Want to see HK:9606 full AI Analyst Report?
Top Page
Duality Biotherapeutics, Inc.
(9606)
Select Model
Select Model
Rating:49Neutral
Price Target:
HK$168.00
▼(-16.08% Downside)
Action:Reiterated
Date:07/03/26
The score is mainly held back by weak and worsening profitability in 2025 despite strong revenue growth, alongside equity inconsistency. Positive operating/free cash flow and low leverage provide partial support. Technically, the stock shows near-term strength but remains below key longer-term moving averages, and valuation is pressured by a negative P/E with no dividend yield provided.
Positive Factors
Low Leverage
Debt-to-equity of about 0.06 in 2025 indicates limited leverage, reducing fixed financial burdens and preserving flexibility. This gives the company more capacity to fund research, absorb operating volatility, or pursue partnerships without a heavily debt-constrained balance sheet.
Negative Factors
Falling Gross Margin
The sharp gross-margin deterioration means additional revenue is translating into less gross profit than in earlier periods. If sustained, weaker unit economics can limit the resources available for research, commercialization, and corporate overhead while making profitable scaling more difficult.
Read all positive and negative factors
Positive Factors
Negative Factors
Low Leverage
Debt-to-equity of about 0.06 in 2025 indicates limited leverage, reducing fixed financial burdens and preserving flexibility. This gives the company more capacity to fund research, absorb operating volatility, or pursue partnerships without a heavily debt-constrained balance sheet.
Read all positive factors
Duality Biotherapeutics, Inc. (9606) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$15.39B
Dividend YieldN/A
Average Volume (3M)1.01M
Price to Earnings (P/E)―
Beta (1Y)1.02
Revenue GrowthN/A
EPS GrowthN/A
CountryHK
Employees231
SectorGeneral
Sector StrengthN/A
IndustryBiotechnology
Share Statistics
EPS (TTM)N/A
Shares Outstanding91,233,710
10 Day Avg. Volume1,024,556
30 Day Avg. Volume1,014,921
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$301.91Price Target Upside50.80% 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
Operating as a clinical-stage enterprise, Duality Biotherapeutics, Inc. concentrates on pioneering next-generation antibody-drug conjugate (ADC) therapies and proprietary duality immune toxin antibody conjugate (ITAC) solutions. The firm was found...
How the Company Makes Money
The company’s primary ways to generate revenue typically include (i) collaboration and licensing arrangements in which it grants partners rights to develop and/or commercialize certain drug candidates in exchange for upfront payments, milestone pa...
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 | 842.13M | 1.80B | 1.94B | 1.79B | 1.60M |
| Gross Profit | -233.67M | 561.85M | 784.67M | 1.36B | 1.60M |
| EBITDA | -1.54B | -2.51B | -1.01B | -197.07M | -385.22M |
| Net Income | -1.44B | -2.53B | -1.05B | -357.51M | -387.09M |
Balance Sheet | |||||
| Total Assets | 3.51B | 3.89B | 2.09B | 1.50B | 463.74M |
| Cash, Cash Equivalents and Short-Term Investments | 3.04B | 3.43B | 1.39B | 1.13B | 375.97M |
| Total Debt | 379.46M | 149.84M | 5.29M | 5.32M | 4.67M |
| Total Liabilities | 2.06B | 1.47B | 4.11B | 2.62B | 1.23B |
| Stockholders Equity | 1.45B | 2.43B | -2.02B | -1.12B | -769.12M |
Cash Flow | |||||
| Free Cash Flow | -404.41M | 180.86M | 254.60M | 780.43M | -321.67M |
| Operating Cash Flow | -395.18M | 194.58M | 285.78M | 816.34M | -299.47M |
| Investing Cash Flow | -1.39B | -1.91B | -211.15M | -78.55M | -22.20M |
| Financing Cash Flow | 79.48M | 1.81B | -7.62M | 10.82M | 451.46M |
Duality Biotherapeutics, Inc. Technical Analysis
Negative
200.20
Price Trends
200.87
Negative
211.61
Negative
265.39
Negative
Market Momentum
-6.23
Positive
37.12
Neutral
18.12
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:9606, the sentiment is Negative. The current price of 200.2 is above the 20-day moving average (MA) of 185.25, below the 50-day MA of 200.87, and below the 200-day MA of 265.39, indicating a bearish trend. The MACD of -6.23 indicates Positive momentum. The RSI at 37.12 is Neutral, neither overbought nor oversold. The STOCH value of 18.12 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for HK:9606.
