Nomura: Innovent Biologics (1801.HK) IBI363 Proof-of-Concept Data Released
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Nomura maintains a Buy rating on Innovent Biologics (1801.HK) with a 12-month target price of HK$114.64, based on promising proof-of-concept clinical data for IBI363, a PD-1/IL2 bispecific antibody. The data focuses on both first-line and immuno-oncology (IO)-resistant advanced non-small cell lung cancer (NSCLC).
In the first-line NSCLC cohort, the 3mg/kg followed by 1.5mg/kg dosing arm demonstrated an impressive objective response rate (ORR) of 86.4%, significantly outperforming other dosage groups which ranged from 50% to 60%. In the IO-resistant advanced NSCLC cohort, patients with squamous NSCLC in the 3mg/kg Q3W arm achieved a median progression-free survival of 10.1 months and a median overall survival (OS) of 18.2 months, yielding a 24-month OS rate of 47.8%. These outcomes compare favorably to the 9.4-month OS observed in the historical TROPPIN-Lung01 trial.
A global Phase III trial is currently underway, with the clinical design slated for presentation at the ASCO 2026 meeting. Nomura views IBI363 as a potential first-in-class therapy perfectly positioned to address the significant unmet need in IO-resistant NSCLC. However, safety profiles warrant close monitoring, as the IO-resistant group experienced treatment-emergent adverse events (TEAEs) in 99.3% of patients, with grade 3 or higher TEAEs at 48.5%. The target price is underpinned by a DCF model.