reports
- Research Team ACF
KDST + NLSP Combined Core Investment Case 29052025
We consider the merged platform Kadimastem (KDST.TA) + NLS Pharmaceutics (NLSP:NasdaqCM). We provide an investment case analysis and a selection of merged metrics prior to any synergies. The merger creates a cross-platform pre-revenue biotech with lead programs including a proprietary stem-differentiation platform capable of delivering scalable therapies for replacing lost or damaged cells; IsletRx could revolutionize insulin production for Type 1 diabetes (T1D) patients; AstroRx® targets neurod...
VRTX VERTEX PHARMACEUTICALS INCORPORATED
TDOC TELADOC HEALTH INC.
PODD INSULET CORPORATION
ORMP ORAMED PHARMACEUTICALS
MDT MEDTRONIC PLC
LLY ELI LILLY AND COMPANY
SAN SANOFI
TILS TIZIANA LIFE SCIENCES
CRSP CRISPR THERAPEUTICS AG
SENS SENSEONICS HOLDINGS
TNDM TANDEM DIABETES CARE
NOVO NOVO NORDISK A/S-B
SANA SANA BIOTECHNOLOGY
HIMS HIMS AND HERS HEALTH INC (A)
KDST.TA:TASE KADIMASTEM
NLSP:NasdaqCM NLS PHARMACEUTICS
CRSP (NASDAQ) CRISPR THERAPEUTICS
TLSA TIZIANA LIFE SCIENCES LTD
- Research Team ACF
GreenRoc Strategic Materials Plc (GROC.L) Core Investment Snapshot 290...
GreenRoc Strategic Materials Plc (AIM: GROC.L) is unusually well positioned to become a key supplier of high-purity, battery-grade graphite into Western markets increasingly focused on critical material security. GROC’s flagship Greenland Amitsoq Graphite Project, has amongst the highest known in-situ graphite grades globally at 20.41% TGC, potential purity is 99.95% (a purity essential to the EV battery value chain looking for lower cost natural graphite vs. synthetic graphite). GROC.L’s Thule ...
ABX. BARRICK GOLD CORPORATION
NOU NOUVEAU MONDE MINING ENTERPRIS
ALBA ALBA MINERAL RESOURCES PLC
SVM SOVEREIGN METALS
SYR SYRAH RESOURCES LIMITED
RIO RIO TINTO PLC
0217127D BHP BILLITON PETROLEUM AMERI
XPEV XPENG INC. ADR SPONSORED CLASS A
LCID LUCID GROUP INC
RIVN RIVIAN AUTOMOTIVE INC
GROC GREENROC MINING PLC
PSNY GORES GUGGENHEIM INC
VFS VINFAST
1884656D ZEEKR
- Research Team ACF
Blencowe Resources Plc (BRES.L) Core Investment Case 28052025
Blencowe Resources Plc (Standard: BRES.L) is positioned to become a globally significant, low-cost producer of battery-grade graphite, for energy storage (55%) and traditional secure cash flows (45%) markets. Its flagship Ugandan Orom-Cross Graphite Project has an exceptional resource profile—long LoM, 6% TGC, free-dig ore, and low AISC scaling. BRES.L’s DFS is at its end stage and pilot scale testing is completed. BRES.L is developing a number of key strategic relationships across offtake and f...
- Research Team ACF
ACF Thematic Oncology Lung Cancer Cough LCC 25042025
Lung Cancer Cough (LCC) is an under-served, perhaps unserved therapeutic subsegment of the Lung Cancer/Oncology market. 57-65% of early diagnosis lung cancer patients suffer from LCC, it is a highly debilitating condition. The US lung cancer therapeutics market consensus values range from ~USD 29.9bn in 2023 to ~USD 71.3bn in 2034, suggesting a compound annual growth rate (CAGR) of 8.2% over our 10 year forecast period. LCC is a prevalent symptom among lung cancer patients, and its management is...
- Research Team ACF
BrainStorm Cell Therapeutics (BCLI) - Fundamentals Update 09042025
BrainStorm Cell Therapeutics Inc. (Nasdaq: BCLI) develops NurOwn® stem cell therapy for NDDs – BCLI’s first target is ALS (MND/Lou Gehrig’s). Recent micro capitalization and patent development buy time for non-dilutive funding to be secured. BCLI’s Nasdaq compliance for minimum price was regained in late Oct 24, which helps maintain capital access. Market still significantly below ACF’s base-case NPV ($650M–$700M). While new bridging funding was announced, no new major funding or rerating events...
- Research Team ACF
ACF Thematic Research Regenerative Medicine Diabetes Treatment & Innov...
