Asclethis Pharma Inc. (1672.HK): ASC30 global ph3 scheduled in September; eyes on dosing strategy / BD updates

Research evidence excerpt

Asclethis Pharma Inc. (1672.HK): ASC30 global ph3 scheduled in September; eyes on dosing strategy / BD updates

Goldman Sachs Ascletis Pharma Inc. (1672.HK)

Exhibit 1: ASC30 aims to compete as the second-in-market oral GLP-1

Global ph3 timeline for oral GLP-1 drugs in obesity

2026 2027 2028 2029

1H 2H 1H 2H 1H 2H 1H

ASC30 (Ascletis) enrollment: c.3000 treatment: 72 weeks

►start 9/2026* ►primary completion 7/2028*

(mgmt guidance)

Aleniglipron (GPCR) enrollment: c.3600 treatment: 76 weeks

►start 7/2026* ►primary completion 9/2028*

Elecoglipron (AZN) enrollment: c.4500 treatment: 72 weeks

►start 6/29/2026 ►primary completion 7/31/2028

*Estimated date

Source: Company data, clinicaltrials.gov

Ascletis Pharma is a clinical-stage biotech company based in China, focusing on the

development and commercialization of small molecule drugs targeting obesity and

NASH. With the company’s strategic pivot to deprioritize the HCV franchise, and focus

shifting to clinical pipelines led by assets for obesity, we see upside potential from the

solid progress of strengthening proof-of-concept data for the obesity franchise, while

also noting the risk of upcoming phase 3 trials as well as the limited visibility of marketed

products prior to 2027E. We are Neutral-rated. Key upside risks: 1) strong clinical data

readouts or faster-than-expected R&D progress from obesity franchise, 2) significant

out-license deals. Key downside risks: 1) delay of R&D in obesity franchise; 2) failure to

obtain global BD deals on obesity franchise; 3) negative data readouts.

Price Target Risks and Methodology

Valuation and risks: We are Neutral rated with a 12-month target price of HK$15.71

which is based on a risk-adjusted DCF with a discount rate of 14%, and a terminal

growth rate of 2%.