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美式医药资本游戏指南与流动性时钟:美国创新药与美元霸权:钱到底怎么来的?
EBSCN· 2025-04-29 00:11
Investment Rating - The report does not explicitly provide an investment rating for the industry. Core Insights - The report emphasizes the importance of understanding the funding side of the U.S. innovative drug market, particularly how capital flows influence the industry dynamics [4][7]. - It highlights that large multinational corporations (MNCs) dominate the market due to their substantial cash reserves, enabling them to make significant upfront payments for innovative drug licenses [9][13]. - The report discusses the reliance of biotech companies on capital market financing, indicating that these firms often lack sufficient cash reserves to support their operations independently [18][30]. Summary by Sections Section 1: Where Does the Money for Innovative Drug Licensing Come From? - The report explores the sources of funding for innovative drug licensing, focusing on the role of MNCs and their financial capabilities [7][9]. Section 2: Financing Dependency - Biotech companies are heavily reliant on financing, with their cash flow primarily supported by capital market activities rather than product sales [18][30]. Section 3: U.S. Fiscal Support and Ecological Monopoly - The report discusses how the U.S. government and fiscal policies create an ecosystem that supports the dominance of MNCs in the innovative drug market [7][30]. Section 4: Liquidity Clock - The concept of a "liquidity clock" is introduced, illustrating how the interplay between funding and assets shapes the investment landscape in the U.S. innovative drug sector [4][7].
和铂医药(02142) - 有关将於二零二五年六月十一日举行的股东週年大会适用的代表委任表格之澄清公...
2025-04-24 14:29
香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責,對其準確性 或完整性亦不發表任何聲明,並明確表示,概不對因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 和鉑醫藥控股有限公司 HBM Holdings Limited (於開曼群島註冊成立的有限公司) (股份代號:02142) 有關將於二零二五年六月十一日舉行的 股東週年大會適用的 代表委任表格之澄清公告 1 (2) 倘股東並無填妥及交回原有代表委任表格,並欲委任代表出席股東週年大 會,則股東須填妥及交回經修訂代表委任表格,連同授權書(如有)或其他經 簽署的授權文件(如有),或為其經公證副本,按其上印列之指示,於不遲於 股東週年大會或任何續會指定舉行時間48小時前送交本公司之香港證券登記 分處卓佳證券登記有限公司(地址為香港夏愨道16號遠東金融中心17樓)。 承董事會命 和鉑醫藥控股有限公司 主席兼執行董事 王勁松博士 香港,二零二五年四月二十四日 於本公告日期,本公司董事會包括執行董事王勁松博士及戎一平博士;獨立非執 行董事Robert Irwin Kamen博士、葉小平博士、Albert R. Col ...
和铂医药(02142) - 翌日披露报表
2025-04-23 12:04
FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別: 股票 狀態: 新提交 公司名稱: 和鉑醫藥控股有限公司 呈交日期: 2025年4月23日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司(「香港聯交所」)證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露,必須填妥第一章節 。 | 第一章節 | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | | 是 | | | | 證券代號 (如上市) | 02142 | 說明 | | | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | | | 已發行股份(不包括庫存股份)變動 | | 庫存股份變動 | | | | | | ...
和铂医药(02142) - 致非登记股东之通知信函及申请表格 - 刊发2024年年度报告、通函及股东...
2025-04-22 14:41
HBM Holdings Limited 和鉑醫藥控股有限公司 (Incorporated in the Cayman Islands with limited liability) (於開曼群島註冊成立的有限公司) (Stock Code 股份代號:2142) NOTIFICATION LETTER 通知信函 HBM Holdings Limited (the "Company") - Notification of publication of the 2024 Annual report, Circular and Notice of AGM (the "Current Corporate Communications") The English and Chinese versions of the Company's Current Corporate Communications are available on the Company's website at www.harbourbiomed.com and the website of The Stock Exchange of Hong ...
和铂医药(02142) - 致登记股东之通知信函及回条 - 刊发2024年年度报告、通函、委任表格及...
