EP12-估值狂飆背後的底氣：如何跨越生技風險之谷？The Valuation Catalyst

【與漢康讀懂腫瘤免疫新藥的抗癌革命】由漢康生技企劃製作

當生技新藥研發週期長達十年，如何有效控管財務與科學的雙重風險？
當提早授權能帶來現金，為什麼漢康選擇「延遲滿足」累積國際談判桌上的底氣？
當市場熱衷於追逐單一臨床數據，投資人該如何看懂新藥公司的真正價值？
本集我們邀請到漢康生技董事長——劉世高博士，深入解析漢康如何以雙支柱策略與極致的執行力，迎向 2026 年的創新板上市之路。

精彩內容：

• 風險管理的藝術： 從資金到位到科學驗證，漢康如何將下行風險（Downside Risk）降至最低，迎來價值增長的拐點？
• 臨床數據的突破： HCB101 在多項實體瘤展現驚人療效，為什麼高達 31 毫克的寬廣「安全治療窗」是成為百搭神藥的關鍵？
• 戰略性的授權佈局： 為什麼不急於現在進行全球授權？完整數據包如何成為未來爭取數億美元首付款的談判籌碼？
• 雙支柱（Dual Pillar）策略： 從腫瘤免疫跨足自體免疫疾病，重磅新星 HCB206 如何透過全新機制（MOA）震撼市場？
• 投資生技的三大指標： 市值與研發投入比、管線的廣度與深度、高階團隊的實戰經驗，教您看懂「見林也見樹」的投資邏輯。

【About This Episode】
When the R&D cycle for novel biologics spans a decade, how do you effectively manage both financial and scientific risks? While early out-licensing brings immediate cash, why does HanchorBio choose to delay gratification to build leverage for international negotiations? When the market obsessively chases single clinical data points, how should investors evaluate the true worth of a biotech company? In this episode, Dr. Scott Liu, Chairman and CEO of HanchorBio, breaks down how the company leverages a dual-pillar strategy and relentless execution to pave the way for its 2026 IPO.

【Key Takeaways】

• The Art of Risk Management: From securing robust funding to achieving scientific validation, how has HanchorBio minimized its downside risk to reach a valuation inflection point?
• Clinical Breakthroughs: With HCB101 showing remarkable efficacy across solid tumors, why is a wide therapeutic window (up to 31 mg) the key to becoming a versatile backbone therapy?
• Strategic Licensing: Why hold off on a global out-licensing deal? Discover how a comprehensive data package acts as leverage for a future multi-hundred-million-dollar upfront payment.
• The Dual Pillar Strategy: Expanding from immuno-oncology to autoimmune diseases, how will the rising star HCB206 disrupt the massive market with its novel Mechanism of Action (MOA)?
• Three Metrics for Biotech Investing: Market cap to R&D spend ratio, pipeline breadth and depth, and executive team track record—how to see the big picture in biotech evaluation.

漢康生技官網：https://www.hanchorbio.com/
漢康生技LinkedIn：https://reurl.cc/7b19y9

本節目旨在透過科學導讀與商業邏輯分享，幫助聽眾理解生技產業趨勢與漢康生技之核心價值。所有臨床數據均以公司正式發布之公告為準，內容不構成任何形式之投資建議。以上內容為創辦人基於產業經驗對產品潛力的評估，不代表公司對未來股價或獲利的保證。