In today’s briefing:
- Pre-IPO ImmuneOnco Biopharmaceuticals (PHIP Updates) – Slow Development Progress and Gloomy Outlook
Pre-IPO ImmuneOnco Biopharmaceuticals (PHIP Updates) – Slow Development Progress and Gloomy Outlook
- ImmuneOnco’s execution/R&D efficiency is far from satisfactory. After about seven years since the establishment in 2015, there are no candidates entering phase III trials or close to market launch.
- The biggest concerns are druggability and safety profile of CD47-targeted candidates. There could be potential R&D failure risks. The pipeline layout around CD47 also makes it hard to diversify risks.
- It’s challenging for ImmuneOnco Biopharmaceuticals (Shanghai) (IOB HK) to hit high-quality license-out deals with reputable big pharma, leading to uncertainties on internationalization. We’re conservative about the outlook.
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