Duality Biotherapeutics, Inc. (HK:9606)
:9606
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Duality Biotherapeutics, Inc.
(9606)
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Rating:51Neutral
Price Target:
HK$281.00
▼(-9.53% Downside)
Action:ReiteratedDate:04/29/26
The score is mainly supported by improving scale and generally positive operating/free cash flow in recent years, alongside low reported leverage. Offsetting this are widening losses and lower gross margin in 2025, plus bearish technical signals with the stock trading below key moving averages and negative MACD; valuation is also constrained by the company’s loss-making profile (negative P/E).
Positive Factors
Revenue growth / scale
Meaningful, sustained revenue expansion (including a very large jump in 2023 and continued growth into 2025) indicates the company has scaled core operations. A growing top line provides a more durable base for R&D, partnerships and incremental margin improvement over months.
Negative Factors
Widening net losses
Materially wider net losses in 2025 indicate persistent unprofitable operations. Continued losses erode equity, constrain reinvestment capacity and increase the likelihood of future capital raises or dilution, creating durable pressure on return metrics over several months.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue growth / scale
Meaningful, sustained revenue expansion (including a very large jump in 2023 and continued growth into 2025) indicates the company has scaled core operations. A growing top line provides a more durable base for R&D, partnerships and incremental margin improvement over months.
Read all positive factors
Duality Biotherapeutics, Inc. (9606) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$23.15B
Dividend YieldN/A
Average Volume (3M)1.60M
Price to Earnings (P/E)―
Beta (1Y)0.86
Revenue GrowthN/A
EPS GrowthN/A
CountryHK
Employees170
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)N/A
Shares Outstanding90,427,810
10 Day Avg. Volume2,424,103
30 Day Avg. Volume1,602,164
Financial Highlights & Ratios
PEG Ratio-0.03
Price to Book (P/B)7.19
Price to Sales (P/S)9.67
P/FCF Ratio96.49
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
HK$445.52Price Target Upside43.44% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering6
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
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...
How the Company Makes Money
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Duality Biotherapeutics, Inc. Financial Statement Overview
Summary
Income Statement
28
Negative
Balance Sheet
55
Neutral
Cash Flow
64
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 1.71B | 1.80B | 1.94B | 1.79B | 1.60M |
| Gross Profit | 714.52M | 561.85M | 784.67M | 1.36B | 1.60M |
| EBITDA | -353.67M | -404.27M | -1.01B | -197.07M | -385.22M |
| Net Income | -2.56B | -2.53B | -1.05B | -357.51M | -387.09M |
Balance Sheet | |||||
| Total Assets | 4.18B | 3.89B | 2.09B | 1.50B | 463.74M |
| Cash, Cash Equivalents and Short-Term Investments | 3.70B | 3.43B | 1.39B | 1.13B | 375.97M |
| Total Debt | 67.89M | 149.84M | 5.29M | 5.32M | 4.67M |
| Total Liabilities | 1.26B | 1.47B | 4.11B | 2.62B | 1.23B |
| Stockholders Equity | 2.91B | 2.43B | -2.02B | -1.12B | -769.12M |
Cash Flow | |||||
| Free Cash Flow | 845.06M | 180.86M | 254.60M | 780.43M | -321.67M |
| Operating Cash Flow | 855.12M | 194.58M | 285.78M | 816.34M | -299.47M |
| Investing Cash Flow | -651.24M | -1.91B | -211.15M | -78.55M | -22.20M |
| Financing Cash Flow | 1.73B | 1.81B | -7.62M | 10.82M | 451.46M |
Duality Biotherapeutics, Inc. Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | HK$39.97B | 34.57 | 25.67% | ― | 16.65% | 0.87% | |
64 Neutral | HK$156.44B | -762.50 | 4.82% | ― | 38.55% | ― | |
56 Neutral | HK$70.64B | 36.25 | 32.32% | ― | 80.08% | ― | |
53 Neutral | HK$123.43B | -43.30 | -14.26% | ― | 44.03% | -108.83% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
51 Neutral | HK$23.15B | ― | -164.22% | ― | ― | ― | |
50 Neutral | HK$41.01B | -256.36 | -10.78% | ― | 34.19% | 47.97% |
* Healthcare Sector Average
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Duality Biotherapeutics, Inc. Corporate Events
Duality Biotherapeutics Wins Shareholder Approval for RMB Share Issue and Sci-Tech Board Listing
Apr 29, 2026
Duality Biotherapeutics, Inc., a Cayman Islands-incorporated biopharmaceutical company listed in Hong Kong, is preparing to issue renminbi-denominated shares for listing on the Sci-Tech Board in mainland China. The firm aims to broaden its capital...