Diabetes mellitus, Type 1 (T1D) and Type 2 (T2D, 85-90% of cases), is a USD ~75bn global therapy market. Global economic costs of diabetes may exceed USD1 trn today and USD 450bn in the US, suggesting a pressing global health challenge. Diabetes is a chronic metabolic disorder characterized by high blood sugar levels. In 2024, consensus global estimates suggested there were ~800m adult diabetes sufferers. In 2021, according to the IDF there >530m sufferers globally. For 2027E we modestly forecas...
VRTX VERTEX PHARMACEUTICALS INCORPORATED
TDOC TELADOC HEALTH INC.
PODD INSULET CORPORATION
ORMP ORAMED PHARMACEUTICALS
MDT MEDTRONIC PLC
LLY ELI LILLY AND COMPANY
SAN SANOFI
TILS TIZIANA LIFE SCIENCES
CRSP CRISPR THERAPEUTICS AG
SENS SENSEONICS HOLDINGS
TNDM TANDEM DIABETES CARE
NOVO NOVO NORDISK A/S-B
SANA SANA BIOTECHNOLOGY
HIMS HIMS AND HERS HEALTH INC (A)
KDST.TA:TASE KADIMASTEM
NLSP:NasdaqCM NLS PHARMACEUTICS
CRSP (NASDAQ) CRISPR THERAPEUTICS
TLSA TIZIANA LIFE SCIENCES LTD
- Research Team ACF
AsiaFIN Holdings Corp (ASFH) Pre-Results 4Q24 12032025
AsiaFIN Holdings Corp. (OTCQB : ASFH) – provides IP protected fintech solutions to ASEAN (excluding China & India) based financial institutions / corporates. ASFH has powerful ambitions to expand far beyond its region. The drive by many economies to progress to entirely digital payments economies has reached natural resistance points that can be overcome by ASFH’s solutions. We are expecting 4Q24 numbers to beat our current forecasts. 4Q has been ASFH’s most significant quarter historically. ASF...
- Research Team ACF
AsiaFIN Holdings Corp (ASFH) Update 07032024
AsiaFIN Holdings Corp. (OTCQB : ASFH) – strategic changes suggest growth plan accelerated further. There is enormous effort and significant change going into new products for organic growth and ambitious acquisition plans. As a result we have rebased our forecasts, cutting our full expected dilution and 4Q and YE24E estimates in favour of a higher NPV overall for our 5 year DCF. We have nevertheless remained extremely conservative. We do not believe that the US tariff policies will have any impa...
- Research Team ACF
NLS Pharmaceutics (NLSP) Core Investment Case 13022025
NLS Pharmaceutics (NLSP:NasdaqCM) is a clinical-stage Swiss foreign issuer biotech advancing the Dual Orexin Receptor Agonist (DOXA) platform, a next-generation approach to treating neurological, neurodegenerative (NDD), and metabolic disorders. The DOXA platform is designed to restore orexin signaling and modulate neuroinflammatory pathways, offering a possible market leading approach to sleep-wake disorders, ALS, and other NDDs. The DOXA platform presents a high-value opportunity for breakthro...
- Research Team ACF
Kadimastem (KDST.TA) Core Investment Case 11022025
Kadimastem (KDST.TA:TASE) is an Israeli-based clinical-stage cell therapy company pioneering regenerative medicine for insulin dependent type 1 diabetes (T1D) (no more injections) and amyotrophic lateral sclerosis (ALS). KDST has a proprietary stem-cell differentiation platform for scalable therapies designed to replace lost or damaged cells. KDST’s T1D IsletRx program aims to revolutionize insulin production for diabetes patients using off-the-shelf allogeneic encapsulated pancreatic islet cell...
- Research Team ACF
Sana Biotechnology (SANA) Core Investment Case 05022025
Sana Biotechnology (NasdaqGS:SANA) is a well-funded cell and gene therapy innovator. Its therapies address significant unmet needs across oncology, central nervous system (CNS) disorders, and rare genetic diseases. Leveraging IP protected platform technologies, SANA is developing a robust pipeline of allogeneic cell therapies, in vivo gene editing and hypoimmune solutions, that might revolutionize treatment paradigms. SANA has a potentially transformative approach to cell and gene therapy via it...
- Research Team ACF
AsiaFIN Holdings Corp (ASFH) Post-Results 3Q24 03122024
AsiaFIN Holdings Corp. (OTCQB : ASFH) - aggressive growth inflection point. ASFH provides IP protected fintech solutions to ASEAN based financial institutions / corporates. 3Q24A numbers were beats for revenue, EBITDA, EBIT, EAT, adjusted Net Income and adjusted fully diluted EPS. Our post results discussion with management suggested there is a race against the clock to deliver a 4Q24E beat on our estimates, nevertheless we remain confident that revenue growth year on year will will exceed low c...
