Felzartamab is a monoclonal antibody commercialized by I-Mab, with a leading Phase II program in IgA Nephropathy (Berger’s Disease). According to Globaldata, it is involved in 10 clinical trials, of which 3 were completed, 6 are ongoing, and 1 was terminated. GlobalData uses proprietary data and analytics to provide a complete picture of Felzartamab’s valuation in its risk-adjusted NPV model (rNPV). Buy the model here.
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The revenue for Felzartamab is expected to reach an annual total of $28 mn by 2036 globally based off GlobalData’s Expiry Model. The drug’s revenue forecasts along with estimated costs are used to measure the value of an investment opportunity in that drug, otherwise known as net present value (NPV). Applying the drug’s phase transition success rate to remaining R&D costs and likelihood of approval (LoA) to sales related costs provides a risk-adjusted NPV model (rNPV). The rNPV model is a more conservative valuation measure that accounts for the risk of a drug in clinical development failing to progress.
Felzartamab Overview
Felzartamab is under development for the treatment of late antibody-mediated renal allograft rejection, IgA nephropathy (IgAN), membranous nephropathy(anti-PLA2R antibody-positive membranous nephropathy), refractory/relapsed multiple myeloma and lupus nephritis. The drug candidate is administered as an intravenous infusion. It is a fully human monoclonal antibody (mAb) directed against CD38, which is one of the most strongly and uniformly expressed antigens on the surface of malignant plasma cells.
It was also under development for the treatment of non-small lung cancer, systemic lupus erythematosus.
I-Mab Overview
I-Mab is a biopharmaceutical company. It develops transformational medicines for therapeutic areas of immuno-oncology and autoimmune diseases. Its pipeline product portfolio comprises TJ202, a CD38 antibody for treating multiple myeloma; TJ101, a recombinant human growth hormone (rhGH) used in pediatric patients with growth hormone deficiency; TJ301, an IL-6 inhibitor for ulcerative colitis; enoblituzumab, a B7-H3 antibody against tumors; and TJ107, an oncology care agent to treat cancer treatment-related lymphopenia. I-Mab utilizes various molecular engineering platforms to develop drug molecules with defined biological properties. The company collaborates with biotechnology companies, CROs, and CMOs to advance the clinical development of its pipeline assets and out-licensing opportunities. It operates in China, Hong Kong and the US. I-Mab is headquartered in Shanghai, China.
The company reported revenues of (Renminbi) CNY221.6 million for the fiscal year ended December 2022 (FY2022), compared to a revenue of CNY88 million in FY2021. The operating loss of the company was CNY1,969.5 million in FY2022, compared to an operating loss of CNY2,071.3 million in FY2021. The net loss of the company was CNY2,507.3 million in FY2022, compared to a net loss of CNY2,331.5 million in FY2021.
For a complete picture of Felzartamab’s valuation, buy the drug’s risk-adjusted NPV model (rNPV) here.
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GlobalData, the leading provider of industry intelligence, provided the underlying data, research, and analysis used to produce this article.
To create this model, GlobalData takes into account factors including patent law, known and projected regulatory approval processes, cash flows, drug margins and company expenses. Combining these data points with GlobalData’s world class analysis creates high value models that companies can use to help in evaluation processes for each drug or company.
The rNPV method integrates the probability of a drug reaching a clinical stage into the cash flow at that time, which provides a more accurate valuation, as it considers the probability that the drug never makes it through the clinical pathway to commercialization. GlobalData’s rNPV model uses proprietary likelihood of approval (LoA) and phase transition success rate (PTSR) data for the indication in the highest development stage, which can be found on GlobalData’s Pharmaceutical Intelligence Center.