Duality Biotherapeutics Calls EGM to Approve RMB Share Issue and Sci-Tech Board Listing Framework
Apr 14, 2026
Duality Biotherapeutics has convened an extraordinary general meeting for April 29, 2026 in Shanghai to seek shareholder approval for an RMB share issuance of up to 15,779,190 shares, subject to regulatory clearances. The meeting will also conside...
Duality Biotherapeutics Plans RMB Share Issue and Sci-Tech Board Listing
Apr 13, 2026
Duality Biotherapeutics plans to issue up to 15,779,190 new ordinary shares denominated in RMB and list them on Shanghai’s Sci-Tech Board, subject to shareholder and regulatory approvals. The new RMB shares will be fully fungible with the co...
Duality Biotherapeutics Wins China BLA Acceptance for Key HER2 Breast Cancer Drug
Apr 9, 2026
Duality Biotherapeutics said China’s National Medical Products Administration has accepted its Biologics License Application for DB-1303/BNT323 to treat adults with unresectable or metastatic HER2-positive breast cancer, following positive P...
Duality Biotherapeutics Sets April 29, 2026 Extraordinary General Meeting and Book Closure Dates
Apr 9, 2026
Duality Biotherapeutics has scheduled an extraordinary general meeting for April 29, 2026, in Shanghai, with shareholder participation governed by a defined book closure period. The company will close its register of members from April 24 to April...
Duality Biotherapeutics Narrows Adjusted Loss as Lead ADCs Hit Key Clinical Milestones
Mar 23, 2026
Duality Biotherapeutics reported 2025 revenue of RMB1.85 billion, slightly lower than a year earlier, while its net loss widened to RMB2.59 billion, largely driven by fair value changes linked to pre-IPO preferred shares. Adjusted loss narrowed to...
Duality Biotherapeutics Reshapes Board and Finance Leadership to Back R&D Strategy
Mar 23, 2026
Duality Biotherapeutics has announced a series of senior management and board changes effective March 23, 2026, including the resignation of executive director Si Wen from the board and the remuneration committee for personal career reasons, while...
Duality Biotherapeutics Details Board and Committee Structure
Mar 23, 2026
Duality Biotherapeutics, Inc. has outlined the current composition of its board of directors, led by chairman and chief executive officer Dr. Zhu Zhongyuan and supported by a mix of executive, non-executive, and independent non-executive directors...
Duality Biotherapeutics Sets March Board Meeting on 2025 Results and Dividend
Mar 11, 2026
Duality Biotherapeutics, Inc. is a Hong Kong-listed biopharmaceutical company focused on developing innovative therapeutic products. The company operates through its subsidiaries and is governed by a board comprising executive, non-executive and i...
Duality Biotherapeutics Reports Encouraging Prostate Cancer Data for Lead ADC at ASCO GU 2026
Feb 23, 2026
Duality Biotherapeutics will present updated Phase 1/2 data for its core B7-H3 antibody-drug conjugate DB-1311/BNT324 in heavily pretreated metastatic castration-resistant prostate cancer at the 2026 ASCO Genitourinary Cancers Symposium. The study...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.