Biotech General Discussion

So, SC Pharma (SCPH) dropped about 4% after reporting their Q2 2025 update on August 7 even though revenue was up big both quarter-over-quarter and year-over-year. At first glance, that makes no sense, right? But here’s what I think is going on.

The Kidney Doctor Puzzle

They’ve got this new kidney indication approval, and management made it sound like they were breaking into that market fast. Turns out… not so much. Apparently, tracking down and getting in front of these kidney specialists is harder than it sounds. That means the revenue boost from this segment isn’t hitting as quickly as investors (including me) were hoping.

Revenue Growth vs. Wall Street’s Forecast

Yes, revenue grew — but maybe not at the pace the Street wanted. With consensus estimates hovering around $75M for the full year, the latest quarter’s numbers, while solid, may have fallen a bit short of the growth trajectory…

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COGT

I have been updating my diligence in COGT over the past month

• They had a big positive readout on 7/7/25

• They have several more big readouts this year, although probably not as big as the 7/7 readout

Background

“Bio/pharma funding deal data in H1 2025 reveals a troubling downward shift starting in February.”

Investment in bio/pharma was down in H1 2025 according to data from the BiopharmIQ database¹. From the total first half data, this was most apparent in data related to public companies. However, more troubling were the downward trends in bio/pharma investment seen as 2025 progressed. Q2 2025 had the lowest private and post-IPO public funding activity of any quarter since Q1 2024. And private bio/pharma funding showed a troubling monthly downward shift starting in February 2025, and an even deeper drop-off in June.

This post provides details regarding this macro bio/pharma funding data for H1 2025. You can also check out the free H1 2025 Bio/Pharma Funding Report, sponsored by Double Helix Law, that was generated using the BiopharmIQ platform (Contact support@bpiq.com to inquire about receiving a copy). This Report provides a big picture of companies…