Investment Highlights - Company is a global leader in small nucleic acid drug development with a proven platform since its establishment in 2007 [1] - The company has developed the GalNAc liver-targeting RiboGalSTAR platform and is expanding from liver-targeting to extrahepatic targeting [1] - The company has a comprehensive intellectual property portfolio with 473 patents and patent applications as of the end of 2025 [1] - The research platform integrates the entire technology chain, ensuring efficiency from CMC production to commercialization [1] Clinical Assets - Company is one of the Chinese small nucleic acid enterprises with the most clinical assets, having 7 siRNA pipelines in clinical stages by the end of 2025 [2] - Core assets include RBD4059 (FXI), RBD5044 (ApoC3), and RBD1016 (HBV), with RBD4059 being the fastest progressing FXI siRNA drug for thrombotic diseases [2] - RBD4059 is expected to initiate Phase IIb clinical trials in 2026, targeting multiple thrombotic diseases [2] - Company believes that FXI inhibitors have validated drugability in conditions like stroke and knee replacement surgery, with potential for atrial fibrillation treatment [2] Financial Forecast and Valuation - Company forecasts EPS of -1.79, -2.21, and -2.92 for 2025 to 2027 [2] - The company is rated as outperforming the industry with a target price of 100.0 HKD, indicating a 44.9% upside from the current stock price [2]
瑞博生物(06938.HK)：端到端的小核酸开发能力 差异化的管线布局