On May 20, Duality Biotherapeutics rose 5.66% in regular trading, trading at 217.2 HKD/share, with trading volume of 23.78 million HKD. The stock rebounded after falling from approximately 257 HKD to 210.4 HKD over the prior week following the company's announcement on May 12 that it exercised the DB-1311/BNT324 US market exclusive cost and profit/loss sharing option with BioNTech.

On May 19, the company announced a share buyback program of up to USD 40 million, with the board stating that the current trading price does not reflect the company's intrinsic value and business prospects. Additionally, founder Zhu Zhongyuan plans to increase his holdings by up to USD 5 million. The board characterized this as an opportune time for repurchases, noting the buyback is in the overall best interest of shareholders.

Market concerns over short-term capital pressure arising from the obligation to reimburse BioNTech for past development costs following the option exercise appear to be easing. DB-1311/BNT324 is a next-generation ADC candidate targeting B7-H3, currently in Phase 1/2 clinical trials across multiple tumor indications.

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