GenFleet Therapeutics (2595.HK): Asia Healthcare Corporate Day 2026 Takeaways: Addressing GFH276 safety debates with detailed breakdown

Management (at our Corp Day and a separate business update call) shared more colors around market discussions on the ESMO-shared ph1 data of GFH276, including: 1) a safety breakdown of GFH276 suggesting clear dose dependency in both PDAC/NSCLC, with clean sheet at 40-120mg, 2) expectations for an improving safety profile with better trial management, and 3) competitive mono responses, with combinability as the key differentiator. For PDAC, in 47 patients dosed with 40/80/120mg GFH276, zero case of G3+ rash as well as other AEs of interest was observed, with a total of 11% G3+ TRAE and no dose reduction or discontinuation; one G3 rash was observed in the 160mg cohort (N=14). For NSCLC, 14 patients were enrolled for dose escalation (5-160mg), with zero G3+ rash cases in 5-80mg, one case (17%) in 120mg and 4 cases (80%) in 160mg. Mgmt views the tolerability differences between NSCLC and PDAC as organ-specific rather than drug-specific, consistent with daraxonrasib. On efficacy, ORR of 41%