In today’s briefing:
- ClouDr (智云健康) Pre-IPO – PHIP Updates – Mixed Results, Strong Growth Could Be Masking Some Volatility
- Belite Bio (BLTE US): Lead Drug Candidate Tapping into Niche Market with Massive Opportunity
- Beijing Airdoc Technology (2251.HK) – Not Optimistic About Turning Loss into Profit
ClouDr (智云健康) Pre-IPO – PHIP Updates – Mixed Results, Strong Growth Could Be Masking Some Volatility
- ClouDr Group (16897333D CH) is looking to raise around US$100m in its upcoming Hong Kong IPO.
- The firm is a digital chronic condition management solution provider and is market leader in China in terms of the number of SaaS installations in hospitals and pharmacies in 2020.
- In this note, we will discuss ClouDr’s recent PHIP updates.
Belite Bio (BLTE US): Lead Drug Candidate Tapping into Niche Market with Massive Opportunity
- Belite Bio (BLTE US) shares jumped 383% from its IPO price of $6 (announced in late April). Its lead candidate LBS-008 is in clinical trial for currently untreatable eye diseases.
- LBS-008 continues to be well-tolerated. Interim safety and preliminary efficacy data from ongoing two-year phase 2 trial remained positive in Stargardt disease.
- Belite is well-funded to commercialize its pipeline. With the progression of the clinical trial and more data readouts, we believe further stream is left in Belite Bio’s share price.
Beijing Airdoc Technology (2251.HK) – Not Optimistic About Turning Loss into Profit
- Without entering NRDL and public hospital markets, Airdoc’s core product Airdoc-AIFUNDUS would be hard to generate solid performance due to its high pricing but limited value to patients and doctors.
- Due to lockdown/pandemic, we lowered our forecast on revenue growth/gross margin in 2022. As competition intensified, Airdoc’s revenue growth and margin could be significantly reduced in the coming years.
- The biggest concern for Airdoc is the commercialization prospects. The real turning point for AI medical imaging has not arrived. We are not optimistic that Airdoc will end up profitable.
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