2025-04-22 14:37
HBM Holdings Limited 和鉑醫藥控股有限公司 (Incorporated in the Cayman Islands with limited liability) (於開曼群島註冊成立的有限公司) (Stock Code 股份代號:2142) NOTIFICATION LETTER 通知信函 Dear Registered Shareholder(s), HBM Holdings Limited (the "Company") – Notice of publication of the 2024 Annual report, Circular, Proxy Form and Notice of AGM (the "Current Corporate Communications") The English and Chinese versions of the Company's Current Corporate Communications are now available on the Company's website at www.harbourbiomed.com and ...
和铂医药(02142) - 股东週年大会通告
2025-04-22 14:25
香港交易及結算所有限公司及香港聯合交易所有限公司對本通告的內容概不負 責,對其準確性或完整性亦不發表任何聲明,並明確表示,概不對因本通告全部或任 何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 和鉑醫藥控股有限公司 HBM Holdings Limited (於開曼群島註冊成立的有限公司) (股份代號:02142) 茲通告和鉑醫藥控股有限公司(「本公司」)謹訂於二零二五年六月十一日(星期 星期三)上午十時假座中國上海自由貿易試驗區蔡倫路987號6、7層舉行股東週年大 會(「大會」),以考慮及酌情通過下列決議案(不論有否作出修訂)為本公司之普通決議 案: 「動議: (i) 在下文第(iii)段之規限下,一般及無條件批准本公司董事於有關期間 (定義見下文)行使本公司一切權力,以配發、發行或以其他方式買賣 本公司股本中之額外股份(包括出售或轉讓本公司自庫存中持有作為 庫存股份的股份)(具有於《香港聯合交易所有限公司證券上市規則》 所賦予的涵義)或可換股證券,或可認購本公司股份或該等可換股證 券的購股權、認股權證或類似權利,以及作出或授予可能須行使該等 權力的要約、協議及╱或購股權(包括債券、認股權證 ...
和铂医药(02142) - 建议发行股份及购回股份的一般授权;重选退任董事;及股东週年大会通告
2025-04-22 14:22
此乃要件 請即處理 閣下如對本通函或應採取之行動有任何疑問,應諮詢閣下之股票經紀或其他註冊證券交易商、銀行經理、 律師、專業會計師或其他專業顧問。 閣下如已售出或轉讓名下所有和鉑醫藥控股有限公司股份,應立即將本通函及隨附之代表委任表格送交買 主或承讓人,或經手買賣或轉讓之銀行、持牌證券交易商或其他代理商,以便轉交買主或承讓人。 香港交易及結算所有限公司及香港聯合交易所有限公司對本通函的內容概不負責,對其準確性或完整性亦 不發表任何聲明,且明確表示概不就因本通函全部或任何部分內容而產生或因依賴該等內容而引致的任何 損失承擔任何責任。 和鉑醫藥控股有限公司 HBM Holdings Limited (於開曼群島註冊成立的有限公司) (股份代號:02142) 建議發行股份及 購回股份的一般授權; 重選退任董事; 及 股東週年大會通告 和鉑醫藥控股有限公司謹訂於二零二五六月十一日(星期三)上午十時假座中國上海自由貿易試驗區蔡倫 路987號6層、7層舉行股東週年大會,大會通告載於本通函第17至21頁。隨函亦附奉股東週年大會適用的 代表委任表格。該代表委任表格亦刊載於香港聯合交易所有限公司網站( www.hkexnews ...
和铂医药(02142) - 2024 环境、社会及管治报告
2025-04-22 14:18
環境、社會及管治報告 ���� ■ | 關於本報告 | 01 | | --- | --- | | 管理層致辭 | 02 | | 走進和鉑 | 03 | | ①』穩健治理 | | 05 | | --- | --- | --- | | o | 公司治理 | 06 | | ● 風險管理 | | 07 | | o | 合規經營 | 09 | | o | 踐行ESG管理 | 10 | | 03 攜手共赢 | 24 | | --- | --- | | ○ | 25 | | o 交流合作 | 28 | | o | 29 | | 04 以人爲本 | 30 | | --- | --- | | o 員工權益 | 31 | | ● 人才發展 | 33 | | o | 35 | | ○ 員工閣懐 | 36 | | 02 健康可及 | | 14 | | --- | --- | --- | | o | 創新驅動 | 15 | | o 質量管理 | | 20 | | o | 患者保障 | 23 | | 05 低碳環保 | 38 | | --- | --- | | ○ 應對氣候變化 | 39 | | o 資源利用 | 43 | | © | ...
