Bull Finance | Pacific Securities issued a research report stating that ImmunoBioPharma (01541) subsidiary IMM0306 is conducting Phase Ib/II clinical trials: In January 2023, NMPA approved the application for the Phase Ib/IIa clinical trial of IMM0306 in combination with rituximab for front-line treatment of B-cell non-Hodgkin lymphoma (B-NHL), with the first patient dosed in June 2023. As of June 30, 2024, among 11 evaluable patients, the ORR was 90.9%, and CR was 27.3%. Currently, the indication for R/RB-NHL is in the Phase Ib/II clinical research stage, with a 0.5 risk adjustment factor. The bank assumes penetration rates of 15%/10% for 2L and 3L patients, and calculates that the IMM0306 long-term sales peak is expected to reach 1.08 billion yuan.

The bank continued to point out that its subsidiary IMM2510 made significant progress: In August 2024, the company signed authorization and cooperation agreements with SynBioTx for IMM2510 and IMM27M, receiving an upfront payment of up to $50 million and potential near-term payments, as well as milestone payments of up to $2.1 billion. Currently, the indications for NSCLC, TNBC, and R/RSTS are still in the early clinical research stage, with a 0.5 risk adjustment factor. The bank assumes penetration rates of 3%/15%/15% and calculates that the long-term sales peak of IMM2510 is expected to reach 2.09 billion yuan.

The bank expects the company's revenue for 2024-2026 to be 0.157/0.151/0.139 billion yuan respectively; net income attributable to the parent is expected to be -0.232/-0.23/-0.458 billion yuan respectively. According to the DCF valuation model, with a perpetual growth rate of 3.69% and WACC of 7.83%, the calculated reasonable market cap is 7.045 billion yuan. First coverage, with a "buy" rating.