2026 年 03 月 22 日 行业研究 评级：推荐(维持) 相关报告 《新材料产业周报：中国 2026 年计划实施 2 次载 人飞行、1 次货运飞船补给任务（推荐）*基础化工 *董伯骏，李永磊，杨仁文，王鹏》——2026-03-01 《新材料产业周报：三星显示正式启动第 8.6 代 OLED 面板量产，力鸿一号圆满完成亚轨道飞行试 验（推荐）*基础化工*李永磊，董伯骏，王鹏》— —2026-01-18 《新材料产业周报：多晶硅产能整合与战略收储平 台落地，"九天"无人机首飞成功（推荐）*基础 化工*李永磊，董伯骏，王鹏》——2025-12-15 《新材料产业周报：我国将推出动力电池"十五五" 专项规划（推荐）*基础化工*李永磊，董伯骏，王 鹏》——2025-11-16 | 研究所： | | | --- | --- | | 证券分析师： | 董伯骏 S0350521080009 | | | dongbj@ghzq.com.cn | | 证券分析师： | 李永磊 S0350521080004 | | | liyl03@ghzq.com.cn | | 证券分析师： | 杨仁文 S0350521120001 | ...

Hangzhou Diagens Biotechnology Co., Ltd. 杭州德適生物科技股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 香港交易及結算所有限公司、香港聯合交易所有限公司（「香港聯交所」）及香港中央結算有限公 司（「香港結算」）對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表 示概不就因本公告全部或任何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責 任。 除本公告另有界定者外，本公告所用詞彙與杭州德適生物科技股份有限公司（「本公司」）所刊發 日期為2026年3月20日的招股章程（「招股章程」）所界定者具有相同涵義。 本公告僅供參考，並不構成任何人士收購、購買或認購本公司任何證券的要約或誘使作出要約 的邀請。本公告並非招股章程。有意投資者於決定是否投資於發售股份前，務請細閱招股章 程，以獲得下文所述有關全球發售的詳細資料。任何有關發售股份的投資決定應僅依賴招股章 程所載的資料作出。 本公告概不構成要約出售或招攬要約購買發售股份，而在任何作出有關要約、招攬或出售即屬 違法的司法權區內，概不得出售任何發售股份。本公告不得直接或間接於或向美國或法律禁止 ...

Trevi Therapeutics (NasdaqGM:TRVI) Q4 2025 Earnings call March 17, 2026 04:30 PM ET Company ParticipantsAlexa Deemer - VP of Biotechnology Equity ResearchBrandon Folkes - Managing Director of Biopharma Biotechnology Equity ResearchDavid Hastings - CFODebanjana Chatterjee - VP of Healthcare ResearchFarrell Simon - Chief Commercial OfficerJames Cassella - Chief Development OfficerJayed Momin - Biopharma Equity Research AssociateJennifer Good - President and CEORyan Deschner - Equity Research AssociateConferen ...

Option Therapeutics成立于2025年，计划在纽约证券交易所美国板(NYSE American)上市，股票代码为 OPTN。ThinkEquity担任该交易的独家账簿管理人。 该公司专注于开发治疗严重及危及生命的肝脏疾病的候选药物。其主导产品BIV201目前正被评估用于 治疗与晚期肝硬化相关的并发症，并已在美国、中国、日本、智利和印度提交专利申请。Option Therapeutics目前尚未产生收入。 周一，从BioVie分拆出来的临床二期肝病生物技术公司Option Therapeutics(OPTN.US)缩减了其即将进行 的IPO的规模。这家总部位于内华达州卡森城的公司现计划通过发行180万股、定价区间为10至12美元 的方式募资2000万美元。该公司此前曾申请以相同区间发行230万股。以发行价区间中值计算，Option Therapeutics的募资额将比此前预期减少20%。 ...

2026.03. 15 本文字数：1061，阅读时长大约2分钟 作者 | 第一财经 钱童心 近 日 ， 马 斯 克 的 脑 机 接 口 公 司 Neuralink 联 合 创 始 人 、 Science 公 司 CEO 马 克 斯 · 霍 达 克 （ Max Hodak）在一次深度访谈中大胆预测：人类首批有望活到1000岁的人可能已经出生了！ 尽管并非人类所有疾病都能被攻克，但脑机接口与人工智能的融合正以前所未有的速度推动人类走向 充满未知和无限可能的未来。 霍达克在离开Neuralink后创立了Science公司，该公司正在研发一款脑机接口产品Prima，有望帮 助盲人恢复视力。但他的愿景远不止于此。 霍达克预测，脑机接口不仅能够治疗失明等疾病并对抗认知下降和衰老，未来更有希望创造出"有意 识的机器"，引领生物技术进入非线性的加速"起飞时代"，这可以使得人类寿命发生剧变。 这意味着脑机接口的终极目标，远不止医疗康复或操控设备，而是事关"人类物种升级"，它的最终指 向是实现人类意识与数字智能的完全融合。 在硅谷，科技亿万富豪也都在寄望于用工程的方法来应对死亡问题，他们相信死亡是可以通过工程化 逆转的，而非宿命 ...

