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| HSCEI1 | 8,395.01 | -55.09 | 40.78B |
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2026-09-03 12:16:09 G Sachs said in a report that ASCLETIS-B (01672.HK)'s net loss widened to RMB320 million in 1H, compared with a loss of RMB88 million in the same period last year, and was also higher than G Sachs' previous forecast for a loss of RMB194 million. R&D expenses rose to RMB342 million, up 133% YoY, mainly due to the company's increased investment in its metabolic disease pipeline. The broker expected R&D expenses to rise further as two global Phase III trials for ASC30 (AURORA-1 and AURORA-2, involving about 4,600 participants) commence. The company had net cash and deposits of about RMB2.3 billion, and management reiterated that its cash position could support funding needs through 2029, including requirements after submission of the ASC30 program. The broker revised its EPS forecasts for 2026-2028 from profits of RMB1.24, a turnaround to LPS of RMB0.33 and LPS of RMB0.33, respectively, to losses of RMB0.73/losses of RMB1.26 and a turnaround to EPS of RMB1.55, reflecting the 1H results, higher R&D expenses driven by the launch of the two global Phase III trials for ASC30, the delay in potential ASC30 business development from end-2026 to end-2028 after completion of Phase III trials, and an increase in the probability of success for the ASC30 global Phase III program from 81% to 86% amid improved visibility. The broker maintained a Neutral rating and lowered its 12-month TP from HKD15.71 to HKD13.86. (ad/da)~ AASTOCKS Financial News Website: www.aastocks.com This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. | |