Recent Insider Transactions • Jun 29
CEO & Chairman recently bought HK$1.8m worth of stock On the 22nd of June, Zhongyuan Zhu bought around 10k shares on-market at roughly HK$176 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth HK$2.3m. Zhongyuan has been a buyer over the last 12 months, purchasing a net total of HK$8.7m worth in shares. Recent Insider Transactions • Jun 20
CEO & Chairman recently bought HK$1.8m worth of stock On the 17th of June, Zhongyuan Zhu bought around 10k shares on-market at roughly HK$181 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth HK$2.3m. Zhongyuan has been a buyer over the last 12 months, purchasing a net total of HK$6.9m worth in shares. Recent Insider Transactions • Jun 12
CEO & Chairman recently bought HK$1.7m worth of stock On the 9th of June, Zhongyuan Zhu bought around 10k shares on-market at roughly HK$174 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth HK$2.3m. Zhongyuan has been a buyer over the last 12 months, purchasing a net total of HK$5.1m worth in shares. Announcement • Jun 05
Duality Biotherapeutics, Inc., Annual General Meeting, Jun 26, 2026 Duality Biotherapeutics, Inc., Annual General Meeting, Jun 26, 2026, at 09:30 China Standard Time. Location: board room, 11/f, building a, no. 868 yinghua road, pudong new area, shanghai China Announcement • May 29
Duality Biotherapeutics, Inc. (SEHK:9606) commences an Equity Buyback Plan for 8,803,626 shares, representing 10% of its issued share capital, under the authorization approved on June 20, 2025. Duality Biotherapeutics, Inc. (SEHK:9606) commences share repurchases on May 26, 2026, under the program mandated by the shareholders in the Annual General Meeting held on June 20, 2025. As per the mandate, the company is authorized to repurchase up to 8,803,626 shares, representing 10% of its issued share capital. The repurchases will lead to an enhancement of the net asset value and/or earnings per share for the company. The repurchases will be financed out of the funds legally available for such purpose in accordance with its Memorandum and Articles of Association and the laws of the Cayman Islands. The authority shall expire at the earliest of the next Annual General Meeting, the date on which the next Annual general Meeting is required to be held or the date on which the authority is varied or revoked in a General Meeting. As of June 20, 2025, the company had 88,036,264 shares in issue.
On May 19, 2026, the company announced a share repurchase program. Under the program, the company will repurchase up to $40 million worth of its shares. The program will be funded from company's internal funds. The repurchased shares will be held as treasury shares. Recent Insider Transactions • May 29
CEO & Chairman recently bought HK$2.3m worth of stock On the 21st of May, Zhongyuan Zhu bought around 10k shares on-market at roughly HK$226 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Zhongyuan has been a buyer over the last 12 months, purchasing a net total of HK$3.4m worth in shares. Announcement • Apr 10
DualityBio Announces China NMPA Acceptance of Biologics License Application Seeking Approval for Trastuzumab Pamirtecan for the Treatment of Unresectable or Metastatic HER2-Positive Adult Breast Cancer DualityBio announced that the Biologics License Application (BLA) for the investigational antibody-drug conjugate trastuzumab pamirtecan ("T-Pam", also known as DB-1303 or BNT323), has been accepted for review by the China National Medical Products Administration (NMPA). With the BLA filing, DualityBio is seeking approval for trastuzumab pamirtecan as second-line treatment for patients with unresectable or metastatic HER2-positive breast cancer. The application is based on positive interim results from the pivotal Phase III clinical trial (Study DB-1303-O-3001). The DB-1303-O-3001 trial is a randomized, controlled, open-label, multicenter Phase III clinical trial conducted in China. It aims to evaluate the efficacy and safety of trastuzumab pamirtecan compared to trastuzumab emtansine (T-DM1) in patients with HER2-positive unresectable or metastatic breast cancer who have previously received trastuzumab and taxane chemotherapy. As assessed by the Independent Data Monitoring Committee (IDMC), the trial has met its primary endpoint of statistically significant improvement of progression-free survival (PFS, assessed by Blinded Independent Central Review, BICR) for trastuzumab pamirtecan compared to T-DM1 at a pre-specified interim analysis. Trastuzumab pamirtecan ("T-Pam", also known as BNT323 or DB-1303) is a third-generation topoisomerase-1 inhibitor-based ADC targeting HER2 which is being developed by BioNTech and DualityBio. Trastuzumab pamirtecan was built from DualityBio's proprietary Duality Immune Toxin Antibody Conjugates ("DITAC") platform. HER2 is a surface-expressed protein on solid tumors and has been linked to the aggressive growth and spread of cancer cells, making it a potential target for innovative cancer therapeutics. The candidate has exhibited antitumor activity in both HER2-positive and HER2-low tumor models as well as in several solid tumor indications, including patients with breast and endometrial cancers, as well as other advanced solid tumors. Preclinical data and preliminary clinical data for trastuzumab pamirtecan indicate its potential to target HER2 receptors on solid tumors irrespective of