早期泛KRAS临床数据显示具有成为首个同类重磅炸弹药物的潜力

potential first-in-classblockbuster Earlypan-KRASclinicaldataunveilspotentialfirst-in-classblockbuster Target PriceHK$10.34(Previous TPHK$10.34)Up/Downside45.8%Current PriceHK$7.09 Jacobio’s JAB-23E73(pan-KRAS)has demonstrated a highly differentiatedsafety profile and promising early efficacy. We believe that due to its superiorsafetycompared to competitors like RVMD’s RMC-6236and encouraging earlyefficacy signals,JAB-23E73 holds significant blockbuster potential. We estimatetheglobal risk-adjusted peak sales of JAB-23E73 to reach US$2.1bn. China Healthcare Andy WANG(852) 3657 6288andywang@cmbi.com.hk Pan-KRAS demonstrated promising early efficacy data with adifferentiated safety profile.JAB-23E73 isgloballythe first pan-KRASsmall molecule drug candidate to enter Ph1 study and release clinical data,leading the space even as RVMD’s molecular glue RMC-6236 (pan-RAS)entersPh3. Across the nine dose levels in the Ph1 trial in China, 42 patientswere enrolled. JAB-23E73 demonstrated a much better safety profile thanRMC-6236.The Grade≥3 TRAE rate was 11.9%for JAB-23E73,significantly lower than the 34% observed in RMC-6236’s Ph1 trial in 2L+PDAC(link). While GI toxicity was similar to RMC-6236, JAB-23E73 showeda marked advantage in rash (all grades/≥ Grade 3: 14.3% / 0% vs. RMC- Jill WU, CFA(852) 3900 0842jillwu@cmbi.com.hk Multiple near-term clinical development catalysts. For JAB-23E73, thePh1b/III trial in combination with chemotherapy for 1L PDAC has receivedCDE approval in China.Mgmtalsotargetsto initiate a Ph2 trial of JAB-23E73 monotherapy in 2L PDAC in 1H26, followed by the commencementof a pivotal trial in China for 2L PDAC in 2H26. Concurrently, the US Ph1trial remains ongoing, and management is in active discussions with itspartner,AstraZeneca,regarding broader global development plans. Robust financial position with continuous cash inflows.Jacobio is well-capitalized to fund its extensive clinical pipeline. As of end-2025, thecompany reported a strong cash balance of RMB1.13bn against onlyRMB95mn in debt.The anticipated receipt of a US$1bn upfront paymentfrom AstraZeneca in 1Q26 will massively enhance the company’s cashreserves.Jacobio expects to receive RMB8.55mn from its partner Allist for Source: FactSet Maintain BUY.WebelieveJAB-23E73(pan-KRAS)is potentially a FICblockbuster.Withthe expectedR&D expensedecrease inrecent yearsoffset byfutureincreases,we maintain our TP unchanged at HK$10.34 Disclosures& Disclaimers Analyst Certification The research analyst who is primary responsible for the content of this research report, in whole or in part,certifies that with respect to the securities or issuerthat the analyst covered in this report: (1) all of the views expressed accurately reflect his or her personal views about the subject securities or issuer; and (2)no part of his or her compensationwas, is, or will be, directly or indirectly, related to the specific views expressed by that analyst in this report.Besides, the analyst confirms that neither the analyst nor his/her associates (as defined in the code of conduct issued by The Hong KongSecurities and Futures Commission) (1) have dealt in or traded in the stock(s) covered in this research report within 30 calendar days prior to thedate of issue of this report; (2) willdeal in or trade in the stock(s) covered in this research report 3 business days after the date of issue of this report; (3) serve as an officer of any of the HongKong listed companies covered in this report; and (4) have any financial interests in the Hong Kong listed companies coveredin this report. CMBIGMRatings BUY: Stock with potential return of over 15% over next 12 monthsHOLD: Stock with potential return of +15% to-10% over next 12 monthsSELL: Stock with potential loss of over 10% over next 12 monthsNOT RATED: Stock is not rated byCMBIGM Address: 45/F, Champion Tower, 3 Garden Road, Hong Kong, Tel: (852) 3900 0888 Fax: (852)3900 0800CMB InternationalGlobal MarketsLimited (“CMBIGM”) is a wholly owned subsidiary of CMB International Capital Corporation Limited (a wholly ownedsubsidiary of China Merchants Bank) Important Disclosures There are risks involved in transacting in any securities. The information contained in this report may not be suitable forthe purposes of all investors.CMBIGMdoes not provide individually tailored investment advice. This report has been prepared without regard to the individual investment objectives, financial positionor special requirements. Past performance has no indication of future performance, and actual events may differ materially from that which is contained in thereport.The value of, and returns from, any investments are uncertain and are not guaranteed and may fluctuate as a result of their dependence on the or its affiliate(s) to whom it is distributed. This report is not and should not be construed as an offer or solicitation tobuy or sell any security or any interest insecuritiesor enter into any transaction.Neithe