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Ram Selvaraju

Managing Director of Equity Research at H.C. Wainwright

Ram Selvaraju is a Managing Director of Equity Research at H.C. Wainwright & Co., specializing in the healthcare and biotechnology sectors with nearly two decades of experience. He covers a range of public healthcare companies, including Rockwell Medical, and has consistently earned recognition for stock-picking and earnings forecast accuracy, being ranked a #1 biotech analyst by The Wall Street Journal and recognized by StarMine. Selvaraju began his career as a pharmaceutical researcher at Serono before moving into equity research with Rodman & Renshaw, and has held senior roles at MLV & Co., Aegis Capital, and Hapoalim Securities USA prior to joining H.C. Wainwright. He holds a Ph.D. in cellular immunology and molecular neuroscience, an M.S. in molecular biology from the University of Geneva, an MBA from Cornell University, and is FINRA registered with extensive securities industry experience.

Ram Selvaraju's questions to BALCHEM (BCPC) leadership

Ram Selvaraju's questions to BALCHEM (BCPC) leadership • Q3 2025

Question

Ram Selvaraju inquired about the impact of international anti-dumping practices, specifically the status of European anti-dumping duties on China-origin choline, on Balchem's Human Nutrition and Health segment. He also asked for an update on the Orange County microencapsulation manufacturing facility's completion timeline and its expected impact on revenues and earnings quality. Additionally, Selvaraju questioned the future pace of debt repayment and the appropriate effective tax rate assumption for the remainder of 2025.

Answer

Ted Harris, Chairman, President, and CEO, confirmed that the EU's preliminary anti-dumping duties on China-origin choline chloride (for both human and animal use) are progressing, with a final vote expected by year-end, and would be in place for five years. He also detailed that the new Orange County microencapsulation plant, with twice the capacity, is expected to be completed by early 2027 and producing by mid-2027, supporting continued double-digit growth in this high-margin business. Martin Bengtsson, CFO, stated that the effective tax rate for 2025 is estimated around 22.5%. He added that the pace of debt repayment, while strong, would depend on M&A timing and anti-dilutive share repurchases.

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Ram Selvaraju's questions to ROCKWELL MEDICAL (RMTI) leadership

Ram Selvaraju's questions to ROCKWELL MEDICAL (RMTI) leadership • Q2 2025

Question

Asked for details on expansion plans in the Western U.S., the status of negotiations with their former largest customer, capital allocation priorities, and how new long-term contracts will affect revenue predictability in 2026.

Answer

The Western U.S. is viewed as a significant, $100M opportunity, with more clarity expected later in the year. Discussions with the former largest customer, DaVita, are ongoing for a new long-term agreement, and the company is optimistic about a positive outcome. Capital is being prioritized for manufacturing automation and new customer acquisition. The shift to long-term contracts is intended to create a reliable and reproducible revenue stream, stabilizing the business for future growth after the recent transition.

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Ram Selvaraju's questions to COGNITION THERAPEUTICS (CGTX) leadership

Ram Selvaraju's questions to COGNITION THERAPEUTICS (CGTX) leadership • Q4 2024

Question

Asked about the competitive landscape for DLB, the potential for approval based on neuropsychiatric parameters, the outlook for accelerated approval for Alzheimer's drugs in the US versus Europe, and the prospects for near-term grant funding from the NIH.

Answer

The company is confident in discussing neuropsychiatric symptoms as a key endpoint for DLB with the FDA, as these are core to the disease. They are pursuing a traditional, not accelerated, approval pathway for Alzheimer's in both the US and Europe. Regarding funding, they have a $50 million balance from an existing NIH grant but do not anticipate new grants for Phase III programs, expecting to rely on capital markets or partnerships instead.

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Ram Selvaraju's questions to CDXC leadership

Ram Selvaraju's questions to CDXC leadership • Q4 2024

Question

Asked about potential 2025 tailwinds from NIAGEN IV uptake and capturing market share from NMN, the potential market opportunity from a positive Parkinson's study, and future strategies for developing an Rx product, including a potential spinout.

Answer

The company is confident the FDA will maintain its stance on NMN and is more focused on combating other fraudulent players in the NAD market. A positive Parkinson's study could have a very significant impact on sales. For an Rx strategy, the company has other patented NAD precursors that could be developed as drugs. A spinout of the pharmaceutical assets is a possibility if capital is needed or a partner is only interested in the Rx business, but it is not the current plan.

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Ram Selvaraju's questions to PolyPid (PYPD) leadership

Ram Selvaraju's questions to PolyPid (PYPD) leadership • Q3 2024

Question

Asked about plans for commercial infrastructure and partnerships for D-PLEX100, key international markets, and the timeline for an FDA submission post-trial completion.

Answer

The company plans to commercialize in the U.S. with a strategic partner and is in discussions that will accelerate after top-line results. The product has a global market, with key regions outside the U.S. and Europe being South America, China, India, and Japan. An NDA submission is anticipated during 2026, assuming top-line results in Q1 and leveraging the breakthrough therapy designation.

