Core Viewpoint - The stock of 加科思-B (01167) has seen a significant increase, attributed to positive developments in its financial and clinical research activities [1] Financial Developments - 加科思's subsidiary, 北京加科思, has received an initial payment of RMB 125 million from 海松资本, enhancing the group's cash reserves [1] - The receipt of this payment is expected to support the advancement of the group's innovative oncology therapy pipeline [1] Clinical Research Achievements - 加科思 announced that the clinical I/IIa study results of its self-developed KRAS G12C inhibitor, glecirasib, in combination with SHP2 inhibitor JAB-3312, have been published in the prestigious medical journal, The Lancet Respiratory Medicine [1] - This publication marks the first time systematic clinical data on the combination of KRAS G12C and SHP2 oral small molecule therapies has appeared in such a high-impact journal [1]

目前，KRAS G12C抑制剂与SHP2抑制剂正在中国开展三期临床试验，将在一线患者中直接对比该联合 方案与现行标准治疗路径，推动该双口服组合成为全球首个有望获批的SHP2联合治疗方案。 智通财经APP讯，加科思-B(01167)发布公告，公司自研的KRAS G12C抑制剂戈来雷塞(glecirasib)联合 SHP2抑制剂JAB-3312(sitneprotafib)的临床I/IIa期研究成果正式发表于国际顶级医学期刊《柳叶刀呼吸医 学》(《The Lancet Respiratory Medicine》，影响因子32.8)。这是全球首次有KRAS G12C与SHP2双口服 小分子联合疗法的系统性临床资料登上该权威期刊。 这项开放性的临床1/2a期研究在中国开展，共纳入171例KRAS G12C突变非小细胞肺癌(NSCLC)患者， 其中包含102例既往未接受过系统治疗的初治患者。结果显示，这一组合方案在一线患者中取得了71% 的客观缓解率(ORR)及12.2个月的中位无进展生存期(mPFS)， 在KRAS G12C的相关一线治疗方案中显 示出领先水准。相比目前常规免疫+化疗的一线标准治疗，这一化疗替代方案展 ...

Core Viewpoint - The company is focusing on its long-term strategic direction of oncology innovation by divesting non-oncology assets, which will optimize resource allocation and enhance organizational efficiency [1][3]. Group 1: Investment and Strategic Moves - The company announced a capital increase and equity transfer agreement where Haisheng Capital will acquire 80% of its subsidiary, Beijing Jakesi Ruikang Pharmaceutical, for RMB 200 million [1]. - After the transaction, the ownership structure will be 10% for Beijing Jakesi, 80% for Haisheng Capital, and 10% for an industry partner [1]. - The divestment aligns with the company's strategy to focus on its oncology pipeline, particularly in KRAS and iADC directions [1][3]. Group 2: Product Development and Clinical Trials - The company's KRAS G12C inhibitor, Glecirasib, has been approved for second-line treatment of KRAS G12C mutated non-small cell lung cancer (NSCLC) and has been successfully launched in China [2]. - The company has received a milestone payment of RMB 50 million from its partner, Elysium, following the successful commercialization of Glecirasib [2]. - The pan-KRAS inhibitor, JAB-23E73, has shown multiple confirmed partial response cases in ongoing Phase I clinical trials in China and the U.S., with complete data expected in the first half of 2026 [2]. Group 3: Market Position and Future Outlook - The company's pipeline value and long-term growth potential are not fully reflected in its current stock price, with a market cap of less than HKD 7 billion compared to Revolution Medicine's approximately USD 9 billion [3]. - The chairman and associated parties have significantly increased their holdings, signaling strong confidence in the company's long-term development [3]. - The company is expected to achieve market revaluation driven by clinical data validation and the gradual release of pipeline value [3].

Core Viewpoint - The company, 加科思药业, demonstrates strong confidence in its long-term development through significant share buybacks and insider purchases, contrasting with the trend of executive sell-offs in the Hong Kong pharmaceutical sector [1][4]. Group 1: Executive Actions - 加科思药业's Chairman and CEO, Dr. Wang Yinxiang, along with associates, invested nearly HKD 100 million to purchase over 11.05 million shares, signaling confidence in the company's future [1]. - The company has initiated a share buyback plan of HKD 100 million, with approximately HKD 26.7 million executed so far, indicating ongoing commitment to shareholder value [1]. Group 2: Clinical Value - 加科思药业 focuses on KRAS and iADC as its primary research directions, with KRAS mutations present in about 25% of cancer patients [2]. - The company's KRAS G12C inhibitor, Glecirasib, received approval for second-line treatment of KRAS G12C mutated non-small cell lung cancer (NSCLC) and has been successfully launched in China, triggering a milestone payment of RMB 50 million from a partner [2]. - The pan-KRAS inhibitor, JAB-23E73, has shown multiple confirmed partial response cases in ongoing Phase I clinical trials in China and the U.S., with complete data expected in the first half of 2026 [2]. Group 3: Commercial Potential - 加科思 is advancing a second-generation product, EGFR-KRAS G12D tADC, which aims to deliver KRAS G12D inhibitors effectively, potentially becoming a major product in colorectal cancer by submitting an IND application in the second half of 2026 [3]. - The company is also developing HER2-STING iADC (JAB-BX467) to address the limitations of PD-1 monotherapy in "cold tumors," with plans to submit an IND application in the second half of 2026 [3]. Group 4: Value Assessment - 加科思's focus on KRAS and iADC positions it well in a market where 25% of cancer patients have KRAS mutations and nearly 70% are cold tumors, establishing a clear potential for clinical and commercial success [4]. - The market has not fully reflected the pipeline value and long-term growth potential of 加科思, with a comparison to Revolution Medicine's market cap of USD 8 billion versus 加科思's HKD 7 billion [4]. - The combination of significant insider purchases and the ongoing buyback plan sends a strong signal of management's confidence in the company's long-term prospects [4].