Core Viewpoint - Huafu Securities initiates coverage on Weili Zhibo (09887) with a "Buy" rating, projecting revenue for 2025-2027 to be 1.80, 0.94, and 0.10 million yuan, with growth rates of 833%, -48%, and -90% respectively [1] Group 1: Company Overview - The company is focused on next-generation tumor immunotherapy through its agonist platform, TCE platform, and ADC, establishing a comprehensive layout [1] - The company has consistently emphasized "technology platform + innovative targets" since 2015, covering cutting-edge fields such as immune checkpoints and multi-specific antibodies, thereby building a differentiated pipeline [1] Group 2: Clinical Developments - LBL-024 (PDL1/4-1BB bispecific antibody) shows historical best data in lung neuroendocrine carcinoma, with excellent efficacy in first-line SCLC and promising preliminary efficacy in NSCLC [1] - LBL-024 enhances the efficacy of second-generation CAR-T therapy, demonstrating low liver toxicity with ≥3 grade liver enzyme elevation at only 1.3%, comparable to PD-1 monoclonal antibodies, indicating superior safety and a broad therapeutic window [1] - LBL-024 is the first 4-1BB targeted molecule to reach critical clinical stages globally, with ongoing clinical research approved in multiple cancer types including SCLC, BTC, OC, and NSCLC, showing encouraging clinical results [1] Group 3: Additional Pipeline Insights - LBL-034 (GPRC5D/CD3 bispecific antibody) demonstrates improved safety and dosage intensity, with a 2:1 structure enhancing TAA binding while balancing efficacy and safety [2] - In I/II clinical studies, LBL-034 achieved an ORR of 77.8% at a dosage of 400μg/kg and 90.9% at 800μg/kg, comparable to CAR-T efficacy [2] - Other pipeline developments include BDCA2×TACI with IND expected in the second half of 2025, and CD19/BCMA/CD3 trispecific antibody IND anticipated in Q1 2026 [2]
华福证券：首次覆盖维立志博给予“买入”评级 下一代IO和ADC疗法全布局