Event
The company releases its mid-2022 report.
2022H1, the company's total revenue reached US $27.6 million, mainly due to the recognition of the advance payment of US $25 million in the authorization cooperation agreement between the company and AstraZeneca PLC; the R & D cost doubled to US $83.6 million, mainly due to the increase in investment in key clinical trials, the increase in the number of pipelines and the increase in the number of R & D; administrative expenses decreased by 40% to US $15.3 million The overall loss increased by 18.6% to $73.1 million. At present, the company's cash and bank balance is 202.9 million US dollars.
Brief comment
Continuous innovative R & D, early projects favored by AstraZeneca PLC
Continue to promote R & D and innovation: ① HBM7008 (B7H4 × 4-1BB) has been approved by IND in China, the United States and Australia, and HBM9378 (TSLP) has been approved by domestic asthma IND. ② innovative target products HBM1022 (CCR8), HBM1020 (B7H7) and HBM1007 (CD73) will submit IND applications in the United States in the second half of the year.
Actively carry out business development: on April 7, the company signed a CLDN18.2xCD3 HBM7022 licensing agreement with AstraZeneca PLC, which will receive an advance payment of US $25 million and a milestone payment of up to US $325 million, as well as royalties based on future HBM7022 sales. In addition, the company cooperates with Enkesai, LCB and Yingen Biology, Hualan Gene, Baitusheng, INNOVENT BIO and Boston Children's Hospital in the direction of cell therapy, ADC and AI.
HBM9036 and HBM9161 are about to submit listing applications. Looking forward to commercialization Progress, the company has completed the recruitment of patients in the HBM9161 (Bartoli) MGIII clinical trial in July 2022, and is expected to submit the listing application in the second half of 2022; the first interim analysis of the HBM9036 dry eye III clinical trial will be completed in January 2022, and the listing application is expected to be submitted in the second half of 2022.
The company is currently setting up a commercialization team covering sales, marketing, market access and other areas to make adequate preparations for the commercialization of HBM9161 and HBM9036.
Profit forecast and valuation rating
Key hypothesis: the expected source of revenue from Platinum Pharmaceuticals can be divided into product income and other income.
The success rate of research and development of Bartoli monoclonal antibody is 80%. After successful research and development, it will be listed in 2023, and the sales peak is expected to reach 1.417 billion yuan. The success rate of Turnasip research and development is 80%. After successful research and development, it will be listed in 2023, and the sales peak is expected to reach 717 million yuan.
The success rate of HBM4003 research and development is 80%. After successful research and development, it will be listed in 2025, and sales are expected to peak at 969 million yuan. The company's other income is mainly divided into two parts: one is from the current research products listed on the market, and the other is from the platform molecular income. Optimistic about the company's key pipeline promotion and commercial development, at the same time, the company continues to launch new pipelines, with strong competitiveness. Maintain a "buy" rating.
Risk hint
The risk of failure in new drug research and development; the risk that the review progress is not as expected; the patent risk; the risk of intensified competition in the industry; the risk of medical insurance control fee; the risk of loss of core technical personnel
Liquidity risk, since September 5, the company has been removed from the list of Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect, resulting in some investors being unable to buy, which may weaken the company's liquidity.