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 Pu'er Lancang Ancient Tea (PHIP Updates) - Lack of Product Standardization Is the Pain Point

BeiGene (6160.HK/​BGNE.US) 23Q3 - Beautiful Story Is About to Happen

Pre-IPO Xiamen Yan Palace Bioengineering (PHIP Updates) - Some Points Worth the Attention

Remegen Co Ltd (9995.HK/688331.CH) - The Story Has Changed

WuXi AppTec (2359.HK/603259.CH) 23Q3 - Will the TIDES Business Turn the Tide?

Remegen (9995.HK/688331.CH) 23H1 - This Is Why RemeGen’s Commercialization Performance Is so Weak

Battle Lines Drawn As BABA Builds Out First/Last-Mile Capacity; But Who Will Fund 75+ Bn CNY CapEx?

Equity Bottom-Up

<ul>
<li>Although RemeGen’s 23Q1-Q3 sales was better-than-expected, the Company is difficult to achieve management's performance guidance for 2023. Since RemeGen’s commercialization logic has “undeniable flaws”, net loss would be further widened.</li>
<li>Cash balance of RemeGen was just RMB600 million by 23Q3, which is not enough to cover its high R&amp;D/SG&amp;A expenses. If RemeGen cannot secure sufficient financing timely, risks are significant.</li>
<li>The current valuation and investors’ expectations for RemeGen largely rely on the potential license-out deal of RC18. However, we remain caution until RC18 has sufficient evidence to win head-to-head trial.</li>
</ul>


Although RemeGen’s 23Q1-Q3 sales was better-than-expected, the Company is difficult to achieve management's performance guidance for 2023. Since RemeGen’s commercialization logic has “undeniable flaws”, net loss would be further widened.
Cash balance of RemeGen was just RMB600 million by 23Q3, which is not enough to cover its high R&amp;D/SG&amp;A expenses. If RemeGen cannot secure sufficient financing timely, risks are significant.
The current valuation and investors’ expectations for RemeGen largely rely on the potential license-out deal of RC18. However, we remain caution until RC18 has sufficient evidence to win head-to-head trial.


Remegen (9995.HK/688331.CH) - The Survival Problem Is Becoming Imminent