towards high-end products, focusing on complex structures and high-value proteins, with an emphasis on product activity, purity, and consistency [18] - Intelligent technologies, including AI and machine learning, are expected to enhance research and production processes, improving efficiency and product quality [19][20] - Chinese recombinant protein companies are increasingly participating in global competition, aiming to meet international standards and establish a strong global presence [21]

Core Insights - The oral disintegrating tablet (ODT) market in China is experiencing significant growth due to advancements in pharmaceutical technology and increasing consumer demand for convenient and efficient drug formulations [1][8] - The market size for oral disintegrating tablets in China is projected to reach 1.159 billion yuan in 2024 and is expected to grow to 1.230 billion yuan in 2025 [1][8] Industry Overview - Oral disintegrating tablets are a drug formulation that dissolves quickly in the mouth, offering advantages such as ease of use, rapid absorption, high bioavailability, and fewer side effects [4] - These tablets are particularly suitable for children, the elderly, and patients with swallowing difficulties, making them ideal for emergency medications and various therapeutic areas [4][6] Market Dynamics - The demand for oral disintegrating tablets is driven by the aging population in China, with the elderly population expected to reach 219.69 million by the end of 2024, reflecting a year-on-year increase of 1.35% [6] - Approximately 50% of individuals have difficulty swallowing traditional tablets and capsules, highlighting the need for formulations that dissolve without water [6] Industry Chain - The industry chain for oral disintegrating tablets includes upstream raw materials (active pharmaceutical ingredients, super disintegrants, binders, sweeteners), midstream production, and downstream sales channels (medical institutions, pharmacies, e-commerce) [7] Competitive Landscape - The market features competition from both domestic and foreign companies, with notable domestic players like Kanghong Pharmaceutical, Huahai Pharmaceutical, and Kelun Pharmaceutical, as well as foreign firms like Pfizer and Eli Lilly [9] Development Trends - Continuous technological innovation is expected, focusing on new formulation techniques and excipient applications to enhance drug solubility and stability [11] - The trend towards personalized medicine may lead to the development of oral disintegrating tablets tailored for specific patient demographics, such as children and the elderly [12][13] - Strengthening industry integration will be crucial, with a focus on building a complete ecosystem around oral disintegrating tablets, including raw material supply, production improvements, and market promotion [14]