Investment Rating - The report does not provide a specific investment rating for ImmuneOnco, indicating it is currently "NOT RATED" [5]. Core Insights - ImmuneOnco is a clinical-stage biotech company focusing on innate immune systems with a differentiated CD47-based portfolio and a rich pipeline of 8 drug candidates in clinical studies [2]. - The key product asset, Timdarpacept (IMM01), has shown promising results in Phase 2 studies and has moved to Phase 3 studies for various indications [2]. - The company has received approvals to conduct Phase 3 clinical trials for IMM01 in high-risk myelodysplastic syndromes (MDS) and classical Hodgkin lymphoma (cHL) [2]. Financial Summary - Revenue for FY21 was RMB 5 million, FY22 was RMB 1 million, and FY23 was RMB 0 million [3]. - R&D expenses increased from RMB 176 million in FY21 to RMB 292 million in FY23 [3]. - The net loss for FY23 was RMB 379 million, with a year-end cash balance of RMB 609 million [3]. Clinical Trial Results - In the Phase 2 trial of IMM01 combined with azacitidine for high-risk MDS, the overall response rate (ORR) was 64.7%, with a complete response (CR) rate of 33.3% among 51 evaluable patients [2]. - For patients who received initial treatment for 4 months or more, the ORR increased to 85.3%, with a CR rate of 50.0% [2]. - In the Phase 2 trial of IMM01 combined with tislelizumab for anti-PD-1 failed cHL, the ORR was 66.7%, with a CR rate of 24.2% among 33 evaluable patients [2]. Market Data - The market capitalization of ImmuneOnco is HK$ 5,403 million [4]. - The stock has shown a 1-month absolute performance of 4.3% and a 6-month performance decline of 52.2% [5].
宜明昂科-B：Promising results of IMM01 released at ASCO