Duality Biotherapeutics, Inc. (9606) AI Stock Analysis

• Market Cap: HK$32.28B
• Dividend Yield: N/A
• Average Volume (3M): 1.60M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.02
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: HK
• Employees: 170
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): N/A
• Shares Outstanding: 89,415,410
• 10 Day Avg. Volume: 2,424,103
• 30 Day Avg. Volume: 1,602,164
• PEG Ratio: -0.08
• Price to Book (P/B): -7.92
• Price to Sales (P/S): 8.25
• P/FCF Ratio: 62.90
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: HK$477.85
• Price Target Upside: 32.37% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 4
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 48 Neutral
• Price Target: HK$328.00 ▼(-9.14% Downside)

The overall stock score is primarily influenced by financial performance challenges, including negative equity and high leverage. Technical analysis suggests some short-term recovery potential, but bearish momentum persists. The lack of valuation data adds uncertainty.

Positive Factors

Revenue Growth

The substantial revenue growth indicates strong market demand and successful execution of strategic initiatives, enhancing long-term business prospects.

Strategic Partnerships

Strategic partnerships provide a stable revenue stream and access to resources, aiding in sustained growth and innovation.

Product Pipeline

A diverse product pipeline enhances the company's ability to address unmet medical needs, supporting long-term growth and market relevance.

Negative Factors

Financial Instability

High leverage and negative equity can limit financial flexibility and increase risk, potentially impacting long-term sustainability.

Profitability Concerns

Sustained profitability challenges can hinder reinvestment in growth initiatives and affect the company's competitive position.

Cash Flow Challenges

Declining cash flow growth can strain operations and limit the ability to fund new projects, affecting long-term growth potential.

Duality Biotherapeutics, Inc. Business Overview & Revenue Model

Company Description

Duality Biotherapeutics, Inc. operates as a clinical stage company. It focuses on the development of next generation antibody-drug conjugate therapeutics and duality immune toxin antibody conjugate therapeutic. The company was founded by Zhu Zhong Yuan on July 3, 2019 and is headquartered in Shanghai, China.

How the Company Makes Money

Duality Biotherapeutics generates revenue primarily through the development and commercialization of its therapeutic products. The company's revenue model includes income from partnerships and collaborations with larger pharmaceutical companies, which may involve upfront payments, milestone payments, and royalties based on sales from jointly developed products. Additionally, Duality may receive funding through grants and research contracts aimed at supporting the development of its innovative therapies. The company’s strategic partnerships with industry leaders enhance its financial stability and expand its market reach, contributing significantly to its earnings potential.

Duality Biotherapeutics, Inc. Financial Statement Overview

Summary

Duality Biotherapeutics, Inc. demonstrates strong revenue growth but struggles with profitability and financial stability. The negative equity and high leverage pose significant risks, while cash flow management shows mixed results. The company needs to address cost management and improve its capital structure to enhance financial health.

Income Statement

The company shows significant revenue growth, with a 1654.84% increase in 2024. However, profitability remains a concern as indicated by negative net profit and EBIT margins. The gross profit margin has decreased from 76.06% in 2023 to 40.42% in 2024, reflecting increased cost pressures.

Balance Sheet

The balance sheet reveals high leverage with negative stockholders' equity, indicating financial instability. The debt-to-equity ratio is negative, and the return on equity is positive due to negative equity, which is misleading. The equity ratio is not calculable due to negative equity.

Cash Flow

Cash flow analysis shows a decline in free cash flow growth, with a significant drop of -264.20% in 2024. The operating cash flow to net income ratio is low, indicating challenges in converting income into cash. However, the free cash flow to net income ratio is relatively strong at 0.89.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022
Income Statement
Total Revenue	1.71B	1.94B	1.79B	1.60M
Gross Profit	714.52M	784.67M	1.36B	1.60M
EBITDA	-353.67M	-1.01B	-197.07M	-385.22M
Net Income	-2.56B	-1.05B	-357.51M	-387.09M
Balance Sheet
Total Assets	4.18B	2.09B	1.50B	463.74M
Cash, Cash Equivalents and Short-Term Investments	3.70B	1.39B	1.13B	375.97M
Total Debt	67.89M	5.29M	5.32M	4.67M
Total Liabilities	1.26B	4.11B	2.62B	1.23B
Stockholders Equity	2.91B	-2.02B	-1.12B	-769.12M
Cash Flow
Free Cash Flow	845.06M	254.60M	780.43M	-321.67M
Operating Cash Flow	855.12M	285.78M	816.34M	-299.47M
Investing Cash Flow	-651.24M	-211.15M	-78.55M	-22.20M
Financing Cash Flow	1.73B	-7.62M	10.82M	451.46M

