The Zhitong Finance App learned that CICC released a research report stating that maintaining Shengnuo Pharmaceutical-B (02257)'s “outperforming the industry” rating, the 1H23 performance was in line with the bank's expectations. However, due to the recent downward shift in the valuation center of the health insurance sector, the target price was lowered by 11% to HK$72.1 based on the DCF model. In August 2023, the company announced that the STP707 phase I clinical treatment for various solid tumors had completed administration in all dose groups. The results showed that 74% of patients had stabilized their condition, while several other patients had reduced their tumor burden and had good safety performance. Currently, this phase I clinical trial is still in the follow-up phase.

According to the report, the company's core product, STP705, has made many phased developments. After communicating with the FDA for the treatment of squamous cell carcinoma in situ (iSSCC) indications, the company plans to conduct a definitive clinical study in 2023, which will be part of a future phase III clinical study. In response to fat remodeling indications, the company announced the mid-term results of the phase I study of STP705 for abdominoplasty on 6M23, showing positive efficacy and safety data. The company expects to complete the phase I study on 2H23. Furthermore, the company is still promoting phase II clinical use of STP705 to treat basal cell carcinoma (BCC). The company expects 2H23 to read out the full data.

According to the company's announcement, based on multiple delivery technology platforms of PNP, GalAhead and PLNP, the company has actively developed a variety of RNA drugs. Among them: 1) STP122G (factor xiSiRNA) phase I clinical administration has been completed for the first batch of patients, and the company expects to release interim data on 1H24; 2) RIM730 (COVID-19 mRNA) was approved by the FDA for IND approval on 4M23; the company expects STP125G (apoC3) to submit an IND plan in the US by 4Q23; STP144G (complement factor B) is expected The IND plan was submitted in the US in 1H24. In addition, the Guangzhou factory already supports the production of freeze-dried powder formulations for STP707 and other drugs, and produced a complete GMP batch of STP707 on 1Q23.