26 Aug 2020

CMB International Securities | Equity Research | Coverage Initiation

I -Mab BioPharma (IMAB US) BUY (Initiation)

Innovation for biologics Target Price US$41.30 Up/Downside +36.29% Current Price US$30.30  I-Mab is well-positioned to become a biotech leader in China leveraging its innovative discovery expertise, fit-for-purpose technology platforms, biomarker-enabled translational medicine capabilities, and clinical China Healthcare Sector development capabilities. To date, I-Mab has developed an innovative pipeline of more than 10 clinical and pre-clinical stage assets through its Jill Wu, CFA internal R&D and in-licensing efforts. (852) 3900 0842 [email protected]  Fully-integrated capabilities in R&D, business development, production and commercialization. I-Mab’s R&D capabilities encompass discovery, Sam Hu, PhD (852) 3900 0882 biologics CMC development, pre-clinical development and clinical [email protected] development with footprints in Shanghai, Beijing and the US. Meanwhile, leveraging its strong business development capabilities, I-Mab has completed several successful in-licensing and out-licensing deals. As for manufacturing, Mkt. Cap. (US$ mn) 1,752 I-Mab is currently using CDMOs and is establishing its own manufacturing Avg. 3mths t/o (US$ mn) 2.04 facility for the long term purpose. 52W High/Low (US$) 35.0/9.3 Total Issued Shares (mn) 58  Risk-balanced fast-to-market China strategy & fast-to-PoC global Source: Bloomberg strategy. I-Mab has built a risk-balanced pipeline portfolio on two pillars: 1) a Shareholding Structure fast-to-market China strategy, focusing on seeking opportunities to in-license Founders 3% the development and commercialization rights of investigational drugs from Pre-IPO investors 68% global biopharmaceutical companies, and 2) a fast-to-PoC (proof of concept) Other public shareholders 29% Source: Bloomberg global strategy, focusing on advancing its own novel or differentiated biologics towards clinical validation in the US. Share performance Absolute Relative  Novel & highly differentiated biologics portfolio. TJ202, a highly 1-mth 7.3% -2.3% differentiated anti-CD38 antibody for MM, is undergoing two registrational 3-mth 42.3% 16.6% trials, including a third-line monotherapy trial and a second-line combination 6-mth 152.3% 104.4% Source: Bloomberg therapy trial, in MM in Taiwan and mainland China. For TJ101, a long-acting growth hormone, NMPA has accepted the IND application for a pivotal phase 12-mth price performance 3 trial in PGHD in Aug 2020. As for the global portfolio, TJM2, TJC4 and TJD5 (US$) imab US CCMP (rebased) are undergoing Phase 1 or Phase 2 clinical trials in the US. 35 30  Drug sales to start from 2021E. We forecast drug sales to start from 2021E 25 20 assuming TJM2 to receive US FDA’s approval for treatment of severe COVID- 15 19. We expect TJ202 to start commercialization in 2022E, TJ101 and TJC4 to 10 be launched in 2024E, and TJD5 to come to the market in 2025E. To factor in 5 0 the risk in drug development, we apply different probability of success (PoS) Jan-20 Apr-20 Jul-20 to our sales forecasts. We expect risk-adjusted revenue of RMB1,553mn/ Source: Bloomberg RMB806mn in FY2021E/22E. We forecast net losses of RMB1,092mn/ RMB634mn / RMB1,076mn in FY20E/21E/22E. Auditor: PWC Web-site: www.i-mabbiopharma.com  Initiate at BUY. We use DCF method to value the Company and we derive TP of US$41.30 based on 15-year risk-adjusted DCF model (WACC: 10.60%, terminal growth rate: 3.0%). Risks: Delay in R&D process; Competition from peers.

Earnings Summary (YE 31 Dec) FY18A FY19A FY20E FY21E FY22E Revenue (RMB mn) 54 30 0 1,533 806 YoY growth (%) 365 (44) (100) N/A (47) Net loss (RMB mn) (403) (1,452) (1,092) (634) (1,076) EPS (RMB per ADS) N/A N/A (18.88) (10.97) (18.60) R&D expenses (RMB mn) (426) (840) (900) (1,000) (1,000) Capex (RMB mn) (14) (12) (100) (100) (100) Source: Company data, CMBIS estimates

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Contents

Investment Thesis ...... 4 Fully-integrated capabilities in R&D, production and commercialization ...... 4 Risk-balanced fast-to-market China strategy & fast-to-PoC global strategy ...... 4 Novel & highly differentiated biologics portfolio ...... 4 Drug sales to start from 2021E ...... 5 Initiate at BUY ...... 5 Investment risks ...... 5 I-Mab to fast develop its novel & highly differentiated biologics ...... 6 Risk-balanced fast-to-market China strategy & fast-to-PoC global strategy ...... 6 Fully-integrated capabilities in R&D, production and commercialization ...... 8 Supported by top-tier investors ...... 10 Tap the large immuno-oncology and autoimmune biologics market ...... 11 I-Mab’s China Portfolio ...... 13 TJ202 (MOR202), a CD38 antibody ...... 13 TJ202 has superior safety and potent efficacy ...... 13 Early clinical results demonstrated potent efficacy and good safety ...... 14 Large potential in CD38 antibody market ...... 18 Systemic Lupus Erythematosus is another potential indication ...... 21 Expect RMB1.4bn risk-adjusted peak sales from TJ202 by 2035E ...... 22 TJ101 (eftansomatropin), a long-acting growth hormone ...... 24 TJ101 is a potential highly differentiated long-acting growth hormone ...... 24 Large unmet need in PGHD market ...... 24 TJ101 showed comparable efficacy and satisfying safety ...... 26 Expect RMB1.8bn risk-adjusted peak sales from TJ101 by 2035E ...... 29 Enoblituzumab, a B7-H3 antibody ...... 30 The most advanced clinical stage humanized B7-H3 antibody ...... 30 Early clinical results supports potential in combo regimens ...... 31 SCCHN has large market potential for immunotherapies ...... 33 TJ301 (olamkicept), an IL-6 blocker ...... 36 TJ301 is a potential highly differentiated IL-6 Blocker ...... 36 Preliminary clinical data showed favorable safety profile and encouraging efficacy ...... 36 Ulcerative Colitis has substantial unmet clinical need ...... 38 TJ107 (Efineptakin), a long-acting rhIL-7 ...... 41 TJ107 is a potential lymphocyte-booster for cancer related lymphopenia and immunotherapy ...... 41

PLEASE READ THE ANALYST CERTIFICATION AND IMPORTANT DISCLOSURES ON LAST PAGE 2 26 Aug 2020

Preliminary clinical results proved sustainable T cell stimulation ...... 42 Cancer treatment-related lymphopenia occurs in many cancer patients ...... 43 I-Mab’s Global Portfolio ...... 45 TJC4, a highly differentiated CD47 antibody ...... 45 TJC4 has potential of minimizing hematologic side effects ...... 45 CD47-targeting therapies showed potent efficacy but with hematological toxicities ...... 46 TJC4’s preclinical results showed superior safety profile ...... 49 Expect RMB2.9bn risk-adjusted peak sales from TJC4 by 2035E ...... 52 TJD5, a CD73 antibody ...... 55 A potential highly differentiated CD73 antibody for cancer treatment ...... 55 TJD5 proved to have no “hook effect” ...... 56 Expect RMB1.5bn risk-adjusted peak sales from TJD5 by 2035E ...... 58 TJM2, a GM-CSF antibody ...... 60 TJM2 is a potential therapy for COVID-19 and auto-immune diseases ...... 60 Early clinical studies showed good tolerability of TJM2 ...... 63 Expect RMB2.7bn risk-adjusted peak sales from TJM2 by 2035E ...... 64 Preclinical assets ...... 66 Preclinical monoclonal antibodies ...... 66 Preclinical bi-specific antibody panel ...... 66 Financial Analysis ...... 68 Drugs sales to start from 2021E ...... 68 Financial Statements ...... 70 Valuation ...... 71 Investment Risks ...... 72 Appendix: Company Profile ...... 73

PLEASE READ THE ANALYST CERTIFICATION AND IMPORTANT DISCLOSURES ON LAST PAGE 3 3 26 Aug 2020

Investment Thesis

Founded in 2014, I-Mab Biopharma (I-Mab) is a clinical stage biopharmaceutical company developing novel or highly differentiated biologics for treatment of cancers and autoimmune disorders.

I-Mab is well-positioned to become a biotech leader in China because of its innovative discovery expertise, fit-for-purpose technology platforms, biomarker-enabled translational medicine capabilities, and clinical development capabilities. To date, I-Mab has developed an innovative pipeline of more than 10 clinical and pre-clinical stage assets through its internal R&D and in-licensing efforts.

Fully-integrated capabilities in R&D, production and commercialization I-Mab’s research and development capabilities encompass discovery, biologics CMC development, pre-clinical development and clinical development with footprints in Shanghai, Beijing and the US. Meanwhile, leveraging its strong business development capabilities, I-Mab has completed several successful in-licensing and out-licensing deals with global and regional partners. As for manufacturing, I-Mab is currently using contract development and manufacturing organizations (CDMOs) and is also establishing its own manufacturing facility for the long term purpose. In Jul 2020, I-Mab announced the appointment of Mr. Ivan Yifei Zhu as its Chief Commercial Officer. Mr. Zhu will focus on building and developing I-Mab’s commercialization infrastructure and strategies, and preparing the Company for upcoming product launches.

Risk-balanced fast-to-market China strategy & fast-to-PoC global strategy I-Mab has built a risk-balanced pipeline portfolio on two pillars: 1) a fast-to-market China strategy and 2) a fast-to-PoC (proof of concept) global strategy. The Company’s fast-to-market China strategy focuses on seeking opportunities to in-license the development and commercialization rights of investigational drugs from global biopharmaceutical companies for Greater China. I-Mab only selects investigational drugs that have the potential to become novel or highly differentiated medicines. Leveraged its clinical network, I-Mab has efficiently navigated through the drug development process to registration.

The Company’s fast-to-PoC global strategy focuses on advancing its own novel or differentiated biologics towards clinical validation in the US. First, the Company seeks PoC of these drug candidates in the US by conducting early phase clinical trials with a set of safety and efficacy endpoints and leveraging the FDA’s streamlined regulatory system for innovative drug development. Second, the Company will use the data generated to advance clinical development in China, leveraging access to China’s large patient pool, extensive clinical trial resources through collaborations with leading hospitals in China, and a regulatory pathway for fast-track approval of drugs supported by solid overseas clinical data. I-Mab may out-license the global rights (excluding Greater China) of these investigational drugs following clinical validation in the US, while retaining the Greater China rights for further development and commercialization.

Novel & highly differentiated biologics portfolio TJ202 is positioned as a potential highly differentiated anti-CD38 therapy for multiple myeloma (MM), given its short infusion time, low infusion reaction rate (IRR) and potentially sustained efficacy. TJ202 is undergoing two registrational trials, including a third-line monotherapy trial and a second-line combination therapy trial, in MM in Taiwan and mainland China.

For TJ101, a long-acting growth hormone, NMPA has accepted the IND application for a pivotal phase 3 trial in PGHD in Aug 2020.

TJM2 is being developed for the treatment of autoimmune and inflammatory diseases, including RA, cytokine release syndrome (CRS) and neuroinflammation from CAR-T therapy. TJM2 is also tested as a potential treatment for COVID-19. I-Mab has initiated Phase 2 study to evaluate the safety,

PLEASE READ THE ANALYST CERTIFICATION AND IMPORTANT DISCLOSURES ON LAST PAGE 4 4 26 Aug 2020 tolerability and efficacy of TJM2 in reducing the severity of complications as well as levels of multiple cytokines in patients with severe COVID-19 in the US. In China, I-Mab has initiated a Phase 1b trial to test TJM2 in RA patients with first patient dosed in Aug 2020.

I-Mab developed TJC4 by design to possess a unique property or differentiation, to minimize binding to RBCs while retaining anti-tumor activities in line with other antibodies of the same class. I-Mab has a Phase 1 clinical trial in progress in patients with advanced cancer in the US. Single-agent safety data of TJC4 may be available in 2H20E, which will be an important readout to prove the superior safety of TJC4. In parallel, I-Mab has initiated a Phase 1/2a clinical trial of TJC4 in China in patients with r/r AML/MDS with first patient dosed in Apr 2020.

TJD5 is an internally developed, humanized inhibitory antibody against human CD73. TJD5 displayed complete inhibition of soluble CD73 enzymatic activity (IC50= 0.22 nM) without the “hook effect” in contrast to the comparator molecule. In the US, I-Mab has initiated a Phase 1 clinical trial of TJD5 in combination with atezolizumab provided by Roche under a clinical supply agreement among Roche, TRACON and I-Mab, in patients with advanced solid tumors. Safety data of TJD5 from dose escalation cohorts are expected in 2020E. In China, I-Mab has started a Phase1/2 clinical trial to evaluate the safety, tolerability, PK/PD, and potential efficacy primarily in patients with solid tumors, including lung cancer.

Drug sales to start from 2021E We forecast drug sales to start from 2021E assuming TJM2 to receive US FDA’ s approval for treatment of severe COVID-19. We expect TJ202 to start commercialization in 2022E, TJ101 and TJC4 to be launched in 2024E, and TJD5 to come to the market in 2025E. To factor in the risk in drug development, we apply different probability of success (PoS) to our sales forecasts. We expect risk- adjusted revenue of RMB1,553mn/ RMB806mn in FY2021E/22E. We forecast net losses of RMB1,092mn / RMB634mn / RMB1,076mn in FY20E/21E/22E.

Initiate at BUY We use DCF method to value the Company and we derive TP of US$41.30 based on 15-year risk- adjusted DCF model (WACC: 10.60%, terminal growth rate: 3.0%).

Investment risks Delay in R&D process; Competition from peers.

PLEASE READ THE ANALYST CERTIFICATION AND IMPORTANT DISCLOSURES ON LAST PAGE 5 5 26 Aug 2020

I-Mab to fast develop its novel & highly differentiated biologics Risk-balanced fast-to-market China strategy & fast-to-PoC global strategy Established in China in Nov 2014, I-Mab is a clinical stage biopharmaceutical company developing novel or highly differentiated biologics for treatment of cancers and autoimmune disorders. I-Mab is well-positioned to become a biotech leader in China because of its innovative discovery expertise, fit- for-purpose technology platforms, biomarker-enabled translational medicine capabilities, and clinical development capabilities.

To date, I-Mab has developed an innovative pipeline of more than 10 clinical and pre-clinical stage assets through its internal R&D and in-licensing efforts. I-Mab has built a risk-balanced pipeline portfolio on two pillars: 1) a fast-to-market China strategy and 2) a fast-to-PoC (proof of concept) global strategy.

Figure 1: I-Mab’s two portfolios

China China Strategy —— Fast-to-Market

5 clinical assets BLA 2021 onwards

Global In-Licensing China

Discovery Pre-Clinical IND Enabling Ph 1/2 Ph 3 BLA Marketing

China US Global Partnership

Global Global Strategy —— Fast-to-PoC

Internal R&D 12 clinical & Pre-clinical assets Clinical Validation

Source: Company data, CMBIS

Fast-to-Market China Strategy

The Company’s fast-to-market China strategy focuses on seeking opportunities to in-license the development and commercialization rights of investigational drugs from global biopharmaceutical companies for Greater China. I-Mab only selects investigational drugs that have the potential to become novel or highly differentiated medicines. Leveraged its clinical network, I-Mab has efficiently navigate through the drug development process to registration. To date, I-Mab has built an innovative China Portfolio consisting of five investigational drugs with an aim for near-term product launch.

TJ202, TJ101, enoblituzumab and TJ107 are the four anchor assets in I-Mab’s China Portfolio. TJ202 is undergoing two registrational trials, including a third-line monotherapy trial and a second-line combination therapy trial, in multiple myeloma in Taiwan and mainland China. In addition, upon IND approval by the NMPA, I-Mab expects to initiate a Phase 1b trial for TJ202 in systemic lupus erythematosus (SLE) in 2020. For TJ101, NMPA has accepted the IND application for a pivotal phase 3 trial in PGHD in Aug 2020. For enoblituzumab, I-Mab expects to submit an IND application in 2020 for a registrational trial or a Phase 2 trial. As a result, the investigational drugs in the Company’s China Portfolio are positioned for a series of new drug applications (NDAs) in China with the submission of the first NDA expected in 2021E.

Fast-to-PoC Global Strategy

PLEASE READ THE ANALYST CERTIFICATION AND IMPORTANT DISCLOSURES ON LAST PAGE 6 6 26 Aug 2020

The Company’s fast-to-PoC global strategy focuses on advancing its own novel or differentiated biologics towards clinical validation in the US. First, the Company seeks PoC of these drug candidates in the US by conducting early phase clinical trials with a set of safety and efficacy endpoints and leveraging the FDA’s streamlined regulatory system for innovative drug development. Second, the Company will use the data generated to advance clinical development in China, leveraging access to China’s large patient pool, extensive clinical trial resources through collaborations with leading hospitals in China, and a regulatory pathway for fast-track approval of drugs supported by solid overseas clinical data. I-Mab may out-license the global rights (excluding Greater China) of these investigational drugs following clinical validation in the US, while retaining the Greater China rights for further development and commercialization.

