Core Viewpoint - The company has received regulatory approvals for two eye drop products, PAN-90806 for wet age-related macular degeneration (wAMD) and epinastine hydrochloride for allergic conjunctivitis, indicating significant advancements in its product pipeline and potential market impact [1][2]. Group 1: PAN-90806 Development - The National Medical Products Administration (NMPA) approved the clinical trial application for PAN-90806 on November 18, 2025, aimed at treating wAMD [1]. - PAN-90806 is a novel anti-VEGF eye drop formulation that offers a less invasive treatment option, potentially reducing the frequency of intravitreal injections associated with mainstream therapies [1]. - The anticipated benefits of PAN-90806 include improved patient comfort, adherence, and convenience, which may help slow disease progression and reduce treatment interruptions [1]. Group 2: Market Potential for wAMD - wAMD is a leading cause of vision loss and blindness among individuals over 50 in China and globally [1]. - The market for wAMD drugs in China is projected to grow from $241.5 million in 2019 to approximately $3.5 billion by 2030, with a compound annual growth rate (CAGR) of 27.5% [1]. Group 3: Epinastine Hydrochloride Approval - The company announced the NMPA approval for epinastine hydrochloride eye drops for allergic conjunctivitis on November 19, 2025 [1]. - Epinastine hydrochloride acts as a dual mechanism treatment, providing antihistamine effects and stabilizing mast cells, making it a first-line therapy for allergic conjunctivitis in China [2].

Core Viewpoint - The company Zhaoke Ophthalmology-B (06622.HK) has received regulatory approvals for two significant ophthalmic treatments, indicating a positive development in its product pipeline and potential market impact [1] Group 1: Regulatory Approvals - On November 18, 2025, the National Medical Products Administration of China approved the company's clinical trial application for PAN-90806 eye drops aimed at treating wet age-related macular degeneration (wAMD) [1] - On November 19, 2025, the company announced that it received market approval for the antihistamine eye drops, Epiphenidine Hydrochloride, for the treatment of allergic conjunctivitis [1] Group 2: Product Details - PAN-90806 is a novel anti-VEGF eye drop formulation characterized as a small molecule compound with favorable physicochemical properties for external use [1] - If approved as a maintenance therapy, PAN-90806 is expected to provide significant convenience and less invasive treatment options for patients, reducing the frequency of intravitreal injections associated with mainstream anti-VEGF therapies [1] - The use of PAN-90806 is anticipated to greatly decrease treatment interruptions, enhancing patient comfort, acceptance, convenience, and adherence to medical advice, thereby slowing disease progression [1] Group 3: Competitive Landscape - Epiphenidine Hydrochloride is positioned as a first-line therapy for allergic conjunctivitis in China, particularly for acute patients, and is a generic version of Elestat developed by Allergan [1]