Lodge Partners has published an updated research report on Paradigm Biopharmaceuticals, maintaining its BUY recommendation and A$1.74 valuation.

The report highlights the successful completion of dosing for 538 participants in Paradigm's global Phase 3 PARA_OA_012 trial of iPPS for knee osteoarthritis, exceeding the original target enrolment of 466 participants and contributing to a robust global clinical dataset.

With the interim analysis expected in September 2026 and top-line Phase 3 results remaining on track for Q1 CY2027, Lodge Partners notes that a positive interim outcome could provide greater visibility on the likelihood of trial success and create potential upside opportunities through licensing or commercial transactions with large pharmaceutical companies.