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Ram Selvaraju's questions to Spero Therapeutics (SPRO) leadership

Ram Selvaraju's questions to Spero Therapeutics (SPRO) leadership • Q2 2024

Question

Asked about the tebipenem Phase III trial's site count and enrollment factors, the conversion mechanism of SPR720 to its active moiety, and potential future combination studies for SPR720.

Answer

The executive stated the tebipenem trial has a triple-digit number of global sites and is on track for enrollment completion in H2 2025. They described the SPR720 conversion as rapid and mentioned that while current combination studies with azithromycin and ethambutol are sufficient for now, future ones will be considered as the treatment landscape evolves.

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Ram Selvaraju's questions to BioXcel Therapeutics (BTAI) leadership

Ram Selvaraju's questions to BioXcel Therapeutics (BTAI) leadership • Q4 2023

Question

Asked about the usability of data from a previously paused study, its potential to offset future costs, and any updates on the OnkosXcel asset.

Answer

All safety data from the paused study is usable for the NDA submission package, though it cannot be rolled into a new study and is a minor cost consideration. The company has formally begun exploring strategic options like partnering or monetization for its OnkosXcel asset.

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Ram Selvaraju's questions to Evofem Biosciences (EVFM) leadership

Ram Selvaraju's questions to Evofem Biosciences (EVFM) leadership • Q2 2022

Question

Ram Selvaraju of H.C. Wainwright asked about emerging trends in private pay or non-reimbursed demand for Phexxi, the company's updated strategy for the cancer patient population, and how Evofem plans to optimize the value of the STI indication, including potential business development.

Answer

CEO Saundra Pelletier confirmed the company is actively seeking U.S. co-promotion partners and ex-U.S. partnerships to maximize the STI opportunity and bring in non-dilutive capital. She also noted growing interest from oncologists in Phexxi for their patients. Chief Commercial Officer Katherine Atkinson mentioned a new cash card program to support access. CFO Jay File stated that while self-pay has not been a significant portion of sales, they will have better visibility on recent trends in Q3.

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Ram Selvaraju's questions to Evofem Biosciences (EVFM) leadership • Q1 2022

Question

Ram Selvaraju from H.C. Wainwright asked for details on commercial efficiency initiatives, the projected commercial exclusivity window for the STI prevention indication, and the additional resources required to support a potential launch for that new indication.

Answer

CEO Saundra Pelletier detailed several efficiency initiatives, including leveraging increased payer access, grassroots marketing on college campuses, bringing creative marketing in-house, and using internal analytics for real-time adjustments. She confirmed the STI indication would add five years of exclusivity, extending it to 2038. For the launch, she anticipates a sales force expansion of 15-25 reps and investment in an educational platform. CFO Jay File added that the launch would be less costly than the initial one due to existing market penetration.

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Ram Selvaraju's questions to Evofem Biosciences (EVFM) leadership • Q4 2021

Question

Ram Selvaraju of H.C. Wainwright asked for the 2022 revenue guidance, future commercial performance metrics, the percentage of covered lives affected by reluctant insurers, details on the Orion collaboration beyond HIV, and the timeline for ex-U.S. Phexxi partnerships.

Answer

CFO Jay File reiterated the 2022 net revenue guidance of $30-$35 million. CEO Saundra Pelletier estimated that reluctant insurers represent a 30% coverage gap but noted prior authorizations are effective. She clarified the Orion collaboration is focused on HIV and a new thin-film delivery system. Regarding ex-U.S. deals, she explained the process was slowed to await STI indication data, which will significantly increase Phexxi's valuation and attract more substantial partners.

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Ram Selvaraju's questions to Evofem Biosciences (EVFM) leadership • Q3 2021

Question

Ram Selvaraju of H.C. Wainwright & Co., LLC inquired about the market potential for Phexxi in Mexico, the strategy for targeting women undergoing cancer treatment, the rationale for shifting marketing from capital-intensive TV to digital channels, and the outlook for pricing stability.

Answer

CEO Saundra Pelletier highlighted that Phexxi's hormone-free profile resonates well with the Latin American market and that the product is gaining traction in the oncology community, a point used to advocate for better coverage in D.C. She confirmed the marketing shift to digital was a strategic move after building sufficient brand awareness. CFO Jay File stated that after a recent price increase, pricing is expected to remain stable until the next annual review.

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Ram Selvaraju's questions to GT Biopharma (GTBP) leadership

Ram Selvaraju's questions to GT Biopharma (GTBP) leadership • Q2 2021

Question

Ram Selvaraju from H.C. Wainwright asked about the timing for the final top-line data from the GTB-3550 trial and potential conference presentation. He also inquired about the likely positioning of GTB-3550 in the AML treatment continuum, details on the B7H3 targeted TriKE's preclinical data and competitive landscape, and ideal combination regimens for other early-stage candidates.

Answer

CMO Dr. Greg Berk explained that establishing the MTD will determine the final data timing, likely for a conference in late winter or early spring. CEO Tony Cataldo discussed the treatment strategy, starting with monotherapy for relapsed/refractory AML and potentially moving to combinations with standard care like venetoclax. CTO Martin Schroeder noted the B7H3 TriKE shows good preclinical killing in several cancers. Both he and the CEO highlighted the focus on developing versatile dual-targeting TriKEs over standard combination therapies.

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