Guojin Securities: Verification of the pharmacogenicity of oral cyclic peptides kicks off a $10 billion track in the first year

The Zhitong Finance App learned that Guojin Securities released a research report stating that oral cyclic peptides are the most definitive forward-looking layout direction in the field of peptides after GLP-1. It is recommended to focus on leading companies with core platform technology and clinical pipelines in this field. Overseas recommendations focus on Pharmacist Therapeutics (PTGX): As a global leader in the oral cyclic peptide circuit, the two late-stage assets IcoTyde and RusFertide have entered the commercialization and regulatory approval stages respectively. Domestic recommendations focus on Hanson Pharmaceuticals (03692): Its HS-20118 is the first IL-23R oral cyclic peptide produced in China to enter advanced clinical stages. Global phase II clinical trials are progressing, and it is expected to have a first-mover advantage in the domestic oral cyclic peptide circuit.

Guojin Securities's main views are as follows:

Pharmacogenicity verification surpassed, and the oral cyclic peptide paradigm was officially established

In 2026, the oral cyclic peptide circuit completed a key transition from “scientific concept” to “industrial reality”, and pharmacogenicity was thoroughly verified. JNJ-2113 (Icotrokinra, trade name ICOTYDE) was approved and marketed by the FDA in March 2026, becoming the world's first oral cyclic peptide targeting IL-23; MSD MK-0616 (Enlicitide), as the world's first oral cyclic peptide targeting PCSK9, has been shown in phase III clinical trials of the CoralReef series to reduce LDL-C by 59.7%. The efficacy is close to injectable monoclonal antibodies and is expected to be submitted to the NDA in 2026. The two have systematically verified that oral cyclic peptides “have both the convenience of small molecule oral administration and antibody-level targeted activity” in the fields of self-immunity and metabolic diseases, respectively, indicating that peptide drugs have achieved a critical leap from “injectable only” to “can be taken orally”, and a new drug paradigm has officially emerged as a result.

Expansive incremental space, chronic disease scenario switching opens up exponential ceilings

The market generally regards oral cyclic peptides as an “oral alternative” to injecting antibodies, but their value goes far beyond stock replacement. <500 Da) 与抗体 (>On the one hand, in chronic diseases that require lifelong medication, such as psoriasis, ulcerative colitis, and hyperlipidemia, oral dosage forms have an irreplaceable compliance advantage over subcutaneous injections, which can significantly lower the treatment threshold and release about 50% to 70% of patients who meet advanced treatment conditions but have not yet received treatment; on the other hand, the molecular weight of cyclic peptides just fills the structural gap between small molecules (5000 Da), not only covers the broad flat interface of protein-protein interactions (PPI) with high affinity, and is more likely to penetrate cell membrane targeting Intracellular targets that have previously been “untreatable”, such as KRAS. Rusferde has received priority review from the FDA as the first ferrimodulin mimetic peptide (FIC molecule), and Chugai Pharmaceuticals AUBE00 (Pan-kras inhibitor) has entered phase I clinical trials, indicating that oral cyclic peptides are creating an incremental treatment space that cannot be covered by small molecules or antibodies.

Pipelines and BD resonate, and the industry enters the commercialization cycle

The global cyclic peptide R&D pipeline is undergoing systematic expansion. The cumulative number of ongoing research projects has grown from 72 projects in 2021 to 93 YTD projects in 2026, reaching a new five-year high of 11 new projects in 2026, and achieving full stage coverage from clinical application to approval for marketing for the first time, indicating that the technology platform has entered a mature period of full promotion. Industrial capital is using real money to verify the value of the platform: YTD's global cyclic peptide BD transactions reached a record high of US$6.17 billion in 2026. As the company with the fastest clinical advancement of oral cyclic peptides, Antioxidist Therapeutics has achieved a “1 approved (ICOTYDE) +1 NDA (Rusfertide, PDUFA scheduled for 2026Q3)”, with intensive catalysts for the next 18 months; as the first IL-23R oral cyclic peptide produced in China to enter advanced clinical stages, it has shown comparable early efficacy and excellent safety. The bank believes that oral cyclic peptides will enter a continuous commercialization cycle in the next 3-5 years, and companies that have mastered core cyclic modification technology and delivery platforms are expected to enjoy excess profits.

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