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Analyses on Kamada (4)
- March 11, 2026March 11, 2026
- Follow-up
Kamada: What the Inhaled AAT Halt Changes in Earnings, R&D, and the Thesis
The InnovAATe halt makes Kamada a cleaner commercial business but also one with less internal optionality, while exposing that the 2025 R&D line looked better than it really was because of a one-time $3 million offset.
- Follow-up
Kamada: Will the Plasma Collection Ramp Really Improve the Economics
Kamada's plasma-collection ramp has moved beyond the story stage, but not yet beyond the economic-proof stage: Houston is approved for NSP, San Antonio still depends on approval, and the real contribution depends on customer contracts, donor throughput and partial external-suppl…
- Follow-up
Kamada: How CYTOGAM and the Saol Liability Stack Still Shape Cash
Kamada ended 2025 with a broader commercial portfolio, but the layer of cash that is truly accessible to shareholders is still squeezed between a weaker CYTOGAM, a lower GLASSIA royalty run-rate, and a $60.4 million liability stack left from the Saol acquisition.
Kamada in 2025: Growth Returned, but 2026 Will Test Cash Quality More Than Pace
Kamada proved in 2025 that it can grow commercially, but the 2026 test is whether that growth starts producing accessible cash after working capital, CAPEX, dividends, and Saol-related payments.
