Tianfeng Securities issued a research report maintaining a "buy" rating on ABBISKO-B (02256), projecting the company's operating revenue for 2025-2027 at RMB 630 million, RMB 685 million, and RMB 637 million respectively, with net profit attributable to shareholders of RMB 45 million, RMB 70 million, and RMB 102 million.

The company's PD-L1 small molecule inhibitor ABSK043 in combination with KRASG12C inhibitor Golaregsib tablets for treating KRASG12C-mutated NSCLC has received CDE approval for clinical research application. Previously, the company had reached a collaboration agreement with Allist Pharmaceuticals regarding combination therapy.

The report states that multiple core assets of the company are reaching milestones, entering a new phase of intensive catalysts. 1) KRAS-G12D inhibitor ABSK141 has demonstrated best-in-class oral bioavailability in mouse and other animal models, showing favorable safety characteristics in GLP toxicology studies, and is expected to receive IND approval in the second half of 2025; 2) Pan-KRAS inhibitor ABSK211 possesses potentially best-in-class potency as a pan-KRAS inhibitor, demonstrating broad inhibitory effects against various KRAS mutations with excellent efficacy while not damaging KRAS-independent cell lines, expected to enter clinical phase in 2026; 3) CSF-1R inhibitor ABSK021 (Pimicotinib) for TGCT indication is expected to submit NDA to the US FDA in 2H2025. 4) The bispecific antibody-drug conjugate (BsADC) targeting two pan-cancer targets is expected to achieve preclinical candidate drug status in early 2026. This design can synergistically leverage the therapeutic advantages of dual targets and reduce side effects of each target in normal tissues through co-expression regulation.