EB Securities: Maintains a "buy" rating for ASCLETIS-B (01672); superior effects shown in combination therapy with ASC47 and Simeprevir

EB SECURITIES released a research report stating that ASCLETIS-B (01672) is actively laying out in the MASH and weight loss track, with progress at the forefront in China. Considering the company's effective control of various expenses, the net profit forecast for 24-25 has been raised to -2.61/-3.13 billion yuan (previously -2.84/-3.40 billion yuan), with an additional net profit of -3.22 billion yuan in 26, maintaining a "buy" rating. The company released experimental data on the fat-reducing and muscle-building treatment drug ASC47 combined with semaglutide in obese mice. This drug is a fat-targeted, once-a-month subcutaneous injection of a thyroid hormone receptor agonist. The main points of EB SECURITIES are as follows: ASC47 combined with semaglutide demonstrates superior preclinical data. In this preclinical experiment, the efficacy of low-dose ASC47 (3 mg/kg or 9 mg/kg, subcutaneous injection, once every four weeks) combined with semaglutide (30nmol/kg, subcutaneous injection, once daily) was better than semaglutide alone. The combination group 1 (3mg/kg group) reduced weight by 36.2%, more than the semaglutide alone group by 56.7%; combination group 2 (9mg/kg group) reduced weight by 35.9%. At the end of treatment, the muscle mass/total weight of the two dosing groups was 68.8%, similar to healthy non-obese mice (66.0%), better than the semaglutide alone dosing group (57.2%). ASC47 preclinical monotherapy shows fat-reducing and muscle-building effects. Previously, regular dose ASC47 (45 mg/kg, subcutaneous injection, once every two weeks) reduced weight by 24.6% in obese mice, similar to the 23.1% weight reduction effect of semaglutide alone (30nmol/kg, subcutaneous injection, once daily). ASC47 increased muscle mass by 5.8%, while semaglutide reduced muscle mass by 9.3%, demonstrating the drug's good potential for fat reduction and muscle building. ASC47 is being actively promoted in clinical trials in Australia. The company is currently actively promoting the clinical trial of ASC47 in Australia. In the phase I single-dose escalation (SAD) study conducted in subjects with high LDL-C, the dose of ASC47 has been escalated to 90 mg, showing that ASC47 subcutaneous injection has good tolerability and a half-life of 21 days. In addition, a phase IIa trial is also being conducted in obese patients, with data expected to be released in the second quarter of 2025. The company is actively advancing its weight loss pipeline, with multiple related products in development. The company is currently conducting research on multiple weight loss-related drugs, including ASC30, in addition to ASC47, is also advancing the clinical trial of ASC30's daily oral formulation and monthly subcutaneous injection formulation, the latter being a small molecule GLP-1R agonist. Currently, both the oral and subcutaneous formulations of ASC30 are undergoing phase I clinical trials in the United States, with top-line data expected to be released in the first quarter of 2025.