Coherus Oncology FY Conference Summary Company Overview - **Company**: Coherus Oncology (NasdaqGM:CHRS) - **Event**: FY Conference at the 44th JPMorgan Healthcare Conference - **Date**: January 13, 2026 Key Points Company Transformation and Strategy - Coherus has evolved into an innovative oncology company focused on overcoming immune resistance in cancer treatment, with Lactose as a cornerstone therapy [2][3] - The acquisition of Surface Oncology in September 2023 provided global rights to promising products CHS-114 (a CCR8 Treg depleter) and Casdozokitug [4] - The company divested its biosimilar business, raising approximately $800 million, which helped pay down $480 million in debt and support ongoing clinical studies [5] Product Pipeline and Market Opportunities - Coherus's pipeline represents a market opportunity of approximately $29 billion, with significant potential in both U.S. and ex-U.S. markets [9] - **Lactose**: A next-generation PD-1 therapy showing high activity, particularly in low PD-1 states, with a five-year survival rate improvement from 34 months to 65 months when combined with chemotherapy [11] - **CHS-114**: Positioned as a best-in-class Treg depleter, targeting Tregs in the tumor microenvironment to enhance T cell infiltration [15][16] - **Casdozokitug**: A first-in-class IL-27 antagonist showing a 38% overall response rate in hepatocellular carcinoma (HCC) studies, with ongoing trials expected to yield data in mid-2026 [24][25] Financial Projections and Sales Growth - Coherus anticipates revenue growth for Lactose, projecting $150-$200 million by mid-2028, supported by a strong sales trajectory and market penetration strategies [12][49] - The company has successfully increased demand growth quarter-over-quarter, exceeding initial guidance of 10%-15% [12] Clinical Trials and Data Expectations - Coherus is conducting multiple clinical trials across various cancers, with significant data readouts expected in 2026 [6][19] - The company is focused on optimizing dosing and understanding the best treatment settings for its products, particularly for Tecmo Kito and Casdozokitug [31][32] Competitive Landscape and Differentiation - Coherus emphasizes the selectivity and potency of its products, particularly Tecmo Kito, which is the only selective CCR8 binder disclosed, differentiating it from competitors [33][34] - The company is pursuing partnerships to enhance the development of its therapies, particularly in combination with other modalities like T-cell engagers and CAR-T therapies [40][41] Challenges and Market Dynamics - The company faces challenges in educating community physicians about its products due to the rarity of the diseases treated, necessitating sophisticated outreach strategies [48][49] - Coherus is aware of the competitive landscape and is strategically positioning its products to overcome resistance mechanisms in solid tumors [43] Future Outlook - Coherus is optimistic about 2026, with a strong focus on data generation and strategic partnerships to drive growth and enhance shareholder value [29][30] Conclusion Coherus Oncology is strategically positioned for growth in the oncology market with a robust pipeline and a focus on innovative therapies. The company is actively working to enhance its market presence and drive shareholder value through strategic partnerships and clinical advancements.

Core Viewpoint - The stock price of Paig Bio (02565.HK) has surged nearly 800% from its initial public offering (IPO) price of 15.6 HKD to 66 HKD, despite an initial drop to 8.68 HKD, indicating a significant turnaround in market sentiment and investor confidence [1][10]. Company Analysis - Paig Bio initially faced skepticism due to its lack of products and revenue at the time of its IPO, being labeled a "three-no player" [8]. - The company’s core product, PB-119, is expected to enter the market soon, which has contributed to the recent surge in stock price [10]. - The company has successfully extended the lock-up period for its cornerstone investor, Yizhe Kangrui Pharmaceutical, signaling strong confidence in its future prospects [1][11]. Industry Context - The GLP-1 market is becoming increasingly competitive, with numerous companies vying for market share, raising concerns about potential over-saturation similar to the PD-1 market [5][6]. - Despite the competitive landscape, there are still opportunities for differentiation in the GLP-1 space, particularly in addressing unmet clinical needs and optimizing drug delivery methods [7][14]. - The upcoming expiration of key patents in the GLP-1 sector may lead to a surge in generic competition, further complicating the market dynamics [5]. Future Outlook - The sustainability of Paig Bio's high valuation, currently exceeding 250 billion HKD, will depend on the commercial success of PB-119 and the performance of its pipeline products [12][14]. - The company is also developing next-generation products like PB-718, which may provide additional growth avenues if successful [14][15]. - The market's reaction to the actual performance of PB-119 post-launch will be critical, as high expectations may not align with actual sales figures, potentially leading to volatility in stock price [11][12].

Financial Performance - In the first half of 2025, the company's product revenue reached 17.36 billion yuan, a year-on-year increase of 45.8% [1] - Total operating revenue for the same period was 17.52 billion yuan, reflecting a 46.0% year-on-year growth [1] - The net profit attributable to the parent company was 450 million yuan [1] - As of the end of the reporting period, total assets amounted to 44.87 billion yuan, an increase of 4.8% from the beginning of the period [1] - Equity attributable to the parent company was 26.86 billion yuan, up 11.1% from the beginning of the period [1] Product Sales - Global sales of Baiyueze® (Zebutinib Capsules) totaled 12.53 billion yuan, marking a 56.2% year-on-year increase, solidifying its leadership in the hematologic oncology field [2] - Sales in the United States reached 8.96 billion yuan, a 51.7% increase, driven by strong demand across all indications and favorable net pricing [2] - European sales amounted to 1.92 billion yuan, up 81.4%, attributed to market share gains in major European markets including Germany, Italy, Spain, France, and the UK [2] - In China, sales were 1.19 billion yuan, a 36.5% increase, due to growth in approved indications [2] - Baizean® (Trelatuzumab Injection) generated sales of 2.64 billion yuan, reflecting a 20.6% year-on-year growth, driven by new indications included in medical insurance and increased hospital supply [2] - Baizean® maintains a leading market share in China's PD-1 market [2]

Core Insights - The CD47 target was once highly sought after by global pharmaceutical companies, likened to the next PD-1, but has since faced significant challenges and failures in drug development [1][3][14] - Despite the setbacks, companies like I-Mab and Kangfang Biotech remain optimistic about the potential of CD47-targeted therapies, with ongoing clinical trials [5][9][14] Industry Overview - CD47 is a transmembrane glycoprotein expressed on various cancer cells, which helps tumors evade the immune system by sending a "don't eat me" signal to macrophages [3][5] - Major pharmaceutical companies, including Gilead and Pfizer, have made substantial investments in CD47-targeted therapies, with Gilead acquiring Forty Seven for $4.9 billion, but faced failures in clinical trials [3][5][12] - In China, over 20 clinical approvals for CD47-targeted drugs have been granted, but many companies, including Hengrui and Innovent, have halted their trials due to disappointing results [4][5][12] Company Developments - I-Mab is advancing two Phase III clinical trials for its CD47-targeted therapies, while Kangfang Biotech is conducting multiple trials for its drug, Lefanlimab [5][9] - I-Mab's approach to CD47 is distinct, as it utilizes a non-antibody drug that binds more selectively to cancer cells, potentially reducing toxicity and improving dosing [8][9] - Kangfang Biotech is optimizing its drug structure to minimize red blood cell aggregation, which is a significant issue with CD47 antibodies [9][12] Market Sentiment - The global pharmaceutical industry has invested nearly 100 billion RMB in CD47 research without a successful drug to date, leading to a cautious approach from investors and companies [5][12] - There is a growing sentiment that the investment climate for innovative drugs is improving, with increased activity from investment funds in the sector [11][16]