Group 1 - The core viewpoint of the article is that McKinsey's report identifies 18 industry sectors likely to reshape the global business landscape by 2040, predicting revenues between $29 trillion and $48 trillion, contributing 18-34% to global GDP growth [2] Group 2 - E-commerce is expected to account for 27%-38% of global retail revenue by 2040, up from approximately 20% currently, driven by market expansion in developing countries and growth in new product categories in developed nations [3][4] - Significant investments are anticipated in customer acquisition and last-mile delivery within the e-commerce sector [5] Group 3 - Electric vehicles (EVs) are projected to exceed 50% of global passenger car sales by 2040, with advancements in battery technology and smart algorithms being key influencing factors [6][7] Group 4 - Cloud services are becoming increasingly essential as businesses require higher storage and computing capabilities, particularly with the rise of AI products that demand substantial computational power [9][10] Group 5 - The semiconductor industry is expected to grow at a compound annual growth rate (CAGR) of 6%-8% over the next decade, driven by demand across various sectors including computing, automotive, and industrial electronics [11] Group 6 - AI software services are rapidly evolving, with a growing number of users adopting AI assistants, leading to a competitive race among companies to develop advanced foundational models and applications [12][13] Group 7 - Digital advertising is expanding in value as more people access the internet, with improvements in algorithms enhancing platforms' abilities to target customers and track advertising costs [14][15] Group 8 - Streaming video platforms are expected to seek new revenue models due to increased investments in customer acquisition and content production, with projections indicating over 1 billion households subscribing to long-form video services by 2040 [17][18] Group 9 - Shared autonomous vehicles may account for 25%-51% of shared mobility revenue by 2040, although the realization of this future may take longer than anticipated [19][20] Group 10 - The space economy is emerging, with advancements in reusable rocket technology paving the way for more cost-effective space travel and operations [21][22] Group 11 - Cybersecurity is becoming a priority for businesses, with direct economic losses from cybercrime estimated at $950 billion in 2020, and indirect losses potentially reaching $4-6 trillion [24][25] Group 12 - Battery technology has seen significant advancements, with energy density increasing threefold over the past decades, driven by the demand from electric vehicles and energy storage solutions [26][27] - By 2040, electric vehicles are expected to represent over 80% of the battery market [28] Group 13 - The video game industry is projected to have 40% of the global population as players by 2030, with mobile and cloud gaming driving substantial market growth [29][30] Group 14 - Robotics is evolving with AI integration, leading to expectations that humanoid robots will become "ultimate intelligent agents" in the future [33][34] Group 15 - Biotechnology is accelerating in applications such as agriculture and alternative proteins, driven by breakthroughs in gene editing technologies [37] Group 16 - Modular construction methods are improving efficiency in building production, although global adoption remains limited [38] Group 17 - Nuclear fission power is being reconsidered as a supplement to renewable energy, with commitments from over 20 countries to double nuclear energy output by 2050 [40] Group 18 - Innovations in air transportation, including electric vertical takeoff and landing vehicles, are expected to transform the sector, contingent on regulatory progress [41][42] Group 19 - The prevalence of obesity is projected to rise from 15% in 2020 to 24% by 2035, creating a significant market opportunity for effective weight loss treatments [43][44]

Financial Data and Key Metrics Changes - The company ended 2025 with $25.7 million in cash equivalents and short-term investments, managing its operating plan to extend its runway through Q4 2026 [29][30] Business Line Data and Key Metrics Changes - The CBeyond program has shown a clinically meaningful 3% improvement in weight loss over semaglutide alone at 26 weeks, with a 22.3% mean weight loss in the combination arm over 52 weeks [6][17] - Participants on semaglutide alone regained 38.7% of weight over 13 weeks after stopping therapy, while those on the combination of nimacimab plus semaglutide only regained 17.8% [17] Market Data and Key Metrics Changes - The company aims to position nimacimab as a complementary therapy to GLP-1s, targeting second-line add-on settings for patients who have not achieved their weight loss goals with first-line therapies [19][20] Company Strategy and Development Direction - The company is expanding the CBeyond study to include new intravenous cohorts to rapidly generate safety and pharmacokinetic data at higher exposures [13][14] - A collaboration with Halozyme is underway to develop a co-formulation of nimacimab using their ENHANZE technology, aiming for high-volume subcutaneous injections [15][16] - The company is focused on refining the Phase 2b clinical trial design based on FDA feedback, particularly for combination therapy development with GLP-1s [16][30] Management's Comments on Operating Environment and Future Outlook - Management believes nimacimab can fill an important void in the anti-obesity medicine landscape, emphasizing the need for clinical data to support its potential [13][19] - The company is not attempting to compete directly with first-line incretin therapies but rather to address unmet needs in patients who require additional support [21][30] Other Important Information - The company has identified four distinct mechanistic pillars through which nimacimab modulates metabolic pathways, providing confidence in its differentiated profile [23] - Early data from the antibody peptide conjugate program shows promising results, indicating potential for combination-like efficacy with simplified dosing [26][28] Q&A Session Summary Question: Plans to share data from higher dose cohorts - The company is expanding into the Part C expansion study to generate data on higher exposure and expects updates by Q4 2026 [36][38] Question: Concerns about dose levels in the expansion study - Management believes the selected doses are sufficient for achieving the desired peripheral exposure and is open to evaluating higher doses in the future [46][47] Question: Profile and goals for the new program - The new program is seen as long-term optionality, with nimacimab remaining the core value driver while the antibody peptide conjugate data supports broader combination platforms [51][52] Question: Importance of peripheral tissues for nimacimab's effect - Adipose tissue and liver are critical for nimacimab's clinical effect, with different profiles expected for monotherapy versus combination therapy [58][60] Question: Use of IV in the Part C study - IV is being used for the fastest generation of high exposure PK and safety data, with plans to transition to subcutaneous delivery in Phase IIb [64][65]

