Zhitong Financial APP learned that BoCom International released a research report that maintained Corning Jerry Pharmaceuticals-B (09966) "neutral" rating, with a target price of HK $9. Mainly based on: 1) there is considerable room for the expansion of KN046 indications, but there are many uncertainties in the prospect of NSCLC treatment. The competition in this sector is increasingly crowded, but the company had delayed the reading of KN046-301pilot data to 1H24, and the update of the data at ESMO 2023 failed to boost the bank's confidence in the successful development of NSCLC. 2) the latest data of KN026 is basically the same as before, and the company's follow-up progress on HER2 targets is still worth looking forward to.
The bank said that KN046 released a number of NSCLC treatment data, and Kangfang biological AK112 non-head-to-head comparison shows that KN046 does not have a significant advantage. 1) NSCLC patients with EGFR mutation and previous EGFR TKI failure treated with KN046 combined with chemotherapy: median follow-up was 17.8 months. Of the 26 assessable patients, ORR was 26.9% (vs. AK112+ chemotherapy 68.4%), mPFS and mOS were 5.5 months and 20.2 months respectively (vs. 8.5 months / immature). 2) KN046 monotherapy had previously received immune checkpoint inhibitors and platinum chemotherapy failure after NSCLC: median follow-up of 25 months, ORR 3.2% (vs. AK112 combined chemotherapy 40%), mPFS and mOS reached 2.8months and 13.3months (vs. 7.1months / 15.6months). 3) 1L treatment PD-L1 expression rate ≥ 1% and untreated NSCLC: KN046 combined with acitinib trial group 22 patients, ORR 66.7% (vs. AK112 68.3%), 6-month PFS rate 76.6% (vs. 66.1%). These comparisons are non-head-to-head comparisons, and the differences in baseline characteristics are not taken into account because of the limited disclosure of the summary.
According to the report, KN026 (HER2/HER2 BsAb) updated two clinical data, which are basically consistent with the data published on SABCS 2022. 1) the two-year follow-up data of KN026 combined with docetaxel 1L BC were released: among the 55 assessable patients, the ORR was 76.4%, the median follow-up was 24.2 months, the mPFS was 25.4 months, and the OS rate was 83.7% at 30 months. In terms of safety, the incidence of ≥ grade 3 TRAE associated with KN026 was 38.6%. 2) KN026 combined with docetaxel adjuvant therapy in BC:30 patients, the tpCR rate and bpCR rate were 56.7% and 60% respectively, the ORR was 90.0%. In terms of safety, the incidence of ≥ grade 3 TEAEs was 53.3%.