Healthcare Analyst

Wilfred Yuen

Equity Bottom-Up

Jacobio Pharmaceuticals / Equity Bottom-Up

<ul>
<li>Jacobio's pan-KRAS JAB-23E73 has shown comparable efficacy (38.5% ORR) and a differentiated safety profile in 2L PDAC from China phase 1 vs. daraxonrasib. Anticipate  AstraZeneca to update its global study</li>
<li>Glecirasib (KRAS G12C) is expected to generate c.RMB300m sales in 2026. A phase 3 study in combination with SHP2 is ongoing. Management is excited about its STING ADC</li>
<li>Sporting at a market cap of c.US$430m, Jacobio is at a net cash position (c.RMB1bn as of end-2025). Moreover, Jacobio has received the upfront payment US$100m from AstraZeneca in March</li>
</ul>


Jacobio's pan-KRAS JAB-23E73 has shown comparable efficacy (38.5% ORR) and a differentiated safety profile in 2L PDAC from China phase 1 vs. daraxonrasib. Anticipate  AstraZeneca to update its global study
Glecirasib (KRAS G12C) is expected to generate c.RMB300m sales in 2026. A phase 3 study in combination with SHP2 is ongoing. Management is excited about its STING ADC
Sporting at a market cap of c.US$430m, Jacobio is at a net cash position (c.RMB1bn as of end-2025). Moreover, Jacobio has received the upfront payment US$100m from AstraZeneca in March


Jacobio (1167.HK): CEO Meeting Takeaways and Pipeline Updates/Analysis

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

<ul><li>Jacobio’s core investment case continues to strengthen following the latest clinical update for JAB-23E73, its differentiated pan-KRAS small-molecule inhibitor.</li><li>Updated data further validate the asset’s compelling antitumor activity and favorable tolerability, which we believe distinguishes it from competing panRAS approaches.</li><li>Backed by first-mover positioning, a cleaner intellectual property pathway, and manufacturing advantage as a small molecule, we view JAB-23E73 as a potential blockbuster asset. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Jacobio’s core investment case continues to strengthen following the latest clinical update for JAB-23E73, its differentiated pan-KRAS small-molecule inhibitor.Updated data further validate the asset’s compelling antitumor activity and favorable tolerability, which we believe distinguishes it from competing panRAS approaches.Backed by first-mover positioning, a cleaner intellectual property pathway, and manufacturing advantage as a small molecule, we view JAB-23E73 as a potential blockbuster asset. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Jacobio (1167 HK) - Differentiated Safety and Promising Efficacy of JAB-23E73 Further Validated

Director, Head of Research, Smartkarma

Pranav Rao

Director, Head of Research

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

<ul>
<li>Welcome to Curator’s Cut - a fortnightly roundup of standout themes from the 1,100+ insights shared on Smartkarma.</li>
<li>In this cut, we look at optics as a bottleneck in AI infrastructure, the arguments against Indonesia even with low positioning, and some opportunities within Asian healthcare. </li>
<li>Want to dig deeper? Comment or message with the themes you’d like to see highlighted next.</li>
</ul>


Welcome to Curator’s Cut - a fortnightly roundup of standout themes from the 1,100+ insights shared on Smartkarma.
In this cut, we look at optics as a bottleneck in AI infrastructure, the arguments against Indonesia even with low positioning, and some opportunities within Asian healthcare. 
Want to dig deeper? Comment or message with the themes you’d like to see highlighted next.


Curator's Cut: Seeing the Light in AI, Indonesia at Record Lows & Offbeat Ideas in Asia Healthcare

<ul><li>Jacobio’s JAB-23E73 (pan-KRAS) has demonstrated a highly differentiated safety profile and promising early efficacy.</li><li>We believe that due to its superior safety compared to competitors like RVMD’s RMC-6236 and encouraging early efficacy signals, JAB-23E73 holds significant blockbuster potential.</li><li>We estimate the global risk-adjusted peak sales of JAB-23E73 to reach US$2.1bn. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Jacobio’s JAB-23E73 (pan-KRAS) has demonstrated a highly differentiated safety profile and promising early efficacy.We believe that due to its superior safety compared to competitors like RVMD’s RMC-6236 and encouraging early efficacy signals, JAB-23E73 holds significant blockbuster potential.We estimate the global risk-adjusted peak sales of JAB-23E73 to reach US$2.1bn. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Jacobio (1167 HK) - Early Pan-KRAS Clinical Data Unveils Potential First-In-Class Blockbuster

