The Zhitong Finance App learned that CMB International released a research report stating that Cinda Biotech (01801) published phase I clinical data on IBI3003 for 102 patients with recurrent or refractory multiple myeloma (MM) on IMS 2026. IBI3003 is a tri-specific T-cell adaptor (TCE) targeting BCMA×GPRC5D×CD3. It has shown positive early clinical results in patients with recurrent or refractory multiple myeloma, supporting it to become one of the leading assets in this field. The bank maintained a “buy” rating and raised the target price to HK$138.63.
The bank indicated that IBI3003 still achieved an objective remission rate (ORR) of 84.6% when the median number of patients receiving treatment was in the 4th line, 53.9% of patients with extramedullary disease, and 37.1% of high-risk patients. The >CR ratio shown in the original article was 42.3%, and the >VGPR ratio was 57.7%. In a horizontal comparison, the bank believes that its curative effect is significantly superior to most bispecific TCE products. The latter has an ORR of 58% to 73%; its curative effect is also close to Johnson & Johnson's three specific product ramantamig. The latter has an ORR of 86.1%, and the >CR ratio listed in the original text is 75%.
In terms of safety, 52% of patients developed cytokine release syndrome (CRS), all grade 1 to 2; the incidence of immune-effector cell-related neurotoxicity syndrome (ICANS) was 3.9%, and the incidence of infection above grade 3 was 26.5%. The bank believes that the overall safety is roughly comparable to ramantamig and superior to the bispecific TCE products currently on the market.
The bank pointed out that China's MM TCE market is still in its early stages. Approved overseas products have not yet entered medical insurance, high prices limit market penetration, and domestic alternatives are expected to broaden the market space. IBI3003 has promoted Phase III registration research in China, and the company is also promoting Phase I/II research in the US, which is expected to become one of the important drivers of globalization. In terms of short-term catalysts, data on products such as IBI363, IBI343, and IBI3001 are expected to be disclosed at the European Society of Medical Oncology (ESMO) meeting in October.