To date, I-Mab has internally generated a global portfolio that consists of two molecular classes - monoclonal antibodies and bi-specific antibodies.

Among the five monoclonal antibody drug candidates, TJM2, TJC4 and TJD5 are undergoing Phase 1 or phase 2 clinical trials in the US. I-Mab has obtained IND approvals from the NMPA for TJC4 in Jul 2019, for TJD5 in Sep 2019 and for TJM2 in Nov 2019. TJ210 and TJX7 are at the CMC stage and are expected to be ready for IND submissions in 2020 for Phase 1 clinical trials in the US.

I-Mab generated a total of 7 bi-specific antibodies in its portfolio, including 5 PD-L1-based bi-specific antibodies and 2 other bi-specific antibodies. In the panel of five PD-L1-based bi-specific antibodies, proprietary PD-L1 antibody acts as the backbone (the first signal) and is linked with various second components (the second signal) including a 4-1BB agonist antibody (TJ-L14B), a B7-H3 antibody (TJ- L1H3), a CD73 antibody (TJ-L1D5), a CD47 antibody (TJ-L1C4) and an IL-7 cytokine (TJ-L1I7), which are shown to work synergistically with the PD-L1 backbone in various assays and cancer animal models. Furthermore, the two other bi-specific antibodies (TJ-C4GM and TJ-CLDN4B) are tailor-made to function as novel fortified antibodies by linking TJC4 with an engineered GM-CSF cytokine for the treatment of solid tumors and by linking Claudin-18.2 antibody with a 4-1BB antibody as a unique gastric cancer treatment agent.

Figure 2: I-Mab’s key pipeline drugs (as of Jul 2020)

Source: Company data, CMBIS Notes:Bi-specific antibody panel consists of (i) five PD-L1-based bi-specific antibodies, including TJ-L1I7 (PD-L1 and IL-7 cytokine fusion), TJ-L1C4 (PD-L1 and CD47), TJ-L1D5 (PD-L1 and CD73), TJ-L1H3 (PD-L1 and B7-H3), and TJ-L14B (PD-L1 and 4-1BB), (ii) TJ-C4GM (anti-CD47 and GMCSF), and (iii) TJ CLDN4B (Claudin 18.2 and 4-1BB).

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Fully-integrated capabilities in R&D, production and commercialization I-Mab’s research and development capabilities encompass discovery, biologics CMC development, pre-clinical development and clinical development with footprints in Shanghai, Beijing and the US. Meanwhile, leveraging its strong business development capabilities, I-Mab has completed several successful in-licensing and out-licensing deals with global and regional partners. As for manufacturing, I-Mab is currently using contract development and manufacturing organizations (CDMOs) and is also establishing its own manufacturing facility for the long term purpose.

Innovative discovery expertise

I-Mab’s discovery engine has generated a panel of internally developed innovative drug molecules in a short span of four years. I-Mab has internally developed 11 novel or highly differentiated drug candidates.

The discovery of TJC4 showcases the Company’s innovative research capabilities. I-Mab selected by design, its proprietary CD47 antibody (TJC4), a rare epitope that uniquely spares binding to RBCs as a differentiation point from other CD47 antibodies that typically cause inherent hematologic side effects. Moreover, I-Mab’s internally discovered bi-specific antibodies are capable of enriching immune cells in tumors through dual targeting of PD-L1 and immune cells for a synergistic anti-tumor effect.

Fit-for-purpose technology platforms

I-Mab’s proprietary antibody engineering platforms enable it to capture the biological properties of bi- specific antibodies and retain good manufacturability and druggability of the molecules. To date, I-Mab has created seven novel pre-clinical stage bi-specific drug molecules. In addition to its own Ig-scFv bi- specific antibody platform, I-Mab partnered with ABL Bio and WuXi Biologics to access their antibody engineering platforms in order to increase the probability of success, as different molecular configurations require different technologies.

Furthermore, I-Mab’s proprietary antibody-cytokine technology has enabled another form of bi-specific antibodies such as TJ-L1I7 and TJ-C4GM that link a tumor-engaging antibody with an immuno- modulatory cytokine. Superior to monoclonal antibodies or cytokines alone, this class of bi-specific antibodies has demonstrated unique properties capable of concentrating the drug molecules in tumors for a desired target effect with reduced systemic toxicity of cytokines or creating biologic synergy that can potentially translate into better treatment outcome.

Biomarker-enabled translational medicine capabilities

The ability to apply relevant biomarkers that link a drug response to treatment effects is critical for early-stage clinical trials of investigational drugs. I-Mab has been developing tailor-made biomarkers for each of investigational drugs, which are used to select potential responders, predict and measure target engagement, support dose determination and enable timely informed decisions on advancing assets to the next phase of clinical development.

Clinical development capabilities

I-Mab’s clinical team accounts for approximately 80% of the entire R&D organization’s headcount and 80% of the budget allocation. Its clinical teams are based in Shanghai, Beijing, and the US to cover Phase 1 through Phase 3 clinical trials in China and early-stage clinical trials in the US. I-Mab also leverages external resources, including clinical contract research organizations, academic clinical centers and/or networks, and global pharmaceutical or biotech partnerships. I-Mab is implementing nine ongoing clinical trials, including six Phase 1/2 and registrational trials in Greater China and three Phase 1 trials in the US.

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Global strategic collaborations

I-Mab has completed several successful in-licensing and out-licensing deals with global and regional partners. I-Mab has quickly built its China Portfolio through in-licensing deals with global biotech partners, including MorphoSys, Genexine, MacroGenics and Ferring. Meanwhile, the out-licensing deals help to streamline the pipeline and focus resources on the most valuable assets. In addition, I- Mab seeks co-development opportunities to share development costs and risks and territorial commercial rights with partners. In the past two years, I-Mab has out-licensed three off-strategy assets and initiated four co-development programs with partners such as ABL Bio and WuXi Biologics.

Figure 3: I-Mab’s strategic partnerships with leading companies Product Partner Commercial rights Date In-license Olamkicept (IL-6 blocker) Ferring Greater China, S. Korea 2016.11 TJ202 (CD38) MorphoSys Greater China 2017.11 TJ210 (C5aR) MorphoSys Greater China, S. Korea 2018.11 TJ101 (Long-acting hGH) Genexine China 2015.10 TJ107 (Efineptakin) Genexine Greater China 2017.12 Enoblituzumab (B7-H3 antibody) MacroGenics Greater China 2019.07 Partnership WuXiBody Platform - Strategic manufacturing WuXi Biologics Worldwide 2018.09/2019.04/2019.07 parnter Strategic commercial partner KALBE South East Asia, MENA 2020.03 Co-development Tecentriq for combo with TJD5 Roche Glocal (ex. China) 2019.03 Keytruda for combo with TJC4 MSD Worldwide 2019.09 Toripalimab (anti-PD-1 mAb) for combo with TJD5 Junshi China 2019.09 TJD5 (CD73 antibody) TRACON North America 2018.11 Out-license PD-L1 antibody Lepu Medical Worldwide 2017.04 Bispecific antibody ABL Bio Ex-Greater China 2018.07 TJ103 (Long-acting GLP-1) CSPC Greater China 2018.12

Source: Company data, CMBIS

Build manufacturing capabilities

I-Mab’s manufacturing strategy consists of two progressive steps, involving (i) using contract development and manufacturing organizations (CDMOs) and (ii) establishing its own manufacturing facility.

I-Mab currently outsource the manufacturing of clinical trial material for its internally developed, IND enabling projects to leading CDMOs in China such as WuXi Biologics, and the manufacturing of clinical trial material for in-licensed clinical stage projects to reputable global CDMOs.

In the longer term, Company aims to own and control its GMP manufacturing process in order to ensure quality, secure production slots for clinical trial materials and commercial supplies, and maximize cost efficiency. I-Mab plans to build a biologics manufacturing facility in 2020 in China. This planned manufacturing facility will produce drug substance and drug product for clinical use as well as future commercial use. This facility includes a pilot GMP manufacturing plant with two 500L and two

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2,000L single-use bioreactors, and upon completion of the construction, a commercial scale manufacturing plant with eight more 2,000-liter single-use bioreactors with filling and finishing lines.

Preparing for commercialization

In Jul 2020, I-Mab announced the appointment of Mr. Ivan Yifei Zhu as its Chief Commercial Officer. Mr. Zhu will focus on building and developing I-Mab’s commercialization infrastructure and strategies, and preparing the Company for upcoming product launches. Mr. Zhu has more than 20 years of successful commercialization experience at global and domestic pharma and biotech companies. Prior to joining I-Mab, he served as Vice President and General Manager of the sales division of Qilu Pharmaceutical Group where he managed the company’s sales and marketing team. During his tenure at Qilu, he successfully led the launch of the first domestic biosimilar product of bevacizumab. Mr. Zhu has also served as the Chief Commercial Officer of BeiGene. Mr. Zhu also worked for Xi'an Janssen for more than 20 years where he held various senior management positions.

Supported by top-tier investors I-Mab has successful financing track record with more than US$500mn fund raised since its inception. I-Mab is supported by top-tier private funds such as CBC Group, Hony Capital, GIC, Hillhouse, Lake Bleu, and strategic industry investors such as Tasly, Genexine, Tigermed and WuXi Biologics.

Figure 4: Successful fundraising history

Source: Company data, CMBIS

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Figure 5: Shareholding breakdown of I-Mab (as of Jul 2020)

Others, 18%

CBC Group, 31% Other IPO shareholders, 11%

Founders, 3%

Wuxi Biologics, 1% Tigermed, 2% Tasly, 11% Lake Bleu, 2% Hillhouse, 3% GIC, 4% Hony Capital, 7% GeneXine, 7% Source: Company data, CMBIS Note: Other IPO shareholders exclude: GIC, Genexine, Lake Bleu, C-Bridges; ESOP on fully diluted basis is 13.4% of shares outstanding

Tap the large immuno-oncology and autoimmune biologics market According to F&S, China’s biologics market is growing faster than the global biologics market and is expected to reach approximately RMB1.3tn (US$189.4bn) by 2030E in terms of sales revenue. I-Mab is uniquely positioned as a China-based global player to tap into these vast commercial opportunities. According to F&S, the growth of China’s biologics market is attributable to 1) large and growing oncology and autoimmune disease patient populations, 2) unmet demands for innovative biologics therapies targeting oncology and autoimmune diseases, 3) increasing investment in biologics and favorable environment for clinical trials, 4) increasing affordability.

In 2018, approximately 60.8% of the antibody-based biologics in terms of global sales revenue targeted conditions in immuno-oncology and autoimmune areas, according to F&S. In China, the need for efficacious drugs to treat cancer and autoimmune diseases is rising due to limited availability of such medicines and delayed access to global innovative medicines. F&S forecasts that global immuno- oncology therapies market will grow to US$93.0bn by 2025E and China immune-oncology therapies market will rise to US$23.1bn by 2025E. In addition, according to F&S, the global auto-immune biologics market will reach US$118.6bn by 2025E and China auto-immune biologics market will reach US$4.0bn by 2025E.

Figure 6: Global and China immune-oncology Figure 7: Global and China biologics for autoimmune therapies market (2014-25E) disease treatment (2014-25E)

100 (US$ bn) CAGR 93.0 150 (US$ bn) Global:18.4% 90 China: 61.8% 84.5 130 118.6 CAGR 113.8 80 Global:57.5% 75.5 108.4 China: 51.1% 110 102.3 70 65.0 95.0 88.0 90 81.3 60 52.0 74.5 68.2 50 70 62.0 40.0 55.0 52.4 CAGR 40 Global:18.4% 29.4 50 CAGR China: 61.8% 30 23.1 Global:57.5% 20.9 30 17.8 China: 51.1% 20 13.8 12.0 9.4 4.0 7.5 10 0.2 0.2 0.2 0.2 0.4 0.5 0.8 1.2 1.7 2.4 3.1 10 3.0 4.5 4.2 0.1 0.1 0.1 0.1 0.3 0.8 2.1 2014 2015 2016 2017 2018 2019E2020E2021E2022E2023E2024E2025E 0 -10 2014 2015 2016 2017 2018 2019E2020E2021E2022E2023E2024E2025E

Global China Global China Source: F&S, CMBIS Source: F&S, CMBIS

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China’s oncology patient population, especially treatment-naive patients, has been increasing over the years. New cases of cancers in China reached 4.3mn in 2018 and are projected to reach 4.9mn in 2023. China also has a large autoimmune disease population. In 2018, systemic lupus erythematosus, ulcerative colitis and rheumatoid arthritis affected approximately 1.0mn, 0.4mn and 5.9mn patients in China, respectively.

F&S estimates that more than 60% of cancer patients, including those with melanoma, renal cell cancer, colorectal cancer, non-small cell lung cancer, urothelial cancer and head and neck squamous cell carcinoma, do not respond to PD-1/PD-L1 monotherapies. Even for the tumor type with a high tumor mutational burden, the ORR rarely exceeds 30% for PD-1/PD-L1 therapies. Similar findings are observed using PD-L1 as a biomarker in the treatment of NSCLC with pembrolizumab: the average ORR is 41% for PD-L1 positive tumor and 13% for PD-L1 negative tumor. The immuno-oncology field has been diligently seeking a more efficacious therapy with treatment agent(s) that works synergistically with PD-1/PD-L1 therapies.

Autoimmune diseases have been reported to be on the rise in China, making this poorly understood category of diseases a public health issue at levels comparable to heart disease and cancer. Because of a lack of effective treatment and awareness amongst the general public and medical practitioners, the associated cost of autoimmune diseases accounts for a significant portion of the rising cost of healthcare burden in China.

To date, there are no curative therapies for many autoimmune diseases. Targeted biologics that aim to improve physical functioning and prevent irreversible tissue or organ damage offer a promising trajectory. This class of biologics is expected to stimulate the biologics market that targets autoimmune diseases in China. The sales revenue of biologics for autoimmune diseases in China was RMB2.5bn in 2018 and is projected to increase to RMB87.8bn in 2030, representing a 34.6% CAGR.

Figure 8: Prevalence of autoimmune diseases in Figure 9: Prevalence of autoimmune diseases China worldwide

(Thousand) (Thousand)

8,000 90,000 7,006 77,816 6,707 80,000 7,000 6,552 2018 2018 6,011 2030 70,000 69,459 2030 6,000 60,000 5,000 50,000 43,611 4,000 40,000 38,927 3,000 30,000 2,000 1,361 20,000 1,039 1,114 10,400 581 7,800 1,000 10,000 6,600 5,600 0 0 Psoriasis Rheumatoid systemic lupus Inflammatory Psoriasis Rheumatoid systemic lupus Inflammatory arthritis erythematosus bowel disease arthritis erythematosus bowel disease

Source: F&S, CMBIS Source: F&S, CMBIS

PLEASE READ THE ANALYST CERTIFICATION AND IMPORTANT DISCLOSURES ON LAST PAGE 12 12 26 Aug 2020

I-Mab’s China Portfolio TJ202 (MOR202), a CD38 antibody TJ202 has superior safety and potent efficacy

TJ202 (MOR202) is positioned as a potential highly differentiated anti-CD38 therapy for multiple myeloma (MM), given its short infusion time, low infusion reaction rate (IRR) and potentially sustained efficacy. Additionally, I-Mab is exploring TJ202’s therapeutic application in systemic lupus erythematosus (SLE) and other autoimmune diseases.

In Nov 2017, I-Mab obtained an exclusive license from MorphoSys (MOR US) to develop TJ202 in Greater China. Pursuant to this agreement, I-Mab paid to MorphoSys an upfront license fee of US$20.0mn and will make milestone payments in the aggregate amount of US$98.5mn. In addition, I- Mab is required to pay tiered low-teens royalties to MorphoSys.

TJ202 is a potentially highly differentiated CD38 monoclonal antibody and could be the second antibody therapy for MM to launch in China. A Phase 2a trial of TJ202 in MM showed a level of treatment effects comparable to that observed in trials of the currently marketed CD38 antibody, Darzalex (Dratumumab). However, available trial data from MorphoSys and Johnson & Johnson indicate that with similar pre-medications of dexamethasone, anti-pyretics and anti-histamines, TJ202 required only a short infusion time of 0.5 to 2 hours, compared to 3.5 to 6.5 hours for Daratumumab at the first infusion. Moreover, the IRR was as low as 7% for TJ202, compared to 48% for Daratumumab. The advantages of TJ202 associated with infusion may be attributed to its lack of antibody CDC activity and are likely to translate into clinical benefits in terms of tolerability and convenience of use as well as economic benefits due to the cost and length of hospital stay. In addition, unlike Daratumumab, TJ202 treatment does not down-regulate CD38 expression on the surface of bone marrow myeloma cells in vitro, maintaining sensitivity of malignant myeloma cells to repeated TJ202 treatments.

