Core Viewpoint - The company, 加科思药业, demonstrates strong confidence in its long-term development through significant share buybacks and insider purchases, contrasting with the trend of executive sell-offs in the Hong Kong pharmaceutical sector [1][4]. Group 1: Executive Actions - 加科思药业's Chairman and CEO, Dr. Wang Yinxiang, along with associates, invested nearly HKD 100 million to purchase over 11.05 million shares, signaling confidence in the company's future [1]. - The company has initiated a share buyback plan of HKD 100 million, with approximately HKD 26.7 million executed so far, indicating ongoing commitment to shareholder value [1]. Group 2: Clinical Value - 加科思药业 focuses on KRAS and iADC as its primary research directions, with KRAS mutations present in about 25% of cancer patients [2]. - The company's KRAS G12C inhibitor, Glecirasib, received approval for second-line treatment of KRAS G12C mutated non-small cell lung cancer (NSCLC) and has been successfully launched in China, triggering a milestone payment of RMB 50 million from a partner [2]. - The pan-KRAS inhibitor, JAB-23E73, has shown multiple confirmed partial response cases in ongoing Phase I clinical trials in China and the U.S., with complete data expected in the first half of 2026 [2]. Group 3: Commercial Potential - 加科思 is advancing a second-generation product, EGFR-KRAS G12D tADC, which aims to deliver KRAS G12D inhibitors effectively, potentially becoming a major product in colorectal cancer by submitting an IND application in the second half of 2026 [3]. - The company is also developing HER2-STING iADC (JAB-BX467) to address the limitations of PD-1 monotherapy in "cold tumors," with plans to submit an IND application in the second half of 2026 [3]. Group 4: Value Assessment - 加科思's focus on KRAS and iADC positions it well in a market where 25% of cancer patients have KRAS mutations and nearly 70% are cold tumors, establishing a clear potential for clinical and commercial success [4]. - The market has not fully reflected the pipeline value and long-term growth potential of 加科思, with a comparison to Revolution Medicine's market cap of USD 8 billion versus 加科思's HKD 7 billion [4]. - The combination of significant insider purchases and the ongoing buyback plan sends a strong signal of management's confidence in the company's long-term prospects [4].
加科思高管逆势增持近亿港元 KRAS与iADC潜力凸显