瑞博生物-B (06938.HK) 2026智通财经夏季路演大会
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会议摘要
Rebo Bio, a pioneer in the field of small nucleic acid drugs in China, has successfully landed in Hong Kong stocks and is expected to be included in the Hong Kong Stock Connect, making it the only listed company in the field. The company focuses on the development of high-value pipelines, and has reached more than $6 billion in cooperation with multinational pharmaceutical companies, especially in Europe to build a strong commercial and clinical capabilities. Rebo Bio plans to make breakthroughs in many fields such as extrahepatic delivery technology, aiming to become a leader in the overall layout of cardiovascular and metabolic fields. With the world's third-largest patent and clinical asset ranking for small nucleic acid drugs, as well as the high efficiency, accuracy and clinical conversion rate of small nucleic acid drugs, Rebo Bio is accelerating the development and commercialization of innovative drugs and demonstrating strong market competitiveness.
会议速览
Rebo Bio: China's leader in small nucleic acids, HKEx looks ahead to global markets after listingRebo Bio, China's leading small nucleic acid research and development enterprise, after 19 years of development, successfully listed in Hong Kong, is preparing to enter the Hong Kong stock exchange. Focusing on high-value, highly differentiated clinical pipelines, such as the world's leading anticoagulant small nucleic acid and high triglyceride management products, the market potential is expected to be huge. The company has excellent overseas business development capabilities, has reached more than $6 billion million with a number of multinational pharmaceutical companies, while mastering key clinical assets. In the next two years, it is planned to achieve major breakthroughs in the fields of extrahepatic delivery technology, kidney, central nervous system and fat, and build a global integrated technology platform.
Market Potential and Global Distribution Analysis of Small Nucleic Acid DrugsThe dialogue explored in depth the huge potential of small nucleic acid drugs in the liver, cardiovascular and metabolic disease treatment market. The intrahepatic market is expected to reach 150 billion US dollars, and the overall market is expected to reach 300 billion US dollars. In particular, it is pointed out that in the field of anticoagulation and antithrombosis, especially for the bleeding risk of apixaban, small nucleic acid drugs have a market space of $60 billion. At the same time, it emphasizes the layout and cooperation in the fields of fatty liver, hepatitis B, and kidney disease, as well as the leading position in the development of small nucleic acid drugs in China. It is the third largest in the world in terms of pipeline number, patents, and clinical stage assets.
China's small nucleic acid drug patents lead, overseas layout accelerates clinical progressChina has a leading number of patents in the field of small nucleic acid drugs, especially in the treatment of liver disease with a complete patent system. The company emphasizes overseas layout and clinical progress, the second half of the year will have a number of key nodes, including ten-factor phase III clinical results, high triglyceride clinical identification and diet drug data readout, indicating an important turning point in the industry.
Analysis of investment data and market prospect of anticoagulant drugs in ChinaThe dialogue discussed China's readiness to invest in data reporting and the market for anticoagulants, the projected market size for small and large molecule drugs, and the catch-up strategy compared to the United States. The inhibitory efficiency and treatment cycle advantages of new anticoagulants, as well as clinical support from European experts, are highlighted to highlight the market potential of next-generation anticoagulants.
Development of Small Nucleic Acid Platform and Research Progress of Fatty Liver Disease TargetsThe advantages of small nucleic acid drugs in the treatment of fatty liver disease are discussed, including the collaboration with Beringer Ingelsam and Madrigal in Germany, involving clinical and commercialization milestones for multiple targets. The potential for platform-based development of small nucleic acids, especially in the wake of breakthroughs in delivery technology, is highlighted for the development of new drugs that are expected to unlock the multi-billion dollar market space. At the same time, mentioned the cooperation with Qilu Pharmaceutical, involving PCSK9 localization project, the expected future benefits are considerable.
