03/12/2026 | Press release | Distributed by Public on 03/12/2026 04:31
| Item 7.01 |
Regulation FD Disclosure.
|
|
|
1.
|
Based upon patient population data, the Company believes there is the potential for ~$400-600 million in revenues within 5 years for liver fibrosis with Hydronidone ("F351").
|
|
|
2.
|
The Company expects ETUARY® for lung fibrosis to sustain at ~$100 million if no competitor markets a generic drug in the near-term.
|
|
|
3.
|
The Company sees the potential for 20% - 25% net margins for commercial products and, provided that no tax policy changes occur, favorable tax deductibility on research and development ("R&D") expenditures in the Company's Beijing campus and Cullgen Inc.'s ("Cullgen") Shanghai campus.
|
|
|
4.
|
The Company believes there is upside potential for F351 with respect to (a) the potential off-label Metabolic Dysfunction-Associated Steatohepatitis ("MASH") use by hepatologists upon Chronic Hepatitis B / fibrosis approval with data showing ~40% MASH mix in Hepatitis B Virus practices, and (b) the potential for continued expansion through rheumatology disease with lung fibrosis label.
|
|
|
5.
|
30-40% of the Company's current lung fibrosis revenue is derived from rheumatoid diseases (RA, lupus, Scleroderma, dermatomyositis) as these patients manifest lung fibrosis as a downstream complication. The Company expects this mix to sustain or grow, consistent with how the drug has penetrated the rheumatoid channel organically.
|
|
|
6.
|
Cullgen's Australian cohort validated safety at 400mg (one-third of the maximum tolerated dose) for Cullgen's TRK degrader ("CG001419"). Cullgen's United States Phase 2 pain trial for CG001419 is now enrolling at doses expected to show ~95% TRK degradation.
|
|
|
7.
|
The Company framed the short-course dosing of CG001419 as explicit engineering around NGF-class joint toxicity, where the durable pathway blockade was a potential liability for NGF inhibitors as compared to the TRK suppression of CG001419.
|
|
|
8.
|
Cullgen has seen the potency of its degrader antibody conjugates ("DAC") to be ~10 - 100 times versus a standalone degrader, observed by in vitro and in animal models.
|
|
|
9.
|
Approximately one-half of Cullgen's R&D headcount is currently allocated to DAC conjugation. Cullgen expects its degrader library depth (picomolar DC50 compounds in hand across multiple targets including GSPT-1) to position it to conjugate without external licensing.
|