Gubra 2026年Q2财报及UCN2、CRO业务进展电话会议纪要

一、AI总结内容 一、核心要点 1. 公司业绩与发展展望：2026年上半年表现良好，下半年有望实现指引目标，长期目标为10%年增速；CRO业务曾实现约14%年增速，肌肉平台（ sarcopenia）今年刚推出已获内外部需求，女性健康业务布局中，预计需时间培育市场。 2. UCN2项目进展：为靶向CRHR2的长效激动剂，机制差异化，可同时减少脂肪、增加肌肉，兼具减重与身体调节价值，计划开展I/II期临床研究，评估安全性、耐受性、药代动力学及肌肉相关终点；2026年10月27日研发日将公布最新数据，明年研究将确定后续开发优先级及方向。 3. 其他管线与业务布局：多个管线推进，包括GLP1/GIP/Y2三靶点激动剂（合作方Bayer负责推进）、长效胰淀素类似物PVD295（授权给AbCellera）；成立Gubra Ventures，围绕外部创新拓展，降低对外依赖，未来几个月将宣布首个投资标的。 二、风险与关注 1. 行业层面：制药行业外包趋势驱动需求，需维持代谢等领域领先地位，加速平台技术商业化；2026年生物科技融资反弹，上半年CRO业务收入环比增长11%，恢复至正盈利，需关注客户需求波动。 2. UCN2研发：仅在单中心招募，后续计划扩展至多中心（含美国）；需关注II期临床数据及适应症拓展潜力，包括肌肉疾病、心血管疾病等。三、投资与财务 1. 财务指引：2026年整体指引不变，CRO业务收入增速预期0-10%，投资支出维持10-15%区间；Q3将确认某靶点II期启动里程碑收入，Q4预计将扭亏为盈。2. 分红说明：2025年因合作方预付款宣布特别分红，后续不维持年度分红，为一次性安排。 四、后续安排 1. 2026年10月27日召开研发日，将公布UCN2开发策略、管线进展及成本策略等信息。2. UCN2项目I/II期研究正在开展，计划评估单药及联合用药，纳入肥胖者及健康参与者，最长治疗16周。 二、音频原文（转写） twenty six. thank you. All right, thanks a lot for those questions, Thomas. So I think the firstthree questions on UCN two, clinical trials, Ithink we'll send a version of what you said, andsome trial design specific questions. We will go to Thomas and then ask him a question on the CIO business. We'll go to Saina, but Thomas on UCN two. Yeah, I'm happy to take the questions onUCN two. Thank you for that, Thomas. In regardsto the clinical trial side, we have deliberately selected one side for the current trial, and the reason for that is that we have really complexendpoints right around muscle function, musclevolume, that really requires expertise at the site. We currently do not plan to expand beyond the site, but we will see how the trial is going to progress. yeah with regards to the overall development strategy and in details to the clinicaltrial, Thomas, we will certainly provide an update at the October 27 R&D day. 嗯。 But the two women. it rests some of your pointsWe are certainly very interested in understanding how EDC engine performs both as a model therapy aimed in conjunction with impertinent therapyfor the combination arms, we will certainly utilize the commercialized products at the proscribed dosing the regiments. I think. that. to address the questions of a day. Okay。 对。I think you're covered at all. And then the math question was on. 是有诶。expectations for secondhalf of the year and if that's anything we can say on the getting back to the to target the growth. So, so as I said, I am. we see positive trend in the market and we expect to be able to to follow guidance in the second half of 2026. Looking into 27. What we have been working on in 2026is expanding our motor portfolio. just the stands as the head of the club on an important growth areas, the relevant in the market. They combined with our customers. discipline and the initiatives we are taking on that side. So and In twenty seven yeah i am. I my hope is to get back tothe long term guidance which is said ten percentgrowth. This is our ambition. Great, thank you.哥们儿。 Okay。just have many. So the group of zero business is a growth case. We've grown over the yearsby around 14% over the last couple years, 14% an nually. So, uh, but of course there's there's some swings between certain years, but definitelyyou know group of zero isn't a good position andand and the there are you know we want to growthe business 10% annually. Great, thank you, thank you, thank you. All right, thank you, Thomas,as well for the question. So we're all ready. The next question comes from Rajan Sharma from Goldman Sachs. Please go ahead. Hi, thanks for taking questions. I've got two, one on the CRO andone on the ByteChat business. Maybe just starting with GCN two. Could you just help us understand what are the most important endpoints that you've been monitoring to support that target product profile there? What's your internal boss's success and what would you. need to see to justify further development for that asset when we see the the dates nextyear. And then just on the cro, I think. you talked about expanding into women's health. um Could you just give us an update on Progress therein development. Just looking on your comments onSlide 23, doesn't it like? women's health is contributing commercially thisyear, when should we start to expect some contribution?Thank you. Good, okay. Thank you a lot for that. So let's start again with Fusion 2. Anything in addition that we can add on on the on imports and what could justify operation from A CD卡零食的。 subsequent process, the trial will go through atoss. yeah we will generate data in this trial sequentially. In the NAD trial, we expect resultsof safe tolerability and the top of kinetics that would help us to determine and how we push those levels forward in the multiple ascending dose in the multiple dose. Part of the trial. So wewill start off with generating this data set an d then continue 对。 generating end points around 呃。around earlier focus to meet out in the subsequent parts of the trial and as I indicated earlier, this will be measurements around by the composition that reallyhelps u