Risk and Technical Threshold Analysis and Differentiated Competition Strategy of Patent System inside and outside LiverThe risk differences between the intrahepatic and extrahepatic patent systems are discussed, and it is pointed out that the extrahepatic patent layout is more complete and safe, and the BD and commercialization value are higher. Emphasizes the company's leading edge in chemical modification, sequence design and other platforms, especially the efficiency of target screening using AI, which can handle multiple targets at the same time and significantly improve research and development efficiency compared to small molecule pharmaceutical companies.
Biopharmaceutical Enterprise Layout and Cost-benefit Analysis: R & D and Market Strategy under Engineering PlatformThe research and development of biopharmaceutical enterprises through the engineering platform layout target is discussed, emphasizing the low cost of early assets but limited price advantage, and the clinical stage drug sales are not affected by the type of technology. Enterprises with CMC capabilities, customized production and drug research and development guidance, theoretically can independently complete the target to the global phase II clinical, or even phase III clinical, the input cost is lower than ADC small molecules and other drugs. Cash flow is sufficient to support three years of development without emergency financing, and shareholders will allow employees to be motivated through shares.
Small Nucleic Acid Drug Track: Innovation and Market Potential of Chinese Pharmaceutical CompaniesThis paper discusses the scientific layout of the small nucleic acid drug track and its market potential, emphasizes the leading position of Chinese pharmaceutical companies in this field and the layout of differentiated varieties, and looks forward to the long-term development opportunities in the next decade, especially in the treatment of liver diseases and the improvement of the patent system, which indicates the market opportunity of hundreds of billions of dollars.
Biopharmaceutical Pipeline Progress and BD Cooperation Details: Milestones and Commercialization Sharing from Phase II to Phase IIIThe development stages of several biomedical pipelines are discussed, including the entry of PCK nine into Phase III, the target progress of apple c three and effect eleven, and the status of 119 and other varieties. The value of BD cooperation in the field of liver disease is emphasized, involving down payment and milestone payment, and it is pointed out that although the value of early cooperation assets seems to be low, the total contract value is high, especially in the clinical stage.
Analysis of Scientific Advantages of Small Nucleic Acid Drugs Compared with Traditional DrugsThe advantages of small nucleic acid drugs in the regulation of gene expression are discussed, and it is pointed out that by targeting mRNA rather than directly modifying DNA, it can safely inhibit the production of harmful proteins, and has reversibility, avoiding permanent changes to genetic information, and is suitable for the treatment of many diseases.
MIA sequence drug design: efficient target screening and precise clinical translationThe advantages of drug design based on MIA sequences are discussed, including simplified design process, high accuracy, and high consistency between animal and human experimental results. At the same time, the advantages of MIA sequence drug design in target screening, clinical conversion efficiency and compared with small molecule drug design, as well as the future planning of clinical pipeline expansion and business model are described.
20 years of accumulation and patent layout inside and outside the liver: challenges and opportunities for corner overtakingThe dialogue focused on whether 20 years of industry accumulation will be overtaken by emerging technology corners, pointing out that the complexity of intrahepatic clinical trials constitutes a high threshold, while the extrahepatic patent layout shows the advantages of platform, emphasizing the insurmountable nature of long-term clinical trials and the patent layout strategy of multi-technology routes.
要点回答
Q：What is the basic situation and development stage of Rebo biology?
A：Rebo Bio is the first company in the field of small nucleic acids in China. It was established in 19 years and successfully listed in Hong Kong on January 9 this year. It is expected to enter Hong Kong stocks in March and Hong Kong stocks in the third quarter, which is expected to be the only target for the small nucleic acid circuit to enter Hong Kong stocks.
Q：What is the main business and pipeline layout of Rebo Bio?
