Analysis of Jacobio Pharma's Pan-KRAS Inhibitor R&D Progress and Valuation Differences vs. Peer Companies

Jacobio Pharma’s pan-KRAS inhibitor

is currently in [1]. Specific progress includes:

• Clinical progress
  : Phase I clinical trials ongoing simultaneously in China and the US
• Latest data
  : As of the end of 2025,
  early anti-tumor activity signals
  have been observed [1]
• Global ranking
  : Ranks
  second globally
  in R&D progress among pan-KRAS inhibitors [1]
• Technical advantages
  : Adopts
  small molecule inhibitor
  development route, which has
  lower risk
  compared to macromolecular drugs [1]

Revolution Medicines is a

in the global pan-KRAS field, and its core product leads Jacobio in R&D progress:

Comparison Dimension	Jacobio (JAB-23E73)	Revolution Medicines (RMC-6236)
R&D Phase	Phase I Clinical	More Advanced Clinical Progress
Global Ranking	2nd	1st
Clinical Layout	China-US Simultaneous	Global Multi-center
Activity Signal	Early Anti-tumor Activity	More Mature Clinical Data

The KRAS inhibitor market is in a period of rapid growth:

• 2023 Market Size
  : Approximately USD 500 million
• 2034 Projected Size
  : Will reach USD 7.847 billion
• Compound Annual Growth Rate (CAGR)
  : Approximately 35% [4]

Company	Market Capitalization Level	Valuation Multiple Difference
Revolution Medicines	Exceeds RMB 100 billion [1]	Benchmark
Jacobio (1167.HK)	Less than HKD 10 billion [1]	Over 10x

:

1. R&D progress gap
   : Revolution Medicines’ RMC-6236 has more mature clinical data and an earlier R&D phase
2. Market awareness
   : As the world’s first pan-KRAS company to enter Phase III, Revolution Medicines enjoys a higher market premium
3. Clinical data maturity
   : Revolution Medicines has released more complete clinical efficacy data, while Jacobio has only observed early activity signals so far
4. Liquidity premium
   : The liquidity and investor structure of the US stock market give Revolution Medicines a higher valuation

Despite the valuation gap, the market believes Jacobio has the following

:

• Scarcity of second-place R&D progress
  : Only a few companies globally are engaged in pan-KRAS development
• Technical route advantage
  : Small molecule inhibitors have better druggability and lower development risk compared to macromolecular drugs
• KRAS G12C inhibitor Glecirasib
  : Approved for marketing by NMPA in May 2025, with expected peak sales exceeding RMB 1 billion [1]
• Cash flow support
  : The company has a stable capital balance, which can support approximately 4 years of R&D expenses in the future [3]

: There is an obvious between Jacobio and Revolution Medicines, mainly reflecting the differences in R&D progress and clinical data maturity.

: If JAB-23E73’s Phase I clinical trial continues to show positive data and progresses smoothly to higher-phase clinical trials, the valuation gap is expected to narrow gradually.

: With the rapid expansion of the pan-KRAS inhibitor market (35% CAGR), Jacobio, as the second in global R&D progress, is expected to obtain significant market revaluation opportunities.

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:
[1] 2025 Top 10 Innovative Drug Stocks in China Analysis - OFweek Medical Network (https://m.ofweek.com/medical/2026-01/ART-11102-8120-30678195.html)
[2] Jacobio Pharma 2024 Annual Performance Report (https://www.jacobiopharma.com/sites/default/files/pdfs/加科思2024年度业绩PPT_final_0321.pdf)
[3] Glecirasib’s Registrational Clinical Data Published in Nature Medicine - Jacobio Pharma Official Website (https://www.jacobiopharma.com/cn/news/glecirasib-data-nature-medicine)
[4] KRAS Inhibitors Market Report - DelveInsight (https://www.delveinsight.com/insights/kras-inhibitors-market-size)