On April 18, 2024, Jefferies released a research report stating that Glory Pharmaceuticals currently focuses on the application of ASC41 and ASC40 in NASH indications, and is awaiting the disclosure of the mid-term results of the ASC40 phase III RGBM trial in the second half of the year. ASC41 showed positive results in mid-phase II data for NASH treatment. It has similar properties to lametirol, which has been approved by the FDA, and has shown significant advantages in reducing liver fat. ASC40 has also had positive results in clinical trials for F2/F3 NASH and acne.
Additionally, Cully Pharmaceuticals decided to end the ASC42 development program to make more efficient use of resources. According to the research report, if the pre-set interim analysis results (PFS) of the phase III rgBM test using aC40 in combination with bevacizumab show significant optimization compared to the combination of placebo and bevacizumab, a major breakthrough could be achieved. Currently, Goldie Pharmaceuticals has sufficient cash reserves and is capable of advancing research and development work in the field of liver disease. Jefferies has given it a target price of HK$3.8.