The Zhitong Finance App learned that Guoyuan International released a research report saying that the CD47xCD20 dual antibody has excellent clinical data and is expected to become a major drug in the field of self-immunity. CD47 phase III is progressing smoothly. Yiming Angko-B (01541) is expected to achieve revenue of RMB 0.32/2.62/482 million yuan from 2026 to 2028. Based on the DCF model calculation, the target market value is HK$2,711 billion, and the target price is HK$6.28, giving it a “buy” rating, an increase of 83% from the current price.
Guoyuan International's main views are as follows:
IMM0306 treatment SLE data is excellent
At the 2026 European Union Against Rheumatology Annual Meeting (EULAR 2026), the company announced the data of 32 participants in the IMM0306 clinical trial of SLE in phase Ib. The study reached the main end. The response rate of Week24 SRI-4 in the 1.6 mg/kg dose group reached 80%, and the curative effect continued until 52 weeks without decline. Based on the benefit-risk assessment, 1.2 mg/kg and 1.6 mg/kg were selected as RP2D. The randomized, double-blind, placebo-controlled phase II study was initiated in April 2026. The response rate for Week 24 SRI-4 in the 1.6 mg/kg dose group was 80%, 72.7% in the 1.2 mg/kg group, and 71.4% in the 0.8 mg/kg group, showing a clear dose-effect relationship.
Horizontal comparison: biliumab phase III (BLISS-52/76) week 52 SRI-4 is about 43-58%, anilumab phase III (TULIP-2) week 52 BICLA 47.8%. Even considering the amplification effect of open label design on response rates (usually overestimated by 10-15ppt), the absolute efficacy level of IMM0306 is still at the top of the SLE research pipeline. More importantly, efficacy continued until Week 52 showed no trend of decline, suggesting that immune replacement effects may provide long-term benefits.
Good safety: The entire population had no DLT, no treatment-related SAE, and no TRAE withdrawal or death. The incidence of ≥G3TRAE is 15.6%, mostly due to transient platelet decline (12.5%, all spontaneous recovery). CRS was not observed — this is a significant safety advantage over CD3 and CAR-T therapy. There were no serious cases of infection and IgG remained normal, providing a safe window for long-term medication use.
The safety and efficacy of CD47 fusion protein are excellent, and clinical research is progressing smoothly
IMM01 with IgG1 Fc can fully activate macrophages through a dual mechanism of action, and the CD47 binding domain of IMM01 has been specially modified to avoid binding to red blood cells. Phase 3 of CMML has been completed: 133 patients were recruited for the mid-term analysis, and the data will be released in Q4 this year. Currently, the company's CD47 fusion protein has been clinically tested on more than 300 patients, and the efficacy and safety are good. According to data published by IMM2510 in ASCO, all patients enrolled in stage II of the late-line lung squamous cell carcinoma single drug were median second-line immunotherapy failed. The ORR was 35.3%, the discontinuation rate was only 3.1%, and there were no immune-related adverse effects irAE of grade 3 or higher, with significant safety advantages. Its subcutaneous dosage form was officially approved for clinical use on 2026-07-02. The layout of both intravenous and subcutaneous dosage forms greatly enhances the convenience of administration for advanced tumors.