FDA gives the green light to peptides

Good morning, Armchair Army,

Welcome to today's edition of The Armchair Analyst, a 5-minute daily update on the ASX life-sciences sector.

BREAKING NEWS: An FDA panel has recommended in favour of loosening restrictions on peptide products:

This means popular unregulated peptides in the US, like BPC-157, will soon be eligible for use under compounding pharmacy rules.

A compounding pharmacy creates custom medications by mixing or altering individual ingredients to fit a patient's exact specifications.

… even if the drug hasn’t been approved.

It’s a decision from patient to doctor, from doctor to patient.

The most well-known compounding pharmacy is NASDAQ-listed Hims & Hers Health.

(Which acquired Australian startup company Eucapyptus for up to US$1.15 billion earlier this year.)

My bet was that IF popular black market peptides became regulated, then compounding pharmacies would be a big beneficiary.

…and by extension my first Armchair Analyst Pick - Tetratherix (ASX: TTX).

Part #1 of my bet is tracking well… 

The legalisation and regulation of peptides in the US.

Part #2 of this bet is still yet to play out…

Peptide demand in the US will grow, and compounding pharmacies will be the big beneficiary, and by extension TTX.

Hims’ Chief Medical Officer told the FDA panel that “the company stands to benefit commercially if BPC-157 were added to the list”.

But Hims isn’t the only compounding pharmacy out there.

There is another: Superpower Health.

TTX will sell its nasal spray product for peptides, GLP-1s and hormones exclusively through Superpower Health’s compounding pharmacy.

Commercial launch of the peptide nasal spray is scheduled this quarter:

Tetratherix’s nasal spray product is a genuine differentiator, avoiding needles and potentially providing a better delivery mode for this emerging industry.

The industry is still very much in its infancy.

… but this decision recommendation by the FDA panel is just the first step in what is emerging as the next major health trend.

Peptides, longevity and precision medicines.

And who’s going to provide the picks and shovels to the industry?

(Hopefully) Tetratherix… 

With its proprietary nasal spray delivery.

At least that's the theory.

If you want to read my deep dive on TTX, you can find it here: My First Armchair Pick: Tetratherix (ASX: TTX) 

Let’s dive in…

Ceretas (ASX: CTS) hit the boards yesterday, the first healthcare IPO of 2026. Stock is up more than 100% on its IPO raise (at 25 cents). (CTS, held)

🪑 Very good start to life on the ASX for Ceretas. THIS is how you run an IPO. Take notes, pre-listed companies.

I managed to get an allocation in this raise, which was extremely tight.

EBR Systems (ASX: EBR) launches the WiSE Coupler, a single-use procedural accessory to support its wireless pacemaker product. (EBR)

OncoSil Medical (ASX: OSL) reports an independent study confirms higher-concentration formulations of OncoSil™ can be used without compromising injectability. (OSL, not held)

Austco Healthcare (ASX: AHC) secures a 10-year, A$4.2 million maintenance contract at Jurong Health Complex, Singapore. (AHC, not held)

🪑 Services deal, not a software deal (still better than a hardware deal).

Resonance Health (ASX: RHT) reports four quarters of operating cash flow positive. FY26 cash receipts of $14.3M and net cash position of $2.3M. (RHT)

🪑 Great quarter to finish off a great year.

Genetic Signatures (ASX: GSS) published its quarterly report revealing a cash balance of $22 million and $3.3 million in operating cash outflows. (GSS, Held)

🪑 The stock traded down on the cash print. At 5.9 cents, the company still has a market cap of $13 million, which is still ~$9 million under cash backing.

I might have to cut the loss on my trade with this one.

It’s the second “under cash backing” trade that has not panned out for me - first Opthea, now GSS.

Lesson for me = something undervalued doesn’t always make for a good trade… and these cash backing ones can be hard.

Medical Developments International (ASX: MVP) revenues for the FY grew a little under 10%, with Penthrox (Green Whistle) product up 20% and the respiratory product down around 20%. Cash flow positive for the Financial Year. (MVP, not held)

🪑 Good year without being overly inspiring.

It’s clear that the growth is all coming from the Penthrox… which was actually used at the World Cup in Canada:

See you all next week,

The Armchair Analyst.

PS. I’m travelling to Sydney next week for the Jane Morgan event. If you’re attending, come say hi!