Duality Biotherapeutics, Inc. Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | HK$62.73B | 11.04 | 128.12% | ― | 305.94% | ― | |
64 Neutral | HK$34.35B | 33.83 | 20.41% | ― | 32.63% | 8.87% | |
63 Neutral | HK$163.14B | 112.83 | 6.06% | ― | 42.64% | 9.67% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
51 Neutral | HK$83.18B | -74.13 | -10.86% | ― | 42.47% | -15.80% | |
49 Neutral | HK$15.39B | -8.96 | -74.20% | ― | ― | ― | |
46 Neutral | HK$32.15B | -72.62 | -7.32% | ― | 34.83% | 58.94% |
* General Sector Average
HK:9606
Duality Biotherapeutics, Inc.
168.70
-341.30
-66.92%
HK:1801
Innovent Biologics
93.55
-2.05
-2.14%
HK:9926
Akeso, Inc.
90.30
-38.60
-29.95%
HK:9995
RemeGen Co. Ltd. Class H
73.75
-36.65
-33.20%
HK:1877
Shanghai Junshi Biosciences Co., Ltd. Class H
16.60
-16.30
-49.54%
HK:2696
Shanghai Henlius Biotech, Inc. Class H
63.00
-16.65
-20.90%
Duality Biotherapeutics, Inc. Corporate Events
Duality Biotherapeutics Narrows Loss as ADC Pipeline Reaches Key Milestones
Aug 28, 2026
Duality Biotherapeutics reported interim unaudited results for the six months ended June 30, 2026, showing revenue of RMB219.3 million, or adjusted revenue of RMB510 million after accounting for a one-off U.S. option impact. The company posted a n...
Duality Biotherapeutics Strikes Billion-Dollar ADC Collaboration with Genentech
Aug 27, 2026
Duality Biotherapeutics has entered a global research and development collaboration and license agreement with Genentech, part of the Roche Group, to co-develop next-generation antibody-drug conjugates based on its proprietary DUPAC payload platfo...
Duality Biotherapeutics Sets Board Meeting to Approve 2026 Interim Results
Aug 14, 2026
Duality Biotherapeutics, Inc. has scheduled a board meeting for August 28, 2026 to review and approve the unaudited interim results for the six months ended June 30, 2026. The forthcoming publication of these results will give investors and other ...
Duality Biotherapeutics Gains Shareholder Backing for Governance and Capital Mandates
Jun 26, 2026
Duality Biotherapeutics, Inc. is a Cayman Islands-incorporated biopharmaceutical company listed in Hong Kong that develops and commercializes biotherapeutic products. It maintains a broad shareholder base and adheres to Hong Kong corporate governa...
Duality Biotherapeutics Grants RSUs to Key Staff Under 2025 Share Scheme
Jun 26, 2026
Duality Biotherapeutics has granted 283,500 restricted share units to 38 employees, including a member of senior management, under its 2025 Share Scheme to provide long-term motivation and recognize contributions to the Group. The RSUs, priced off...
Duality Biotherapeutics Revamps Company Secretarial and Governance Structure in Hong Kong
Jun 26, 2026
Duality Biotherapeutics has reshuffled its corporate governance structure, announcing the resignation of joint company secretary, authorized representative and process agent Ms. Tsang Wing Man, effective June 26, 2026, with no reported disagreemen...
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.