Figure 10: TJ202’s advantages compared with major competitors TJ202 Dratumumab Isatuximab No. of patients 56 1166 154 Any Grade (%) 7% 42% 99% Grade 3/4 (%) 0% 6% 62% Medium time to onset IRR 1.4 hr Incidence of infusion medication 37% due to reactions 1st wk: 7.0hr; 1st infusion: 3.3hr; Duration of infusion (16mg/kg) 0.5-2hr 2nd wk: 4.3hr; subsequent infusion: 2.8hr 3rd wk: 3.4hr Complement dependent - +++ + cytotoxicity (CDC) IRR 7.00% 42% (16mg/kg) 38% (10mg/kg) Source: ASH 2018, ASCO 2019, Clinicaltrials.gov, companies’ data, CMBIS

For autoimmune diseases, TJ202 has advantages over other B cell-targeting therapies such as CD20 antibodies, as it specifically targets malfunctioned CD38high B cells and pathogenic plasma cells involved in autoimmune diseases while CD20 antibodies target most B cells, including those involved in normal immune functions and regulatory functions, but not plasma cells producing pathogenic antibodies.

I-Mab has started registrational trials for a third-line monotherapy and a second-line treatment trial in combination with lenalidomide, both in patients with MM in Greater China. I-Mab aims to submit an NDA for TJ202 as a third-line monotherapy in 2021E, followed by another NDA submission for TJ202

PLEASE READ THE ANALYST CERTIFICATION AND IMPORTANT DISCLOSURES ON LAST PAGE 13 13 26 Aug 2020 as a second-line combination therapy. Additionally, I-Mab submitted an IND application to the NMPA in Oct 2019 to initiate a clinical trial for TJ202 in SLE patients in 2020E.

Early clinical results demonstrated potent efficacy and good safety

MorphoSys has conducted a Phase 1/2a study in adult patients with relapsed or refractory MM (RRMM) in Austria and Germany. The open-label, multicenter, dose-escalation study was designed to characterize the safety profile and preliminary efficacy of TJ202 in adults with relapsed or refractory MM. A 3+3 dose escalation design was used to establish the maximum tolerated dose (MTD), recommended dose and dosing regimen of TJ202 as monotherapy, weekly or bi-weekly, with or without dexamethasone (DEX), and in combination with pomalidomide (POM) and DEX or lenalidomide (LEN) and DEX standard regimens. TJ202 dose levels in this study ranged from 0.01 mg/kg to 16.0 mg/kg, administered by intravenous (IV) infusion.

As of the data cut-off date, 31 Dec 2017, TJ202 was well tolerated in patients with RRMM, as a single agent and in combination with DEX, or with POM/DEX, or with LEN/DEX. The MTD of TJ202 was not reached. In the 56 patients from three groups receiving combination regimens, grade 3 adverse events (AEs) were mainly in the hematological system reflected by a decrease of various blood cells. This was as expected, because of decreased bone marrow function due to the presence of myeloma as well as the expression of CD38 on various cell lineages of the myeloid and lymphoid compartments. Most of the hematological adverse events were transient and generally manageable.

TJ202 was administered as a two-hour IV infusion at first dose and infusion time could be reduced to as short as 30 minutes at subsequent doses without obvious safety concerns. Among all cohorts, infusion-related reactions, including tachycardia, pyrexia and hypersensitivity, occurred in 18 of 91 patients (19.8%) and were mostly mild to moderate. In the combination cohorts containing DEX, a very low IRR (4 out of 56 patients (7%)) was observed.

Preliminary efficacy results were based on 56 patients from three groups treated with TJ202 combination therapies. No responses were observed for the monotherapy groups which were primarily serving for dose escalation. TJ202 in combination with low dose DEX, POM/DEX or LEN/DEX demonstrated an overall response rate (ORR) of 28%, 48% and 65%, respectively. Durable responses were observed as median progression-free survival (PFS) was 8.4 months and 17.5 months for the DEX and the POM/DEX combination groups, respectively, and PFS levels were not reached for the LEN/DEX combination group.

PLEASE READ THE ANALYST CERTIFICATION AND IMPORTANT DISCLOSURES ON LAST PAGE 14 14 26 Aug 2020

Figure 11: Best overall response and ORR

TJ202+DEX TJ202+POM+DEX TJ202+LEn+DEX Best overall response (%) Best overall response (%) Best overall response (%) ITT population ITT population ITT population

n=18 n=21 n=17 100%

NE, 14% NE, 18% 90% PD, 22%

80% PD, 10% PD, 6% SD, 6% 70% SD, 10% MR, 6% 60% SD, 39% MR, 19% 50% PR, 41% 40% ORR PR, 24% MR, 11% 30% ORR 65% ORR 48% 20% PR, 17% VGPR, 14% VGPR, 12% 28% 10% CR, 6% VGPR, 11% CR, 5% sCR, 5% sCR, 6% 0% Source: MorphoSys, CMBIS Patients were treated with TJ202 (MOR202) in combination with low dose of DEX (40 mg for 75 years old and younger, or 20 mg for older than 75 years old), POM (4 mg) /Dex or LEN (25 mg)/Dex. Dex: dexamethasone; POM: pomalidomide; LEN: lenalidomide; ITT: intent to treat; NE: not evaluable; PD: progressive disease; SD: stable disease; MR: minimal response; PR: partial response; VGPR: very good partial response; CR: complete response; sCR: stringent complete response; ORR: overall response rate

With an approved IND, I-Mab started a single-arm registrational Phase 2 trial with TJ202 and DEX as a third-line therapy for MM patients in Greater China using ORR as the primary endpoint (NCT03860038). Dosing of the first patient took place in Mar 2019. Data from this 82-patient study are expected to be the major package supporting registrational filing for conditional approval in 2021E.

In parallel, I-Mab started a registrational trial combining TJ202 with LEN and DEX as a second-line combination therapy in MM patients (NCT03952091). I-Mab plans to enroll 291 patients for full approval. Dosing of the first patient took place in Taiwan in Apr 2019. In Apr 2020, I-Mab announced the first patient has been dosed in this phase 3 trial in mainland China.

I-Mab’s clinical development plan for SLE starts with a Phase 1b clinical trial to explore dose range, clinical safety and tolerability as well as TJ202’s profiles of PK and pharmacodynamics (PD) in SLE patients. I-Mab has submitted an IND application for TJ202 on SLE to the NMPA in Oct 2019.

TJ202’s efficacy comparable to Darzalex from early clinical studies:

In a Phase 1/2 clinical trial conducted by MorphoSys in Austria and Germany, TJ202 has demonstrated well tolerence in patients with relapsed/refractory multiple myeloma (RRMM), as a single agent and in combination with DEX, or with POM/DEX, or with LEN/DEX. Preliminary efficacy results were based on 56 patients from three groups treated with TJ202 combination therapies (TJ202+DEX, TJ202+POM/DEX, TJ202+LEN/DEX).

TJ202 (4, 8 or 16 mg/kg) combined with low-dose dexamethasone (40mg/wk or 20mg/wk for >75yr) achieved PR in 17% and VGPR in 11% of patients (median 3 prior lines of therapy), finally achieved ORR of 28% and 8.4 mos mPFS. For Darzalex (16mg/kg), according to the FDA approval label, monotherapy activity was recorded at 29% in 106 RRMM patients who had median ≥3 prior lines of therapy in combined data from SIRIUS (NCT01985126) trial.

PLEASE READ THE ANALYST CERTIFICATION AND IMPORTANT DISCLOSURES ON LAST PAGE 15 15 26 Aug 2020

TJ202 in combination with POM/DEX or LEN/DEX demonstrated an ORR of 48% and 65%, respectively, compared with TJ202+DEX (ORR=28%), reflecting synergistic effect. With combination or POM/DEX or LEN/DEX, ORR was significantly improved not only in PR/VGPR (14%/14% or 41%/12% vs 17%/11%) but also in CR/sCR (5%/5% or 6%/6% vs 0%/0%). Similar synergy had been observed in Darzalex+IMiDs in EQUULEUS (NCT01998971) and POLLUX (NCT02076009) trials for RRMM patients, demonstrating an ORR of 59% and 91%, respectively. The comparison of TJ202+IMiDs to the corresponding combos of Darzalex+IMiDs suggests that TJ202’s clinical efficacy is comparable to Darzalex. Although the ORR of Darzalex+IMiDs, especially for Darzalex+LEN/DEX, seems higher than that of TJ202, it may be related to the difference in dose, patient baseline, etc. Some patients in the phase 1/2 trial of TJ202 received lower dose (8mg/kg), and many enrolled patients have already experienced multiple prior lines of treatment. Darzalex’s POLLUX (NCT02076009) trial included two parallel groups (DARZALEX+LEN/DEX vs LEN/DEX), and ORR of the LEN/DEX treatment group was 75%, which implied the response base of enrolled patients in this trial might be higher.

In our view, TJ202 showed comparable clinical efficacy in RRMM with Darzalex. In addition, TJ202 was administered as a two-hour IV infusion at first dose and infusion time could be reduced to as short as 30 minutes at subsequent doses without obvious safety concerns. Among all cohorts, infusion related reactions, including tachycardia, pyrexia and hypersensitivity, occurred in 18 of 91 patients (19.8%) and were mostly mild to moderate. In the combination cohorts containing DEX, a very low IRR (4 out of 56 patients (7%)) was observed. These results compared favorably with the historical data of the currently marketed CD38 antibody.

PLEASE READ THE ANALYST CERTIFICATION AND IMPORTANT DISCLOSURES ON LAST PAGE 16 16 26 Aug 2020

Figure 12: Best overall response and ORR

DARZALEX+ DARZALEX+ TJ202 TJ202 TJ202+D TJ202+POM/D TJ2002+LEN/DEX DARZALEX DARZALEX+POM/D DARZALEX+V/D DARZALEX+V/M/P Isatuximab+POM/D LEN/DEX LEN/DEX

SIRIUS EQUULEUS POLLUX CASTOR MAIA ALCYONE ICARIA Trial ID NCT01421186 NCT01421186 NCT01421186 NCT01421186 NCT01421186 (NCT01985126) (NCT01998971) (NCT02076009) (NCT02136134) (NCT02252172) (NCT02195479) (NCT02990338)

Phase Ph 1/2 Ph 1/2 Ph 1/2 Ph 1/2 Ph 1/2 Ph 1 Ph 1 Ph 3 Ph 3 Ph 3 Ph 3 Ph 3

Line of treatment indiscriminative indiscriminative ≥3L ≥3L ≥2L ≥4L ≥3L ≥2L ≥2L 1L 1L ≥3L

Median prior lines 3 4.5 3 3 2 ≥3 4 ≥1 ≥1 0 0 3 0.01-16mg/kg Dose (anti-CD38) 4mg/kg Q1W 4, 8 or 16mg/kg 8 or 16mg/kg 8 or 16mg/kg 16mg/kg 16mg/kg 16mg/kg 16mg/kg 16mg/kg 16mg/kg 10mg/kg Q2W

Dose (POM or LEN) N/A 4mg 21d/28d 25mg 21d/28d 4mg 21d/28d 25mg 21d/28d 25mg 21d/28d 4mg 21d/28d 80mg or 40mg; 40mg; 40mg; 40mg; 40mg; 40mg; 40mg; Dose (DEX) 20mg(>75yr) 20mg(>75yr)/wk 20mg(>75yr)/wk 20mg(>75yr)/wk 20mg(>75yr)/wk 20mg(>75yr)/wk 20mg(>75yr)/wk 20mg(>75yr)/wk 8d/21 1.3 mg/m2 BIW in 1.3 mg/m2 1st cycle Dose (Velcade) 4d/21d 1.3 mg/m2 QW in cycle 2-9 9 mg/m2 d1- Dose (Melphalan) 4/cycle(42d) 60 mg/m2 d1- Dose (Prednisone) 4/cycle(42d) No. of patients 31 4 18 21 17 106 103 286 251 368 350 154 Refractory to (%) Lenaidomide 58% 0% 56% 100% 12% 89% 24% 93% Pomalidomide 10% 25% 11% 5% 0% Bortezomib 48% 25% 6% 48% 24% 64% 21% Most recent prior 68% 0% 61% 100% 47% 97% 27% 32% therapy

ORR (%) 0% 0% 28% 48% 65% 29% 59% 91% 79% 93% 91% 60% sCR 0% 0% 0% 5% 6% 3% 8% 18% 4% 30% 18% CR 0% 0% 0% 5% 6% 9% 6% 25% 14% 17% 25% 5% VGPR 0% 0% 11% 14% 12% 17% 28% 32% 38% 32% 29% 27% PR 0% 0% 17% 24% 41% 18% 17% 23% 14% 20% 29% MR 0% 0% 11% 19% 6% SD 19% 75% 39% 10% 6% PD 74% 25% 22% 10% 6% Not evaluable 6% 0% 0% 14% 18% mPFS 1.1m 2.1m 8.4 m 17.5m NR NR NR NR NR 11.5m

Source: MorphoSys, Lancet Haematol. 2020;S2352-3026(19)30249-2, ASH 2018, N Engl J Med. 2015 Sep 24;373(13):1207-19, Blood. 2016 Jul 7 ;128(1):37-44; Dimopoulos MA et al, Haematologica 2018; Bhlis NJ, Leukemia 2020; Dimopoulos MA, NEJM 2016; Plesner T et al Blood 2017

PLEASE READ THE ANALYST CERTIFICATION AND IMPORTANT DISCLOSURES ON LAST PAGE 17 26 Aug 2020

Large potential in CD38 antibody market Multiple myeloma (MM) is a type of blood cancer that starts in the bone marrow and is characterized by excessive proliferation of malignant plasma cells that accumulate in the bone marrow, where they displace and suppress healthy blood progenitor cell populations, cause destructive lytic bone lesions (rounded, punched-out areas of the bone), diffuse osteoporosis, bone pain, and produce abnormal proteins that accumulate in the urine, and anemia.

In Greater China, new cases of MM reached approximately 20,500 in 2018 and is expected to increase to approximately 23,700 in 2023E, representing a CAGR of 2.9%, according to F&S. MM is primarily a disease of the elderly, and this population of patients 65 years and older continues to grow at a fast clip in China. The new incidence of MM in China is projected to reach approximately 28,300 in 2030E, representing a CAGR of 2.6% from 2023E to 2030E.

According to F&S, global MM therapeutics market will grow from US$19.4bn in 2018 to US$47.3bn in 2030E while China MM therapeutics market will grow from US$0.6bn in 2018 to US$3.9bn in 2030E.

Figure 13: Global MM Therapeutics Market Size (2014-2030E) 60 (US$ bn) CAGR 50 Peroid Biologics Chemical drugs Total 47.3 45.3 2014-2018 NA 12.9% 16.5% 42.6 43.8 41.0 42.0 2018-2030E 21.7% 2.6% 7.7% 39.5 40 37.1 34.1 23.3 30.3 23.6 24.1 30 26.6 26.1 24.8 27.2 23.0 27.8 19.4 27.5 20 26.4 16.3 24.2 13.8 22.0 10.5 11.5 19.7 17.1 21.7 23.9 10 14.8 17.8 19.8 11.4 13.1 13.8 15.9 10.5 11.8 7.7 9.6 3.3 4.6 6.0 0 0.0 0.7 1.5 2.3 2014 2015 2016 2017 2018 2019E 2020E 2021E 2022E 2023E 2024E 2025E 2026E 2027E 2028E 2029E 2030E

Chemical drugs Biologics Source: F&S, CMBIS

Figure 14: China MM Therapeutics Market Size (2014-2030E) 5.0 (US$ bn) 4.5 CAGR 3.9 4.0 Peroid Biologics Chemical drugs Total 3.6 3.5 2014-2018 NA 36.9% 36.9% 3.3 2018-2030E 47.6% (2019-2030E) 14.1% 16.3% 3.0 3.0 2.7 2.4 2.5 2.1 3.1 2.9 2.0 1.8 2.7 1.4 1.6 2.5 1.5 2.3 1.1 2.1 0.9 1.8 1.0 1.6 0.6 1.3 1.4 0.5 0.2 0.2 0.3 0.3 0.9 1.1 0.6 0.6 0.7 0.8 0.3 0.3 0.3 0.3 0.4 0.5 0.0 0.00.2 0.00.2 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.2 2014 2015 2016 2017 2018 2019E 2020E 2021E 2022E 2023E 2024E 2025E 2026E 2027E 2028E 2029E 2030E

Chemical drugs Biologics Source: F&S, CMBIS

PLEASE READ THE ANALYST CERTIFICATION AND IMPORTANT DISCLOSURES ON LAST PAGE 18 26 Aug 2020

Darzalex (Daratumumab) is the world’s first-in-class CD38 antibody which was first approved by the US FDA in Nov 2015. Over the years, Darzalex has expanded its label from 4L MM (mono therapy) to ASCT eligible front-line MM patients (Darzalex + VTd).