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jacobio-pharmaceuticals" target="_blank" data-smartkarma-citation="entities:29696:1" rel="noopener">Jacobio Pharmaceuticals (1167 HK)</a> recorded revenue of RMB 53.5M in 2025 (vs RMB 155.7M in 2024) attributable to License-Out Agreement, related clinical trial data management and statistical analysis services agreements.</li>
<li>Jacobio and AstraZeneca have entered into a licence and collaboration agreement to develop and commercialize Pan-KRAS inhibitor JAB-23E73.</li>
<li>The licensing agreement with AstraZeneca and glesirasib approval will help boost 2026 revenues, but it will take some time for the company to be back in the black.</li>
</ul>



Jacobio Pharmaceuticals (1167 HK) recorded revenue of RMB 53.5M in 2025 (vs RMB 155.7M in 2024) attributable to License-Out Agreement, related clinical trial data management and statistical analysis services agreements.
Jacobio and AstraZeneca have entered into a licence and collaboration agreement to develop and commercialize Pan-KRAS inhibitor JAB-23E73.
The licensing agreement with AstraZeneca and glesirasib approval will help boost 2026 revenues, but it will take some time for the company to be back in the black.


Jacobio Pharma (1167 HK): Licensing Agreement, Glesirasib Approval Provide Impetus for Future

China

Jacobio Pharmaceuticals is a clinical-stage pharmaceutical company dedicated to the in-house discovery and development of innovative oncology therapies, focusing on "undruggable" targets in key oncogenic pathways. They leverage their Induced Allosteric Molecule Discovery Platform and iADC Platform to develop novel drugs, including clinical-stage candidates like Glecirasib (KRAS G12C inhibitor) and Sitneprotafib (SHP2 inhibitor) for various solid tumors. The company was founded in 2015 and is headquartered in Beijing, China.

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Jacobio Pharmaceuticals (1167 HK)

Jacobio (1167.HK): CEO Meeting Takeaways and Pipeline Updates/Analysis

Jacobio's pan-KRAS shows a differentiated safety profile, with global study update anticipated from partner AstraZeneca. Glecirasib is expected to...

Wilfred Yuen

Jacobio (1167 HK) - Differentiated Safety and Promising Efficacy of JAB-23E73 Further Validated

Jacobio’s core investment case continues to strengthen following the latest clinical update for JAB-23E73, its differentiated pan-KRAS small...

CMB International

Curator's Cut: Seeing the Light in AI, Indonesia at Record Lows & Offbeat Ideas in Asia Healthcare

Discover standout themes in AI infrastructure, Indonesia's challenges, and Asian healthcare opportunities in this Curator's Cut issue. Share your...

Pranav Rao

Jacobio (1167 HK) - Early Pan-KRAS Clinical Data Unveils Potential First-In-Class Blockbuster

We believe that due to its superior safety compared to competitors like RVMD’s RMC-6236 and encouraging early efficacy signals, JAB-23E73 holds...

CMB International

Jacobio Pharma (1167 HK): Licensing Agreement, Glesirasib Approval Provide Impetus for Future

Jacobio Pharmaceuticals saw a decrease in revenue in 2025, mostly earnings from licensing out. Collaborated with AstraZeneca on Pan-KRAS...

Tina Banerjee

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Jacobio (1167.HK): CEO Meeting Takeaways and Pipeline Updates/Analysis

​Jacobio's pan-KRAS shows a differentiated safety profile, with global study update anticipated from partner AstraZeneca. Glecirasib is expected to...

Wilfred Yuen

Jacobio (1167 HK) - Differentiated Safety and Promising Efficacy of JAB-23E73 Further Validated

Jacobio’s core investment case continues to strengthen following the latest clinical update for JAB-23E73, its differentiated pan-KRAS small...

CMB International

Curator's Cut: Seeing the Light in AI, Indonesia at Record Lows & Offbeat Ideas in Asia Healthcare

​Discover standout themes in AI infrastructure, Indonesia's challenges, and Asian healthcare opportunities in this Curator's Cut issue. Share your...

Pranav Rao

Jacobio (1167 HK) - Early Pan-KRAS Clinical Data Unveils Potential First-In-Class Blockbuster

We believe that due to its superior safety compared to competitors like RVMD’s RMC-6236 and encouraging early efficacy signals, JAB-23E73 holds...

CMB International

Jacobio Pharma (1167 HK): Licensing Agreement, Glesirasib Approval Provide Impetus for Future

​Jacobio Pharmaceuticals saw a decrease in revenue in 2025, mostly earnings from licensing out. Collaborated with AstraZeneca on Pan-KRAS...

Tina Banerjee

Jacobio's pan-KRAS shows a differentiated safety profile, with global study update anticipated from partner AstraZeneca. Glecirasib is expected to...

Discover standout themes in AI infrastructure, Indonesia's challenges, and Asian healthcare opportunities in this Curator's Cut issue. Share your...

Jacobio Pharmaceuticals saw a decrease in revenue in 2025, mostly earnings from licensing out. Collaborated with AstraZeneca on Pan-KRAS...