InventisBio (SH:688382) Tianfeng Securities·2025-09-09 14:12Investment Rating - The report maintains a "Buy" rating for the company [5] Core Insights - The company's D-2570 (TYK2) inhibitor shows potential as a best-in-class treatment, with ongoing clinical trials for multiple indications including ulcerative colitis and psoriasis [1][2] - D-2570 demonstrated superior efficacy in Phase II trials for psoriasis, achieving a PASI 75 response rate of 90.0%, significantly higher than the placebo group [1] - The safety profile of D-2570 is favorable, with most adverse events being mild to moderate and no serious adverse events reported [1] Clinical Development - D-2570 is being explored for various indications, including ulcerative colitis, psoriatic arthritis, and systemic lupus erythematosus [2] - The Phase II clinical trial for ulcerative colitis commenced in May 2025 [2] Preclinical Innovations - The company has high molecular innovation in preclinical candidates YF087 and YF550, which have shown excellent anti-tumor efficacy in various animal models [3][4] - YF087 targets the synthetic lethal target WRN, demonstrating significant effects on MSI-H tumors, while YF550 targets KIF18A, crucial for the proliferation of CIN+ tumor cells [3][4] Financial Forecast - The company is expected to face challenges in profitability, with projected net losses of -243 million and -219 million CNY for 2025 and 2026 respectively [5][10] - Revenue is forecasted to grow from 185.53 million CNY in 2023 to 503.37 million CNY by 2027, reflecting a compound annual growth rate [10][12] Market Position - The company operates in the highly competitive pharmaceutical and chemical manufacturing industry, particularly in the oncology and autoimmune disease segments [5]