Duality Biotherapeutics, Inc. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
2273	66 Neutral	HK$7.15B	19.34	14.86%	2.61%	16.41%	32.97%
0719	58 Neutral	HK$10.24B	11.58	7.48%	4.47%	1.65%	-16.38%
6699	56 Neutral	HK$11.41B	―	―	―	―	―
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
2142	51 Neutral	HK$12.36B	18.94	35.80%	―	59.70%	239.97%
9606	48 Neutral	HK$32.28B	―	―	―	―	―
2216	40 Neutral	HK$1.27B	-9.86	-8.93%	―	-30.60%	28.61%

Duality Biotherapeutics, Inc. Corporate Events

Duality Biotherapeutics Shareholders Approve 2025 Equity Incentive Scheme and Mandate Limits

Duality Biotherapeutics shareholders have approved the company’s new 2025 Share Scheme at an extraordinary general meeting held on 30 December 2025, passing all three ordinary resolutions by a clear majority via poll. The resolutions authorize the adoption and administration of the equity incentive plan, including the power to allot and issue shares for award vesting, set an overall scheme mandate limit and a specific sublimit for service providers, and seek listing approval for any new shares, thereby strengthening the company’s ability to grant share-based incentives to employees and partners without any shareholder opposition or required abstentions.

The most recent analyst rating on (HK:9606) stock is a Buy with a HK$493.00 price target. To see the full list of analyst forecasts on Duality Biotherapeutics, Inc. stock, see the HK:9606 Stock Forecast page.

Duality Biotherapeutics Proposes 2025 Share Scheme to Boost Growth

Duality Biotherapeutics, Inc. has announced its proposal to adopt the 2025 Share Scheme, which aims to attract and retain key participants crucial to the company’s long-term growth. The scheme is designed to recognize and reward contributions, providing participants with opportunities to acquire proprietary interests in the company, thereby enhancing its overall value. The adoption of this scheme is contingent upon shareholder approval at an extraordinary general meeting and the subsequent approval from the Listing Committee of The Stock Exchange of Hong Kong Limited.

The most recent analyst rating on (HK:9606) stock is a Buy with a HK$493.00 price target. To see the full list of analyst forecasts on Duality Biotherapeutics, Inc. stock, see the HK:9606 Stock Forecast page.

Duality Biotherapeutics Announces EGM for 2025 Share Scheme Approval

Duality Biotherapeutics, Inc. has announced an extraordinary general meeting to be held on December 30, 2025, to discuss and potentially approve the 2025 Share Scheme. This scheme involves resolutions for the allotment and issuance of shares under the scheme, which are inter-conditional. The approval of the scheme is contingent upon the Stock Exchange of Hong Kong’s listing approval, which could significantly impact the company’s market operations and shareholder value.

The most recent analyst rating on (HK:9606) stock is a Buy with a HK$493.00 price target. To see the full list of analyst forecasts on Duality Biotherapeutics, Inc. stock, see the HK:9606 Stock Forecast page.

Duality Biotherapeutics Announces Extraordinary General Meeting

Duality Biotherapeutics, Inc. has announced the scheduling of an extraordinary general meeting (EGM) to be held on December 30, 2025, in Shanghai, China. The meeting will determine the identity of shareholders eligible to attend and vote, with a book closure period set from December 23 to December 30, 2025. This announcement is significant as it outlines the company’s procedural steps in engaging with its shareholders, potentially impacting shareholder relations and corporate governance practices.

The most recent analyst rating on (HK:9606) stock is a Buy with a HK$493.00 price target. To see the full list of analyst forecasts on Duality Biotherapeutics, Inc. stock, see the HK:9606 Stock Forecast page.

Duality Biotherapeutics Plans RMB Share Listing on Shanghai’s Sci-Tech Board

Duality Biotherapeutics, Inc. has announced a proposal to issue ordinary shares in Renminbi to be listed on the Science and Technology Innovation Board of the Shanghai Stock Exchange. This proposed issuance is contingent upon market conditions, board and shareholder approvals, and necessary regulatory clearances. The company has not yet made any regulatory applications, and the proposal may be subject to change, with no assurance of proceeding.

The most recent analyst rating on (HK:9606) stock is a Hold with a HK$332.00 price target. To see the full list of analyst forecasts on Duality Biotherapeutics, Inc. stock, see the HK:9606 Stock Forecast page.