Financial Data and Key Metrics Changes - Coherus Oncology reported LOQTORZI net revenue of $40.8 million for the full year 2025, a 113% increase from $19.1 million in 2024 [27] - The company reduced its secured and convertible debt by over 90% from $480 million to $38.8 million by the end of 2025 [3][32] - SG&A expenses decreased to $23.6 million in Q4 2025 from $29.6 million in Q4 2024, marking the fourth consecutive quarter of flat or declining expenses [36] Business Line Data and Key Metrics Changes - LOQTORZI sales more than doubled in 2025 compared to 2024, with Q4 net revenue reaching $12.4 million, an 11% growth over Q3 [27][31] - The company launched LOQTORZI in 2024, targeting a $250 million addressable market for recurrent, locally advanced, or metastatic Nasopharyngeal Carcinoma [4] Market Data and Key Metrics Changes - The NCCN guidelines for NPC were updated in late 2024, positioning LOQTORZI as the only preferred treatment for recurrent and metastatic NPC, which stimulated growth in 2025 [28] - The company anticipates achieving peak market share of approximately 70% in the NPC market by 2028, equating to $175 million in annualized revenues [6][31] Company Strategy and Development Direction - Coherus has transitioned to focus on innovative oncology, particularly in overcoming immune resistance in cancer, following the acquisition of Surface Oncology [3] - The company aims to leverage LOQTORZI as a revenue generator while advancing its pipeline products, including tagmokitug and Casdozokitug, which are positioned for broad clinical utility [5][9] - Strategic partnerships, such as the collaboration with Johnson & Johnson, are seen as key to unlocking value and expanding market opportunities [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in LOQTORZI's growth due to its unique position in the market and the compelling survival data presented at ESMO Asia [29] - The company is focused on educating oncologists about the benefits of LOQTORZI, particularly in light of new survival data that shows significant advantages over chemotherapy alone [30] - Management believes that the financial strategy, including reduced debt and growing revenues, positions the company well for future growth [40] Other Important Information - The company has made significant investments in commercial infrastructure to support LOQTORZI's growth, including expanding its sales force and enhancing data analytics capabilities [30] - Coherus is on track for initial data readouts from its clinical programs in mid-2026, which will inform future development strategies [18][26] Q&A Session Summary Question: Can you provide more color on the dynamic between new patient starts and repeat patients in 2025? - Approximately 25% of the business came from new patients in 2025, with expectations that this mix will shift slightly more towards new patients in the future [45] Question: What is the promotional sensitivity of LOQTORZI? - LOQTORZI is highly promotion sensitive, requiring continuous reminders to physicians about its benefits due to the rarity of NPC cases [48] Question: Can you discuss the additional investments in commercial infrastructure? - The company has expanded its field force by 15% and added inside sales representatives to target tier 2 accounts, along with investments in IT infrastructure to capture patient opportunities [49][50] Question: What are the plans for exploring a triple combination with TAGMO? - The initial step will be to evaluate the combination of tagmokitug and pasritamig before considering additional combinations [55] Question: How will data from ongoing trials be disclosed? - Data will be reported as it matures, either at congresses or through corporate disclosures, depending on the timing of patient accrual and scans [61] Question: What is the maturation timeline for the Casdozokitug frontline HCC study? - The maturation timeline is expected to be between 6 to 12 months, with ongoing data collection to inform future reports [68]

Group 1 - Invea Therapeutics, a clinical-stage biotech company developing oral small molecule drugs for inflammatory diseases, withdrew its initial public offering (IPO) plan due to market conditions [1] - The company had previously filed a prospectus to issue 3.2 million shares at a price range of $10 to $12 per share, aiming to raise $35 million [1] - Founded in 2021 and headquartered in Guilford, Connecticut, Invea Therapeutics planned to list on NASDAQ under the ticker symbol INAI [1] Group 2 - ThinkEquity was set to be the exclusive book-running manager for the IPO transaction [1]

智通财经APP获悉，开发炎症性疾病口服小分子药物的临床阶段生物科技公司Invea Therapeutics(INAI.US)于上周五以市场状况为由，撤回了其美股首次公开募股计划。该公司此前提交的 招股书显示，拟以每股10至12美元的价格发行320万股，募资3500万美元。 这家总部位于康涅狄格州吉尔福德的公司成立于2021年，原计划在纳斯达克上市，股票代码为INAI。 ThinkEquity原定为该交易的独家账簿管理人。 ...