In Mar 2020, the US FDA approved the second CD38 antibody, Sarclisa (isatuximab-irfc) in combination with pomalidomide and dexamethasone, for the treatment of 3L MM.

Figure 15: Darzalex has significantly expanded indications since first approval Date Approved indications for Darzalex Details As monotherapy, for the treatment of patients with multiple myeloma who have received at least three prior lines of therapy including a Nov-15 4L MM, Monotherapy proteasome inhibitor (PI) and an immunomodulatory agent or who are double refractory to a PI and an immunomodulatory agent In combination with lenalidomide and dexamethasone, or bortezomib Nov-16 2L MM, Darza + Rd / Vd and dexamethasone, for the treatment of patients with multiple myeloma who have received at least one prior therapy In combination with pomalidomide and dexamethasone for the Jun-17 3L MM, Darza + Pd treatment of patients with multiple myeloma who have received at least two prior therapies including lenalidomide and a proteasome inhibitor In combination with bortezomib, melphalan and prednisone for the May-18 ASCT ineligible 1L MM, Darza + VMP treatment of patients with newly diagnosed multiple myeloma who are ineligible for autologous stem cell transplant In combination with lenalidomide and dexamethasone in newly diagnosed patients who are ineligible for autologous stem cell Jun-19 ASCT ineligible 1L MM, Darza + Rd transplant and in patients with relapsed or refractory multiple myeloma who have received at least one prior therapy In combination with bortezomib, thalidomide, and dexamethasone in Sep-19 ASCT eligible 1L MM, Darza + VTd newly diagnosed patients who are eligible for autologous stem cell transplant Source: US FDA, CMBIS Notes: Rd = lenalidomide and dexamethasone; Vd = bortezomib and dexamethasone; Pd = pomalidomide and dexamethasone; VMP = bortezomib, melphalan and prednisone; VTd = bortezomib, thalidomide and dexamethasone; ASCT = autologous stem cell transplant

In 1H20, JNJ reported US$1,838mn worldwide sales of Darzalex, up 31% YoY. With the newly approved frontline indication for ASCT eligible 1L MM, we believe sales of Darzalex will further increase. EvaluatePharma recently forecasts that sales of Darzalex could jump to US$8bn in 2026E.

Figure 16: Darzalex recorded fast sales ramp up 1,000 937 200% (US$ mn) 901 900 830 180% 774 800 765 160%

700 629 140% 584 600 120% 511 498 500 432 100% 400 371 80% 299 317 300 255 60% 200 200 163 40% 101 108 100 20% 20 0 0% 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 Global sales Growth (rhs) Source: JNJ, CMBIS

For MM, the treatment options are limited in China. VCD triplet (Velcade (bortezomib), cyclophosphamide and dexamethasone) is the most widely adopted first-line treatment in China due

PLEASE READ THE ANALYST CERTIFICATION AND IMPORTANT DISCLOSURES ON LAST PAGE 19 19 26 Aug 2020 to its lower cost. In 2017, lenalidomide and bortezomib were included in the National Reimbursement Drug List (NRDL) in China. VRD triplet (Velcade, Revlimid (lenalidomide) and dexamethasone) is recommended in China in the 2017 version of treatment guideline. As many generic bortezomib and generic lenalidomide have entered into the market during recent years, we expect the price of bortezomib and lenalidomide to drop fast in the future, leading to better affordability of these two drugs and combination therapies of CD38 antibodies and lenalidomide or bortezomib.

Darzalex (China brand name: 兆珂) is priced at RMB19,710/400mg and RMB5,460/100mg in China. The drug is not covered by the NRDL yet. This translates into treatment cost after PAP of RMB48,242 per month, which is very expensive.

Figure 17: Marketed MM therapies in China Brand name Darzalex Revlimid Valcade Generic name Daratumumab Lenalidomide Bortezomib Celgene / generic Manufacturer JNJ JNJ / generic manufacturers manufacturers Time of NMPA approval Jul 2019 Jan 2013 Feb 2005 RMB19,710/400mg; RMB182.9 per 25mg for RMB2,960 per 2.5mg for Retail price in China RMB5,460/100mg generic drug generic drug NRDL No Yes Yes PAP Buy 2 cycles, get 2 cycles free N/A Buy 1 get 2 free Monthly cost (after PAP) RMB48,242 per month RMB3,841 per month RMB5,700 per month Source: NMPA, Insight, yaozh.com, CMBIS

With respect to CD38 antibody therapy, daratumumab from Johnson & Johnson (JNJ) received conditional NDA approval from the NMPA in Jul 2019, as a monotherapy for r/r MM patients who have progressed after receiving including a proteasome inhibitor (PI) and an immunomodulatory agent. In addition, Isatuximab from Sanofi is in a Phase 3 trial in China. Sumgen Bio has filed IND application for a CD38 antibody in Jul 2020 and YZY Biopharma filed an IND application for a CD38/CD3 bispecific antibody in Jul 2020. TJ202 is a potentially highly differentiated and second-to-market CD38 antibody for MM in China.

Figure 18: Competitive landscape of biologic MM therapies targeting CD38 Product Company US status China status

Darzalex (Daratumumab Marketed in Nov 2015; Label Marketed in Jul 2019 for 3L MM; J&J IV) expanded to 1L MM Phase 3 for 1L MM

Darzalex Faspro J&J Marketed in May 2020 for 1L MM Phase 1 (Daratumumab SC)

Sanofi, Marketed in Mar 2020 for 3L Sarclisa (Isatuximab IV) Phase 3 for 1L MM ImmunoGen MM; Phase 3 for 1L MM Sanofi, Isatuximab SC Phase 1b N/A ImmunoGen Registrational for 3L MM; Phase 3 TJ202 I-Mab N/A for 2L MM Sumgen Bio (尚健 SG301 N/A IND application in Jul 2020 生物) Y150 (CD38/CD3 YZY Biopharma N/A IND application in Jul 2020 bispecific antibody) (友芝友) TAK-079 Takeda Phase 1/2 N/A

Source: F&S, clinicaltrials.gov, US FDA, CMBIS

PLEASE READ THE ANALYST CERTIFICATION AND IMPORTANT DISCLOSURES ON LAST PAGE 20 20 26 Aug 2020

Systemic Lupus Erythematosus is another potential indication Systemic lupus erythematosus (SLE) is a chronic, multi-system and incurable autoimmune disease that can potentially lead to serious organ damage, systemic complications and even death. Patients with SLE have aberrant production of auto-antibodies (antibodies against self-antigens) by CD38- positive plasma cells, and dysregulated CD38-positive pathogenic B cells. As part of the disease mechanism, immune complexes induced by auto-antibodies are formed and deposit in the kidneys and cause tissue damage. According to the F&S, SLE had an estimated prevalence of approximately 1.04mn in 2018 in Greater China, which is projected to increase to 1.08mn in 2023E, representing a CAGR of 0.8%.

Patients with mild SLE are often given non-steroidal anti-inflammatory drugs, while more severe patients may need corticosteroids or immunosuppressants. Approved by the FDA in 2011 and by the NMPA in 2019, Benlysta (belimumab), a B-lymphocyte stimulator (BLyS)-specific inhibitor developed by GSK, is a biologic drug approved to treat SLE. As dysregulated CD38-positive B cells and auto- antibodies produced by CD38-positive plasma cells and resulting immune complexes are at the core of the pathogenesis of SLE, direct inhibition and selective depletion of pathogenic B cells and plasma cells are believed to offer better treatment options. TJ202 has the potential to offer such a disease- modifying treatment option.

Figure 19: Biological products for SLE Product Target Company FDA approval time Stage in China Belimumab BLyS GSK 2011 Approved in 2019

RCT-18 (Telitacicept) BLyS/APRIL Rong Chang N/A BLA filed

Ustekinumab IL-12/23 JNJ Phase 3 Phase 3 TJ202 CD38 I-Mab N/A IND

VAY736 (Lanalumab) BAFF Novartis N/A Phase 2

Source: F&S, Insight, CMBIS

F&S forecasts that global SLE therapeutics market size will increase from US$1.2bn in 2018 to US$12.0bn in 2030E. Meanwhile, F&S expects China SLE therapeutics market size to grow from US$0.2bn in 2018 to US$2.3bn in 2030E.

Figure 20: Global SLE Therapeutics Market Size (2014-2030E) (US$ bn) 14 CAGR 12.0 Peroid Biologics Chemical drugs Total 11.6 12 11.1 1.2 2014-2018 21.9% 5.2% 12.4% 10.5 1.1 9.8 1.1 2018-2030E 26.8% 6.2% 21.2% 10 9.0 1.0 1.0 0.9 8 7.4 0.9 5.7 6 0.8 10.5 10.8 9.5 10.0 3.9 8.8 4 8.1 2.7 0.7 6.5 1.8 0.7 4.9 2 1.2 1.5 0.8 0.9 0.9 1.0 3.2 0.6 0.6 0.5 0.5 0.5 0.6 2.0 0.5 0.9 1.2 0 0.4 0.4 0.5 0.6 2014 2015 2016 2017 2018 2019E 2020E 2021E 2022E 2023E 2024E 2025E 2026E 2027E 2028E 2029E 2030E Chemical drugs Biologics Source: F&S, CMBIS

PLEASE READ THE ANALYST CERTIFICATION AND IMPORTANT DISCLOSURES ON LAST PAGE 21 21 26 Aug 2020

Figure 21: China SLE Therapeutics Market Size (2014-2030E) 2.5 (US$ bn) 2.3

CAGR 2.0 2.0 0.5 Peroid Biologics Chemical drugs Total 1.7 2014-2018 NA 7.3% 7.3% 0.5 2018-2030E 78.5% (2019E-2030E) 7.0% 21.7% 1.5 1.4 0.4

1.1 0.4 1.0 0.9 0.4 1.8 0.7 0.4 1.5 0.5 1.3 0.5 0.4 0.3 1.0 0.3 0.3 0.2 0.2 0.2 0.2 0.2 0.2 0.3 0.7 0.3 0.5 0.2 0.3 0.3 0.4 0.2 0.2 0.2 0.2 0.2 0.1 0.2 0.0 0.003 0.01 0.04 2014 2015 2016 2017 2018 2019E 2020E 2021E 2022E 2023E 2024E 2025E 2026E 2027E 2028E 2029E 2030E Chemical drugs Biologics Source: F&S, CMBIS

Expect RMB1.4bn risk-adjusted peak sales from TJ202 by 2035E We forecast TJ202 to receive NMPA’s approval for treatment of 3L MM indication in 2022E, for treatment of 2L MM in 2024E and for treatment of 1L MM in 2025E. We expect TJ202 to realize RMB1.4bn risk-adjusted peak sales by 2035E, assuming 90% probability of success (PoS) for 3L MM, 90% for 2L MM and 70% for 1L MM.

Figure 22: Sales forecasts of TJ202 2022E 2023E 2024E 2025E 2026E 2027E 2028E 2029E 2030E 2031E 2032E 2033E 2034E 2035E

TJ202-MM in China

Incidence of MM in China (people) 22,983 23,700 24,316 24,948 25,597 26,263 26,945 27,646 28,365 29,102 29,859 30,635 31,432 32,249 Symptomatic MM as % of new 90% 90% 90% 90% 90% 90% 90% 90% 90% 90% 90% 90% 90% 90% incidence MM patients Incidence of symptomatic MM 20,685 21,330 21,885 22,454 23,037 23,636 24,251 24,881 25,528 26,192 26,873 27,572 28,289 29,024 (people) Cumulative relapse rate of 1L MM 85% 85% 85% 85% 85% 85% 85% 85% 85% 85% 85% 85% 85% 85% patients Incidence of 2L MM in China 17,582 18,131 18,602 19,086 19,582 20,091 20,613 21,149 21,699 22,263 22,842 23,436 24,045 24,671 (people) Cumulative relapse rate of 2L+ MM 80% 80% 80% 80% 80% 80% 80% 80% 80% 80% 80% 80% 80% 80% patients Incidence of 3L MM in China 14,066 14,504 14,882 15,268 15,665 16,073 16,491 16,919 17,359 17,811 18,274 18,749 19,236 19,736 (people)

Treatment rate of 3L MM patients 80% 81% 82% 83% 84% 85% 86% 87% 88% 89% 90% 91% 92% 93% Penetration of CD38 inhibitor 10% 12% 14% 16% 18% 20% 22% 24% 26% 28% 30% 32% 34% 36% among 3L MM patients TJ202's market share in CD38 15% 30% 35% 37% 39% 39% 38% 38% 37% 37% 36% 36% 35% 35% inhibitors in 3L MM patients 3L MM patients treated with TJ202 169 423 598 750 924 1,052 1,186 1,325 1,470 1,620 1,776 1,938 2,106 2,280 (people) Monthly cost of TJ202 in China 40,000 32,000 32,000 32,000 32,000 25,600 24,320 23,104 21,949 20,851 19,809 18,818 17,877 16,984 (after PAP, RMB per month) Price change YoY 0% -20% 0% 0% 0% -20% -5% -5% -5% -5% -5% -5% -5% -5% Average period of treatment for 3L 10 10 10 10 10 10 10 10 10 10 10 10 10 10 MM (month) TJ202 sales in 3L MM (hospital 68 135 191 240 296 269 288 306 323 338 352 365 376 387 level，RMB mn) Distributor markup 10% 10% 10% 10% 10% 10% 10% 10% 10% 10% 10% 10% 10% 10% VAT 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% TJ202 sales from 3L MM 60 119 169 212 261 238 254 270 285 298 311 322 332 342 (exfactory, RMB mn)

Treatment rate of 2L MM patients 85% 86% 86% 87% 87% 88% 88% 89% 89% 90% 90% 91% 91% 92% Penetration of CD38 inhibitor 15% 17% 19% 21% 23% 25% 27% 29% 31% 33% 35% 37% 39% 41% among 2L MM patients TJ202's market share in CD38 0% 0% 20% 25% 30% 30% 29% 29% 28% 28% 27% 27% 26% 26% inhibitors in 2L MM patients

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2L MM patients treated with TJ202 0 0 608 867 1,175 1,296 1,420 1,547 1,676 1,808 1,943 2,080 2,219 2,360 (people) Monthly cost of TJ202 in China 40,000 32,000 32,000 32,000 32,000 25,600 24,320 23,104 21,949 20,851 19,809 18,818 17,877 16,984 (after PAP, RMB per month) Price change YoY 0% -20% 0% 0% 0% -20% -5% -5% -5% -5% -5% -5% -5% -5% Average period of treatment for 2L 30 30 30 30 30 30 30 30 30 30 30 30 30 MM (month) TJ202 sales in 2L MM (hospital 584 832 1,128 996 1,036 1,072 1,104 1,131 1,154 1,174 1,190 1,202 level，RMB mn) Distributor markup 10% 10% 10% 10% 10% 10% 10% 10% 10% 10% 10% 10% VAT 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% TJ202 sales from 2L MM 515 734 996 879 915 946 974 998 1,019 1,036 1,050 1,061 (exfactory, RMB mn)

Treatment rate of lL symptomatic 85% 86% 86% 87% 87% 88% 88% 89% 89% 90% 90% 91% 91% 92% MM patients Penetration of CD38 inhibitor 3% 4% 5% 6% 7% 8% 9% 10% 11% 12% 13% 14% 15% 16% among 1L MM patients TJ202's market share in CD38 0% 0% 15% 20% 25% 25% 24% 24% 23% 23% 22% 22% 21% 21% inhibitors in 1L MM patients 1L MM patients treated with TJ202 0 0 141 233 351 405 461 517 575 633 692 751 811 871 (people) Monthly cost of TJ202 in China 40,000 32,000 32,000 32,000 32,000 25,600 24,320 23,104 21,949 20,851 19,809 18,818 17,877 16,984 (after PAP, RMB per month) Price change YoY 0% -20% 0% 0% 0% -20% -5% -5% -5% -5% -5% -5% -5% -5% Average period of treatment for 1L 40 40 40 40 40 40 40 40 40 40 40 40 40 MM (month) TJ202 sales in 1L MM (hospital 181 298 449 415 448 478 505 528 548 565 580 592 level，RMB mn) Distributor markup 10% 10% 10% 10% 10% 10% 10% 10% 10% 10% 10% 10% VAT 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% TJ202 sales from 1L MM 159 263 396 366 396 422 445 466 484 499 512 522 (exfactory, RMB mn)

Source: CMBIS estimates

Figure 23: Risk-adjusted sales forecasts of TJ202 2022E 2023E 2024E 2025E 2026E 2027E 2028E 2029E 2030E 2031E 2032E 2033E 2034E 2035E TJ202 sales in 3L MM (RMB mn) 60 119 169 212 261 238 254 270 285 298 311 322 332 342 Probability of success for 2L MM 90% 90% 90% 90% 90% 90% 90% 90% 90% 90% 90% 90% 90% 90% TJ202 sales in 2L MM (RMB mn) - - 515 734 996 879 915 946 974 998 1,019 1,036 1,050 1,061 Probability of success for 3L MM 90% 90% 90% 90% 90% 90% 90% 90% 90% 90% 90% 90% 90% 90% TJ202 sales in 1L MM (RMB mn) - - 159 263 396 366 396 422 445 466 484 499 512 522 Probability of success for 1L MM 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% Risk-adj TJ202 sales (RMB mn) 54 108 727 1,036 1,409 1,261 1,329 1,390 1,445 1,493 1,535 1,572 1,603 1,628 % of royalties paid to MorphoSys 12% 12% 12% 12% 12% 12% 12% 12% 12% 12% 12% 12% 12% 12% Attributable risk-adj TJ202 sales (RMB 47 95 640 912 1,240 1,110 1,170 1,223 1,271 1,314 1,351 1,383 1,410 1,433 mn)

Source: CMBIS estimates

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TJ101 (eftansomatropin), a long-acting growth hormone TJ101 is a potential highly differentiated long-acting growth hormone

TJ101 (eftansomatropin) is a long-acting recombinant human growth hormone (rhGH) for growth hormone deficiency (GHD). I-Mab is positioning TJ101 as a highly differentiated growth hormone replacement therapy because of its advantages over a daily regimen in terms of injection frequency (weekly vs. daily) and safety profile (natural protein-based vs. pegylated long-acting rhGH), especially in pediatric patients.

