Western Securities: The map is shrinking, potential demand is large, and the recommendations have not been met. Consider continuing to pay attention to subsequent developments

The Zhitong Finance App learned that Western Securities released a research report saying that the GA sector is a typical blue ocean market with large potential demand and has not yet met actual clinical needs. Recent mergers and acquisitions and financing cases have shown the market's investment interest in this field to a certain extent. Currently, many products have entered the advanced clinical stage, and some signs of potential curative efficacy have been shown in early to mid-stage clinical trials. Therefore, it is recommended that this segment of ophthalmology consider continuing attention to subsequent developments.

The main views of Western Securities are as follows:

The population base of patients with map-like atrophy (GA) is huge, and there is currently a lack of effective targeted drugs

More than 8 million patients worldwide are affected by GA, and as the disease progresses, patients often experience irreversible vision damage. However, currently approved drugs lack protection for visual functional indicators, so the treatment of hypertrophy GA is a field of diseases that have not yet been fully satisfied.

A number of products have entered the advanced clinical stage, which is expected to bring new treatment options

Currently, many products have entered Phase 3 clinical trials, including Annexon (Vonaprument), Aviceda (AVD-104), Belite Bio (Tinlarebant), Regeneron & Alnylam (Cemdisiran), etc. Some products have shown structural or functional protection potential during clinical development, which is expected to bring new treatment options.

Related acquisitions and financings reflect the market's investment focus in this area

Although the current market size in the GA treatment field is still relatively small compared to the overall size of ophthalmology, many recent premium mergers and acquisitions and financings surrounding products in this treatment field suggest that the market is still paying some attention to this disease field.

Risk warning: risk of innovation R&D failure or falling short of expectations, risk of commercialization falling short of expectations, risk of increased market competition, risk of regulation and entry.