金吾财讯 | 东吴证券发研报指，8月5日歌礼制药-B(01672)宣布其小分子GLP-1管线ASC30在美国进行的每日口服剂型减重适应症13周IIa期研究已经完成入组，总计125名患者，预计将在2025年Q4读出顶线数据。ASC30拥有美国和全球化合物专利保护，专利保护期至2044年(不含专利延期)。该机构表示，ASC30美国IIa期临床顺利开展，25年Q4顶线数据读出：该研究是一项13周、随机、双盲、安慰剂对照和多中心研究，适应症为肥胖或伴有至少一种体重相关合并症的超重。试验评估两种每日一次口服制剂：制剂1(ASC30片)和制剂2(ASC30片A1)。主要终点为第13周时受试者相对基线的平均体重变化百分比。两种制剂的起始剂量均下调至1mg，每周剂量递增，直至达到制剂1的目标维持剂量20mg和40mg，或制剂2的目标维持剂量20mg、40mg和60mg。该机构续指，公司管线顺利推进，该机构认为其未来成功上市的可能性再次提高。该机构维持公司25-27年营收预测，0/0.4/1亿元。结合FCFF估值模型，上调目标价至14.02元人民币，维持“买入”评级。
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