Major Estimate Revision • May 12
Consensus revenue estimates decrease by 10%, EPS upgraded The consensus outlook for fiscal year 2026 has been updated. 2026 revenue forecast fell from US$1.29m to US$1.15m. EPS estimate increased from -US$4.39 to -US$3.70 per share. Biotechs industry in the US expected to see average net income decline 9.4% next year. Consensus price target broadly unchanged at US$126. Share price fell 4.5% to US$86.15 over the past week. Announcement • May 08
LBL-047 Prioritized for Clinical Development in Sjögren's Disease, Systemic Lupus Erythematosus, and Dermatomyositis Nanjing Leads Biolabs Co. Ltd. announced that its partner, Dianthus Therapeutics, Inc. selected Sjögren's disease (SjD), systemic lupus erythematosus (SLE), and dermatomyositis (DM) as the first three priority indications for clinical development of LBL-047 (known as DNTH212 outside Greater China). LBL-047 is a potential first- and best-in-disease bifunctional fusion protein targeting plasmacytoid dendritic cell (pDC) BDCA2 to reduce Type 1 interferon production, while simultaneously inhibiting BAFF/APRIL to suppress B cell function. As a core pipeline asset and strategic priority, Dianthus is advancing the clinical development of LBL-047 in SjD, SLE, and DM — three indications with high unmet medical need. In March 2026, Dianthus completed an upsized underwritten public offering, raising approximately $719 million in gross proceeds, providing a strong capital foundation to support the global development of LBL-047. A two-part Phase 1 study in China in healthy volunteers (Part A) and patients with SLE (Part B) was initiated in December 2025, with top-line results in healthy volunteers expected in Second Half 2026. Upon completion of the Phase 1 study, Dianthus plans to provide an update on next steps for advancing its prioritized indications in clinical development. LBL-047 is a bifunctional fusion protein composed of a humanized anti-blood dendritic cell antigen 2 (BDCA2) antibody and an engineered transmembrane activator and CAML interactor (TACI) ectodomain. It is designed to selectively deplete pDCs to reduce type 1 interferon production, while simultaneously inhibiting B-cell activating factor (BAFF) and a proliferation-inducing ligand (APRIL) signaling pathways to suppress B-cell activation, differentiation, and antibody production. By targeting two key drivers of autoimmune disease pathogenesis, this differentiated approach has the potential to address multiple autoimmune indications. Additionally, LBL-047 has been optimized with Fc engineering to extend its half-life, offering the potential for a patient-friendly subcutaneous self-administration regimen with a dosing frequency of Fourth Week or less, supporting its potential as a first-line biologic therapy. On October 16, 2025, Leads Biolabs entered into an exclusive global partnership with Dianthus, a clinical-stage biotechnology company developing next-generation therapeutics to address severe autoimmune diseases, with the total potential deal value reaching up to $1 billion. Under the agreement, Dianthus was granted exclusive global rights to research, develop, manufacture, and commercialize LBL-047 outside Greater China, where it is known as DNTH212, jointly advancing its global development to maximize clinical and commercial potential. Reported Earnings • May 06
First quarter 2026 earnings: EPS and revenues exceed analyst expectations First quarter 2026 results: US$0.85 loss per share (further deteriorated from US$0.82 loss in 1Q 2025). Net loss: US$40.8m (loss widened 38% from 1Q 2025). Revenue exceeded analyst estimates by 29%. Earnings per share (EPS) also surpassed analyst estimates by 21%. Revenue is forecast to grow 76% p.a. on average during the next 3 years, compared to a 21% growth forecast for the Biotechs industry in the US. 