In Oct 2015, I-Mab entered into an intellectual property assignment and license agreement with Genexine (095700 KS) with respect to four licensed products, namely GX-H9 (TJ101), GX-G3 (TJ102), GX-G8 and GX-P2. Genexine granted to I-Mab an exclusive license of the above-mentioned four licensed products for (A) the treatment of any disease with respect to TJ101 and TJ102 in China, (B) the treatment of chemically induced diarrhea, with respect to GX-G8 in the world and (C) the treatment of rheumatoid arthritis and lupus (not including psoriasis) with respect to GX-P2 in the world. I-Mab paid an aggregate upfront license fee of US$13.0mn in relation to the four licensed products. I-Mab will also pay milestone payments in the aggregate amount of US$40.0mn for GX-H9 (TJ101) with no royalty payments.

TJ101 met the pre-set safety endpoints in three multi-regional clinical trials conducted in Europe and Asia and preliminary efficacy endpoints in pre-pubertal growth hormone naive pediatric growth hormone deficient (PGHD) patients. In Jul 2020, the NMPA has accepted the Phase 3 pivotal trial application for TJ101 in in Pediatric Patients with Growth Hormone Deficiency (PGHD).

Large unmet need in PGHD market Growth hormone deficiency (GHD) is an endocrine disorder that occurs when the production of growth hormone, normally secreted by the pituitary gland, is disrupted. Since growth hormone plays a critical role in stimulating body growth and development and is involved in the production of muscle protein and the breakdown of fats, deficiency in growth hormone affects numerous physiological processes, resulting in short stature in children and other physical ailments in both children (PGHD) and adults (AGHD). According to F&S, PGHD affected approximately 3.4mn patients in 2018 in Greater China.

The widely adopted treatment for PGHD is patient-specific growth hormone replacement therapy. According to the F&S, only 3.7% of all PGHD patients in China were receiving growth hormone replacement therapy in 2018. Currently, short-acting rhGH is commonly used for the long-term treatment of PGHD and AGHD. This dosing regimen puts a substantial burden on pediatric patients and their families because it requires drug preparation and needle injection every day, which is painful and extremely inconvenient, often resulting in poor patient compliance. More importantly, studies have shown that skipping just one or two doses in a week can significantly reduce the efficacy of the treatment. Therefore, there is a substantial medical need for long-acting growth hormone therapies that are similarly efficacious but with reduced injection frequency, and the market potential for such a long-acting rhGH in China is largely untapped.

Approved by the NMPA in 2014, Jintrolong (金赛增) developed by GeneScience is currently the only marketed long-acting pegylated rhGH in China, according to the F&S. However, there are certain safety concerns related to long-term use of pegylated drugs, such as potential renal toxicity, cellular vacuolation and formation of anti-polyethylene glycol antibodies. Other companies in China currently developing long-acting rhGH include Anhui Anke Biotechnology, Xiamen Amoytop Biotech, Generon Pharmaceutical Technology and Visen Pharmaceuticals. TJ101 is the only Fc-based long-acting rhGH ready for a Phase 3 clinical trial in China.

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Figure 24: Competitive landscape of long-acting growth hormone products

(1) Drugs Drug Form Company Global Status China Status Jintrolong PEGylated GH GeneScience N/A Approved (2014) NNC0195-0092 PEGylated hGH Novo Nordisk Phase 3 N/A Ascendis Phase 3 N/A ACP-001 TransCon hGH Visen N/A Phase 3 Eftansomatropin TJ101(2) I-Mab N/A Phase 3 ready Hy-Fc (Fc fusion protein) Eftansomatropin GX-H9(2) Genexine Phase 3 ready N/A PEG-rhGH PEGylated GH Anhui Anke N/A Phase 2/3 Y-shaped pegylated somatropin PEGylated hGH Xiamen Amoytop N/A Phase 2/3 Somatrogon hGH-CTP OPKO/Pfizer Phase 3 N/A Source: F&S, CMBIS Notes: (1) Competing investigational biologics that are prior to Phase 2 clinical trials are not included in this table. (2) TJ101 and GX-H9 are the same investigational drug. I-Mab has the development and commercialization rights for TJ101 in Greater China pursuant to a partnership agreement with Genexine.

In addition, rhGH has been included in the National Reimbursement Drug List (NRDL) in China, leading to better affordability for the drug. Currently, the only marketed long-acting rhGH, Jinrolong, is not covered by the NRDL yet.

Figure 25: Treatment costs of marketed short-acting and long-acting rhGH products Brand name Jintrolong (金赛增) Jintropin (赛增) Generic name PEG-rhGH injection (long-acting) rhGH liquid injection (short-acting)

0.2mg/kg per week, subcutaneous 0.1-0.15IU/kg daily, subcutaneous Dosing injection injection

Retail price RMB5,600/54IU/9.0mg RMB1,031/30IU/10mg Monthly cost (assuming average RMB16,178 per month RMB4,704 per month weight of 30kg) NRDL reimbursement No Yes Source: NMPA, Yaozh.com, CMBIS

GeneScience is the core subsidiary and the major source of profit for Changchun High & New Technology Industry (000661 CH). GeneScience has majority of its revenue from rhGH products, including Jintropin, Jintrolong, etc. As the largest player in China’s rhGH market, GeneScience has recorded a strong 52% revenue growth CAGR in 2016-2019, reflecting fast rising demand in rhGH therapies.

Figure 26: Strong growth in GeneScience

(RMB bn) 6.0 41% 45% 40% 36% 36% 35% 4.82 5.0 34% 33% 35%

4.0 30% 3.20 25% 3.0 20% 2.08 1.98 2.0 15% 1.38 1.06 1.13 0.91 10% 1.0 0.69 0.50 0.31 0.38 5%

0.0 0% 2014 2015 2016 2017 2018 2019 Revenue Net Profit NPM Source: WIND, CMBIS

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F&S forecasts the global PGHD therapeutics market size to increase from US$2.9bn in 2018 to US$6.0bn in 2030E and the China PGHD therapeutics market size to grow from US$0.6bn in 2018 to US$3.2bn in 2030E.

Figure 27: Global PGHD Therapeutics Market Size (2014-2030E) 7 (US$ bn)

6 Peroid CAGR 6.0 2018-2030E 6.4% 5.8 5.5 5 5.3 5.0 4.7 4 4.4 4.1 3.8 3.6 3 3.2 3.3 3.1 3.0 3.1 2.8 2.9 2

1

0 2014 2015 2016 2017 2018 2019E 2020E 2021E 2022E 2023E 2024E 2025E 2026E 2027E 2028E 2029E 2030E Source: F&S, CMBIS

Figure 28: China PGHD Therapeutics Market Size (2014-2030E) 3.5 (US$ bn)

Peroid CAGR 3.2 3.0 3.1 2014-2018 33.5% 2.9 2.5 2018-2030E 15.7% 2.7 2.5

2.0 2.2 2.0

1.5 1.7 1.5

1.0 1.2 1.0 0.8 0.5 0.6 0.4 0.3 0.0 0.2 0.2 2014 2015 2016 2017 2018 2019E 2020E 2021E 2022E 2023E 2024E 2025E 2026E 2027E 2028E 2029E 2030E Source: F&S, CMBIS

TJ101 showed comparable efficacy and satisfying safety

Genexine has completed three clinical trials with TJ101, including one Phase 1 trial in healthy adult volunteers, one Phase 1b/2 multi-regional trial in adults with GHD, and one Phase 2 multi-regional trial in PGHD in Europe, altogether involving 32 healthy subjects and 99 patients with GHD and PGHD. Overall, TJ101 was shown to be well-tolerated, and clinical efficacy endpoint achieved by weekly or twice-monthly TJ101 administration was comparable to that of daily administration of Genotropin.

Phase 1 clinical trial

The first-in-human trial of TJ101 was a randomized, double-blind, placebo-controlled single dose- ascending study in four groups of healthy subjects. A total of 32 subjects were enrolled, and 31 completed the study. TJ101 was shown to be well-tolerated at all dose levels studied (0.2–1.6 mg/kg). TJ101 was detectable in the blood until Day 7 for the 0.2 mg/kg dose group, Day 14 for the 0.4 and 0.8 mg/kg dose groups, and Day 21 for the 1.6 mg/kg dose group. A single subcutaneous (SC) injection of TJ101 at dose levels of 0.4 mg/kg and higher increased IGF-1 and IGF-binding protein-3 (IGFBP-

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3) levels for at least one week. No safety concerns were identified. TJ101 showed a half-life ranging from 69.2 to 138 hours.

Phase 2 clinical trial in PGHD

The Phase 2 trial in PGHD was a randomized, open-label, active-controlled study to assess the safety, tolerability, efficacy, pharmacokinetics, and pharmacodynamics of weekly and twice-monthly doses of TJ101, as compared to a daily injection of Genotropin, which is currently the standard of care for PGHD. Subjects were randomly assigned to receive one of three doses of TJ101 (0.8 mg/kg/weekly, 1.2 mg/kg/weekly or 2.4 mg/kg/twice monthly) or 0.03 mg/kg/daily of Genotropin for up to 24 months. The primary clinical endpoint was annualized height velocity (aHV) in centimeters (cm) per year (equivalent to annual growth rate), measured at six months.

A total of 56 subjects were randomized at 27 centers in nine European countries and South Korea. 52 subjects completed the six-month treatment, meeting the primary endpoint. Two subjects withdrew from the study before first drug administration, and two subjects discontinued due to treatment-related adverse events (AEs).

No study drug-related serious adverse events (SAEs) or death were observed. A total of two (14.3%), three (23.1%), two (15.4%), and zero subjects experienced treatment-related AEs in the 0.8 mg/kg/week, 1.2 mg/kg/week, and 2.4 mg/kg/twice monthly TJ101 groups, and the 0.03 mg/kg/daily Genotropin group, respectively. Injection site reactions (ISRs) were reported by 13 out of 40 subjects (32.5%) in the TJ101 cohorts. Pain was the most prominent and common symptom observed in 10 subjects. Also, six subjects reported redness, four reported itching, and one reported bruising, swelling and warmness. With respect to the Genotropin cohort, pain was the only ISR reported in 683 cases by 11 out of 14 subjects (78.5%). None of the ISRs led to discontinuation of treatment, and most of the reported ISRs posed no issue for the subjects and were resolved quickly. Half-life of TJ101 was 77.75–141.95 hours after a single dose and 43.92–55.66 hours (compared to 5.27 hours for Genotropin) after three months of multiple-dose administration.

Figure 29: Good safety of TJ101 Drug TJ101 Genotropin Phase 2 2 Patients 40 (14, 13, 13) 14 0.8 mg/kg/w, Dose 1.2 mg/kg/w, or 0.03 mg/kg/d 2.4 mg/kg/2w AEs 69.2%-84.6% 57.1% (8/14) 17.5% (7/40) TRAEs 0% (0/14) (14.3%, 23.1%, 15.4%) Injection site reactions (ISRs) 32.5% (13/40) 78.5% (11/14) Discontinue rate due to AE 5% (2/40) 0% (0/14)

Source: Genexine, CMBIS

Subcutaneous administration of TJ101 over the dose range of 0.8 mg/kg/week – 2.4 mg/kg/twice monthly resulted in an increase in aHV over the six-month study period. Subjects who received TJ101 at 0.8 mg/kg weekly, 1.2 mg/kg weekly, and 2.4 mg/kg twice monthly showed growth rates of 11.50, 11.54, and 11.86 cm/year, respectively, while the growth rate in the control group treated with Genotropin was approximately 11.24 cm/year.

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Figure 30: The aHV at six months indicated comparable growth rates between all doses of TJ101 (both weekly and twice-monthly treatment) and Genotropin

14 Mean aHV at 6 months (cm/yr)

12 11.86 11.5 11.54 11.24 10

8

6

4

2

0 TJ101 TJ101 TJ101 Genotropin 0.8 mg/kg/w 1.2 mg/kg/w 2.4 mg/kg/2w 0.03 mg/kg/d

Source: Genexine, CMBIS

Figure 31: Comparison of efficacy of rhGH products Drug TJ101 Genotropin Jintrolong Jintropin Phase 2 2 3 3 Patients 40 (14, 13, 13) 14 228 115 0.8 mg/kg/w, Dose 1.2 mg/kg/w, or 0.03 mg/kg/d 0.2 mg/kg/w 0.25 mg/kg/d 2.4 mg/kg/2w 11.50 cm/yr, aHV 11.54 cm/yr, and 11.24 cm/yr 13.41 cm/yr 12.55 cm/yr (Measured at 6 mos or 25 wks) 11.86 cm/yr

Source: Genexine, GeneScience, CMBIS

Based on Genexine’s Phase 2 study in PGHD, I-Mab is going to conduct a registrational Phase 3, randomized, active-controlled, and multi-center study in China to assess the efficacy, safety, and pharmacokinetics of TJ101 in PGHD. The primary objective is to demonstrate non-inferiority of 1.2 mg/kg/week of TJ101 administered SC, based on aHV after 26 weeks of treatment, compared to the active control Norditropin (somatropin), a daily rhGH made by Novo Nordisk. In Jul 2020, NMPA has accepted the IND application for TJ101 pivotal phase 3 trial in PGHD. About 165 subjects will be enrolled and treated in the study.

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Expect RMB1.8bn risk-adjusted peak sales from TJ101 by 2035E We forecast TJ101 to receive NMPA’s approval for treatment of PGHD in 2024E. We expect TJ101 to realize RMB1.8bn risk-adjusted peak sales by 2035E, assuming 90% probability of success (PoS).

Figure 32: Sales forecasts of TJ101

2024E 2025E 2026E 2027E 2028E 2029E 2030E 2031E 2032E 2033E 2034E 2035E

TJ101-PGHD in China

Prevalence of PGHD in China ('000 people) 3,503 3,521 3,538 3,556 3,574 3,592 3,610 3,628 3,646 3,664 3,682 3,701

YoY change in prevalence of PGHD 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5%

Treatment rate of PGHD patients 5% 5% 5% 6% 6% 6% 6% 6% 7% 7% 7% 7%

PGDH patients receiving treatment ('000 people) 172 180 188 196 204 212 220 229 237 245 254 263

Penetration of Long-acting rhGH in PGHD in China 6% 8% 10% 12% 14% 16% 18% 20% 22% 24% 26% 28%

TJ101's market share in long-acting rhGH in China 15% 25% 30% 35% 40% 40% 39% 39% 38% 38% 37% 37%

Patients treated with TJ101 ('000 people) 2 4 6 8 11 13 15 18 20 22 24 27 Monthly cost of of TJ101 in China (RMB per month, after 15,000 12,000 12,000 12,000 12,000 9,600 9,120 8,664 8,231 7,819 7,428 7,057 PAP) Price change YoY 0% -20% 0% 0% 0% -20% -5% -5% -5% -5% -5% -5%

Average period of treatment (month) 12 12 12 12 12 12 12 12 12 12 12 12

TJ101 sales in PGHD (hospital level，RMBmn) 278 517 810 1,183 1,643 1,543 1,692 1,830 1,957 2,073 2,179 2,274

Distributor markup 10% 10% 10% 10% 10% 10% 10% 10% 10% 10% 10% 10%

VAT 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3%

TJ101 sales from PGHD (exfactory, RMB mn) 245 456 715 1,044 1,450 1,362 1,493 1,615 1,727 1,830 1,923 2,007

Source: CMBIS estimates

Figure 33: Risk-adjusted sales forecasts of TJ101

2024E 2025E 2026E 2027E 2028E 2029E 2030E 2031E 2032E 2033E 2034E 2035E

TJ101 sales in PGHD (RMB mn) 245 456 715 1,044 1,450 1,362 1,493 1,615 1,727 1,830 1,923 2,007

Probability of success for PGHD 90% 90% 90% 90% 90% 90% 90% 90% 90% 90% 90% 90%

Risk-adj China TJ101 sales (RMB mn) 221 411 644 940 1,305 1,226 1,344 1,453 1,554 1,647 1,731 1,806

Source: CMBIS estimates

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Enoblituzumab, a B7-H3 antibody The most advanced clinical stage humanized B7-H3 antibody

Enoblituzumab, formerly known as MGA271, is a humanized antibody directed at B7-H3, a member of the B7 family of T cell checkpoint regulators. B7-H3 is a promising immuno-oncology drug target as it is widely expressed across multiple tumor types and plays a key role in regulating immune response against cancers. Increasing pre-clinical and clinical evidence suggests that antibodies targeting the two T cell checkpoint molecules, B7-H3 and PD-1, work synergistically in treating cancer.

