Fed Governor Stephen Miran said on Wednesday that the ADP report showing an increase in employment at companies was “a welcome surprise,” though he reiterated that interest rates should be lower.The ADP National Employment report released on Wednesday showed that U.S. private nonfarm payrolls rose by 42K in October, stronger than expectations of 32K. Also, the U.S. ISM services index rose to 52.4 in October, stronger than expectations of 50.7. At the same time, the U.S. October S&P Global services PMI was r ...

Core Insights - 4D Molecular Therapeutics announced positive interim data from the Phase 1/2 PRISM clinical trial for 4D-150, targeting wet age-related macular degeneration (wet AMD) with potential to transform treatment paradigms [1][8] Patient Cohort Overview - All patient cohorts maintained visual acuity and sustained control of retinal anatomy [2] - Significant reduction in treatment burden with fewer anti-VEGF injections over a period of up to 2 years [2][6] Treatment Burden Reduction - Phase 2b subgroup (recently diagnosed) showed a 94% reduction in supplemental injections through Year 1 and 92% through Year 1.5 [3] - Phase 2b cohort demonstrated an 83% reduction through Year 1 and 82% through Year 1.5 [3] - Phase 1/2a cohort exhibited an 83% reduction through Year 1 and 79% through Year 2 [3] Durability and Safety - 4D-150 showed consistent and durable benefits across all cohorts, maintaining visual acuity and reducing treatment burden for up to 2 years [4] - No new safety concerns or intraocular inflammation findings reported, with 99% of patients remaining off steroids after treatment [9] Clinical Trial Progress - Enrollment for the Phase 3 4FRONT-1 trial exceeded expectations, with over 200 patients randomized [4] - The global Phase 4FRONT-2 trial is on track for expected completion in the second half of 2026 [4] Product Overview - 4D-150 is designed for multi-year sustained delivery of anti-VEGF therapies with a single intravitreal injection, aiming to alleviate the burden of frequent injections for wet AMD patients [11][13] - The product is currently in Phase 3 development for wet AMD and diabetic macular edema [13] Market Context - Wet AMD is expected to affect over 4 million individuals in major markets within the next five years, with 200,000 new diagnoses annually in the U.S. [12]

Core Insights - Defence Therapeutics Inc. successfully presented new data on its proprietary Accum® platform at the 16th World ADC Conference in San Diego, generating significant interest from the scientific and industry communities [2][3]. Company Developments - The presentation highlighted how Accum® enhances intracellular delivery and payload release, improving the potency and therapeutic index of antibody-drug conjugates (ADCs) [3]. - The company plans to expand testing of Accum® across a wider range of commercial and clinical-stage ADCs to validate its potential in enhancing efficacy and patient outcomes [4]. - Defence Therapeutics aims to demonstrate that Accum® can universally enhance ADC performance, regardless of the payload or antibody used, and is engaging with industry partners to accelerate evaluations [5]. Technology Overview - The Accum® technology is designed for precision delivery of ADCs in their intact form to target cells, which can lead to increased efficacy and potency against cancer [6].

Chinese biotech firm Argo Biopharmaceutical has picked banks for a Hong Kong IPO that could raise a few hundred million dollars, sources say https://t.co/FBipKxP0Ag ...

Core Insights - Pacific Biosciences of California (PACB) reported a revenue of $38.44 million for the quarter ended September 2025, reflecting a year-over-year decline of 3.8% [1] - The earnings per share (EPS) for the same period was -$0.12, an improvement from -$0.17 a year ago, indicating a positive trend in earnings despite the revenue decline [1] - The reported revenue was 3.51% lower than the Zacks Consensus Estimate of $39.84 million, while the EPS exceeded the consensus estimate of -$0.16 by 25% [1] Revenue Breakdown - Revenue from Product - Instrument was $11.3 million, significantly below the average estimate of $13.35 million, marking a year-over-year decline of 32.7% [4] - Revenue from Product was $32.6 million, slightly below the average estimate of $33.97 million, representing a year-over-year decline of 7.7% [4] - Revenue from Service and other was $5.84 million, slightly below the estimated $5.92 million, but showed a year-over-year increase of 25.1% [4] - Revenue from Product - Consumable was $21.3 million, exceeding the estimated $20.62 million, with a year-over-year increase of 15.1% [4] Stock Performance - Shares of Pacific Biosciences have increased by 42.9% over the past month, outperforming the Zacks S&P 500 composite, which saw a change of only 1% [3] - The stock currently holds a Zacks Rank 3 (Hold), suggesting it may perform in line with the broader market in the near term [3]

Core Insights - Liquidia Corporation (LQDA) is highlighted for the first time since January, indicating renewed interest in this small-cap commercial stage biotech company [1] Company Overview - Liquidia Corporation is a small-cap biotech firm currently in the commercial stage, suggesting it has products or services that are being marketed [1] Analyst Background - The analysis is led by Bret Jensen, who has over 13 years of experience as a market analyst, focusing on identifying high-potential investments in the biotech sector [1] - Bret Jensen specializes in high beta sectors, which are characterized by higher volatility and potential for significant returns [1] Investment Group - The Biotech Forum, led by Bret Jensen, offers a model portfolio consisting of 12-20 biotech stocks with high upside potential, along with live discussions on trade ideas and weekly research updates [1]

