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

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

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

Thematic (Sector/Industry)

<ul>
<li>Henlius Biotech is collaborating with Sandoz for commercialization of up to 10 biosimilars in ~$322M deal. Wuxi XDC achieved GMP release of its antibody bioconjugates production line at Singapore site.</li>
<li>Chugai Pharmaceutical signed an exclusive license agreement with GSK for the anti-dengue virus antibody AID351. Daiichi Sankyo’s Enhertu demonstrated PFS improvement as first-line treatment of NSCLC in Phase 3 trial.</li>
<li>Celltrion has launched IV formulation of Steqeyma in Japan. Eubiologics submitted an IND to the MFDS for domestic Phase 1 trial for its Alzheimer’s disease vaccine candidate, Padivax.</li>
</ul>


Henlius Biotech is collaborating with Sandoz for commercialization of up to 10 biosimilars in ~$322M deal. Wuxi XDC achieved GMP release of its antibody bioconjugates production line at Singapore site.
Chugai Pharmaceutical signed an exclusive license agreement with GSK for the anti-dengue virus antibody AID351. Daiichi Sankyo’s Enhertu demonstrated PFS improvement as first-line treatment of NSCLC in Phase 3 trial.
Celltrion has launched IV formulation of Steqeyma in Japan. Eubiologics submitted an IND to the MFDS for domestic Phase 1 trial for its Alzheimer’s disease vaccine candidate, Padivax.


APAC Healthcare Weekly (August 23) – Henlius Bio, Wuxi XDC, Chugai Pharma, Daiichi Sankyo, Celltrion

<ul>
<li>
LEGN 2Q26 results on track, with continued robust QoQ growth of Carvykti and improved operating margin (also thanks to milestone income); catalysts in 2H: in vivo CAR-T data</li>
<li>
Jacobio announced positive profit alert for 1H26, thanks to licensing income from AZ deal on pan-KRAS and income generated from Allist deal on KRAS G12C and SHP2</li>
<li>More updates from BeOne, Innovent, Laekna, Insilico Medicine, Allist, Impact Therapeutics...</li>
</ul>



LEGN 2Q26 results on track, with continued robust QoQ growth of Carvykti and improved operating margin (also thanks to milestone income); catalysts in 2H: in vivo CAR-T data

Jacobio announced positive profit alert for 1H26, thanks to licensing income from AZ deal on pan-KRAS and income generated from Allist deal on KRAS G12C and SHP2
More updates from BeOne, Innovent, Laekna, Insilico Medicine, Allist, Impact Therapeutics...


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

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 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

APAC Healthcare Weekly (August 23) – Henlius Bio, Wuxi XDC, Chugai Pharma, Daiichi Sankyo, Celltrion

Henlius strikes biosimilar commercialization deal with Sandoz. Chugai signs exclusive license deal with GSK for anti-dengue virus antibody....

Tina Banerjee

China Healthcare Weekly Wrap (10-14 Aug)

1) LEGN 2Q results: Cavykti QoQ growth; in vivo CAR-T updates in 2H; 2) Jacobio profit alert on license income: AZ (pan-KRAS) and Allist (KRAS G12C...

Wilfred Yuen

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

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 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

APAC Healthcare Weekly (August 23) – Henlius Bio, Wuxi XDC, Chugai Pharma, Daiichi Sankyo, Celltrion

Henlius strikes biosimilar commercialization deal with Sandoz. Chugai signs exclusive license deal with GSK for anti-dengue virus antibody....

Tina Banerjee

China Healthcare Weekly Wrap (10-14 Aug)

1) LEGN 2Q results: Cavykti QoQ growth; in vivo CAR-T updates in 2H; 2) Jacobio profit alert on license income: AZ (pan-KRAS) and Allist (KRAS G12C...

Wilfred Yuen

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...