Relay Therapeutics (NasdaqGM:RLAY) 2025 Conference November 19, 2025 06:30 AM ET Company ParticipantsPeter Rahmer - Chief Corporate Development OfficerSanjiv Patel - CEOConference Call ParticipantsZaki Molvi - Senior Biotech Equity Research AnalystZaki MolviAll right, good morning, everyone. Thank you so much for attending. My name is Zaki Mulvey. I'm an associate on Akash Tewari's team, and I'm here with the Relay Therapeutics team. We've got Sanjiv and Pete. I'll let them give some opening remarks, and th ...

公开资料显示，来凯LAE002是一种AKT强效抑制剂，能抑制所有三种AKT亚型(AKT1、AKT2及 AKT3)，HR+/HER2-乳腺癌适应症全球进度仅次于阿斯利康Capivasertib。据券商研报，LAE002国内销 售峰值预计20亿元左右，全球销售峰值可参考Capivasertib。Capivasertib今年销售预期7-8亿美元，销售 峰值预计10-20亿美元。 来凯医药-B(02105)再涨超9%，截至发稿，涨6.71%，报14.32港元，成交额9265.87万港元。 消息面上，11月12日，来凯医药将乳腺癌候选新药LAE002(afuresertib)中国地区权益授予齐鲁制药，交 易总金额达20.45亿元，而且来凯医药还有权收取十余到二十余百分点的梯度销售分成。LAE002是全球 两种处于晚期临床开发阶段的针对乳腺癌及前列腺癌的AKT抑制剂之一。 ...

谁懂这一单的含金量。 11月12日，来凯医药(02105)将乳腺癌候选新药LAE002 (afuresertib)中国地区权益授予齐鲁制药，交易总 金额达20.45亿元，而且来凯医药还有权收取十余到二十余百分点的梯度销售分成。 通常首付款是BD交易的脸面，但这次不一样。 LAE002是全球两种处于晚期临床开发阶段的针对乳腺癌及前列腺癌的AKT抑制剂之一，也就是进度全 球前二，国产第一，基于其成药性、乳腺癌大单品潜力以及齐鲁制药的超级商业化能力，来凯医药很有 可能把首付款+里程碑款项+梯度销售分成全部吃到。 研发型Biotech与传统Big pharma的本次牵手，实现了创新资源与商业化资源的最佳配置。在凭借癌症领 域创新药获得长期稳定的现金流后，来凯医药作为全球增肌减脂引领者，将加速推进后续丰富的潜力管 线。 有含金量的大单才是大单 来凯首个创新药成功迈入商业化阶段。 LAE002在中国本土的商业化，选择与Big pharma齐鲁制药合作，前景具有高度确定性。 来凯授予齐鲁制药在中国地区研究、开发和商业化乳腺癌候选新药LAE002的独家许可权。 直至首个适应症在中国获得新药申请批准，来凯有权获得最高总计人民币 ...

Core Viewpoint - The Hong Kong stock market's innovative pharmaceutical sector has rebounded strongly since 2025, with a cumulative increase of nearly 100%, and over 30 pharmaceutical companies have seen their stock prices double, making it a focal point in the capital market. The core driver of this trend is the revaluation of value, indicating that the sector's valuation remains attractive [1]. Group 1: Company Performance - Lai Kai Pharmaceutical has shown remarkable performance, with its stock price increasing over 300% in the past year, and multiple investment banks have set target prices above HKD 27 [2]. - The company has made significant breakthroughs in its core areas of metabolism and cancer treatment, showcasing its innovative research capabilities through the advancement of specific pipelines [5]. Group 2: Metabolic and Cancer Treatment Innovations - In the metabolic field, Lai Kai has built a comprehensive product portfolio centered around the ActRII pathway, gradually advancing these candidate drugs into clinical research to explore their therapeutic potential in muscle-related and other diseases [5]. - The LAE102 (ActRIIA monoclonal antibody) has demonstrated clear therapeutic value, with data from Eli Lilly showing that weight loss was entirely from fat, while muscle mass increased by 2.5% [5]. - LAE102 has shown better safety and tolerability compared to Bimagrumab, with no serious adverse events reported, indicating its potential as a best-in-class drug [6]. Group 3: Clinical Collaborations and Market Potential - Eli Lilly's acquisition of Bimagrumab for USD 1.925 billion and subsequent clinical collaboration with Lai Kai for LAE102 underscores the clinical value of LAE102 and accelerates its global development process [7]. - The LAE002 (afuresertib) is positioned to become the first domestic AKT inhibitor, with ongoing Phase III trials expected to complete recruitment by Q4 2023, aiming for a new drug application submission in mid-2026 [8]. Group 4: Long-term Growth Drivers - Lai Kai's growth is supported by its internationalization strategy and robust R&D system, which together create a solid foundation for sustainable development [9]. - The collaboration with Eli Lilly is expected to attract more multinational pharmaceutical companies, enhancing Lai Kai's position in the global innovative drug industry [10]. - The global obesity drug market is projected to exceed USD 100 billion by 2030, and LAE102 is well-positioned to capture a significant share of this market [10]. Group 5: R&D Advancements - Lai Kai continues to enhance its R&D capabilities, with multiple drug candidates progressing through various stages of development, including LAE103 and LAE120, which have received IND approvals [11]. - The company's strong innovation capabilities are translating into tangible R&D results, with its pipeline entering a phase of readiness for future growth [11]. Group 6: Financial Position - Lai Kai Pharmaceutical has a cash and bank balance of RMB 742 million, providing a solid financial foundation for ongoing innovative research and development [12]. - As innovative products like LAE002 and LAE102 approach commercialization, the market's recognition of Lai Kai's intrinsic value is expected to transition from growth expectations to value realization [12].

