Group 1 - The core viewpoint of the report is that Baili Tianheng (688506.SH) is given a "buy" rating due to its promising drug development pipeline and recent FDA designation [2] - Iza-bren (BL-B01D1) has received Breakthrough Therapy Designation (BTD) from the FDA for treating EGFR mutation non-small cell lung cancer (NSCLC) [2] - The company is expected to submit its New Drug Application (NDA) in China soon, with three global registration clinical trials planned to start in 2025 [2] - Baili Tianheng possesses a differentiated ADC platform and globally leading multi-antibody platforms, including First-in-Class (FIC) and Best-in-Class (BIC) pipelines [2]

此次配售事项预计所得款项净额约为38.97亿港元，所得款项净额的计划用途如下：约65%用于创新药 物研发及许可(涵盖抗肿瘤、自身免疫、中枢神经系统及新陈代谢疾病等领域)；约25%用于兴建新的创 新药物生产设施及研发实验室，以及升级现有设施；约10%用于营运资金及一般企业用途。 翰森制药公告，与配售代理订立配售协议。公司将以每股36.30港元的配售价，配售1.08亿股股份，占扩 大后总股本的约1.78%。此次配售价较前一交易日收盘价38.82港元/股折让约6.49%。 ...

8月20日早间，翰森制药在港交所公告，于2025年8月20日（交易时段前），公司、整体协调人及配售代 理订立配售协议，据此，公司同意以配售价每股36.30港元配售1.08亿股股份。配售事项所得款项净额预 期约38.97亿港元，约65%将用于抗肿瘤、自身免疫、中枢神经系统及新陈代谢疾病等治疗领域的新创 新药物研发，及创新药物及创新技术平台的许可；约25%将用于兴建新的创新药物生产设施及研发实验 室，及升级集团现有的研发实验室及生产设施；约10%将用于营运资金及其他一般企业用途。 ...

鲁抗医药公告，公司于 2024 年 11 月收到国家药品监督管理局核准签发的注射用 CIGB-814 的《药物临 床试验批准通知书》。注射用 CIGB-814已经启动 I 期临床试验，并于近日完成首例受试者入组。该药 品为免疫调节剂，适应症为类风湿性关节炎。公司将根据药物研发的实际进展情况及时履行披露义务。 ...

Core Viewpoint - The company, Gilead Sciences, announced a placement and subscription agreement for the sale of 52,400,000 shares at a price of HKD 16.45 per share, representing a discount of approximately 9.9% from the last closing price of HKD 18.26 on August 18 [1] Group 1 - The net proceeds from the subscription are expected to be approximately HKD 467.69 million after deducting commissions and estimated expenses [1] - Approximately 90% of the net proceeds is intended for the clinical trial development of subcutaneous and oral peptide candidates related to obesity [1] - About 10% of the net proceeds is suggested to be used for working capital and other general corporate purposes [1]

Core Viewpoint - The company, Geely Pharmaceutical, announced a placement and subscription agreement to sell 52,400,000 shares at a price of HKD 16.45 per share, representing a discount of approximately 9.9% from the last closing price of HKD 18.26 on August 18, 2023 [1] Group 1 - The net proceeds from the subscription are expected to be approximately HKD 467.69 million after deducting commissions and estimated expenses [1] - Approximately 90% of the net proceeds is intended for the clinical trial development of subcutaneous and oral peptide candidates related to obesity [1] - About 10% of the net proceeds is suggested to be used for working capital and other general corporate purposes [1]

Core Viewpoint - The company reported significant revenue growth and advancements in its drug pipeline, particularly in obesity treatment, indicating strong research and development capabilities and a commitment to addressing unmet clinical needs [1][2]. Financial Performance - The company achieved total revenue of RMB 104 million, representing a year-on-year increase of 111.4% [1] - Research and development costs amounted to RMB 147 million, reflecting a year-on-year increase of 10.9% [1] - The loss attributable to equity shareholders was RMB 87.95 million, a decrease of 32.5% year-on-year [1] - The loss per share was 9.14 cents [1] Drug Development Progress - The ASC30 oral tablet for obesity showed a significant average weight reduction of up to 6.5% after 28 days of treatment in a U.S. Phase Ib study, positioning it as a potential best-in-class candidate for obesity treatment [1] - The company rapidly enrolled 125 participants in a U.S. Phase IIa study for ASC30, demonstrating efficient execution in clinical trials [2] - ASC30 also showed a 36-day half-life in a single subcutaneous injection study, supporting less frequent dosing [2] - ASC47, another obesity treatment, demonstrated a 40-day half-life and has completed participant enrollment for a combination study with semaglutide [2] - ASC50, an oral small molecule IL-17 inhibitor, has completed initial dosing in a U.S. Phase I clinical study [2] - The FASN inhibitor, denifasirt, showed statistically significant improvements in all primary and secondary endpoints in a Phase III study for acne treatment, indicating its potential for a major breakthrough in acne therapy [2]