In Jul 2019, I-Mab acquired the development and commercial rights of enoblituzumab from MacroGenics (MGNX US) for development and commercialization of enoblituzumab, including in combination with anti-PD-1 antibody such as MGA012 in Greater China. Pursuant to this agreement, I-Mab paid MacroGenics an upfront payment of US$15.0mn and agreed to pay milestone fees of up to US$135.0mn and tiered double-digit royalties (ranging from mid-teens to twenty percent) based on annual net sales.

Originally developed by MacroGenics, enoblituzumab has been evaluated in multiple clinical trials as a monotherapy or in combination with CTLA-4 or PD-1 therapies in patients with B7-H3-expressing cancers. Enoblituzumab is also being evaluated in a neoadjuvant Phase 2 study as a single agent in patients with intermediate and high-risk localized prostate cancer. The clinical studies so far have shown that enoblituzumab is well-tolerated, and it increased CD8 T cell infiltration in tumors with more focused T cell repertoires in patients treated with enoblituzumab as a monotherapy. Clinical studies conducted by MacroGenics indicate that combination therapy with enoblituzumab and pembrolizumab correlates with preliminary anti-tumor effects in recurrent or metastatic squamous cell carcinoma of the head and neck (SCCHN) and non-small cell lung cancer (NSCLC). I-Mab expects to submit an IND application in 2020 for a registrational trial or a Phase 2 trial.

Targeting B7-H3 offers several advantages over other target options within the class of T cell checkpoint molecules. First, B7-H3 is a tumor-associated antigen that is over-expressed in a variety of solid tumors while its expression in normal tissues is rather limited, enabling the tumor killing mechanism of enoblituzumab. Second, B7-H3 is a unique checkpoint whose expression in tumors is associated with disease prognosis. For example, biomarker analysis of more than 400 NSCLC patients revealed that among all the elevated immune checkpoint inhibitors, including PD-1/PD-L1, PD-L2, B7- H3, TIM-3, BTLA and CTLA4, only B7-H3 is negatively correlated with clinical efficacies of neoadjuvant treatments. Furthermore, recent studies have shown that when combined with a PD-1 antibody, a blockade of B7-H3 results in superior treatment effects in relevant cancer animal models while another study indicates that B7-H3 expression correlates with a lack of anti-PD-1 response. The advantages summarized above make B7-H3 a favorable tumor target for immuno-therapeutic intervention.

Several B7-H3 targeting drug candidates are under development, while most candidates are in early phase. Enoblituzumab is the only conventional B7-H3 antibody in clinical development globally.

Figure 34: Investigational B7-H3 antibody drugs Product Drug Form Company Indication Global status China status CNS/leptomeningeal 131I-Omburtamab Radio-labeled mAb Y-mAbs Therapeutics BLA submitted N/A metastases of neuroblastoma Enoblituzumab mAb Marcogenics Solid tumors Ph 2 N/A MGC018 ADC Marcogenics Solid tumors Ph 1/2 N/A 124I-Omburtamab Radio-labeled mAb Y-mAbs Therapeutics Glioma Ph 2 N/A ABBV-155 ADC AbbVie Solid tumors Ph 1 N/A Source: F&S, CMBIS

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Early clinical results supports potential in combo regimens

Phase 1 study of Enoblituzumab monotherapy

In the dose escalation segment of the study, six doses (0.15–15 mg/kg QW) were evaluated in a conventional “3+3” design. No MTD or dose-limiting toxicity (DLT) was observed in the dose escalation phase, so the highest administered dose, 15 mg/kg, was used in the cohort expansion, in which patients received weekly infusions of enoblituzumab in eight-week cycles for up to 12 cycles. Tumor evaluation was carried out by both Response Evaluation Criteria in Solid Tumors (RECIST) and immune-related response criteria (irRC) with an initial response assessment after eight weeks. This entailed seven tumor-specific cohorts, including melanoma (post-checkpoint inhibitor failure, n=31), head and neck cancer (n=19), prostate cancer (n=34), triple-negative breast cancer (n=17), renal cell carcinoma (n=16), NSCLC (n=8), and bladder cancer (n=12).

As of the data cut-off date of 13 Apr 2017, treatment-related AEs (per investigator assessment) were experienced by 134 out of 170 (78.8%) patients, most of which were infusion-related reactions (n=62, 36.5%), fatigue (n=54, 31.8%), nausea (n=32, 18.8%), and chills (n=24, 14.1%). Only three out of 179 patients (1.7%) had a treatment-related discontinuation, and 13 (7.3%) patients experienced treatment-related Grade 3 or higher AEs (fatigue, infusion-related reactions, and nausea), assessed based on Common Terminology Criteria for Adverse Events (CTCAE) criteria version 4.0. Mild to moderate infusion-related reactions were managed with low dose steroids or a decrease of the infusion rate. No severe immune-mediated toxicity was observed.

Evidence of decreased size of target and non-target lesions as well as extended time to progression were observed across a broad range of tumors, including heavily pretreated cancers. Three patients achieved partial responses (PR) by RECIST out of a total of approximately 71 patients being evaluated. However, enoblituzumab showed modest efficacy as a monotherapy.

Phase 1 study of Enoblituzumab in combination with Pembrolizumab

Three dose levels of enoblituzumab (3, 10, 15 mg/kg, IV, QW) have been evaluated in combination with pembrolizumab (2 mg/kg, IV, Q3W). No MTD has been identified, and so the maximum administered dose of enoblituzumab (15 mg/kg) in combination with pembrolizumab was given to additional cohorts of patients enrolled during the cohort expansion phase. A total of 133 patients with B7-H3-expressing melanoma, SCCHN, NSCLC, and urothelial cancer have been treated in the study.

The combination of enoblituzumab and pembrolizumab demonstrated acceptable tolerability. Grade 3 or higher AEs occurred in 27.1% of all patients. Drug-related AEs of all grades included infusion-related reactions (n=73, 54.9%), fatigue (n=37, 27.8%), rash (n=14, 10.5%), and nausea (n=12, 9.0%). The incidence of immune-related AEs in the study was comparable to that observed in patients who received anti PD-1 monotherapy. Nine patients experienced drug-related AEs leading to treatment discontinuation.

PLEASE READ THE ANALYST CERTIFICATION AND IMPORTANT DISCLOSURES ON LAST PAGE 31 31 26 Aug 2020

Figure 35: Drug-Related and Immune-Related Adverse Events; During Combination Treatment with Enoblituzumab and Pembrolizumab No. (%) of patients Drug-related AEs (≥5% of patients) All grades total (n=133) ≥Grade 3 AE (n=133) Adverse event 115 (86.5) 36 (27.1) Infusion related reaction 73 (54.9) 9 (6.8) Fatigue 37 (27.8) 2 (1.5) Rash 14 (10.5) 1 (0.8) Nausea 12 (9.0) 0 Pyrexia 12 (9.0) 0 Lipase increased 11 (8.3) 8 (6.0) Arthralgia 10 (7.5) 0 Decreased appetite 9 (6.8) 2 (1.5) Diarrhea 9 (6.8) 1 (0.8) Hypothyroidism 8 (6.0) 0 Anemia 7 (5.3) 1 (0.8) Pneumonitis 7 (5.3) 2 (1.5) Chills 7 (5.3) 0

No. (%) of patients Immune-related AE of Special Interest (AESI) All grades total (n=133) ≥Grade 3 AE (n=133) Pneumonitis 5 (3.8) 2 (1.5) Myocarditis 2 (1.5) 1 (0.8) Diarrhea 1 (0.8) 1 (0.8) Adrenal insufficiency 1 (0.8) 1 (0.8) Colitis 1 (0.8) 0

Source: MacroGenics, CMBIS

The interim results as of the data cut-off date, 12 Oct 2018, showed an ORR (overall response rate) that compared favorably with historical experience with anti-PD-1 monotherapy in anti-PD-1/PD-L1 naive patients. Among the 18 response-evaluable SCCHN patients who had not previously received PD-1/PD-L1 therapies, six patients (33.3%) had confirmed PRs. Among the subset of patients with 10% or higher B7-H3 tumor expression, six out of 15 (40.0%) had confirmed PRs compared to previously reported SCCHN patients treated with PD-1 monotherapy, which achieved ORRs ranging from 13% to 16%.

Figure 36: Anti-tumor activity in anti-PD-1/PD-L1-naive SCCHN patients

Source: MacroGenics, CMBIS

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Figure 37: Enoblituzumab and Pembrolizumab generates higher ORR than PD-1 monotherapy Nivolumab Pembrolizumab + Enoblituzumab + Pembrolizumab Pembrolizumab Drug mono Chemo Pembrolizumab (Keynote-012) (Keynote-040) (Checkmate-141) (Keynote-048)

Indication PD-1/PD-L1-naive SCCHN Line of treatment 2L+ 2L 2L+ 2L 1L Patient No. 18 240 192 247 281 ORR 33.3% 13.3% 17.7% 15.0% 36.0% SAEs 27.0% 13.0% 13.0% 13.0% 47.0%

Source: Companies’ data, CMBIS

Among 14 response-evaluable NSCLC patients who had not previously received PD-1/PD-L1 therapies and were PD-L1 negative, five patients (35.7%) had confirmed PRs. ORR ranging from 8% to 17% were reported in PD-L1 negative NSCLC patients treated with PD-1 monotherapy.

Figure 38: Anti-tumor activity in PD-1-naive NSCLC patients who are PD-L1 negative (PD-L1 < 1%)

Source: MacroGenics, CMBIS

I-Mab plans to develop enoblituzumab as a second-line combination therapy with a PD-1 antibody in patients with recurrent or metastatic SCCHN. The Company expects to submit an IND application to the NMPA in 2020 for a registrational trial or a Phase 2 trial. In addition, I-Mab is planning to explore enoblituzumab development in a variety of B7-H3 expressing solid tumors. MacroGenics plans to combine enoblituzumab and a PD-1 antibody with and without chemotherapy in a two-part Phase 2/3 study for first-line treatment of patients with recurrent or metastatic SCCHN not curable by localized therapy. I-Mab expects to participate in the Phase 3 global study if initiated.

SCCHN has large market potential for immunotherapies The initial therapeutic indication for enoblituzumab is head and neck cancer. Head and neck cancers occur in various parts of the head and neck, including the mouth, nose, throat and salivary glands. More than 90% of head and neck cancers are classified as SCCHN, which begin in the squamous cells that line the moist, mucosal surfaces inside the head and neck.

Early-stage SCCHN is primarily treated with surgical resection, while patients with locally advanced, recurrent or metastatic disease are typically treated with drug therapy. The combination of surgery and drug therapy, with or without radiation therapy, is the current standard of care for Stage 3 SCCHN patients with locally advanced disease. Platinum-based chemotherapy regimens are widely used as first-line therapies for Stage 4 and distant relapse patients. Erbitux (cetuximab from Eli Lilly and Merck KGaA) was approved in 2006 as a first-line treatment of locally advanced SCCHN in combination with

PLEASE READ THE ANALYST CERTIFICATION AND IMPORTANT DISCLOSURES ON LAST PAGE 33 33 26 Aug 2020 radiation therapy. Regimens containing Erbitux, platinum-based chemotherapy, and 5-fluorouracil, known as EXTREME, are often considered as the standard of care for first-line treatment of distant relapse SCCHN. However, only about 35% of patients respond to EXTREME, and the resulting overall median survival is only 10.1 months. Furthermore, about half of the patients on first-line therapies need later-line therapies. In addition, even second-line therapy is highly varied, including single-agent docetaxel or paclitaxel, Erbitux monotherapy, and Erbitux and paclitaxel combination therapy.

In the US, Keytruda (pembrolizumab) has been approved by the US FDA in combination with chemotherapies as a first-line treatment for SCCHN, or as a single agent for PD-L1 positive r/r SCCHN, or as a single agent for r/r SCCHN after chemotherapies. Meanwhile, Opdivo (nivolumab) was also approved by the US FDA for treatment of r/r SCCHN after chemotherapies. The average ORR for second-line PD-1 therapies has been less than 15%.

In Oct 2019, the NMPA approved Opdivo (nivolumab from Bristol-Myers Squibb), for use in PD-L1 positive SCCHN patients that has progressed during chemotherapy with a platinum-based drug or that has recurred or metastasized after platinum-based chemotherapy. Several PD-1/L1 and related combination therapies are under clinical development for SCCHN in China.

Figure 39: Investigational immunotherapies for SCCHN under clinical trials in China Product Target Company Indication China status Trial ID high-risk/ advance local Atezolizumab PD-L1 Roche Ph 3 CTR20180739 SCCHN adjuvant

TQB2450 PD-L1 Chia Tai Tian Qing r/r-SCCHN Ph 3 CTR20190292

HLX10+HLX07 PD-1+EGFR Henlius advance SCCHN Ph 2 CTR20200312

Chia Tai Tian Qing advance solid tumor Anlotinib+AK105 VEGF + PD-1 Ph 2 CTR20192550 Akeso Bio (NPC, SCCHN)

GR1405 PD-L1 Genrix Bio r/r-SCCHN (1L) Ph 3 CTR20181522

r/r-SCCHN (relapse from SCT I10A PD-1 Sinocelltech Ph 2 CTR20191160 Pt-Chemo) high-risk local SCCHN SCT I10A PD-1 Sinocelltech Ph 2 CTR20191159 adjuvant

Source: Insight, CMBIS

According to the F&S, in Greater China, new cases of head and neck cancer reached approximately 140,200 in 2018 and are predicted to increase to approximately 155,300 in 2023E, representing a CAGR of 2.1%. F&S forecasts the global head and neck cancer therapeutics market to increase from US$2.9bn in 2018 to US$8.7bn in 2030E while the market size in China to increase from US$0.3bn in 2018 to US$1.9bn in 2030E.

PLEASE READ THE ANALYST CERTIFICATION AND IMPORTANT DISCLOSURES ON LAST PAGE 34 34 26 Aug 2020

Figure 40: Global Head and Neck Cancer Therapeutics Market Size (2014-2030E) (US$ bn) 14 CAGR Peroid Biologics Chemical drugs Total 12 2014-2018 7.2% 4.5% 7.0%

10 2018-2030E 9.6% 9.3% 9.6% 8.7 8.1 0.73 8 7.4 6.8 0.68 6.3 0.63 5.8 0.59 6 5.4 0.54 4.9 0.50 4.5 0.46 3.7 4.1 0.42 3.3 0.39 4 2.9 0.36 7.4 8.0 2.5 2.6 0.32 6.8 2.2 0.25 0.29 5.7 6.2 1.9 0.18 0.20 4.9 5.3 0.21 0.22 4.1 4.5 2 3.4 3.7 2.4 2.7 3.0 2.0 1.7 2.3 0 2014 2015 2016 2017 2018 2019E 2020E 2021E 2022E 2023E 2024E 2025E 2026E 2027E 2028E 2029E 2030E Chemical drugs Biologics Source: F&S, CMBIS

Figure 41: China Head and Neck Cancer Therapeutics Market Size (2014-2030E) 2.5 (US$ bn) CAGR 2.0 Peroid Biologics Chemical drugs Total 1.9 2014-2018 16.1% 9.4% 12.5% 1.7 1.6 2018-2030E 20.0% 10.6% 16.3% 1.5 1.4 1.3 1.1 1.37 1.0 1.24 1.0 1.12 0.8 0.99 0.7 0.88 0.6 0.76 0.5 0.64 0.5 0.4 0.53 0.3 0.43 0.2 0.34 0.2 0.2 0.2 0.20 0.26 0.15 0.44 0.48 0.52 0.09 0.10 0.12 0.31 0.35 0.38 0.41 0.08 0.18 0.21 0.24 0.26 0.29 0.0 2014 2015 2016 2017 2018 2019E 2020E 2021E 2022E 2023E 2024E 2025E 2026E 2027E 2028E 2029E 2030E Biologics Chemical drugs Source: F&S, CMBIS

PLEASE READ THE ANALYST CERTIFICATION AND IMPORTANT DISCLOSURES ON LAST PAGE 35 35 26 Aug 2020

TJ301 (olamkicept), an IL-6 blocker TJ301 is a potential highly differentiated IL-6 Blocker

TJ301 (olamkicept) is the only clinical stage selective interleukin-6 (IL-6) inhibitor that works through the trans-signaling mechanism. IL-6 is an important cytokine driver in the propagation and maintenance of chronic inflammation in autoimmune diseases. Compared to the approved antibody drugs that directly block IL-6 or IL-6 receptor (IL-6R), TJ301 is expected to provide a novel alternative for the treatment of IL-6 mediated inflammation without affecting some of the normal physiological functions of IL-6, e.g., acute immune response against infection and metabolic regulation.

