Ge Long Hui·2025-08-19 08:41Core Viewpoint - Cathay Securities has released a research report on Goliath Pharmaceuticals (1672.HK), highlighting the global competitiveness and scarcity of the company's core pipeline. Key clinical data is expected to be released in 2025 and the first quarter of 2026, with certainty in overseas licensing collaborations. The target price has been raised to RMB 25.40 per share (equivalent to HKD 27.91), maintaining a "Buy" rating [1]. Group 1: Core Drug Competitiveness - Goliath Pharmaceuticals' ASC30 oral formulation has completed patient enrollment as of August 2025, with top-line data expected in Q4 2025. The U.S. Phase Ib study shows a significant average weight loss of 6.5% after 4 weeks of treatment, with good overall tolerability and no vomiting incidents [1]. - The ASC30 monthly injection formulation demonstrates competitive advantages in the long-acting weight loss drug sector, with all subjects expected to be enrolled in the U.S. 12-week Phase IIa clinical study for obesity treatment by 2025, and top-line data anticipated in Q1 2026 [1]. Group 2: Research and Development Progress - Other important pipelines of Goliath Pharmaceuticals are progressing smoothly: the oral small molecule IL-17 inhibitor ASC50 for psoriasis is expected to yield top-line data from the U.S. Phase I SAD study in 2025 [3]. - The drug dinutuximab (ASC40) for moderate to severe acne has shown significant efficacy and good safety in Phase III trials, with plans to seek commercialization partnerships in 2025 [3]. - The oral small molecule PD-L1 inhibitor ASC61 for solid tumors has successfully completed the U.S. Phase I study, with plans to seek external licensing opportunities in 2025 to fully realize the project's value [3]. Group 3: ASC47 Development - ASC47, a fat-targeting, long-acting subcutaneous THRβ selective small molecule agonist, supports administration every month to every two months. Positive top-line results were achieved in the Australian Phase Ib study, with an average weight loss of 1.7% (day 50, peak) after placebo adjustment, showing potential for weight loss without muscle loss [2]. - Top-line data from the U.S. clinical study combining ASC47 with semaglutide for obesity treatment is expected in 2025 [2].