- The US Government published on 3 September 2026 that the Secretary of Health and Human Services (HHS) declared the Emergency Use Authorisation (EUA) of the use of drugs to treat moderate-to-severe acute pain in military injuries or casualties. The drugs are to address an unmet medical need identified and supported by the Department of War (DOW).
- On 15 July 2026, the US Secretary of War determined there is a military emergency which may cause military forces to experience moderate-to-severe acute pain. On 31 August 2026, the US Secretary of HHS declared that circumstances exist that justify the authorisation of the emergency use of drugs identified and supported by the DOW.
- Our BUY recommendation and forecast are unchanged. The DCF SOTP target price of S$1.00 is maintained. We view the EUA declaration positively. It is a significant step closer towards FDA’s EUA approval and commercialisation. We believe there is now an inherent endorsement by two US government departments that Wafermine® is suitable for EUA approval. There is no change to the major milestones for iX Biopharma: Wafermine® EUA submission (4Q26), EUA approval (1Q27), EUA production (2Q27), and Phase 3 trial approval (2Q27). We also expect the US production line to commence in 1Q27, with another three in 2Q27.
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