In Nov 2016, I-Mab acquired an exclusive license from Ferring Pharmaceuticals to develop and commercialize TJ301 in Greater China and South Korea with an option of licensing worldwide rights. Under this agreement, I-Mab paid to Ferring an upfront license fee of US$2.0mn and agreed to make milestone payments in the aggregate amount of US$14.5mn. In addition, I-Mab agreed to pay Ferring tiered royalties ranging from the mid-single-digit to high-single-digit percentages of annual net sales for countries in China and South Korea.

TJ301 demonstrated therapeutic effects in pre-clinical animal models of autoimmune diseases, including inflammatory colitis. Moreover, the safety and tolerability profile of TJ301 was studied in three clinical trials in Germany involving 128 subjects.

I-Mab is conducting a Phase 2 clinical trial in ulcerative colitis (UC) based on the evidence that TJ301 was shown to be effective in animal models of colitis and an exploratory Phase 2a biomarker trial showed promising interim treatment effects of TJ301 in UC patients. I-Mab expects to obtain preliminary data from this Phase 2 clinical trial by 2H20E. Preliminary clinical data showed favorable safety profile and encouraging efficacy

Ferring Pharmaceuticals has completed two Phase 1 trials to evaluate TJ301’s preliminary safety and clinical pharmacology. TJ301 was shown to be well-tolerated based on the clinical results collected from a total of 112 subjects exposed to the drug. In addition, a Phase 2a biomarker study in active inflammatory bowel disease (IBD) has been completed in Germany with promising pharmacodynamic and clinical responses observed.

Phase 1 clinical trial: single dose ascending trial

The trial recruited both healthy subjects and patients with Crohn’s Disease (CD) in clinical remission. Several dose levels were tested, ranging from 0.75 mg to 750 mg, with each dose level including six subjects receiving TJ301 and two receiving placebos.

In healthy subjects and CD patients, TJ301 showed similar terminal half-life of 4.3 to 5.1 days. The maximum concentration (Cmax) in plasma and the area under curve (AUC) of the plasma drug concentration-time curve were dose proportional. For SC administration of TJ301 (60 mg), the Cmax was approximately 1.0 µg/mL at 2.3 days, and the bioavailability was approximately 48%.

TJ301 was well-tolerated when administered as a single IV dose at up to 750 mg and as a single SC dose at 60 mg. No apparent dose-related AE was observed. Infusion was discontinued in two subjects due to mild to moderate infusion-related reactions, with skin symptoms such as urticaria and swelling, which were rapidly resolved. Only one healthy subject in the 300 mg group showed non-neutralizing treatment-emergent ADAs at the follow-up visit five to six weeks after administration.

PLEASE READ THE ANALYST CERTIFICATION AND IMPORTANT DISCLOSURES ON LAST PAGE 36 36 26 Aug 2020

Phase 1 clinical trial: multiple dose ascending trial

A total of 24 healthy subjects were randomized into three dose groups and received four weekly infusions of TJ301 at 75 mg, 300 mg or 600 mg. There were only a few mild or moderate AEs reported across all treatment groups. One subject from the 600 mg group withdrew due to mild infusion-related reactions with urticaria and pruritus 30 minutes after administrating the first dose. No apparent dose- related trends or treatment-related change in vital signs, electrocardiogram or clinical chemistry parameters were observed. No ADAs were reported by any subject. Overall, TJ301 was well-tolerated when administered by IV at up to 600 mg once weekly for four weeks.

Figure 42: Summary of treatment-emergent adverse events of TJ301 75 mg 300 mg 600 mg Placebo Total Active (N=6) (N=6) (N=6) (N=6) (N=18) n (%) E n (%) E n (%) E n (%) E n (%) E Any TEAE 6 (100) 13 2 (33) 5 4 (67) 6 6 (100) 14 12 (67) 24 Serious TEAE 0 0 0 0 0 Adverse drug reaction 6 (100) 11 2 (33) 2 3 (50) 5 4 (67) 6 11 (64) 18 TEAE leading to withdrawal 0 0 1 (17) 1 0 1 (6) 1 Death 0 0 0 0 0

Source: Ferring Pharmaceuticals, CMBIS Note: (1) Reasonably possibly related to treatment; N: number of subjects exposed; n: number of subjects with AE; %: n/N*100; E: number of AEs

Phase 2a biomarker study in active IBD (FUTURE Study)

This was an open-label exploratory study to assess the mechanisms of molecular activity (effects on biomarkers), safety and tolerability of TJ301 in adult patients with active IBD. Nine UC patients and seven CD patients were dosed with TJ301 (600 mg, IV, q2w) for up to 12 weeks followed by 42 days of safety follow-up. Patients enrolled had moderately to severe active UC or ileocolonic CD with median disease duration of 5.3 (UC) and 6.9 (CD) years and with immunologically active inflammation (C- reactive protein >5 mg/l), who had failed conventional therapies and had no prior biologics treatment.

TJ301 was well-tolerated. Reported AEs were unspecific in nature and showed no signs of immune suppression. Five SAEs were observed, none of which were life-threatening or deemed to be related to TJ301.

A preliminary clinical response was observed in both UC and CD patients, which appeared to be stronger in patients with UC than those with CD. Overall, 55% of UC patients (5/9) responded to TJ301, with 22% (2/9) reaching clinical remission, whereas 29% of CD patients (2/7) responded to TJ301, with 14% (1/7) reaching clinical remission. All three patients in clinical remission showed a fast and thorough induction of clinical, endoscopic, and immunologic remission within the first four weeks.

The first target indication of TJ301 is active stage UC that is not well-controlled by conventional therapies such as mesalazine. I-Mab has initiated a multi-regional Phase 2 clinical trial in Greater China and South Korea to assess the pharmacokinetics, safety, and efficacy of TJ301 in patients with active UC (NCT03235752). This is a randomized, double-blind, and placebo-controlled clinical trial with three treatment arms which plans to enroll 90 patients.

PLEASE READ THE ANALYST CERTIFICATION AND IMPORTANT DISCLOSURES ON LAST PAGE 37 37 26 Aug 2020

Ulcerative Colitis has substantial unmet clinical need Ulcerative colitis (UC) is an inflammatory bowel disease (IBD) that causes chronic and often relapsing inflammation and ulceration of the colon and rectum, in which the lining of the colon and rectum become inflamed and develop tiny open sores, or ulcers, which produce pus and mucous. This combination of inflammation and ulceration can cause abdominal discomfort and frequent emptying of the colon.

The incidence of UC is increasing rapidly, but UC patients, especially those with a moderate-to-severe disease, have few treatment options, which have limited efficacy and considerable side-effects. Anti- inflammatory drugs, such as 5-aminosalicylic acids (5-ASAs) and corticosteroids, are often used as initial treatment for UC. Immune system suppressors are also used to control inflammation in patients with UC, including azathioprine, mercaptopurine, and cyclosporine.

Biologics that inhibit tumor necrosis factor alpha (TNF-α), including infliximab (Remicade), adalimumab (Humira), and golimumab (Simponi), are efficacious in some UC patients who fail to respond to conventional therapies. Approved by the NMPA in 2019, infliximab (Remicade), which is a TNF-α inhibitor, is currently the only biologic approved to treat UC in China. According to F&S, approximately 45% patients with autoimmune diseases are considered treatment non-responders to TNF-α drugs and less than one third the UC patients taking TNF-α drugs achieve drug free remission.

Entyvio (Vedolizumab), an integrin a4ß7 antibody that blocks lymphocytes from accumulating in the intestinal wall, is the only non-anti-TNF-α biologics approved for UC. Vedolizumab is also in a Phase 3 trial in China. In May 2018, tofacitinib (Xeljanz), which is a small molecule Jak1/3 kinase inhibitor, became the first oral medication approved for chronic use in moderate to severe UC in the US. Jak1/3 kinase inhibitors can carry the risk of serious infections and malignancies.

TJ301 is the only clinical stage selective IL-6 inhibitor that works through the trans-signaling mechanism. It is a potential highly differentiated IL-6 blocker for UC. Several biological drugs for UC are under clinical development in China.

Figure 43: Competitive landscape of investigational biologics for treating UC Product Target Company Global status China Status Infliximab (Remicade) TNF-α JNJ Approved Approved Adaimumab (Humira) TNF-α Abbvie Approved N/A Golimumab (Simponi) TNF-α JNJ Approved N/A Vedolizumab (Entyvio) α4ß7 integrin Takeda Approved Ph 3 Ustekinumab (Stelara) IL-12/IL-23 JNJ Approved N/A Risankizumab IL-23 Abbvie Ph 3 Ph 3 Mirikizumab IL-23 Eli Lily Ph 3 N/A Etrolizumab ß7 integrin Roche Ph 3 N/A Ontamalimab MAdCAM Takeda/Shire Ph 3 N/A Spesolimab IL-36 Boehringer Ingelheim Ph 2/3 N/A Olamkicept (TJ301) IL-6 I-Mab Ph 2 Ph 2

Source: F&S, CMBIS Notes: Competing investigational biologics that are prior to Phase 3 clinical trials are not included in this table.

The development of IL-6 antibodies is crowded in China. Actemra (tocilizumab) from Roche was approved by the NMPA for commercialization in Mar 2013.

PLEASE READ THE ANALYST CERTIFICATION AND IMPORTANT DISCLOSURES ON LAST PAGE 38 38 26 Aug 2020

Figure 44: IL-6 antibody products and candidates in China Product Target Company Indication China status Trial ID Systemic juvenile idiopathic Approved (2017- Tocilizumab (Actemra) IL-6 Roche arthritis 09-25) Tocilizumab (Actemra) IL-6 Roche RA Ph 3 CTR20140078 Tocilizumab-HS628 IL-6 Zhejiang Hisun Moderate RA Ph 3 CTR20201263 Tocilizumab-CMAB806 IL-6 Mabpharm Moderate to severe RA Ph 3 CTR20190739 Tocilizumab-BAT1806 IL-6 Bio-Thera Solutions RA Ph 3 CTR20190174 Tocilizumab-LZM008 IL-6 Livzon Mabpharm Moderate to severe RA Ph 3 CTR20191204 TJ301 IL-6 I-Mab UC (ulcerative colitis) Ph 2 CTR20180851 MCD (Multicentre Siltuximab IL-6 JNJ Ph 2 CTR20132261 Castleman's disease) Tocilizumab-BJWD IL-6 Beijing Vdjbio Moderate to severe RA Ph 1 CTR20191199 GB224 IL-6 Genor Biopharma Moderate to severe RA Ph 1 CTR20180015 Anti-IL-6 mAb IL-6 WuXi Bio RA Ph 1 CTR20192362 Tocilizumab-QX003S IL-6 Jiangsu Quanxin Moderate to severe RA Ph 1 CTR20190002 Shanghai Destiny RA, Systemic juvenile Tocilizumab-IA001 IL-6 Ph 1 CTR20192563 Biotech idiopathic arthritis Tocilizumab-HS628 IL-6 Zhejiang Hisun RA Ph 1 CTR20170744

Source: Insight, CMBIS

According to F&S, in Greater China, UC affected approximately 370,100 patients in 2018, which is predicted to increase to approximately 543,700 cases in 2023E, representing a CAGR of 8.0%. Greater China has a relatively lower UC incidence and prevalence compared to those in Western countries, but the absolute number of patients is predicted to increase to approximately 918,300 in 2030E with a CAGR of 7.8% from 2023 to 2030E, as a result of the increasingly westernized lifestyle in Greater China.

F&S forecasts global UC therapeutics market to increase from US$7.1bn in 2018 to US$14.9bn in 2030E and China UC therapeutics market to grow from US$0.4bn in 2018 to US$2.4bn in 2030E.

Figure 45: Global Ulcerative Colitis Therapeutics Market Size (2014-2030E) 14.4 14.9 (US$ bn) 13.7 14 CAGR 13.0 Peroid Biologics Chemical drugs Total 12.3 12 2014-2018 6.2% 3.4% 4.3% 11.5 10.8 2018-2030E 9.0% 4.8% 6.4% 9.9 8.4 8.2 10 9.0 8.1 8.4 7.8 7.8 7.5 7.4 8 7.1 7.2 6.5 6.8 6.9 6.0 6.2 6.4 6 5.9 5.5 5.2 4.6 4.7 4.9 4.3 4.5 4 4.1 6.5 5.7 6.1 4.8 5.2 2 3.9 4.3 3.2 3.5 2.5 2.7 2.9 1.8 1.9 2.1 2.2 2.3 0 2014 2015 2016 2017 2018 2019E 2020E 2021E 2022E 2023E 2024E 2025E 2026E 2027E 2028E 2029E 2030E Chemical drugs Biologics Source: F&S, CMBIS

PLEASE READ THE ANALYST CERTIFICATION AND IMPORTANT DISCLOSURES ON LAST PAGE 39 39 26 Aug 2020

Figure 46: China Ulcerative Colitis Therapeutics Market Size (2014-2030E) 2.5 (US$ bn) 2.4 2.2

CAGR 2.0 2.0 Peroid Biologics Chemical drugs Total 1.8 2014-2018 39.1% 18.9% 19.2% 1.6 1.4 2018-2030E 47.1% 10.9% 15.6% 1.5 1.4 1.4 1.2 1.3 1.1 1.3 1.0 0.9 1.2 0.8 1.1 0.6 1.0 0.5 1.0 0.5 0.4 0.8 0.97 0.3 0.3 0.7 0.82 0.2 0.2 0.6 0.67 0.5 0.52 0.28 0.39 0.01 0.03 0.06 0.09 0.13 0.20 0.0 0.003 0.003 0.004 0.004 0.02 2014 2015 2016 2017 2018 2019E 2020E 2021E 2022E 2023E 2024E 2025E 2026E 2027E 2028E 2029E 2030E Chemical drugs Biologics Source: F&S, CMBIS

PLEASE READ THE ANALYST CERTIFICATION AND IMPORTANT DISCLOSURES ON LAST PAGE 40 40 26 Aug 2020

TJ107 (Efineptakin), a long-acting rhIL-7 TJ107 is a potential lymphocyte-booster for cancer related lymphopenia and immunotherapy

TJ107 (GX-I7, efineptakin) is the world’s first and only long-acting recombinant human interleukin-7 (rhIL-7), which is being developed as a T lymphocyte-booster for cancer-related immunotherapy. Due to its advantages in terms of selective immune functions, improved stability, developability, and extended half-life, TJ107 is differentiated from an earlier generation of short-acting rhIL-7 and T cell growth factor (interleukin-2).

TJ107 has an advantage over other T lymphocyte cytokines with therapeutic potential in oncology. Pre-clinical and clinical results generated so far indicate that TJ107 has a favorable immune function profile over recombinant human interleukin-2 (rhIL-2) in that TJ107 activates and expands tumor- fighting CD4, CD8 and natural killer T cells but spares tumor-protecting Treg cells. By contrast, rhIL-2 is a well-known inducer of Tregs, which suppresses tumor-fighting effector T cells. Furthermore, rhIL- 2 has a narrow therapeutic window and causes serious side effects such as capillary leak syndrome, breathing problems, serious infections, and seizures.

TJ107, as an engineered rhIL-7, has the advantages of improved stability and half-life extension through Genexine’s proprietary hybrid fragment crystallizable region (hyFc). Introducing a few hydrophilic amino acid residues to the N-terminus of IL-7 overcomes stability issues that hampered the development of previous rhIL-7 drug candidates. Furthermore, application of the hyFc technology enhances IL-7’s function, increases its half-life (from 48 to 112 hours after a single subcutaneous (SC) dose in clinical studies), and allows for a robust purification process. By contrast, the half-life of first- generation rhIL-7 was reported to be about 12 hours after SC dosing in human subjects. The hyFc in TJ107 is also non-cytolytic, so it will not damage the T cells to which it binds. Unlike TJ107, the previous rhIL-7 drug candidates adopt non-glycosylated (CYT 99-007) or glycosylated (CYT-107) forms of short-acting rhIL-7 and were developed by Revimmune Inc (formerly known as Cytheris SA). These molecules had low stability, low production yield, and a short half-life because IL-7 protein is intrinsically unstable and prone to aggregation. However, the preliminary clinical results from Phase 1 and Phase 2 trials in patients with AIDS did show an increase of T lymphocytes following treatment with CYT-107.