和铂医药(02142) - 2024 - 年度财报
2025-04-22 14:13
Financial Performance - Revenue for 2024 was $38.1 million, a decrease of 57.5% compared to $89.5 million in 2023[11] - The company reported a net profit of $2.7 million for 2024, compared to a profit of $22.8 million in 2023[11] - Cash and cash equivalents increased to $166.8 million in 2024 from $140.3 million in 2023[11] - Total assets decreased to $215.0 million in 2024 from $228.5 million in 2023[11] - Recurring revenue increased from $5.7 million for the year ended December 31, 2023, to $16.9 million for the year ended December 31, 2024, representing a growth of 196.5%[116] - Research and development expenses were $21.0 million, down 53.3% from $45.1 million in 2023[11] - Administrative expenses fell from $19.5 million in 2023 to $13.2 million in 2024, primarily due to a reduction in employee costs[122] - Other income and gains increased from $6.6 million in 2023 to $11.2 million in 2024, a rise of 69.7%[118] - The company recorded cash and cash equivalents of $0.9 million as of December 31, 2024, an increase from $0.7 million as of December 31, 2023[135] - The total compensation cost for the year ended December 31, 2024, was $23.7 million, down from $26.3 million for the year ended December 31, 2023[143] Research and Development - The company has submitted a Biologics License Application for HBM9161 for generalized Myasthenia Gravis to the NMPA in July 2024[13] - A new drug application for HBM9378/WIN378 for Chronic Obstructive Pulmonary Disease is expected to be submitted in November 2024[14] - The company has initiated a Phase I clinical trial for HBM9027 after receiving IND approval from the FDA in January 2024[18] - The company has expanded its Harbour Therapeutics pipeline to include 8 assets from preclinical to late clinical stages, targeting a potential market exceeding $20 billion[31] - In 2024, the company submitted a Biologics License Application (BLA) for Bartolizumab to treat generalized Myasthenia Gravis (gMG) and an Investigational New Drug (IND) application for HBM9378 for treating COPD in China[31] - The company received IND approval from the FDA for HBM9027 and PD-L1xCD40 bispecific antibodies, initiating clinical studies in the U.S.[32] - Nona Bio has been advancing research and development (R&D) capabilities, focusing on delivering innovative solutions that could save lives despite global uncertainties[28] - The company has established significant partnerships with leading pharmaceutical and biotech companies to enhance R&D capabilities[31] - The company has a robust product pipeline focused on immunology and oncology, strategically selecting clinical assets with significant unmet needs[48] Collaborations and Partnerships - The company entered a global licensing agreement with AstraZeneca, receiving an upfront payment of $19 million and potential milestone payments of up to $575 million[20] - In October 2024, Nona Bio entered a strategic collaboration with OverT Bio to develop next-generation cell therapies for solid tumors using proprietary platforms[23] - In December 2024, Nona Bio partnered with Kodiak Sciences Inc. to advance multi-target novel antibody therapies for ophthalmic diseases[23] - The company has established multiple strategic collaborations, including a partnership with Boostimmune, Inc. for antibody-drug conjugates[20] - A global exclusive licensing agreement was signed with Windward Bio in January 2025 for the development and commercialization of HBM9378/WIN378, excluding Greater China and certain Southeast Asian and West Asian countries[59] - The company entered into a collaboration with Kodiak Sciences Inc. to advance multi-target antibody therapies for ophthalmic diseases using its proprietary Harbour Mice® platform[93] - A research collaboration and licensing agreement with Candid Therapeutics was signed in December 2024, allowing for up to $320 million in upfront and milestone payments[84] - HBM Alpha Therapeutics announced a strategic collaboration in February 2025, with potential payments up to $395 million for developing a new therapy targeting CRH[86] Product Development and Pipeline - HBM9161, a fully human monoclonal antibody targeting FcRn, has completed Phase III clinical trials for gMG, marking the first successful critical trial for this product globally[54] - The BLA for HBM9161 was accepted by NMPA in June 2023, representing the first BLA submission since the company's establishment[54] - HBM9378, developed in collaboration with Keren Biotechnology, received IND approval for moderate to severe asthma in February 2022 and completed Phase I trials in October 2023[58] - HBM4003 is a next-generation fully human anti-CTLA-4 antibody, progressing from candidate screening to clinical stage within three years, showing