Why now

The original draft undersold this. The June cycle is not just a trade pickup. Heartseed announced first-patient dosing in a Phase I/II EMERALD study using catheter delivery of allogeneic iPSC-derived cardiomyocyte spheroids, with the first patient reportedly treated in late March and discharged after an uneventful early course. That makes the timing stronger: a first-in-human or first-in-world delivery-method milestone has moved from lab platform to patient dosing, while still having zero efficacy proof.