【Company Research】I-Mab BioPharma (IMAB US) – Expect rich R&D catalysts
- Uliledlimab (TJD5, anti-CD73 mAb) to have US Ph1 trial readout in 1H21E. I-Mab is currently conducting clinical trials of uliledlimab in the US and China in parallel. In China, uliledlimab is evaluated in a phase 1/2 clinical trial in combination with Junshi’s toripalimab (anti-PD-1 mAb) in patients with advanced solid tumors, including lung cancer. In the US, I-Mab is conducting a Ph1 clinical trial of uliledlimab in combination with Roche’s atezolizumab (anti-PD-L1 mAb) in patients with advanced solid tumors. We expect the data of US Ph1 trial to probably be released in 1H21E which could provide as preliminary “proof-of-concept” data. We expect uliledlimab to achieve a sizable out-licensing deal in 2021E, based on I-Mab’s proven records in the transaction of lemzoparlimab (anti-CD47 mAb) last year.
- TJ210 (MOR210, anti-C5aR1 mAb) had first patient dosed in US Phase 1 Study. In pre-clinical studies, TJ210 has demonstrated specific inhibitory effect on the interaction between C5a and C5aR1, which exerts anti-tumor activity with immune checkpoint inhibitors. In Jan 2021, I-Mab announced that the first patient was dosed in a phase 1 dose escalation study to evaluate the safety, tolerability, pharmacokinetics (PK) and pharmacodynamics (PD) of TJ210 monotherapy in patients with relapsed or refractory advanced solid tumors in the US. I-Mab also plans to evaluate TJ210 in combination with immune checkpoint inhibitors in future clinical studies.
- Speed up the development of lemzoparlimab (TJC4, anti-CD47 mAb). In the US, I-Mab is progressing a combination trial, studying lemzoparlimab in combination with Rituxan and Keytruda in dose expansion cohorts in NHL and advanced solid tumors, respectively. We expect the data readout of the combination trial to be available in 2021E. In China, I-Mab will soon complete its ongoing phase 1/2a dose escalation trial assessing lemzoparlimab as monotherapy for patients with r/r AML/MDS. In Jan 2021, I-Mab received IND approval from NMPA to advance a Phase 2 trial of lemzoparlimab in combination with azacitidine (AZA) in untreated AML/MDS. The planned study builds upon the ongoing phase 1/2a monotherapy dose escalation trial and will potentially lead to a registrational study in China. Furthermore, we expect significant clinical synergies between I-Mab's lemzoparlimab and AbbVie's Venclexta (Venetoclax, a Bcl-2 inhibitor) and other transformative therapies.
- Reiterate BUY with TP raised to US$71.10. We expect I-Mab to file BLA of TJ202 (CD38 mAb) as a mono-therapy for 3L MM in 2H21E. We raised the PoS (probability of success) of TJC4 and TJD5 to reflect these assets’ faster-than-expect progress. Lift our DCF-based TP from US$52.57 to US$71.10 (WACC: 10.25%, terminal growth rate: 3.0%).
- Risks: Delay in R&D process; Competition from peers.
