HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Over 15 years' experience in both finance and healthcare, covering clinic operations, investment and equity research in both China and overseas.

Pre-IPO Jintan - About the Business Model, the Risks and the Peer Comparison

BeiGene (6160.HK/​ONC US) 2025 Results - The Outlook and the Concerns Behind

Pre-IPO Alebund Pharmaceuticals (Jiangsu) Limited - The Pipeline and the Outlook

Equity Capital Markets

Tyligand Bioscience / Equity Capital Markets

<ul>
<li>The difficulty of developing KRAS G12D has been recognized by the industry. Investors will be more cautious about any early and unverified G12D projects, demanding higher risk premiums.</li>
<li>Without data validation, the market cannot assess whether the efficacy/safety of TSN1611 are competitive. The “good safety” data of TSN222 still needs to be validated through larger clinical trials.</li>
<li>We think Tyligand’s valuation may not exceed the valuations of comparable companies such as <a href="https://www.smartkarma.com/entities/jacobio-pharmaceuticals" target="_blank" data-smartkarma-citation="entities:29696:1" rel="noopener">Jacobio Pharmaceuticals (1167 HK)</a> and <a href="https://www.smartkarma.com/entities/genfleet-therapeutics" target="_blank" data-smartkarma-citation="entities:44187:1" rel="noopener">GenFleet Therapeutics (GENFL12 HK)</a>.</li>
</ul>


The difficulty of developing KRAS G12D has been recognized by the industry. Investors will be more cautious about any early and unverified G12D projects, demanding higher risk premiums.
Without data validation, the market cannot assess whether the efficacy/safety of TSN1611 are competitive. The “good safety” data of TSN222 still needs to be validated through larger clinical trials.
We think Tyligand’s valuation may not exceed the valuations of comparable companies such as Jacobio Pharmaceuticals (1167 HK) and GenFleet Therapeutics (GENFL12 HK).


Jiangsu Hengrui Pharmaceuticals (1276 HK)

Pre-IPO Tyligand Bioscience - Concerns on KRAS Will Directly Limit the Valuation Ceiling