What: the company announced interim results for 2022, with 2022H1 operating income of $27.63 million, compared with revenue of $2.21 million in the same period last year; a net loss of $73.08 million, compared with a net loss of $61.62 million in the same period last year; and a net loss of $0.10 per share, compared with a loss of $0.08 per share in the same period last year.
Comments:
Business expansion continues to deepen: around the proprietary technology and platform, the company actively carries out business cooperation with the world's leading academic institutions and preferred industry partners to maximize the value of the platform through complementary advantages.
Enter into a global external licensing agreement with AstraZeneca PLC to develop and commercialize HBM7022.
Under the agreement, the company will receive an advance of $25 million, as well as a total milestone payment of up to $325 million and royalties
And LegoChem Biosciences Inc. And Yingen Biotechnology Co., Ltd. reached a cooperation project on antibody drug coupling (ADC), and authorized two products accordingly; further promoted strategic cooperation with Hualan genetic Engineering Co., Ltd. on three innovative monoclonal and bispecific antibody drugs, with the goal of submitting new drug research (IND) applications in 2022 and 2023 Promote cooperation with Baitusheng and sign a new cooperation agreement to jointly develop innovative therapies based on the combination of Harbour Mice platform and Baitusheng artificial intelligence technology.
Orderly advance of the clinical pipeline: Harbour Mice, the company's proprietary antibody technology platform, can produce classic double, double light chain (H2L2) and heavy chain only (HCAb) all-human monoclonal antibodies; immune cell adapter (HBICE) technology platform can produce tumor killing effect that cannot be achieved by combined therapy. The company's efficient antibody discovery engine effectively promotes the innovation and sustainable growth of clinical pipelines.
Completion of recruitment of patients in phase III clinical trial of Bartolizumab for myasthenia gravis in July 2022; first interim analysis of phase III clinical trial of teranercept for dry eyes in January 2022; HBM4003: combined with PD-1,1) for melanoma; recruitment of patients in phase Ib/II clinical trial completed in March 2022 2) for the combination therapy of non-small cell lung cancer, the recruitment of patients in the phase Ib/II clinical trial was completed in 2022H1; 3) for the combination therapy of hepatocellular carcinoma, the first patient in the phase I clinical trial was completed in January 2022.
Earnings forecasting, valuation and rating: based on the core technology platform portfolio (HarbourMice platform, HBICE)
Platform), the company specializes in the field of oncology and immune diseases, and is expected to quickly create a product pipeline with the potential of "pioneering" or "best of its kind". We maintain a total total loss of US $1.25 / 1.29 / 114 million for the year 2022-2024. Maintain a "buy" rating.
Risk hint: the risk that the progress of R & D is not up to expectation; the risk of foreign cooperation is not up to expectation; competition aggravates the risk.