HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

<ul>
<li>TY-9591 has differentiated indication compared with the current listed third-generation EGFR-TKI, but it still depends on the final clinical results, which also bring more uncertainty to the commercialization performance.</li>
<li>TYK’s development strategy requires it to invest heavily on head-to-head trials.Due to cash shortage, until TYK successfully addresses survival pressure,we recommend a more cautious assessment of pipeline prospects/future R&amp;D arrangements.</li>
<li>TYK is a “mediocre” company. The valuation (RMB3.08 billion) is based on optimistic expectations that core product will be successfully developed, become Me-Better, and commercialized smoothly.We’re, however, conservative about this.</li>
</ul>


TY-9591 has differentiated indication compared with the current listed third-generation EGFR-TKI, but it still depends on the final clinical results, which also bring more uncertainty to the commercialization performance.
TYK’s development strategy requires it to invest heavily on head-to-head trials.Due to cash shortage, until TYK successfully addresses survival pressure,we recommend a more cautious assessment of pipeline prospects/future R&amp;D arrangements.
TYK is a “mediocre” company. The valuation (RMB3.08 billion) is based on optimistic expectations that core product will be successfully developed, become Me-Better, and commercialized smoothly.We’re, however, conservative about this.


Pre-IPO TYK Medicines (PHIP Updates) - Some Points Worth the Attention

<ul>
<li>Among core/key products, TY-302 and TY-2136b have to face fierce competition, with R&amp;D progress lagging behind competing products.TY-9591 for brain metastases from NSCLC could be a breakthrough point for TYK.</li>
<li>There would be a long time for the first product to generate revenue, but TYK is cash shortage.So, the survival risk is high. Such companies are less attractive to investors.</li>
<li>Valuation of TYK after six rounds of financing was RMB3.08 billion. However, considering the weak sentiment and concerns on pipeline, valuation of TYK after IPO could fall below this level.</li>
</ul>


Among core/key products, TY-302 and TY-2136b have to face fierce competition, with R&amp;D progress lagging behind competing products.TY-9591 for brain metastases from NSCLC could be a breakthrough point for TYK.
There would be a long time for the first product to generate revenue, but TYK is cash shortage.So, the survival risk is high. Such companies are less attractive to investors.
Valuation of TYK after six rounds of financing was RMB3.08 billion. However, considering the weak sentiment and concerns on pipeline, valuation of TYK after IPO could fall below this level.


Pre-IPO TYK Medicines - Survival Risk Is Imminent, with Limited Highlights in the Pipeline

China

TYK Medicines, Inc. manufactures and distributes pharmaceutical products. The Company focuses on the research and development of tumor drugs, tritiated drugs, anti drug resistance, inhibitors, and other pharmaceutical products. TYK Medicines also produces medical devices.

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TYK Medicines (2410 HK)

Pre-IPO TYK Medicines (PHIP Updates) - Some Points Worth the Attention

TYK has differentiated indication for core product, but it faces uncertainty in R&D. Cash shortage is an issue. We recommend a more cautious...

Xinyao (Criss) Wang

Pre-IPO TYK Medicines - Survival Risk Is Imminent, with Limited Highlights in the Pipeline

Except TY-9591 for brain metastases from NSCLC, the rest pipeline has little highlight but with fierce competition.As a biotech with no...

Xinyao (Criss) Wang

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Pre-IPO TYK Medicines (PHIP Updates) - Some Points Worth the Attention

​TYK has differentiated indication for core product, but it faces uncertainty in R&D. Cash shortage is an issue. We recommend a more cautious...

Xinyao (Criss) Wang

Pre-IPO TYK Medicines - Survival Risk Is Imminent, with Limited Highlights in the Pipeline

Except TY-9591 for brain metastases from NSCLC, the rest pipeline has little highlight but with fierce competition.As a biotech with no...

Xinyao (Criss) Wang

TYK has differentiated indication for core product, but it faces uncertainty in R&D. Cash shortage is an issue. We recommend a more cautious...