expression level with a manageable safety profile and a potentially expanded therapeutic window. Trastuzumab pamirtecan is currently being evaluated in multiple solid tumor types and innovative treatment combinations, including two global pivotal clinical trials in first-line HER2-low, hormone receptor positive ("HR+") metastatic breast cancer (DYNASTY-Breast02; NCT06018337) and second-line endometrial cancer (BNT323-01; NCT06340568), a novel-novel combination Phase 1/2 clinical trial (BNT323-03; NCT06827236) evaluating trastuzumab pamirtecan in combination with pumitamig in HR-positive or –negative, HER2-low, -ultra-low, or -null advanced/metastatic breast cancer and a Phase III, randomized, multi-site, open-label trial of BNT323/DB-1303 Versus Investigator's Choice of Chemotherapy in Previously Treated Patients With HER2- Expressing Recurrent Endometrial Cancer (NCT06340568). Breakeven Date Change • Mar 31
No longer forecast to breakeven The 7 analysts covering Duality Biotherapeutics no longer expect the company to break even during the foreseeable future. The company was expected to make a profit of CN¥225.7m in 2028. New consensus forecast suggests the company will make a loss of CN¥68.9m in 2028. Major Estimate Revision • Mar 30
Consensus revenue estimates increase by 18% The consensus outlook for revenues in fiscal year 2026 has improved. 2026 revenue forecast increased from CN¥1.51b to CN¥1.77b. Forecast losses expected to reduce from -CN¥5.72 to -CN¥5.27 per share. Biotechs industry in Hong Kong expected to see average net income growth of 25% next year. Consensus price target broadly unchanged at HK$435. Share price rose 6.7% to HK$288 over the past week. Reported Earnings • Mar 25
Full year 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2025 results: CN¥39.80 loss per share. Revenue: CN¥1.85b (down 4.6% from FY 2024). Net loss: CN¥2.59b (loss widened 147% from FY 2024). Revenue exceeded analyst estimates by 13%. Earnings per share (EPS) missed analyst estimates by 18%. Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 25% growth forecast for the Biotechs industry in Hong Kong. Announcement • Mar 11
Duality Biotherapeutics, Inc. to Report Fiscal Year 2025 Results on Mar 23, 2026 Duality Biotherapeutics, Inc. announced that they will report fiscal year 2025 results on Mar 23, 2026 Recent Insider Transactions • Jan 19
Board Member recently sold HK$35m worth of stock On the 12th of January, Wen Si sold around 100k shares on-market at roughly HK$353 per share. This transaction amounted to 100% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Breakeven Date Change • Dec 31
Forecast to breakeven in 2028 The 8 analysts covering Duality Biotherapeutics expect the company to break even for the first time. New consensus forecast suggests the company will make a profit of CN¥225.7m in 2028. Average annual earnings growth of 74% is required to achieve expected profit on schedule. Recent Insider Transactions Derivative • Dec 23
CEO & Chairman exercised options and sold HK$12m worth of stock On the 16th of December, Zhongyuan Zhu exercised options to acquire 41k shares at no cost and sold these for an average price of HK$307 per share. This trade did not impact their existing holding. For the year to December 2023, Zhongyuan's total compensation was 3% salary and 97% other compensation. This indicates that these sales could comprise a meaningful part of their income for the year. Since June 2025, Zhongyuan's direct individual holding has increased from 6.50m shares to 6.54m. Company insiders have collectively sold HK$19m more than they bought, via options and on-market transactions in the last 12 months. Major Estimate Revision • Oct 24
Consensus EPS estimates upgraded to CN¥35.55 loss The consensus outlook for fiscal year 2025 has been updated. 2025 losses forecast to reduce from -CN¥39.96 to -CN¥35.55 per share. Revenue forecast unchanged from CN¥1.63b at last update. Biotechs industry in Hong Kong expected to see average net income growth of 32% next year. Consensus price target of HK$428 unchanged from last update. Share price fell 13% to HK$289 over the past week. New Risk • Oct 11
New minor risk - Profitability The company is currently unprofitable and not forecast to become profitable over the next 3 years. Trailing 12-month net loss: CN¥2.8b Forecast net loss in 3 years: CN¥171m This is considered a minor risk. Companies that are not profitable are more likely to be burning through cash and less likely to be well established. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. Without profits, the company is under pressure to grow significantly while potentially having to reduce costs and possibly needing to take on debt or raise capital to remain afloat. Currently, the following risks have been identified for the company: Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (CN¥171m net loss in 3 years). Share price has been volatile over the past 3 months (13% average weekly change). Reported Earnings • Aug 28
First half 2025 earnings released First half 2025 results: CN¥49.73 loss per share. Net loss: CN¥2.07b (flat on 1H 2024). Revenue is forecast to grow 9.7% p.a. on average during the next 3 years, compared to a 27% growth forecast for the Biotechs industry in Hong Kong. Announcement • Jul 22
