Core Viewpoint - WuXi Biologics has launched the WuXia293Stable platform, enhancing the development and manufacturing of complex biologics with high titers, stability, and quality [1][6]. Group 1: Platform Features - WuXia293Stable is designed for innovative, difficult-to-express molecules, demonstrating high titers of up to 5.0 g/L for monoclonal antibodies while improving purity [4][10]. - The platform maintains stable expression and consistent quality during long-term cell passages, enabling scalable clinical and commercial manufacturing at 2000L for fed-batch and 1000L for perfusion [4][10]. - It offers a comprehensive suite of services, including cell bank testing and viral clearance validation, as part of its one-stop CMC solution [4]. Group 2: Comparison with CHO Cells - Traditionally, CHO cells have been used for recombinant protein expression but may face challenges with complex modalities, leading to low titer levels and truncation issues [2]. - HEK293 cells, utilized in WuXia293Stable, can alleviate truncation issues while maintaining high titer levels, making them more suitable for complex molecules [2]. Group 3: Company Commitment and Vision - The launch of WuXia293Stable reinforces WuXi Biologics' commitment to technological innovation and the vision that every biologic can be made [6]. - The WuXia™ platform family, which includes WuXia293Stable, has generated over 1000 cell lines for various therapeutic applications, showcasing its proven track record [7][8].

Core Insights - Sai Life Sciences Limited reported strong financial performance for Q1FY26, with revenue reaching ₹496 crore, a 77% increase year-over-year, driven by growth in the CDMO segment [1][2][8] - The company achieved an EBITDA of ₹125 crore, reflecting a 305% increase compared to the same quarter last year, with an EBITDA margin of 25% [2][6][8] - Net profit for the quarter was ₹60 crore, a significant turnaround from a loss of ₹13 crore in Q1FY25, resulting in a PAT margin of 12% [2][6][8] Financial Performance - Revenue from Operations: ₹496 crore in Q1FY26 compared to ₹280 crore in Q1FY25, a 77% increase [2][6] - EBITDA: ₹125 crore in Q1FY26, up from ₹31 crore in Q1FY25, a 303% increase [2][6] - EBITDA Margin: Expanded to 25% in Q1FY26 from 11% in Q1FY25 [2][6] - Profit Before Tax (PBT): ₹81 crore in Q1FY26, compared to a loss of ₹18 crore in Q1FY25 [2][6] - Profit After Tax (PAT): ₹60 crore in Q1FY26, compared to a loss of ₹13 crore in Q1FY25 [2][6] Business Highlights - The company inaugurated new Biology Labs and a Peptide Research Center, enhancing its Integrated Discovery platform [6][9] - Commenced commercial operations at Bidar Unit IV, increasing total manufacturing capacity to approximately 700 KL [6][9] - Invested ₹134 crore in capital expenditure during Q1FY26, focusing on R&D infrastructure and process development capabilities [6][9] - Onboarded 253 scientists and technical staff to support scaling operations [6][9] Strategic Focus - The company is committed to advancing innovation in complex science and enhancing client partnerships [5][7] - Plans to build additional production capacity at Unit IV, Bidar, expected to be ready by Q3FY27 [6][9] - Ongoing construction of a new Medicinal Chemistry block to support early-phase peptide development and clinical formulations [6][9]

Core Viewpoint - The Company reported a decline in net asset value (NAV) and total return for the six months ending March 31, 2025, reflecting challenging market conditions and investment performance [3][4][13]. Financial Highlights - NAV per share decreased from 40.55p to 34.48p, representing a total return of -8.19% [4][13]. - Market capitalization fell from £150.60 million to £124.25 million [4]. - Share price also declined from 42.20p to 33.80p, with a share price discount to NAV per share of 1.97% [4]. - Dividends paid per share increased from 1.50p to 2.75p during the period [4][6]. Investment Activity - The Company invested £3.6 million in qualifying companies during the period, maintaining 92.29% of its portfolio in qualifying investments [6][30]. - An offer for subscription launched on October 9, 2024, aimed to raise up to £20 million, with £5.4 million raised by issuing 14 million shares [6][31]. Performance of Qualifying Investments - Positive contributors included Aquis Exchange (+95.8%, +£1.71 million) and Cohort (+26.1%, +£1.12 million) due to increased defense spending [15][16]. - Negative contributors included Kidly (-100.00%, -£1.26 million) which went into administration, and Zoo Digital (-74.3%, -£1.14 million) which issued a disappointing trading update [20][21]. Non-Qualifying Investments - The non-qualifying portfolio saw a decline of £1.27 million, with notable losses in WH Smith and Hollywood Bowl due to a weaker economic outlook [27][28]. - The fixed income portfolio returned +£0.35 million, offsetting some losses from direct equities [29]. Market Outlook - The UK economy is expected to see a modest GDP growth of +1.0% in 2025, supported by increased public spending despite inflation concerns [10][39]. - The AIM index has shown resilience post 'Liberation Day', indicating potential growth opportunities despite ongoing market volatility [12][40]. Portfolio Structure - The Company maintained a strong liquidity position with net cash of £11.7 million and a focus on recurring revenue, which represented 82% of total revenue [26][29]. - The portfolio's weighting to qualifying investments increased to 58.4%, while cash weighting decreased to 7.6% [36].