Core Points - Benitec Biopharma Inc. has initiated an underwritten public offering of its common stock and a concurrent registered direct offering with Suvretta Capital [1] - The offerings are expected to close on November 7, 2025, subject to customary closing conditions [1] - The underwriters have a 30-day option to purchase up to 15% additional shares of common stock sold in the offering [1] Company Overview - Benitec Biopharma Inc. is a clinical-stage biotechnology company based in Hayward, California, focusing on novel genetic medicines [5] - The company utilizes a proprietary "Silence and Replace" platform that combines RNA interference with gene therapy to treat chronic and life-threatening conditions, such as Oculopharyngeal Muscular Dystrophy (OPMD) [5]

Core Insights - Adaptive Biotechnologies reported strong financial growth in Q3 2025, achieving profitability and positive cash flow in its Minimal Residual Disease (MRD) business, driven by the adoption of clonoSEQ [2][4][9] Financial Performance - Revenue for Q3 2025 was $94.0 million, a 102% increase from Q3 2024, with MRD revenue contributing $56.8 million, up 52% year-over-year [4][6] - Operating expenses increased by 6% to $83.7 million compared to $79.1 million in Q3 2024 [5] - Net income for Q3 2025 was $9.5 million, a significant turnaround from a net loss of $32.1 million in Q3 2024 [6] - Adjusted EBITDA for Q3 2025 was $28.0 million, compared to a loss of $14.3 million in the same quarter of the previous year [7] Business Segments - The MRD business accounted for 60% of total revenue, achieving cash flow positivity and an Adjusted EBITDA of $7.0 million [9] - clonoSEQ test volume grew by 38% to 27,111 tests delivered in Q3 2025 compared to Q3 2024 [9] - Immune Medicine revenue was $3.4 million for the quarter, excluding revenue from the terminated Genentech Agreement [4] Guidance and Outlook - The company raised its full-year 2025 MRD revenue guidance to between $202 million and $207 million, reflecting an annual growth of 39% to 42% [10] - Total company operating expenses for the full year are expected to be between $335 million and $340 million, slightly reduced from previous estimates [10][11] - Full-year cash burn is projected to be between $45 million and $50 million, also updated from earlier guidance [11]

Core Viewpoint - Generation Bio Co. reported its third quarter financial results for 2025, highlighting a significant decrease in cash reserves and a reduction in net loss compared to the same quarter in the previous year [1][2]. Financial Performance - Cash Position: As of September 30, 2025, cash, cash equivalents, and marketable securities totaled $89.6 million, down from $185.2 million as of December 31, 2024 [7]. - R&D Expenses: Research and development expenses increased to $21.7 million for the quarter ended September 30, 2025, compared to $15.1 million for the same quarter in 2024 [7]. - G&A Expenses: General and administrative expenses rose to $12.2 million for the quarter ended September 30, 2025, up from $9.2 million in the same quarter of 2024 [7]. - Net Loss: The net loss for the quarter was $5.5 million, or $0.82 per share, an improvement from a net loss of $15.3 million, or $2.29 per share, for the same quarter in 2024 [7][11]. Strategic Developments - Strategic Alternatives: In August 2025, the company initiated a process to evaluate strategic alternatives aimed at maximizing shareholder value, with no assurance that this will lead to a transaction [3].

Core Insights - Dianthus Therapeutics reported significant advancements in the clinical development of claseprubart, particularly in the Phase 2 MaGic trial for generalized Myasthenia Gravis (gMG), showing statistically significant improvements in MG-ADL and QMG scores at Week 13 [1][4][5] - The company has accelerated the timeline for the interim responder analysis of the Phase 3 CAPTIVATE trial in Chronic Inflammatory Demyelinating Polyneuropathy (CIDP) to Q2 2026 due to faster enrollment [1][6] - An exclusive licensing agreement for DNTH212, a bifunctional BDCA2 and BAFF/APRIL inhibitor, was announced, with Phase 1 data expected in 2H 2026 [1][8][12] - Dianthus has an estimated cash position of approximately $525 million, providing financial runway into 2028 [1][18] Clinical Development Updates - Claseprubart demonstrated rapid and clinically meaningful improvements in gMG patients, with the 300mg/2mL Q2W dose showing significant efficacy across multiple endpoints [4][5] - The Phase 3 trial for claseprubart in gMG is anticipated to begin in 2026, with a focus on both 300mg/2mL Q2W and Q4W dosing [1][11] - The ongoing Phase 2 MoMeNtum trial for Multifocal Motor Neuropathy (MMN) is expected to yield top-line results in 2H 2026 [1][7] Financial Performance - For Q3 2025, Dianthus reported a net loss of $36.8 million, or $0.97 per share, compared to a net loss of $25.2 million, or $0.74 per share, in Q3 2024 [10][24] - Research and development expenses increased to $32.5 million in Q3 2025, driven by higher clinical costs and increased headcount [10][18] - General and administrative expenses rose to $8.2 million in Q3 2025, reflecting increased staffing [10][18] Corporate Strategy - The company aims to establish itself as a leader in the autoimmune disease treatment space, focusing on delivering best-in-class therapies with infrequent, subcutaneous self-administration [2][3] - The CEO emphasized the importance of executing their plans to advance both claseprubart and DNTH212 as transformative therapies for severe autoimmune diseases [2][3]