A：Rebo Biology focuses on the development of high-value and highly differentiated clinical pipelines, with the world's first small nucleic acid drug targeting factors (with a market potential of US $12 billion in anticoagulation) and the world's second small nucleic acid drug targeting OC three (with a market potential of US $more than 5 billion in high triglyceride management). The company has outstanding overseas BD capabilities, has reached more than $6 billion billion in cooperative transactions with a number of multinational pharmaceutical companies, and has a globally integrated technology chain integration platform. At present, the key assets of the clinical stage are in the hands of the company. In the next two years, there will be three varieties of extrahepatic delivery technology that will make major breakthroughs in the fields of kidney, CNS and fat.
Q：What is the position of Dr. Liang Zicai, the founder of Rebo Biology, in the small nucleic acid industry?
A：Dr. Liang Zicai is a pioneer in the field of small nucleic acids. He put forward the concept of small nucleic acids and carried out the layout of the industry from 0 to 1 and from 1 to 10 20 years ago. Rebo Bio is able to take a leading position in the world, partly because Dr. Liang Zicai and most of his team members come from multinational pharmaceutical companies such as AstraZeneca, Bayer, Novartis, etc., and have rich industry experience and cardiovascular and cerebrovascular disease research experience.
Q：How does Rebo Bio view the potential and development prospects of the small nucleic acid drug market?
A：Rebo Bio believes that the market potential of small nucleic acid drugs is huge, especially in the liver organs have been fully shown, the liver market can reach 150 billion US dollars, the overall market space is expected to reach 300 billion US dollars, even more than the size of the antibody market. In addition, there is also a broad space in the field outside the anus, and the market value similar to that in the liver can be realized after solving specific problems.
Q：What is the layout of Rebo biology in terms of anticoagulation and hypolipidemic?
A：Rebo Bio has laid out three products in the field of anticoagulation and antithrombotic to promote global Phase II clinical trials, with the standard apixaban ($22 billion sales), and the space for small nucleic acid drugs is estimated at $60 billion by reducing the risk of bleeding. At the same time, there are LP small a apple c three and other product layouts in reducing blood lipid, and the entire 18-point series has a comprehensive layout.
Q：What is the status of Rebo Bio in the field of small nucleic acid drug development in China?
A：Rebo Biology is an absolute leader and pioneer in the development of small nucleic acid drugs in China, ranking third in the world in terms of the number of pipelines, patent ranking and clinical stage assets, second only to Aliram of US $46 billion and ao head of US $12 billion. The company has more than 470 patents and patent applications, of which the number of approved patents far exceeds that of other small nucleic acid pharmaceutical companies in China, and the patent system in the field of liver disease is complete, and overseas BD patents are also very rich, laying a solid foundation for subsequent varieties to enter clinical and BD.
Q：Why does the Chinese market pay little attention to certain drugs?
A：Because of the lack of small listed pharmaceutical companies in China, the layout on the track is not comprehensive. Only cutting-edge bio companies in A- shares have some heat, but their pipeline focus is abroad, and there is no new progress on overseas tracks this year, so the story lacks continuity. However, we have laid out a number of overseas key pipelines, and the speed of advancement is the fastest in China. Among them, the results of the phase III clinical trial of stone factor (AF) will be read out in the second half of this year, which is the most concerned turning point.
Q：What is the importance of phase III clinical trials of stone factor?
A：The results of the Phase III clinical trial of Stone Factor will verify whether the target is effective, and if successful, it means that small molecule drugs can make breakthroughs on this target, which is a blockbuster track. In addition, the high-triglyceride project will also complete the second phase of clinical enrollment this year, with multiple node data readout, and will also conduct clinical identification of the next generation of varieties.
Q：How is the company doing in terms of investment data and business readiness?
A：We have already reported some investment data and plan to update the delivery data in the fourth quarter. Although the current market size forecast is about two years behind that of the United States, we are actively preparing our business layout to catch up in the future. The expected market size of small molecule products is 5 billion to 6 billion US dollars, and related drugs have shown good prospects and space.
