记者9月23日从百奥赛图获悉，公司授权给美国IDEAYA公司的创新肿瘤药物IDE034研发获得重要进 展，展现出对肺癌、结直肠癌等多癌种的潜在治疗潜力，IDEAYA计划今年四季度在美国提交IDE034的 临床试验申请。 IDE034不是一款普通的抗体偶联药物（ADC）新药，它能够同时识别B7H3与PTK7两个肿瘤标志物， 也就是双靶点协同机制，这意味着它能更精准地锁定肿瘤细胞，提高治疗效果和安全性。IDE034还搭 载百奥赛图专有的新型连接子与载荷平台BLD1102，能与IDEAYA的相关技术形成协同作用，发挥更强 的临床效果。这是百奥赛图与国外公司开展管线授权合作的又一进展。 此前，百奥赛图的B7H3/PTK7全人源双抗ADC管线授权给IDEAYA公司，潜在交易总额近人民币30亿 元。不到一年时间，这条管线就有了快速进展，如果推进顺利，有望成为全球首个进入临床的 B7H3/PTK7双靶点ADC药物。 IDE034由百奥赛图自主研发的RenLite全人抗体共轻链平台筛选获得，这一平台能够有效避免轻重链错 配，提高研发成功率。尤其是在双抗ADC领域，百奥赛图还开发了RenNano平台，可以产生全人纳米抗 体，可 ...

9月23日，百奥赛图（02315.HK）发布消息称，公司授权给美国IDEAYA Biosciences公司的肿瘤治疗药 物IDE034项目取得阶段性进展。据介绍，该药物在肺癌、结直肠癌等癌种中显示治疗潜力，IDEAYA计 划于2024年四季度向美国监管部门提交临床试验申请。 IDE034是一款抗体偶联药物（ADC），采用双靶点设计，能够同时识别B7H3与PTK7两个肿瘤标志 物。该产品搭载百奥赛图的连接子与载荷平台BLD1102技术。 此前在2024年11月，百奥赛图将其B7H3/PTK7全人源双抗ADC项目授权给IDEAYA公司，潜在交易金额 接近30亿元人民币。若进展顺利，该项目有望成为该双靶点领域的首个临床阶段ADC产品。 IDE034基于百奥赛图的RenLite全人抗体共轻链平台开发。公司在双抗ADC领域还拥有RenNano平台， 可产生全人纳米抗体。百奥赛图依托其RenMice全人抗体小鼠平台建立了抗体分子库，为制药企业提供 研发服务。 在国际合作方面，百奥赛图在双抗ADC领域的合作伙伴包括SOTIO、ABL Bio、Radiance及ADC Therapeutics等。在抗体开发领域，公司与吉利德 ...

Core Insights - The recent World Lung Cancer Conference showcased the impressive efficacy data of BaiLi Tianheng's EGFR/HER3 bispecific antibody ADC (BL-B01D1), marking a new era led by bispecific antibodies (BsAb) and their conjugates (BsADC) in oncology [1] - BaiAo SaiTu is emerging as a key player in the industry, recognized as a "enabler" and "infrastructure provider" for new drug development, with recent collaborations yielding significant upfront and milestone payments [1] Group 1: Company Evolution - BaiAo SaiTu started with gene editing technology and has developed a platform centered around humanized mouse models for antibody drug discovery, exemplified by the "Thousand Mice, Ten Thousand Antibodies" initiative [2] - The RenMice platform, with proprietary intellectual property, allows for the pre-construction of a large library of antibody molecules, significantly shortening development time and increasing success rates [2] Group 2: Technological Advancements - The RenLite platform addresses the chain mismatch issue in bispecific antibody development, simplifying production to a level comparable to monoclonal antibodies [3] - This platform has attracted global partners such as ABL Bio and SOTIO, who are exploring bispecific ADCs and multi-payload ADCs [3][4] Group 3: Broader Antibody Development - BaiAo SaiTu is also advancing in the field of nanobodies through the RenNano platform, which offers new possibilities for targeting solid tumors due to their small size and penetration capabilities [5] - The modular design of RenNano allows for collaboration with RenLite to explore complex multispecific antibodies, providing innovative solutions for autoimmune and oncology fields [5] Group 4: Business Model and Value Creation - BaiAo SaiTu's business model includes licensing fees, milestone payments, and future sales sharing, creating a robust and diversified value pyramid [6] - The company's model, based on absolute technological scarcity, grants it significant bargaining power within the global industry chain, positioning it as a true value creator in the innovative drug sector [6] Group 5: Industry Impact - BaiAo SaiTu continues to empower the industry through its RenMice and "Thousand Mice, Ten Thousand Antibodies" initiatives, acting as an accelerator rather than just a pipeline biotech [7] - The company is constructing its own global value pyramid, contributing significantly to the new drug development landscape [7]

Core Viewpoint - The recent updates to the prospectus for Baiaosaitu-B (02315.HK) have reignited interest in its cross-market listing process, highlighting the complexities faced by domestic innovative pharmaceutical companies in balancing technological breakthroughs and commercial realization [2] Business Overview - Baiaosaitu, founded in 2009, focuses on providing innovative model animals and preclinical pharmaceutical research services based on its proprietary gene editing technology, with a core strategy centered around the "thousand mice, ten thousand antibodies" initiative [3][5] - Currently, the company has 10 drug pipelines, with 5 in clinical trials and the rest in preclinical development, indicating that commercial production has not yet commenced for any products [3] Financial Performance - The company's revenue has shown a steady increase, reaching 534 million yuan, 717 million yuan, and 980 million yuan over the past three years, while the net profit improved from a loss of 602 million yuan to a profit of 34 million yuan in 2024 [3][4] - Despite the positive turnaround, the cumulative unabsorbed losses still stand at 1.754 billion yuan as of the end of the reporting period [3] Revenue Structure - The revenue primarily relies on four segments: model animal sales, antibody development, preclinical pharmacology and efficacy evaluation, and gene editing services [3] - The antibody development segment has consistently reported losses, with net profits of -399 million yuan, -532 million yuan, and -319 million yuan from 2021 to 2023, while the innovative drug development segment also incurs annual losses of around 200 million yuan [5][6] Client Dependency - A significant portion of the company's revenue from antibody development comes from related parties, with 27.81% of total antibody development income derived from major clients, raising concerns about the independence of its business operations [6][7] R&D Investment and Team Dynamics - The company has invested a total of 2.055 billion yuan in R&D from 2021 to 2024, but there has been a noticeable decline in investment intensity, with R&D expenses dropping over 30% in 2024 compared to the previous year [8] - The R&D team has seen a drastic reduction in size, from 627 members at the end of 2022 to 337 by the end of 2024, compounded by the departure of key management personnel [8] Patent Disputes - Baiaosaitu is currently embroiled in a patent dispute with Heptares Therapeutics, which could pose risks to its future technological development and commercial strategies [9][10] Financing and Debt Pressure - The company has faced increasing debt pressure, with the asset-liability ratio rising from 58.9% in 2022 to 65.28% in 2024, indicating financial strain compared to industry peers [12][13] - The actual controller has resorted to personal borrowing to support the company, which raises concerns about the long-term implications of such financial strategies [14][15]