Group 1 - The company has received the clinical trial approval notice for the nasal congestion granules from the National Medical Products Administration [1] - The nasal congestion granules are indicated for the treatment of acute sinusitis and have shown good efficacy and safety in clinical applications [1][2] - The market for nasal medication is significant, with 26% of the adult population in China suffering from nasal inflammation or sinusitis, and the market demand for nasal medication is expected to grow [2] Group 2 - The sales revenue for nasal medication (traditional Chinese medicine) is projected to be 2.757 billion yuan in 2023 and 3.061 billion yuan in 2024, with the nasal congestion granules expected to generate sales of 409 million yuan in 2023 and 475 million yuan in 2024 [2] - There are several traditional Chinese medicine products approved for the treatment of acute sinusitis, including nasal congestion granules, with one approval number for the nasal congestion granules [3] - The company must complete clinical trials and submit a marketing authorization application to the National Medical Products Administration before the product can be marketed [4]

Financial Performance - Altimmune, Inc. reported a quarterly loss of 27 cents per share, which was better than market estimates of a loss of 32 cents per share [1] - The company's quarterly sales amounted to $5.000K [1] Clinical Development - Pemvidutide showed rapid and robust MASH effects, significant weight loss, and impressive safety and tolerability in the recent IMPACT Phase 2b trial [2] - The company is preparing for an End-of-Phase 2 Meeting with the FDA, which will facilitate the transition to Phase 3 development [2] - Full 48-week data is expected to be reported in the fourth quarter, with further updates anticipated as pemvidutide advances [2] Stock Performance and Analyst Ratings - Following the earnings announcement, Altimmune shares increased by 5.7%, trading at $3.8250 [2] - B. Riley Securities analyst Mayank Mamtani maintained a Buy rating but lowered the price target from $20 to $18 [5] - UBS analyst Eliana Merle also maintained a Buy rating, reducing the price target from $26 to $24 [5] - HC Wainwright & Co. analyst Patrick Trucchio reiterated a Buy rating with a maintained price target of $12 [5]

Financial Data and Key Metrics Changes - As of June 30, 2025, the company's cash, cash equivalents, and short-term investments were $30 million, down from $44.1 million as of December 31, 2024. However, including net proceeds from a July private placement, the pro forma cash position is approximately $60 million, which is expected to fund planned clinical studies and operations into 2027 [14][15][17] - The net loss for the three and six months ending June 30, 2025, was $7.7 million and $15.4 million, respectively, compared to $5.1 million and $10.3 million for the same periods in 2024, indicating an increase in net loss year-over-year [17] Business Line Data and Key Metrics Changes - Research and Development (R&D) expenses increased to $5.8 million and $11.5 million for the three and six months ended June 30, 2025, compared to $3.9 million and $7.6 million for the same periods in 2024, primarily due to costs associated with the REMEDY two clinical trial and expansion of the clinical team [15] - General and administrative expenses also rose to $2.2 million and $4.7 million for the three and six months ended June 30, 2025, compared to $1.7 million and $3.8 million in the prior year, driven by increased personnel costs and non-cash share-based compensation [16] Market Data and Key Metrics Changes - DiaMedica was added to the US small cap Russell 2000 and Russell 3000 indexes, enhancing visibility among institutional investors and the broader investment community [12] Company Strategy and Development Direction - The company is advancing its DM199 program for preeclampsia, with plans to conduct a Phase 2B trial in the US and other countries, and is preparing an FDA IND application [8][9] - The company aims to finalize a dosing regimen for the ongoing clinical trials and expand its indications to include fetal growth restriction [7][8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the current cash position and its ability to fund clinical studies into 2027, despite an increase in net losses [14][17] - The interim results from the preeclampsia program were described as highly promising, with DM199 showing significant efficacy in managing maternal hypertension [6][9] Other Important Information - The company completed a $30 million private placement of common shares, which extends its cash runway into 2027 [9] - The new Chief Medical Officer, Dr. Julie Krop, brings extensive experience in the biopharma industry, particularly in women's health and preeclampsia [12][13] Q&A Session Summary Question: Why did Dr. Krop join the company, and what are her thoughts on the stroke program? - Dr. Krop expressed a strong commitment to women's health and excitement about the company's programs, highlighting the unmet needs in preeclampsia and ischemic stroke [20][21] Question: Can the company provide a timeline for the upcoming cohorts in the preeclampsia study? - Management indicated that Cohort 10 of Part 1B would start soon, with plans to push dosing higher and move into Part 2 and the fetal growth restriction cohort concurrently [25][27] Question: What is the current status of enrollment in the stroke study? - The company is currently at approximately 40 sites and is seeing an encouraging uptick in enrollment, with expectations for interim analysis to be completed in Q2 2026 [33][34] Question: Will the Phase 2B study have a primary endpoint that reflects pivotal regulatory endpoints for Phase 3? - Management stated that they are finalizing the protocol and are confident about the primary endpoint based on recent FDA feedback, but details will be shared once finalized [40]