Zelgen Biopharmaceuticals (688266.SH): Innovative Pipeline Progressing Well; ZG006 Enters Registrational Trial
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Key Views
- ZG006, China's first DLL3/DLL3/CD3 T-cell engager, completed enrollment of all 60 patients in its registrational Phase 2b monotherapy study in third-line-plus SCLC; full data are expected by year-end 2026. As of March 2026, confirmed ORR reached 53.3% (10 mg) and 56.7% (30 mg), with median PFS of 7.03 and 5.59 months respectively; overall safety was good.
- ZG005 (PD-1/TIGIT) has advanced into Phase 3 trials in first-line solid tumors including liver and cervical cancer.
- Donafenib, recombinant human thrombin and other marketed products steadily expanded hospital and pharmacy coverage.
Outlook
Full registrational ZG006 data are due by year-end. Over the next two to three years, revenue will rely mainly on product sales, upfront and milestone payments; Jikaxitini sales are expected to rise as more indications are approved.
Recommended Securities
- Zelgen Biopharmaceuticals-U (688266.SH): rating maintained at Outperform; 2026-2028 revenue forecast RMB 1.843/1.959/2.382 billion; net profit RMB 351/241/290 million.