Core Viewpoint - The Hong Kong stock market's innovative pharmaceutical sector has rebounded strongly since 2025, with a cumulative increase of nearly 100%, and over 30 pharmaceutical companies have seen their stock prices double, indicating a significant capital market focus on this sector [1] Group 1: Company Performance - Lakai Pharmaceuticals has shown remarkable performance, with its stock price increasing over 300% in the past year, and multiple investment banks have set target prices above HKD 27 [2] - The company has made significant breakthroughs in the fields of metabolism and cancer treatment, showcasing its innovative research capabilities through the advancement of specific drug pipelines [5] Group 2: Metabolic Drug Development - Lakai Pharmaceuticals has established a comprehensive product portfolio centered around the ActRII pathway, gradually advancing these candidate drugs into clinical research to explore their therapeutic potential in muscle-related and other diseases [5] - The monoclonal antibody LAE102, targeting ActRIIA, has demonstrated clear therapeutic value, with data from Eli Lilly's Bimagrumab showing significant weight loss primarily from fat while preserving muscle mass [5][6] - LAE102's clinical trial results indicate good tolerability compared to Bimagrumab, with no serious adverse events reported, highlighting its potential as a best-in-class drug [6] Group 3: Strategic Collaborations - Eli Lilly's acquisition of Bimagrumab for USD 1.925 billion and subsequent clinical collaboration with Lakai Pharmaceuticals for LAE102 underscores the clinical value of LAE102 and accelerates its global development process [7] - The FDA has approved the clinical application of another ActRIIB monoclonal antibody, LAE103, which is set to initiate Phase I clinical trials in the second half of the year, further establishing Lakai's competitive advantage in the metabolic drug space [8] Group 4: Cancer Drug Development - In the oncology sector, LAE002 (afuresertib), an AKT inhibitor, is positioned to become the first domestic AKT inhibitor, with ongoing Phase III clinical trials for specific breast cancer patients [9] - The market potential for AKT inhibitors is significant, as evidenced by AstraZeneca's Capivasertib, which is projected to achieve global sales of USD 430 million in 2024 and potentially reach USD 1 billion in the future [9] Group 5: Long-term Growth Strategy - Lakai Pharmaceuticals' growth is driven by both international expansion and a robust self-research system, creating a solid foundation for sustainable development [10] - The collaboration with Eli Lilly not only validates the company's research capabilities but also opens up opportunities for further partnerships with multinational pharmaceutical companies [11] - The company is actively discussing strategic collaborations to accelerate the development and commercialization of the ActRII product portfolio, with expectations of significant market penetration [11] Group 6: Financial Position - Lakai Pharmaceuticals has a cash and bank balance of RMB 742 million, providing a stable financial foundation for ongoing innovative research and development [13] - The anticipated market recognition of the intrinsic value of Lakai Pharmaceuticals is expected to transition from growth expectations to value realization as innovative products reach the market [13]

Summary of the Conference Call for LaiKai Pharmaceuticals Company Overview - LaiKai Pharmaceuticals focuses on the weight loss drug market with a differentiated strategy, developing high-quality fat loss without muscle loss solutions. The company has three antibodies targeting the ICAR-2 signaling pathway: ICAR-TWO-A, ICAR-TWO-B, and ICAR-TWO-AB, achieving comprehensive coverage [2][4][6]. Key Points and Arguments Clinical Development - **L102**: - Initiated domestic Phase I SAD trials, demonstrating effective dosing concentrations significantly below 5 mg/kg, with potential for subcutaneous administration. It protects muscle when used in combination with Semaglutide, advancing its development for obesity treatment [2][6][10]. - No gastrointestinal adverse reactions were observed in the SAD trials, contrasting with a 41% diarrhea incidence in Bemarituzumab's Phase II trials, enhancing its safety profile for future commercialization [2][7][10]. - **L103**: - Limited efficacy in muscle gain when used alone; future exploration will focus on muscle wasting in the elderly through combination therapies, with IND application planned by year-end [2][9][10]. - **L123**: - Expected to have the highest efficacy in muscle gain and fat loss but with higher side effects, targeting severe diseases like heart failure and pulmonary hypertension, with RND application anticipated by year-end [2][9][10]. Upcoming Presentations - LaiKai will present detailed data on L102 for obesity at the upcoming ADA conference, along with preclinical data for L1, L2, and L3, particularly focusing on the mechanisms of AKT1 and AKT2 [3][4]. Competitive Landscape - LaiKai is the only company globally focusing on individual target inhibition within the ICAR-2 signaling pathway, positioning itself uniquely in the market [4][6]. - The acquisition of Gubra by Eli Lilly indicates a strong interest in muscle gain therapies, with upcoming data releases expected to attract investor attention [4][34]. Market Potential - L102 is projected to have a peak sales potential of 1-2 billion RMB in the domestic HER2-positive breast cancer indication, with a strong safety profile compared to AstraZeneca's Capivasertib [20][21]. Future Development Plans - The company plans to initiate Phase II trials in both China and the U.S. simultaneously, with data readouts expected by late September to early October [14][19]. - LaiKai is also exploring partnerships and collaborations to maximize pipeline value, particularly in the GLP-1 pathway, where significant interest from other companies has been noted [22][34]. Other Important Insights - LaiKai's L102 is positioned as a potential best-in-class drug due to its safety and efficacy profile, with a focus on subcutaneous administration, which could facilitate commercialization [7][24]. - The company has no immediate plans for equity financing, indicating a stable financial position amidst increasing clinical progress and market interest [32][33]. Conclusion - LaiKai Pharmaceuticals is strategically advancing its pipeline in the weight loss and muscle gain sectors, with promising clinical data and a unique market position. The upcoming data releases and ongoing trials are critical for investor attention and potential partnerships in the near future.