Q：What are the advantages of small molecule drugs in inhibiting clotting factors? What is the progress of the company with Johnson & Johnson and other partners in the field of cardiovascular and cerebrovascular diseases?
A：After one injection of our small molecule drugs, the inhibition cycle of coagulation factors is longer, and the inhibition efficiency of the low-dose group can reach about 70%. Under long-term use, the inhibition cycle can be changed to one injection for three months or six months, and the inhibition efficiency can reach up to 90%, with an average of about 80%, which has significant advantages over the existing leading small molecule drugs. We have invited the famous European cardio-cerebrovascular expert Corelan as the PI of the second phase of the clinical study, and are expected to launch the next generation of anticoagulant blockbuster drugs after apixaban. In addition, in the field of high triglyceride therapy, our drug can reduce blood lipids by 35% at the highest dose and maintain a stable level, which is better than the existing competition.
Q：What are the company's progress and plans for BD cooperation?
A：In the development of drugs for metabolic-related diseases, we have cooperated with Berlin Ingersam in Germany and have reached three milestones, the third milestone payment reaching tens of millions of euros. In addition, the cooperation with Madrigal is also relatively close, and it is expected that there will be a large amount of potential transactions in the future. For BI cooperation, we have adopted a platform-based approach, with multiple milestones every year, and the cooperation with China Qilu on the PCSK9 project has also achieved initial results. In the future, we hope to have more varieties listed, strengthen cooperation with BI, and maintain the development speed in the field of extrahepatic.
Q：What is the biggest bottleneck in the industrial production of small molecule drugs?
A：We believe that the biggest bottleneck is delivery. If delivery can be successfully achieved on specific platforms or tissues and organs, it is possible to unlock dozens of brand-new and underdeveloped eight points. These places have the potential to produce a batch of first class best in class drugs, each of which may bring billions of dollars in market space.
Q：What is the difference between intrahepatic and extrahepatic patent systems?
A：The patent system in the liver is relatively mature and competitive, because the receptor was published a long time ago, and the patent layout in the kidney, myocardium and other parts of the liver is more complete and safe because the receptor has patent protection, which makes the commercialization of the liver more valuable. However, the threshold in the liver is mainly in the clinical trial stage, and outside the liver there is a clinical threshold in addition to the technical threshold, so we think that the liver is more advantageous.
Q：What is the difference between clean discovery and other small molecule drug companies that use AI for drug discovery?
A：Our efficiency will be improved a lot, because our starting point is different from antibody drugs. For monoclonal antibody drugs, AI usually screen the best of 30 compounds according to one target; while small nucleic acid drugs find suitable molecules or sequences in a large number of sequences, which is a relatively simple task. We can get multiple potential sequences by placing an order at one time, and quickly verify the effect through virtual design and screening, thus greatly saving time and labor cost.
Q：Will the cost and selling price of small molecule drugs be cheaper because of the large quantity?
A：Early assets may indeed be cheaper because of their low cost and fast research and development progress, but with the advancement of the clinical stage, especially in the overseas phase II clinical trial stage, no matter what type of small molecule drug can obtain good phase II data, it can solve the problem of tens of billions of dollars in sales scale, and the terminal price will not be reduced as a result. In fact, our placement strategy and cost control capabilities allow us to invest in multiple targets and achieve Phase II or even Phase III clinical development on a global scale.
Q：What is the current cash flow situation of the company and what are its development plans in the next few years?
A：At present, the company has about 2.5 billion of cash flow at the end of 2025 and has obtained an additional 1.9 billion RMB through listing financing. The down payment and milestone funds have reached about 7 billion yuan. It is expected that the cash reserve can support the development for about three years. There is no need to rush to raise funds in the market. In addition, the company also plans to motivate employees through stock authorization.
Q：What are your thoughts on the development prospects of the small nucleic acid drug track?
