Guohai Healthcare recommends: Abbisko-B (02256.HK)

ABSK043 in combination with osimertinib has received IND approval; readout of second-line-plus (2L+) data is expected within a few months, with a potential move into first-line (1L) therapy by 2027. Clinical trial costs are shared with AstraZeneca.

ABSK043 combined with a KRAS G12C inhibitor—second-line (2L) data expected to be disclosed by end-2026 or early 2027.

043 in combination with furmonertinib, with data expected to be read out at ESMO Asia 2026.

Second collaboration agreement with Eli Lilly and Co:After Eli Lilly and Co identifies candidate targets, Abbisko independently selects target molecules and advances clinical development on its own. This enables Abbisko to establish a novel, differentiated mechanism-of-action pipeline without significant upfront investment. The collaboration is not limited to oncology and also includes concurrent development of GLP-1/GIPR metabolic pipelines.

Best-in-class pan-KRAS inhibitor ABSK211 offers core competitive advantages:

① Broad-spectrum and highly potent—covers all major KRAS mutations including G12C, G12D, and G12V, while also inhibiting wild-type KRAS amplification-driven resistance;

② High selectivity, targeting NRAS/HRAS without off-target activity against wild-type KRAS at normal copy numbers, offering a wider safety margin;

③ PK profile shows higher exposure in large animals than in small animals, reducing clinical translation risk;

④ Capable of simultaneously binding both the ON and OFF conformations of KRAS, resulting in stronger anti-tumor activity.

The company’s proprietary PRMT5-MTA cooperative inhibitor ABSK131Monotherapy Phase I clinical trials are ongoing, with full monotherapy results expected to be disclosed externally by late 2026 to early 2027. The company plans to subsequently combine this agent with its proprietary KRAS pipeline (including ABSK141 targeting KRAS G12D and the pan-KRAS inhibitor ABSK211), focusing on lung and pancreatic cancer patients harboring both MTAP deletion and KRAS mutations.

Strong cash runway. The company holds over RMB 2 billion in cash on its balance sheet, and ongoing partnerships continue to generate milestone payments and royalty-based cash flows, sufficient to support clinical advancement of its pipeline for the next 3–5 years.

$ABBISKO-B (02256.HK)$

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