promising efficacy and safety in treating various solid tumors[61] - HBM1020, a fully human monoclonal antibody targeting B7H7, showed preliminary efficacy signals with 46.7% of 15 patients achieving stable disease and tumor reductions of 11% and 25%[64] - HBM7008, a bispecific antibody targeting B7H4 and 4-1BB, is the only clinical-stage bispecific antibody for these targets globally, with a focus on improving safety and efficacy in PD-L1 negative patients[65] - HBM7020, a BCMAxCD3 bispecific antibody, received IND approval in China for cancer treatment, with a strategic shift towards immune diseases planned for 2024[70] - HBM9027, a novel PD-L1×CD40 bispecific antibody, received IND approval from the FDA to initiate Phase I trials in the U.S. in January 2024[74] - HBM7004, a new bispecific antibody targeting B7H4xCD3, demonstrated strong anti-tumor efficacy and significant in vivo stability in preclinical studies[75] - HBM9014, a first-in-class antibody targeting leukemia inhibitory factor receptor (LIFR), showed significant anti-tumor efficacy and good safety in primate toxicology studies[78] Risks and Challenges - The company has incurred net losses over the past several years, raising concerns about future profitability[186] - The lengthy and costly clinical development process is fraught with uncertainties, which may delay or hinder the commercialization of candidate drugs[186] - Regulatory approval processes for candidate drugs are time-consuming and may evolve, posing risks to the company's business[190] - The company faces intense competition and rapid technological changes, which may adversely affect its financial condition and ability to commercialize candidate drugs[193] - The production process of biopharmaceuticals is complex and requires significant expertise and capital investment, posing risks to the business if production issues arise in the future[193] - The company lacks experience in launching and marketing candidate drugs, which may hinder its ability to effectively establish and manage its sales network[193] - Legislative changes may increase the difficulty and cost of obtaining market approval and commercialization for candidate drugs, impacting potential pricing[195] - The company may face specific risks when conducting business and operations in international markets due to licensing of commercialization rights and global collaborations[195] - The company’s patents may have limited geographic protection, potentially failing to safeguard its intellectual property globally[195] - The company may incur significant costs and time in legal disputes related to patent infringement claims, which could adversely affect its reputation and stock price[195] Corporate Governance and Management - The company has a strong leadership team with extensive experience in the pharmaceutical and biotechnology industries, including independent directors with significant backgrounds in finance and research[158][160] - The company focuses on two main business segments: Harbour Therapeutics, which specializes in clinical-stage research and development of differentiated antibody therapies for oncology and immune diseases, and Nona Bio, which collaborates on various therapeutic approaches in these disease areas[166] - The management discussion and analysis section of the annual report provides insights into the business review and future development of the group[169] - The company has maintained key relationships with employees, customers, suppliers, and other stakeholders that significantly impact its operations[166] Future Outlook - The company expects to submit at least two new product IND applications in 2025, focusing on immunology[109] - The company aims to strategically expand into the immunology field and enhance its product pipeline by leveraging its discovery engines[109] - The company plans to continue exploring drug development strategies and seek collaboration opportunities[79] - The company anticipates more global collaboration opportunities as its preclinical products mature[38] - The company is actively exploring the scalability of its proprietary technology platform to maximize its value[80] - The company plans to build an innovation center in Beijing with AstraZeneca to further advance their collaboration projects[107]
和铂医药(02142) - 翌日披露报表
2025-04-17 12:16
公司名稱: 和鉑醫藥控股有限公司 表格類別: 股票 狀態: 新提交 呈交日期: 2025年4月17日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司(「香港聯交所」)證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露,必須填妥第一章節 。 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | | 證券代號 (如上市) | 02142 | 說明 | | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | 事件 | | | 已發行股份(不包括庫存股份)變動 | | 庫存股份變動 | | | | | | | 已發行股份(不包括庫存股份)數 目 | | 佔有關事件前的現有已發 行股份(不包括庫存股 份)數目百分比 (註3) | 庫存股 ...