Soochow Securities has issued a research report maintaining a "Buy" rating on Alphamab-B (09966). Considering the company has multiple new ADC pipelines expected to complete preclinical R&D by 2025, the firm has raised its forecast for R&D expenses, which correspondingly impacts the net profit attributable to shareholders. The forecast for net profit attributable to shareholders for 2025-2026 has been revised down to -115 million yuan and -97 million yuan, respectively, from previous estimates of 14 million yuan and 63 million yuan. A new forecast for 2027 estimates a net profit attributable to shareholders of -26 million yuan. As the company's subsequent product, KN026, is expected to be launched domestically and JSKN003 is also preparing for regulatory submission, the firm anticipates the company's losses will gradually narrow. Concurrently, with the progression of the backup pipeline into clinical stages, the company's R&D capabilities are entering a virtuous cycle of development. The main points from Soochow Securities are as follows.
Multiple core pipeline catalysts are concentrated; KN026 has already submitted a marketing application. KN026 is a HER2 bispecific antibody developed by the company. The marketing application for one of its core indications, combined with chemotherapy for second-line and above gastric cancer, has been accepted by the NMPA. The firm expects potential approval and launch around the end of 2026 or in 2027. The company has granted the domestic rights for this product to CSPC Pharmaceutical Group, which will be responsible for related commercialization efforts post-launch. Alphamab will retain exclusive production rights for KN026, supplying the product to CSPC. Additionally, the application for KN026's first-line breast cancer treatment and neoadjuvant therapy regimens is also expected to be submitted around 2026.
JSKN003 is the company's first ADC pipeline, and its clinical progress has been relatively rapid. The indication for second-line HER2-positive breast cancer is expected to be submitted for domestic marketing approval around 2026. Furthermore, JSKN003 presented excellent efficacy data for ovarian cancer and colorectal cancer at the 2025 ESMO congress. For patients with primary platinum-resistant ovarian cancer, the objective response rate (ORR) was 32.0% in 25 efficacy-evaluable patients, the disease control rate (DCR) reached 72.0%, the median progression-free survival (PFS) was 4.1 months, and the 9-month overall survival (OS) rate was 65.4%. Among colorectal cancer patients, the ORR reached 71.0%, the DCR was 100%, the median duration of response (DoR) was 9.89 months (95% CI: 5.78-NE), the median PFS reached 11.04 months (95% CI: 6.9-14.03), and the 9-month PFS rate was 66.6%.
The self-developed platform continues to drive progress, with multiple new ADC molecules poised to enter clinical trials. The company's proprietary technology platform continues to yield new pipelines. Within the PD-L1 targeted pipelines, the PD-L1/ITGB6/8 multi-functional ADC JSKN022 demonstrates superior internalization efficiency and in vitro/vivo killing activity compared to monoclonal antibody ADCs. This pipeline initiated a Phase I clinical trial in October 2025. The PD-L1/VEGFR2 bispecific antibody ADC JSKN027 integrates triple mechanisms of cytotoxic killing, anti-angiogenesis, and immune regulation. The company submitted an IND application to the Chinese regulatory authority in December 2025, which has been accepted. Phase I clinical studies for JSKN027 are expected to commence in 2026. Subsequently, the EGFR/HER3 bispecific, dual-payload ADC JSKN021 is also expected to enter the clinical development stage.
Risk warnings include slower-than-expected progress in core pipeline R&D; intensified competition in the pipeline market; delays in expected launch timelines; and loss of key R&D personnel.
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