- Research Team ACF
BrainStorm Cell Therapeutics (BCLI) Update 11112024
BrainStorm Cell Therapeutics Inc. (Nasdaq: BCLI) develops NurOwn® stem cell therapy for NDDs – BCLI’s first target is ALS (MND/Lou Gehrig’s). BLCI’s Expanded Access Program (EAP), a compassionate use study, delivered >96% probability that BCLI’s NurOwn® treatment was responsible for an improved survival rate in a test group of 10 ALS patients. BCLI recently regained Nasdaq price compliance, released two posters for NurOwn® and presented at Maxim’s healthcare summit. We infer that BCLI has a reas...
- Research Team ACF
Ciel Limited (CIEL) Post Results YE24A 07112024
CIEL Limited (SEMDEX: CIEL) is a Mauritius listed diversified industrial company with a very attractive long run growth opportunity. Whilst CIEL missed our revenue target by -3.4%, it delivered very significant beats on profit measures EBITDA 23.7%, PAT +135.9% and EPS (dil) +30.7%. Group NAVPS also grew 11% and gearing fell to 25.1% vs. 28.6% y/y. CIEL beat our YE24A FCFE forecast by 5%. Operationally there is a great deal to like. We are forecasting significant improvement in Group FCFE YE25E ...
- Research Team ACF
AsiaFIN Holdings Corp (ASFH) Pre-Results 3Q24 30102024
AsiaFIN Holdings Corp. (OTCQB : ASFH) - aggressive growth inflection point. ASFH provides IP protected fintech solutions to ASEAN based financial institutions / corporates. We are expecting 3Q24 numbers in line with our expectations. Revenue and profitability appear to be subject to seasonality with 4Q being the most significant quarter. Our full year forecasts are heavily weighted towards 4Q performance. ASFH’s strategy is to expand internationally out of Malaysia via direct sales, artnership...
- Research Team ACF
BrainStorm Cell Therapeutics (BCLI) Update Note 03102024
BrainStorm Cell Therapeutics Inc. (Nasdaq: BCLI) develops NurOwn® stem cell therapy for NDDs – BCLI’s first target is ALS (MND/Lou Gehrig’s). We have stress tested our valuation vs. current global and market events as well as and BCLI’s reverse stock split (R/S) 30 Sept 2024 (to maintain Nasdaq listing). Whilst there are pros and cons – our risk adjusted WACC has increased and NPV reduced, our conservative base case expected dilution assumptions have improved with R/S and Nasdaq compliance and o...
- Research Team ACF
BrainStorm Cell Therapeutics (BCLI) Flash Note 30092024
BrainStorm Cell Therapeutics Inc. (Nasdaq: BCLI) develops NurOwn® stem cell therapy for NDDs – BCLI’s first target is ALS (MND/Lou Gehrig’s). BCLI on Friday confirmed its reverse stock split (R/S) to become effective today 30 Sept 2024 (to maintain Nasdaq listing). Reverse stock splits are often (though not always) an effective mechanism and often lead to an upwards re-rating as psychological market factors come into play. There is also a usual market clearing mechanism that often leads to net s...
- Research Team ACF
AsiaFIN Holdings Corp (ASFH) Initiation 26092024
AsiaFIN Holdings Corp. (OTCQB : ASFH) - aggressive growth inflection point. ASFH provides IP protected fintech solutions to ASEAN based financial institutions / corporates – ASFH delivers Robotic Process Automation (RPA) using Intelligent Character Recognition (ICR); Regulatory Technology (RegTech); AI driven cheque processing and; ESG reporting services. ASFH has an organic and aggressive acquisition growth plan to expand both within ASEAN and in new westward territories. Clients - 20 RegTech f...
- Research Team ACF
IXR Update Note IonicTech Magnet Recycling 05092024
Ionic Rare Earths Ltd (ASX:IXR) is a magnet (REOs) recycling (Belfast, UK) and REE mining explorer (Uganda) plus a Brazilian REE Refining JV, excluded from our NPV, with Viridis Mining and Metals Limited (VMM). ACF visited IonicTech’s magnet recycling demo plant in July 2024. Since our last IXR Flash Note, we raise our valuation by 16% to A$ 0.109 vs A$ 0.094 previously and put Makuutu in a maintenance period. IXR has a unique position in the REE recycling ecosystem. IonicTech’s patented technol...
- Research Team ACF
Ionic Rare Earths (IXR) Flash Note REE Magnet Recycling 25072024
Ionic Rare Earths Ltd (ASX:IXR) is a rare earths mining explorer (Uganda) and REO magnet recycling company (Belfast, UK). ACF visited IonicTech’s magnet recycling demo plant in Belfast yesterday, July 2024. IXR has a unique position in the REE recycling ecosystem. IonicTech’s government-backed support (UK govt. £3.7m over 2 yrs) and support from its Northern Ireland constituents (Titanic Quarter and Belfast Harbour) indicate a solid growth strategy and high margin potential. The demo plant is st...
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