LEADS BIOLABS-B

Leads Biolabs closed sharply lower at HK$70.85, down 4.98% for the session, primarily due to waning near-term catalysts after the market had already priced in the NDA acceptance for Opamtistomig (PD-L1/4-1BB bispecific antibody). The stock opened at HK$74.70, rose to an intraday high of HK$76.20 in the morning session, then reversed course and declined steadily, hitting an intraday low of HK$70.85 in the afternoon session—a classic spike-and-retreat pattern. Recent news flow has been mixed: while Oblenio exercised its license option for LBL-051, triggering a US$10 million fee, the company also clarified that an award grant to an executive director was an exempt connected transaction. On the earnings front, operating loss narrowed 78.48% YoY to HK$15 million in Q4 2025, and net loss narrowed 61.04% YoY, yet the net profit margin remained negative at 25.4%. At current levels, the stock is 27.3% off its 52-week high of HK$97.50 but still up 40.3% year-to-date, and trades above both its 20-day (HK$66.28) and 60-day (HK$59.33) moving averages. However, the company remains unprofitable with a P/E of -60.2x and a P/B of 10.1x.

Leads Biolabs-B gapped up 5.2% in the morning session and continued to rally, hitting an intraday high of HKD 72.60, up 5.14% from Friday's close of HKD 69.05, with an intraday range of about 6.6%. The catalyst was the NMPA's acceptance of the NDA for its core product Opamtistomig (PD-L1/4-1BB bispecific antibody), which could be the world's first approved 4-1BB-targeting therapy. Concurrently, positive Phase II data for LBL-024 in NSCLC and a priority review designation boosted sentiment. On fundamentals, Q4 2025 revenue was HKD 98.6 million, with a net loss of HKD 25.0 million, narrowing 61% YoY, though the net profit margin remained negative at -25.4%. At HKD 72.6, the stock has gained 43.8% year-to-date, but remains 25.5% below its 52-week high of HKD 97.5 and sits just above its 20-day MA of HKD 65.2, indicating a recovery trend. However, news of an early shareholder sale plan capped further upside.

Leads Biolabs-B closed the morning session at HK$72.25, down 5.06% from prior close of HK$76.10, as profit-taking set in after the stock digested recent catalysts. Despite LBL-024 receiving priority review and multiple pipeline assets selected for ESMO 2026, plus Oblenio exercising a license option triggering a US$10 million fee, the company reported a Q4 2025 net loss of HK$25 million (EPS: -HK$0.1305, improving 69% YoY). With a PE of -61.39x and PB of 10.25x, the stock trades 25.9% below its 52-week high of HK$97.50, yet YTD is up 43.07% and well above both MA20 (HK$63.748) and MA60 (HK$58.821). However, the morning session volume of only 295,500 shares and a turnover rate of 0.15% suggest limited near-term selling pressure.

Nanjing Leads Biolabs-B (9887.HK) opened higher but drifted lower, peaking at 73.700 HKD in the morning before settling at 73.100 HKD, still up 4.0% from the prior close of 70.450 HKD, with thin trading volume of only 35,800 shares. The move was driven by priority review of its bispecific antibody LBL-024 and multiple pipeline studies selected for ESMO 2026, alongside a Buy rating from CLSA. Financially, Q4 2025 revenue reached 98.56 million HKD while net loss narrowed to 25.04 million HKD, improving 61.04% YoY, though net profit margin remained at -25.40%. At 73.3 HKD, the stock trades 24.82% below its 52-week high of 97.5 HKD, yet above MA20 (63.108 HKD) and MA60 (58.616 HKD), with YTD gains of 45.15%. However, the company remains unprofitable with a P/B of 10.32x, and looming lock-up expiry overhang may limit further upside.

Nanjing Leads Biolabs-B closed up 2.66% at HK$75.25 today, extending gains from the prior session, driven by pipeline progress including liver cancer trial advance for Opamtistomig and IND clearance for LBL-024 in metastatic colorectal cancer. The stock hit an intraday high of HK$78.10 in the morning session before retreating, closing 22.82% below its 52-week high of HK$97.50 but still 49.01% year-to-date. It trades well above its MA20 (HK$61.982) and MA60 (HK$58.152). Q4 2025 net loss narrowed 61.04% YoY to HK$25.04 million on revenue of HK$98.56 million, signaling improving fundamentals. However, the company remains unprofitable with a PE of -63.94x and a PB of 10.68x, implying high growth expectations.