A：We believe that the small nucleic acid drug track is an emerging field similar to the development stage of antibody drugs from 2005 to 2006, with great potential and space. At present, we are the first company to come out of China's layout in this field, and there are already mature pharmaceutical companies with a market value of billions of dollars in overseas markets, which shows that our track has enough attraction and development potential.
Q：In the pipeline diagram, what stage is the front-line project in?
A：The frontline project PCK nine has entered Phase III, the cost of which will be borne by Qilu, but we will receive milestone payments and commercialization share for Phase II and III.
Q：How many BD cooperation projects are there in the pipeline?
A：There are currently three BD collaborations, all of which focus on liver disease and also involve collaboration with Bollinger Ingelheim.
Q：What is the down payment for a project with Berlin?
A：The down payment is $25 million and there are six milestones for each asset, which can be collected according to the different stages of advancement.
Q：What are the advantages of small nucleic acid drugs over traditional small molecule or macromolecule drugs?
A：The scientific advantages of small nucleic acid drugs are mainly reflected in the efficiency and accuracy of research and development. By targeting the design of the mRNA sequence, protein function can be regulated more safely without directly modifying the DNA, thereby avoiding potential genetic risks. Small nucleic acid drugs can intervene for specific proteins, the design process is relatively simplified and accurate, and the data of animal experiments and human experiments are highly consistent, which is expected to achieve a high success rate.
Q：In the development of small antibody molecules, why can't the effect of small antibody molecules in animal experiments be directly applied to the human body?
A：This is because small antibody molecules, when designed against animal proteins, may be ineffective or unsuitable for their response in humans. Although a large number of targets can be quickly deployed and products launched in the early stages, the cycle from target identification to clinical trials for antibody small molecules is usually longer, for example, in contrast to small molecule drugs that may take 2 to 3 years, while antibody drugs may be longer.
Q：What are the company's current cooperation strategies and strengths in the field of antibody drugs?
A：The company's starting point is to start from a known endpoint, use advanced AI pharmaceutical technology and efficient incentives, and work closely with partners at an early stage to believe that there are a large number of potential targets worth developing. China is the strongest in terms of process capacity, but the current distribution of benefits in cooperation is not reasonable enough, compared to small molecule drugs, antibody drugs get less cost.
Q：What are the company's future development ideas for antibody drugs?
A：The company will accumulate experience through clinical practice, build model rooms to reduce costs, and plan to gradually sell clinically proven products, rather than selling low-priced products in large quantities like wholesale stores. The entire Chinese antibody drug industry is also in a similar stage of development, the company has more phase II clinical pipeline.
Q：In the face of the existing enterprise heart to do the possibility of corner overtaking, and the company's existing accumulation can meet the challenges of the future?
A：Although the company has 20 years of accumulation in the field of liver, but in this field overtaking is difficult, the core is overseas clinical progress and quality requirements are higher. Once the supply problem is solved, small nucleic acid drugs will also become highly competitive. In the field of cardiovascular and cerebrovascular drugs in China, although there is a large market, there is a lack of innovative drugs, and European and American countries have concentrated a group of excellent clinical experts, forming a high threshold.
Q：How does the company address challenges in clinical trials, such as speed of patient enrollment and reliance on local experts?
A：The company has set up a research and development center in Sweden. Although the initial patient enrollment rate may be slow, the first phase clinical demand is not large, and the second phase clinical can be completed by thousands of patients. More importantly, the local drug administration can provide strong support. In addition, the company has a limited layout in cardiovascular and cerebrovascular diseases, while Europe and the United States have mature expert resources and technical advantages.
Q：What is the development of the extrahepatic field?
A：The company has achieved horse racing in the field outside the liver, with a fast and most patented layout, not limited to point-to-point layout, but for multiple platforms on the surface layout. The four platforms currently announced contain a variety of technical routes, each platform for different targets on a large number of assets, a wide range of indications, reflecting the ability to platform. Compared with its competitors, the company's layout and advantages in the field outside the liver are still accelerating and increasing.
