HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

<ul>
<li>After PD-1/L1, we haven’t seen the next successful/reliable immune checkpoint emerges due to issues on efficacy/safety profile. So, for 4-1BB/LAG3, we’re worried about the druggability or future commercialization after approval.</li>
<li>In Leads Biolabs' pipeline, we think the future highlight may still lie in CD3, since the mechanism by which TCR/CD3 is used to activate T cells is well validated.</li>
<li>After Series C+ Financing, the post investment valuation has exceeded RMB3 billion.If the pipeline development progresses smoothly, Leads Biolabs’ valuation would surpass peers in the future due to better outlook.</li>
</ul>


After PD-1/L1, we haven’t seen the next successful/reliable immune checkpoint emerges due to issues on efficacy/safety profile. So, for 4-1BB/LAG3, we’re worried about the druggability or future commercialization after approval.
In Leads Biolabs' pipeline, we think the future highlight may still lie in CD3, since the mechanism by which TCR/CD3 is used to activate T cells is well validated.
After Series C+ Financing, the post investment valuation has exceeded RMB3 billion.If the pipeline development progresses smoothly, Leads Biolabs’ valuation would surpass peers in the future due to better outlook.


Pre-IPO Nanjing Leads Biolabs - The Future Prospects of the Pipeline Are Worth Looking Forward To

China

Leads Biolabs is a clinical-stage biotechnology company dedicated to the discovery, development, and commercialization of innovative therapies for oncology, autoimmune, and other severe diseases, focusing on unmet medical needs. The company leverages proprietary technology platforms to advance a pipeline of drug candidates, including bispecific antibodies and fusion proteins. Founded in 2012, Leads Biolabs is headquartered in Nanjing, China.

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Leads Biolabs (9887 HK)

Pre-IPO Nanjing Leads Biolabs - The Future Prospects of the Pipeline Are Worth Looking Forward To

Despite challenges with immune checkpoint therapies, Leads Biolabs sees potential in CD3 for future success. If R&D progresses smoothly, valuation...

Xinyao (Criss) Wang

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Pre-IPO Nanjing Leads Biolabs - The Future Prospects of the Pipeline Are Worth Looking Forward To

​Despite challenges with immune checkpoint therapies, Leads Biolabs sees potential in CD3 for future success. If R&D progresses smoothly, valuation...

Xinyao (Criss) Wang

Despite challenges with immune checkpoint therapies, Leads Biolabs sees potential in CD3 for future success. If R&D progresses smoothly, valuation...