MEDCL - R&D Day Highlights Progressive LAI Tech; We Offer A Refreshed Mini Deep-Dive

研报英文原文证据摘录

MEDCL - R&D Day Highlights Progressive LAI Tech; We Offer A Refreshed Mini Deep-Dive

rs) that precipitates after injection and releases drug via

Market Cap ($M) €895 diffusion + polymer degradation

ADTV 70,922 • The moat is formulation tunability of polymer ratios/molecular weight, solvent choice, API

Shares Out (M) 33 loading/particle size, suspension vs solution

Enterprise Value ($M) €913 • Allows better control of release profile, injection volume/viscosity, stability, and depot

Cash & Equivalents ($M) €54 resorption time

Total Debt ($M) €71 • Clinical and commercial validation via Teva’s (TEVA, Buy) Uzedy - adoption-oriented

Cash Per Share €1.62 features (no oral supplementation, SubQ administration, ready-to-use, consistent across

injection sites); positioned as proof that BEPO can win in real-world adaption

13 Page Document Gen 2: BEPO STAR - in clinic starting 2028 / commercial ready 2033 / IP through 2040

• Same underlying chemistry and building blocks (PEG/PLA)

Reasons for this report • Similar synthesis and formulation processes, and same biodegradation pathway

• Regulatory and manufacturing is de-risked versus a totally new platform

✓ Analyst Day Takeaways • Core upgrade is polymer architecture (star-shaped copolymers) enabling meaningfully

✓ Updating Estimates lower viscosity/injection force, improving injectability and opening the door to autoinjector

formats in more settings

• Release control improves materially for harder APIs: reduced initial burst and steadier

exposure for high-solubility/hydrophilic small molecules

• Ability to support larger peptides with narrower therapeutic windows (mgmt explicitly

highlighted GLP-1 analog feasibility work as a strategic unlock)

EPS 2025A 2026E 2027E

FYE Mar New Old Cons New Old Cons