Group 1: Financial Performance - DualityBio reported revenue of RMB1.23 billion for 1H25, representing a 23% year-over-year increase, primarily driven by licensing and collaboration payments [1] - R&D spending decreased by 7% year-over-year to RMB349 million in 1H25, while administrative expenses rose by 71% year-over-year to RMB126 million, mainly due to IPO-related costs [1] - Adjusted net profit reached RMB146 million, reflecting a 14.2% year-over-year increase, excluding the fair value impact of preferred shares from the IPO [1] - As of June 2025, the company maintained a solid cash balance of RMB3.75 billion, sufficient to support continued R&D and pipeline expansion [1] Group 2: Product Development and Pipeline - DualityBio and BioNTech plan to file NDAs for DB-1303/BNT323 targeting HER2-expressing cancers by the end of 2025, marking a significant step towards commercialization [2] - DB-1311/BNT324 has shown promising efficacy in heavily pre-treated CRPC patients, achieving a rPFS of 8.3 months, and a 70.4% ORR in 3L+ SCLC [2] - DB-1310 demonstrated a PFS of 8.3 months in 4L+ EGFR-TKI-resistant NSCLC, outperforming competing therapies [2] - The company is advancing its next-generation bispecific ADC pipeline, including DB-1419 and DB-1418/AVZO-1418, both in Ph1/2 development [3] Group 3: Strategic Positioning - DualityBio is positioned as a front-runner in ADC and next-generation IO combinations, advancing multiple Ph1/2 trials evaluating BNT327 in combination with their ADCs across various tumor types [2] - Initial data from the TROP2 ADC + BNT327 combination showed superior tumor growth inhibition compared to monotherapy, with a low TRAE discontinuation rate of 4.5% [2] - The company is also developing DB-2304 for autoimmune diseases, targeting SLE/CLE in Ph1 trial [3] Group 4: Investment Outlook - The company maintains a "BUY" rating, with a target price increase from HK$270.34 to HK$367.06 based on a DCF valuation [4]
DUALITYBIO(9606.HK):PIONEERING PROGRESS IN ADC + NEXT-GEN IO
Ge Long Hui·2025-09-02 02:46