HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Bottom-Up

ImmuneOnco Biopharmaceuticals (Shanghai) / Equity Bottom-Up

ImmuneOnco Biopharmaceuticals (Shanghai) (IOB HK)

<ul>
<li>The entire R&amp;D cycle involves multi-party cooperation, leveraging one's strengths. So, it is not difficult to understand some of the choices made by domestic pharmaceutical companies (e.g. Innovent, BeiGene).</li>
<li>Due to outdated technology, investment value of Sirnaomics is low, which means the likelihood of the company being acquired is also not high. We remain conservative about the outlook. </li>
<li>ImmuneOnco's stock price has performed much better-than-expected after IPO on HKEX. However, the endgame of ImmuneOnco’s market value could be only about RMB1.5 billion, which means large potential downside ahead.</li>
</ul>


The entire R&amp;D cycle involves multi-party cooperation, leveraging one's strengths. So, it is not difficult to understand some of the choices made by domestic pharmaceutical companies (e.g. Innovent, BeiGene).
Due to outdated technology, investment value of Sirnaomics is low, which means the likelihood of the company being acquired is also not high. We remain conservative about the outlook. 
ImmuneOnco's stock price has performed much better-than-expected after IPO on HKEX. However, the endgame of ImmuneOnco’s market value could be only about RMB1.5 billion, which means large potential downside ahead.


China Healthcare Weekly (Jan.12) - Mainstream R&D Trend, Innovent, BeiGene, Sirnaomics, ImmuneOnco

Independent Research, Turtles all the way down

Turtles all the way down

Independent Research

Writing short articles about mis-priced boring stocks around the world.

NovaBridge Biosciences / Equity Bottom-Up

<ul><li>First of all, happy new year to all my readers! May 2024 bring market beating returns for everyone.</li><li>Again I managed to underperform my blog stock picks by concentrating in the wrong stocks.</li><li>Although I still ended up over 20% for the year, it was disappointing considering I was getting close to 30% in July.</li></ul>

First of all, happy new year to all my readers! May 2024 bring market beating returns for everyone.Again I managed to underperform my blog stock picks by concentrating in the wrong stocks.Although I still ended up over 20% for the year, it was disappointing considering I was getting close to 30% in July.

Equity Capital Markets

VISEN Pharmaceuticals / Equity Capital Markets

<ul>
<li>VISEN’s candidates are potential Best-In-Class or represent novel technologies, but they need to obtain doctors/authorities’ recognition.The competition pattern in growth hormone market would continue to deteriorate with increasing new entrants. </li>
<li>Once the growth hormone market is taken seriously by the regulatory authorities, the industry's growth momentum would be challenged. The actual market space could be greatly reduced as a result.</li>
<li>In front of competitors with strong sales system, commercialization is a big challenge for <a href="https://www.smartkarma.com/entities/visen-pharmaceuticals" target="_blank" data-smartkarma-citation="entities:36555:1" rel="noopener">VISEN. T</a>he Company has yet to prove this.VBP news on rhGH would weigh on market sentiment.</li>
</ul>


VISEN’s candidates are potential Best-In-Class or represent novel technologies, but they need to obtain doctors/authorities’ recognition.The competition pattern in growth hormone market would continue to deteriorate with increasing new entrants. 
Once the growth hormone market is taken seriously by the regulatory authorities, the industry's growth momentum would be challenged. The actual market space could be greatly reduced as a result.
In front of competitors with strong sales system, commercialization is a big challenge for VISEN. The Company has yet to prove this.VBP news on rhGH would weigh on market sentiment.


Pre-IPO VISEN Pharmaceuticals - The Product Pipeline and the Key Risks

ImmuneOnco Biopharmaceuticals (Shanghai) / Equity Capital Markets

<ul>
<li>ImmuneOnco’s execution/R&amp;D efficiency is far from satisfactory. After about seven years since the establishment in 2015, there are no candidates entering phase III trials or close to market launch.</li>
<li>The biggest concerns are druggability and safety profile of CD47-targeted candidates. There could be potential R&amp;D failure risks. The pipeline layout around CD47 also makes it hard to diversify risks.</li>
<li>It’s challenging for <a href="https://www.smartkarma.com/entities/immuneonco-biopharmaceuticals-shanghai-inc" target="_blank" data-smartkarma-citation="entities:36080:1" rel="noopener">ImmuneOnco Biopharmaceuticals (Shanghai) (IOB HK)</a> to hit high-quality license-out deals with reputable big pharma, leading to uncertainties on internationalization. We're conservative about the outlook. </li>
</ul>


ImmuneOnco’s execution/R&amp;D efficiency is far from satisfactory. After about seven years since the establishment in 2015, there are no candidates entering phase III trials or close to market launch.
The biggest concerns are druggability and safety profile of CD47-targeted candidates. There could be potential R&amp;D failure risks. The pipeline layout around CD47 also makes it hard to diversify risks.
It’s challenging for ImmuneOnco Biopharmaceuticals (Shanghai) (IOB HK) to hit high-quality license-out deals with reputable big pharma, leading to uncertainties on internationalization. We're conservative about the outlook. 


Pre-IPO ImmuneOnco Biopharmaceuticals (PHIP Updates) - Slow Development Progress and Gloomy Outlook

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

<ul>
<li>ImmuneOnco, a China-based clinical-stage biotechnology company, plans to raise up to US$ 100m via a Hong Kong listing.</li>
<li>In this note, we examine the company's core product, namelyIMM01, a CD47 target fusion protein. We also look at the company's management and pre-IPO investors.</li>
<li>We think its clinical data is not yet convincing and we are not so keen on the company.</li>
</ul>


ImmuneOnco, a China-based clinical-stage biotechnology company, plans to raise up to US$ 100m via a Hong Kong listing.
In this note, we examine the company's core product, namelyIMM01, a CD47 target fusion protein. We also look at the company's management and pre-IPO investors.
We think its clinical data is not yet convincing and we are not so keen on the company.


ImmuneOnco (宜明昂科) Pre-IPO: Clinical Numbers Are yet to Be Convincing

China

NovaBridge Biosciences is a biopharmaceutical company. The Company specializes in discovery, development, and commercialization of novel biologics to treat diseases with significant unmet medical needs, particularly cancers and autoimmune disorders. NovaBridge Biosciences operates globally.

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NovaBridge Biosciences (NBP US)

China Healthcare Weekly (Jan.12) - Mainstream R&D Trend, Innovent, BeiGene, Sirnaomics, ImmuneOnco

If we look at mainstream R&D trend, the choices made by companies like Innovent/BeiGene are reasonable. Investment value of Sirnaomics is low....

Xinyao (Criss) Wang

Quick Ideas #6

First of all, happy new year to all my readers! May 2024 bring market beating returns for everyone. Again I managed to underperform my blog stock...

Turtles all the way down

Pre-IPO VISEN Pharmaceuticals - The Product Pipeline and the Key Risks

VISEN’s pipeline has strength, but fierce competition/VBP/increasingly stringent regulatory environment will bring challenges to...

Xinyao (Criss) Wang

Pre-IPO ImmuneOnco Biopharmaceuticals (PHIP Updates) - Slow Development Progress and Gloomy Outlook

ImmuneOnco's business model is self-development, leading to slow progress. Druggability/safety profile of CD47-targeted molecules are the biggest...

Xinyao (Criss) Wang

ImmuneOnco (宜明昂科) Pre-IPO: Clinical Numbers Are yet to Be Convincing

We look at ImmuneOnco, a biotech company seeking a listing in Hong Kong. The company is focused on CD47 products. Given the clinical data presented...

Ke Yan, CFA, FRM

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