Impact Therapeutics (7630.HK): An SL-focused precision oncology biotech company; initiate at Neutral

研报英文原文证据摘录

Impact Therapeutics (7630.HK): An SL-focused precision oncology biotech company; initiate at Neutral

Goldman Sachs Impact Therapeutics (7630.HK)

Exhibit 3: PARP franchise as our DCF valuation anchor, Exhibit 4: We expect senaparib to be a key revenue

with IMP1734 to be the key driver contributor for IMPACT

Estimated revenue breakdown till 2029E

1,200 US$ mn 1,200 Rmb, mn

117 1,116

88 1,000 1,000

602 52

800 800

51- 464

600 POS 25% 600

POLS 50% - 918

400 400

309 713

50- 477 200 200

POS 41%

- - 34-- 2018-

2024A 2025E 2026E 2027E 2028E 2029E

Senaparib (PARP1/2) IMP1734 (PARP1)

IMP9064 (ATR) Licensing income

Source: Goldman Sachs Global Investment Research Source: Company data, Goldman Sachs Global Investment Research

Synthetic lethality (SL) as a synergistic way for oncology treatment

A synergistic strategy to suppress tumor

SL describes a situation in which simultaneous defects in two pathways lead to the

death of a cell, whereas a defect in either pathway alone does not. It represents a

clinically validated and high-potential frontier in oncology treatment (see Exhibit 5).

Compared to the conventional cancer treatment, SL-based therapies offer several

inherent advantages, including the ability to address “undruggable” targets, overcome

drug resistance, and create synergistic combination therapies with either existing SOC

(standard of care) or emerging novel therapeutics including new modalities such as

ADCs and radionuclide-drug conjugates (RDCs).

As the most established SL drug, the PARP1/2 inhibitors have validated SL as a powerful

therapeutic approach, demonstrating both clinical efficacy and strong commercial

traction. Beyond PARP, the SL field is growing, driven by the identification of new SL

pairs in cancer cells, such as ATR, USP1, PKMYT1, PRMT5, MAT2A, etc.