Healthcare Wrap: EBR plunges as sales resets collide with biotech funding needs

EBR Systems (ASX:EBR) was the week’s biggest mover, falling 40.43% after reporting only 40 WiSE implants in the third quarter. That was down from 46 in the previous quarter. Leadership changes and a sales reset cut September cases to about half the July and August average. Investors also saw only US$2.43 million to US$2.53 million in preliminary revenue, below the previous quarter’s US$2.6 million.

Memphasys (ASX:MEM) dropped 20.00%, even as Felix invoiced record quarterly revenue of A$211,000. Ten more clinics began trials across five European markets, and new distributors were signed in Europe, Vietnam and Thailand. The fall suggests investors cared more about the company’s small sales base and limited cash. Memphasys had A$3.458 million at quarter-end, equal to about three quarters of spending at its current rate.

Noxopharm (ASX:NOX) lost 18.03% after its annual report warned that more capital is needed. Its first human safety trial for SOF-SKN was completed without safety concerns, but the company held only A$293,573 in cash at June. The auditor also warned that this creates serious doubt about whether the business can keep operating without new funding.

Commercial progress meets cash pressure

Mesoblast (ASX:MSB) is further along commercially than most companies in this group. Ryoncil generated US$115.2 million in net sales, lifting total revenue to US$120.3 million from US$17.2 million. Operating cash use fell to US$43.8 million, and a US$125 million related-party credit facility replaced existing debt. The company remains loss-making and expects to need more money beyond the next 12 months.

Vitura Health (ASX:VIT) delivered a mixed reset. Revenue rose 6% to $131.2 million, but lower medicinal cannabis prices cut gross margin to 19% and produced a $4.4 million statutory loss. Its next update was more encouraging: early FY2027 revenue rose 4.8%, unaudited EBITDA increased 197.5%, and operating costs fell 9.5%. However, changes to Bupa referrals may reduce FY2027 revenue by about $6 million, while $14.2 million of ANZ debt is classified as current after a covenant breach.

Elsewhere, Firebrick Pharma (ASX:FRE) rose 13.79% after its Philippines licensing partner invested $631,750 in a $732,000 placement. The partner’s holding moved above 10%, and the money will fund US production, a Singapore launch and working capital. The share price also held above its reopening level, showing that buying continued after the initial gap.

Regulatory decisions shape the next steps

Acrux (ASX:ACR) gained 9.09% after the US FDA confirmed the evidence needed for two Phase III trials of its female testosterone spray. Phase III is the later-stage testing used to show whether a treatment works safely in a larger patient group. Acrux still needs two 24-week efficacy trials and 52 weeks of safety data. The FDA also indicated that three years of data protection may be available if the product reaches an application.

NeuroScientific Biopharmaceuticals (ASX:NSB) rose 5.17% after the FDA supported six of seven parts of its proposed StemSmart Phase II trial for difficult-to-treat Crohn’s disease. The remaining issue concerns controls against viral contamination during manufacturing. The trial is still targeted for the end of 2026, so this decision does not yet show that the treatment works.

Nyrada (ASX:NYR) received supportive FDA feedback for a US Phase IIa heart-attack trial of Xolatryp, planned for the first half of 2027. The company must still provide more information and stability data before seeking permission to begin. Prescient Therapeutics (ASX:PTX) also reached its planned review point after enrolling 20 evaluable lymphoma patients, but its December review will assess the study’s progress rather than deliver a new treatment result.

Larger healthcare groups show steadier operating results

BLS Pharmaceuticals (ASX:BLS) reported record first-quarter revenue, positive operating cash flow of $2.0 million and $12.7 million in closing cash. The company reaffirmed FY2027 revenue guidance of $105 million to $115 million. Its Scottish manufacturing site is ready for inspection, but it cannot operate commercially until regulators approve it. The report contained two different figures for quarterly revenue, $26.7 million and $27.5 million, which investors may seek to clarify.

Ryman Healthcare (ASX:RYM) rose 8.52% after retirement village resales reached an eight-quarter high. Resales increased 14% to 312 in the second quarter, while aged-care occupancy reached 94%. New-sales inventory also fell by 132 units since March, giving the company fewer unsold homes to clear. Ramsay Health Care (ASX:RHC) moved closer to separating its 52.79% stake in Ramsay Générale de Santé after a court approved shareholder meetings for 24 November.

Paradigm Biopharmaceuticals (ASX:PAR) found better pain and movement results among patients outside the US in a post-study analysis. The result does not change the failed overall trial outcome, and the planned Phase III study will not proceed. With the company in administration and a funding proposal still outstanding, the positive regional result has not solved its immediate problem.