Nomura Small Cap Core Fund on Denali Therapeutics Inc.
Thesis
The fund initiated a new position in Denali Therapeutics during the quarter. Denali is a commercial-stage biotechnology company using its Transport Vehicle platform to cross the blood-brain barrier for treatments targeting neurodegenerative and lysosomal storage diseases. Its lead asset, Avlayah, received FDA approval in March 2026 for Hunter Syndrome, giving the company a commercial foundation for its platform. The position fits the fund's selective healthcare exposure despite broader regulatory and clinical uncertainty in the sector.
“Denali’s lead asset, Avlayah, received FDA approval in March 2026 for the treatment of Hunter Syndrome.”
Key risks
- Healthcare regulatory uncertainty
- Clinical-development and execution risk