Investment Rating - The report maintains an "Overweight" rating for the company [3][12]. Core Views - The company recently updated the Phase I follow-up data for CMG901, demonstrating initial efficacy and manageable safety. The Phase III 52-week follow-up data for CM310 shows excellent results, with expectations for approval by the end of the year, contributing to future performance [3]. - Revenue forecasts for 2024-2026 are maintained at 156 million, 526 million, and 1.441 billion RMB respectively, reflecting significant growth [3]. Summary by Sections Clinical Data - CMG901's Phase I trial shows preliminary efficacy with a median follow-up of 10.1 months, including 133 G/GEJ patients. The overall response rate (ORR) for evaluable Claudin 18.2 high-expressing patients is 33%, with a disease control rate (DCR) of 70% [3]. - The safety profile indicates that 55% of patients experienced grade 3 or higher treatment-related adverse events (TRAE), with 8% discontinuing due to TRAE [3]. Product Pipeline - CM310 is expected to receive approval by the end of 2024, with promising data from its Phase III trial for moderate to severe atopic dermatitis (AD) showing an EASI-75 of 92.5% compared to 88.7% for the control group [3]. - Other indications are progressing steadily, including trials for adolescent AD and chronic rhinosinusitis with nasal polyps (CRSwNP) [3]. Financial Overview - The company reported a revenue of 100 million RMB in 2023, with projections of 354 million in 2024 and 1.441 billion in 2026, indicating a significant growth trajectory [7]. - The gross profit for 2023 is estimated at 317 million RMB, with net losses projected to decrease from 637 million in 2024 to 419 million in 2026 [7].
康诺亚-B：康诺亚CMG901和CM310数据点评：CMG901潜力凸显，IL-4R长期疗效优异