DualityBio's Next-Generation HER3 ADC DB-1310 Granted FDA Fast Track Designation Duality Biotherapeutics announced that the U.S. Food and Drug Administration (FDA) has granted Fast Track Designation (FTD) to its next-generation HER3-targeting antibody-drug conjugate (ADC) DB-1310. This designation is for the treatment of adult patients with advanced, unresectable or metastatic nonsquamous non-small cell lung cancer (nsqNSCLC) with an EGFR exon 19 deletion or L858R mutation with disease progression on or after treatment with a third-generation EGFR tyrosine kinase inhibitor (TKI) and platinum-based chemotherapy. DB-1310 is a novel ADC targeting HER3 developed using DualityBio's proprietary DITAC platform. In June 2025, Dr. Aaron E. Lisberg from the University of California, Los Angeles (UCLA) presented the first-in-human Phase I/IIa clinical trial data (NCT05785741) of DB-1310 in an oral session at the 2025 American Society of Clinical Oncology (ASCO) Annual Meeting. The results demonstrated encouraging efficacy and a manageable safety profile in patients with advanced solid tumors who had failed standard therapies. Announcement • Jun 05
Duality Bio presents Preliminary Data from Two Clinical Trials with ADC Candidates at the 2025 Asco Annual Meeting Duality Bio presented the preliminary data of two clinical trials, HER3 ADC candidate DB-1310 and B7H3 ADC candidate DB-1311/BNT324, which is being jointly developed with BioNTech, in Oral/Rapid Oral presentations. B7H3 ADC candidate DB-1311/BNT 324: Data from the ongoing Phase 1/2 clinical trial (NCT05914116) in patients with heavily pre-treated castration-resistant prostate cancer (CRPC) were presented during an oral session on BNT324/DB-1311, an B7H3-targeted ADC candidate. The data indicated early clinical activity and a manageable safety profile with low discontinuation rates. Most common adverse events were gastrointestinal and hematologic toxicities. In the 52 efficacy evaluable patients with heavily pretreated CRPC based on RCIST v1.1, the confirmed objective response rate (cORR) was 30.8%, DCR was 90.4%. Among 68 evaluable patients, the 6-month rPFS rate was 69.8%. Similar outcomes were observed across both dose levels (6 mg/kg or 9 mg/kg). Outcomes appeared better in earlier treatment lines and in patients who received one prior NHT, while antitumor activity was also observed in later lines and regardless of type of prior treatment or metastatic site. The clinical trial is currently enrolling post Lu-177 CRPC (Cohort 11) and taxane-naive CRPC (Cohort 12). As the incidence rate of prostate cancer is increasing, there is a high unmet need for new effective therapies for patients with heavily pretreated CR PC. The DB-1311/B NT324 program received Fast Track Designation by the U.S. Food & Drug Administration ("FDA") for the treatment of patients with advanced/unresectable or metastatic CRPC that has progressed on or after standard systemic regimens in 2024. HER3 ADC DB-1310: Data from the first-in-human Phase I/IIa study (NCT05785741) presented by Professor Aaron E. Lisberg of the University of California, Los Angeles (UCLA), demonstrated that DB-1310 showed encouraging efficacy and a manageable safety profile in patients with advanced solid tumors who had failed standard treatments. Among 123 efficacy evaluable patients, the unconfirmed objective response rate (uORR) was 31%, and the disease control rate (DCR) reached 84%. Notably, efficacy was particularly striking in the key subgroup of patients with EGFR-mutated non-small cell lung cancer (NSCLC) (n=46) where uORR reached 44%, DCR was 91%, median progression-free survival (mPFS) was 7.0 months, and median overall survival (mOS) was 18.9 months. The uORR reached an impressive 66.7% at the 5.5 mg/kg Q3W dose level (n=12). In addition, DB-1310 was well-tolerated with a manageable safety profile. The most common treatment-related adverse events (TRAEs) were Grade 1-2 hematological and gastrointestinal events with a low treatment-related discontinuation rate of 3.5%. These positive results support the continued development of DB-1310 in advanced solid tumors, particularly in patients with EGFR-mutate NSCLC. The company is advancing its global development program, including exploring DB-1310 as a monotherapy in additional tumor types, as well as exploring DB-1310 in combination with EGFR TKIs and HER2-targeted therapies. Announcement • May 29
Duality Biotherapeutics, Inc., Annual General Meeting, Jun 20, 2025 Duality Biotherapeutics, Inc., Annual General Meeting, Jun 20, 2025, at 09:00 China Standard Time. Location: board room, 11/f, building a, no. 868 yinghua road, pudong new area, shanghai, prc., China Board Change • Apr 15
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 4 non-independent directors. Non-Executive Director Zhiyang Cai was the last director to join the board, commencing their role in 2024. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Apr 15
Duality Biotherapeutics, Inc. has completed an IPO in the amount of HKD 1.639636 billion. Duality Biotherapeutics, Inc. has completed an IPO in the amount of HKD 1.639636 billion.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 7,535,800
Price\Range: HKD 94.6
Discount Per Security: HKD 2.838
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 4,454,700
Price\Range: HKD 94.6
Discount Per Security: HKD 2.838
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 5,341,800
Price\Range: HKD 94.6
Discount Per Security: HKD 2.838
Transaction Features: Regulation S; Rule 144A