In Dec 2017, I-Mab acquired exclusive rights from Genexine to develop and commercialize TJ107 in Greater China. Under this agreement, I-Mab paid an upfront license fee of US$12.0mn to Genexine and agreed to make sales-based milestone payments in the aggregate amount of US$23.0mn. Further, I-Mab agreed to make milestone payments in the aggregate amount of US$525.0mn. I-Mab is also required to pay Genexine a low-single-digit percentage royalty in respect of the total annual net China sales of TJ107.

I-Mab plans to position TJ107 first as a monotherapy or an oncology care product for cancer patients with cancer treatment-related lymphopenia (low blood lymphocyte levels) induced by chemotherapy or radiation therapy. This target indication covers a large population of cancer patients who develop cancer treatment-related lymphopenia, a condition that weakens the ability to receive continued chemotherapy or radiation therapy and leads to worsened disease prognosis and clinical outcome.

In addition, TJ107 is expected to show a therapeutic effect as a combination therapy with immune checkpoint inhibitors, i.e., PD-1/PD-L1 therapies, due to its inherent selective T cell-boosting properties. Pre-clinical studies have indicated that TJ107 exerted additional anti-tumor effect when combined with PD-1/PD-L1 therapies.

Worldwide, there are only two IL-7-based investigational drugs, including TJ107 (efineptakin) and CYT-107, while both of them are in early clinical studies.

PLEASE READ THE ANALYST CERTIFICATION AND IMPORTANT DISCLOSURES ON LAST PAGE 41 41 26 Aug 2020

Figure 47: Investigational drugs of recombinant human IL-7 Investigational drugs Drug form Company Indication Global status China status Lymphopenia and long acting rhIL- I-Mab N/A Ph 1b/2a Efineptakin(1) cancer 7 Genexine Solid tumor Ph 2 N/A Glycosylated rhIL- CYT-107 Revimmune Sepsis and septic shock Ph 2 N/A 7

Source: F&S, CMBIS Note: (1) I-Mab has the development and commercialization rights for efineptakin in Greater China pursuant to a partnership agreement with Genexine. I-Mab is conducting clinical trials in China as part of the coordinated global clinical development plan.

Preliminary clinical results proved sustainable T cell stimulation

A first-in-human Phase 1 trial has been conducted by Genexine in South Korea. This trial was to evaluate the safety, tolerability, pharmacokinetic and pharmacodynamic properties of 20 or 60 µg/kg TJ107 via SC or intramuscular (IM) administration in healthy volunteers. Each dose group consisted of 10 subjects, eight of whom were administered TJ107 and two were given placebo via the same route of administration. TJ107 was well-tolerated in all 30 subjects without serious adverse events. The most common adverse events were transient Grade 1 or 2 injection site skin reactions.

Because IL-7 promotes the survival and proliferation of T cells, absolute lymphocyte count (ALC) in the peripheral blood was used as a reliable and convenient PD marker for TJ107. ALC initially decreased transiently in all TJ107 groups. This effect is often termed margination, which is a physiological phenomenon common to many cytokines as a result of increased adherence of cytokine- stimulated white blood cells to the blood vessels and subsequent trafficking to tissues and lymphoid organs. ALC recovered in approximately seven days, reaching a maximum value at close to 21 days. This result indicated that a single dose of TJ107 had a long-lasting effect of increasing lymphocyte levels. Overall, a greater increase in ALC was observed in Cohort 2 compared with Cohort 1, demonstrating a dose-dependent response. Additionally, a higher increase in ALC was observed in Cohort 3 compared with Cohort 2, which was consistent with the results of an animal study, where IM injection induced a more effective increase in lymphocytes than SC injection.

Figure 48: Median fold changes of ALC following a single dose of TJ107 in humans

Source: Genexine, CMBIS Note: Cohort 1: 20 µg/kg, SC; Cohort 2: 60 µg/kg, SC; and Cohort 3: 60 µg/kg, IM.

PLEASE READ THE ANALYST CERTIFICATION AND IMPORTANT DISCLOSURES ON LAST PAGE 42 42 26 Aug 2020

TJ107 treatment resulted in a substantial increase in the number of CD4 and CD8 T cells, natural killer T cells, naive T cells, central memory, effector memory, and terminally differentiated effector memory T cells, without affecting the number of B cells, natural killer cells, monocytes or Tregs.

Figure 49: Median fold changes of T cells and subsets following a single dose of TJ107 in human subjects

Source: Genexine, CMBIS Note: Cohort 1: 20 µg/kg, SC; Cohort 2: 60 µg/kg, SC; Cohort 3: 60 µg/kg, IM. (A) CD3+T cells, (B) CD4+T cells, (C)CD8 + T cells, (D) Natural Killer T cells, and (E) regulatory T cells (Treg)

Genexine has initiated a dose-finding trial in combination with checkpoint inhibitors in patients with solid tumors. Meanwhile, Genexine is also sponsoring additional early-stage clinical trials in advanced solid tumors, including glioblastoma and high-risk skin cancer, in the US and South Korea.

I-Mab is conducting a Phase 1b study in China to determine a suitable dose range for subsequent trials (NCT04001075). In May 2020, the NMPA has approved a Phase 2 clinical trial of TJ107 in lymphopenic patients with newly-diagnosed glioblastoma multiforme (GBM).

Standard of care in treating GBM induces long-lasting lymphopenia in most patients. According to the data released by GLOBOCAN 2018, new cases of brain and nervous system cancers reached 76,494 in China, approximately 17% of which was GBM. The annual incidence rate of GBM in China is 5 to 8 per 100,000 person-year.

Cancer treatment-related lymphopenia occurs in many cancer patients Lymphopenia is a decrease in lymphocyte cell count that is lower than the age-appropriate reference level. Cancer patients who undergo chemotherapy and/or radiation therapy often develop severe lymphopenia (<500 cells/mm3), which further damages their already compromised immune systems and their ability to fight against cancers. According to F&S, more than 85% of cancer patients receive chemotherapy or radiation therapy, and approximately 43% of them develop lymphopenia. Furthermore, there is a two-fold increase in the risk of early cancer death associated with severe lymphopenia. Currently no drug is available for cancer treatment-related lymphopenia. In Greater

PLEASE READ THE ANALYST CERTIFICATION AND IMPORTANT DISCLOSURES ON LAST PAGE 43 43 26 Aug 2020

China, according to F&S, the incidence of lymphopenia reached 1.5mn in 2018 and is estimated to increase to 1.7mn in 2023E and further to 2.0mn in 2030E.

There is currently no FDA-approved drug for cancer treatment-related lymphopenia. There remains a substantial need for an effective treatment for lymphopenia. Proleukin is a recombinant human IL-2 that has shown some therapeutic effect in promoting overall T cell populations in cancers, which also include tumor-protecting T regulatory (Treg) cells. There are global research and development efforts to find effective T cell cytokines capable of selectively promoting proliferation of tumor-fighting T cells but not tumor-protecting Treg cells. These efforts include IL-7, IL-12 and IL-15, all of which are in early stages of development.

According to F&S, since most patients with cancer treatment-related lymphopenia are not actively treated, there is currently no such drug market globally or in China. However, there is a huge market potential when an effective drug for treatment-related lymphopenia becomes available. F&S forecasts global cancer treatment-related lymphopenia market size to reach US$1.4bn in 2030E and the market in China to reach US$0.58bn in 2030E.

Figure 50: Global cancer treatment-related Lymphopenia market size (2023E-2030E) 1.6 (US$ bn) 1.4 Peroid CAGR 1.4 1.3 1.2 2023-2030E 60.1% 1.0 1.0 0.8

0.6 0.7

0.4 0.4 0.2 0.2 0.1 0.1 0.0 2023E 2024E 2025E 2026E 2027E 2028E 2029E 2030E

Source: F&S, CMBIS

Figure 51: China cancer treatment-related Lymphopenia Market Size (2023E-2030E) 0.7 (US$ bn)

0.6 0.58 0.5 Peroid CAGR 0.55

2023-2030E 52.5% 0.46 0.4

0.3 0.34

0.2 0.22

0.1 0.12 0.06 0.0 0.03 2023E 2024E 2025E 2026E 2027E 2028E 2029E 2030E

Source: F&S, CMBIS

PLEASE READ THE ANALYST CERTIFICATION AND IMPORTANT DISCLOSURES ON LAST PAGE 44 44 26 Aug 2020

I-Mab’s Global Portfolio TJC4, a highly differentiated CD47 antibody TJC4 has potential of minimizing hematologic side effects

TJC4 is a fully human CD47 monoclonal antibody that I-Mab has discovered and developed internally for cancer immunotherapy. CD47 has emerged as one of the most promising immuno-oncology targets. Unlike other immuno-oncology targets being explored, the CD47-SIRPa pathway is involved in tumor progression by delivering a “don’t eat me” signal to tumor-engulfing macrophages, thereby protecting tumors from natural attacks by macrophages. Blockade of this pathway by CD47 antibody represents one of the most effective tumor killing mechanisms. However, due to the inherent epitope sharing between tumor cells and normal red blood cells (RBCs), the first-wave of clinical stage CD47 antibodies were found in clinical trials to bind to RBCs and cause significant hematologic adverse effects, such as severe anemia, which has hampered the development of these CD47 antibodies as a potential cancer therapy.

I-Mab developed TJC4 by design to possess a unique property or differentiation, to minimize binding to RBCs while retaining anti-tumor activities in line with other antibodies of the same class. This key differentiation is achieved through additional RBC counter-screening to select rare antibody clones that bind to CD47 with high affinity but do not bind to or bind minimally to RBCs. The proportion of RBC-sparing CD47 antibody leads among all CD47 antibody leads we identified after screening was 0.5%. TJC4 has been validated in a series of in vitro and in vivo pre-clinical studies, which have consistently shown a unique RBC-sparing profile comprised of minimal RBC binding, lack of hemagglutination and no significant adverse hematologic changes in cynomolgus monkeys even when used at a high dose (100 mg/kg). Pre-clinical data thus far indicate that TJC4 is a potentially highly differentiated anti-tumor CD47 antibody with the advantage of minimizing hematologic side effects.

I-Mab has obtained the IND approval from the FDA and the NMPA, respectively. I-Mab has initiated a Phase 1 clinical trial in patients with advanced cancer in the US. The clinical trial (NCT03934814) is designed to assess the safety of TJC4, in particular, the hematologic safety profile, including changes in hemoglobin levels and RBC counts. The clinical trial includes typical dose escalation schemes up to 30 mg/kg and cohort expansions in cancer patients. Single-agent safety data of TJC4 are expected to be available in 2H20E, which will be an important readout to prove the superior safety of TJC4. In the same clinical trial, I-Mab also intends to evaluate the pharmacokinetics, pharmacodynamics and preliminary efficacy signals of TJC4 as a single agent and in combination with a PD-1 inhibitor or rituximab in patients with advanced solid tumors and relapsed or refractory lymphoma. I-Mab is collaborating with Merck Sharp & Dohme Corp, or MSD, in the same Phase 1 clinical trial in the US for the combination therapy of TJC4 and MSD’s PD-1 inhibitor KEYTRUDA (pembrolizumab) under a collaboration agreement in cancer patients with solid tumors after completing a single-agent dose escalation.

In parallel, I-Mab has initiated a Phase 1/2a clinical trial of TJC4 in China in patients with r/r AML/MDS (CXSL1900039; NCT04202003) with first patient dosed in Apr 2020.

I-Mab plans to evaluate the therapeutic role of TJC4 in a variety of solid tumors, such as cancers of the ovary, lung, liver, pancreas, breast and colon, and hematological malignancies such as AML/MDS, lymphoblastic leukemia, and NHL. Although PD-1/PD-L1 therapies represent a new paradigm in cancer treatment, less than 40% of cancer patients have a clinically meaningful response to PD-1/PD- L1 treatment. As a result, targeting other immune components or cells involved in the immune system’s anti-tumor mechanism has become an area of active pursuit in the field of immuno-oncology.

PLEASE READ THE ANALYST CERTIFICATION AND IMPORTANT DISCLOSURES ON LAST PAGE 45 45 26 Aug 2020

CD47-targeting therapies showed potent efficacy but with hematological toxicities

Worldwide, more than 15 drug candidates targeting CD47 are under clinical tests, including mAbs, fusion proteins and BsAbs. The most leading asset is Hu5F9-G4 (Magrolimab) developed by Forty Seven, a subsidiary of Gilead. Gilead is initiating a registrational Phase 3 trial to test magrolimab in MDS patients. Other anti-CD47 biological candidates are all in early phase of development. In China, six anti-CD47 biological candidates are in early clinical phase while another three candidates may start clinical studies soon.

However, almost all clinical trials with CD47 antibodies so far have shown significant hematologic adverse effects, likely due to inherent RBC-binding properties of generic CD47 antibodies. So far, the development of some CD47 targeting drug candidates were terminated, such as SRF231 by Surface Oncology, CC-90002 by Celgene.

Figure 52: Competition landscape in CD47 biological therapies Product Molecule Company US status China status Phase 3 in 1L higher-risk MDS (+ Azacitidine); Phase 1b in AML (+ Azacitidine); Hu5F9-G4 Forty Seven / CD47 mAb Phase 1/2 in DLBCL (+ Rituximab); N/A (Magrolimab) Gilead Phase 1/2 in Colorectal cancer (+ Cetuximab); Phase 1 in Ovarian cancer (+ Avelumab) CD47 WT SIRPα Trillium TTI-621 Phase 1 N/A fusion protein Therapeutics CD47 WT SIRPα Trillium TTI-662 Phase 1 N/A fusion protein Therapeutics CD47 high affinity ALX148 SIRPα fusion ALX Oncology Phase 1/2 in higher risk MDS (+ Azacitidine) N/A protein AO-176 CD47 mAb Arch Oncology Phase 1/2 in r/r MM N/A TG-1801 (NI- TG Therapeutics / CD47/CD19 BsAb Phase 1 N/A 1701) Novimmune Phase 1b/3 in 1L MDS; IBI188 CD47 mAb Innovent Phase 1 Phase 1b/2 in r/r AML SHR1603 CD47 mAb Hengrui Medicine N/A Phase 1 CD47 mAb-Trap IMM01 Immune Onco N/A Phase 1 fusion protein TJC4 CD47 mAb I-Mab Phase 1 Phase 1/2a in r/r AML (TJ011133) HX009 PD-1/CD47 BsAb HanX Biopharma N/A Phase 1 IMM0306 CD47/CD20 BsAb Immune Onco N/A Phase 1 IBI322 CD47/PD-L1 BsAb Innovent N/A IND approval ZL-1201 CD47 mAb ZaiLab Phase 1 IND approval AK117 CD47 mAb Akeso Biopharma N/A IND filing

Source: Insight, Clinicaltrials.gov, CMBIS

In Apr 2020, Gilead (GILD US) completed its acquisition of Forty Seven at a consideration of US$4.9bn. Pursuant to the acquisition, Gilead gained magrolimab, a potential first-in-class anti-CD47 mAb. Magrolimab is initially being studied in patients with myelodysplastic syndrome (MDS) and acute myeloid leukemia (AML), and additional studies are ongoing in non-Hodgkin lymphoma (NHL) and solid tumors. Magrolimab has been granted Fast Track designation by the FDA for the treatment of MDS and AML, and for the treatment of relapsed or refractory diffuse large B-cell lymphoma (DLBCL) and follicular lymphoma (FL), two forms of B-cell non-Hodgkin's lymphoma. Gliead is initiating a registrational Phase 3 trial (ENHANCE trial) to evaluate the combination of magrolimab and azacytidine compared to azacytidine alone in higher-risk MDS patients, with a potential BLA filing expected in 4Q21E.

PLEASE READ THE ANALYST CERTIFICATION AND IMPORTANT DISCLOSURES ON LAST PAGE 46 46 26 Aug 2020

At the 2020 ASCO meeting in May 2020, Gilead announced the updated results from a Phase 1b trial of magrolimab in combination with azacitidine in previously untreated patients with higher-risk MDS and previously untreated patients with AML who are ineligible for intensive chemotherapy, including patients with TP53-mutant AML, a high unmet need population (NCT03248479).

At the time of the data cut-off, 68 patients had been treated with magrolimab plus azacitidine, including 39 patients with previously untreated higher-risk MDS and 29 patients with previously untreated AML. Of 33 MDS patients who were evaluable for efficacy, 91% (n=30/33) achieved an objective response (response assessments per 2006 IWG MDS criteria) including 42% (n=14/33) with a complete response (CR). Responses to magrolimab and azacitidine also deepened over time, as the CR rate with at least six months of follow-up was 56% in MDS patients. In AML, 64% (n=16/25) of patients evaluable for efficacy achieved an objective response (response assessments per 2017 AML ELN criteria), including 56% (n=14/25) with a CR or a CR with incomplete blood count recovery (CRi). Notably in TP53-mutant AML (n=12), a treatment refractory and poor prognosis population, 75% achieved a CR or CRi. TP53 mutations are often associated with a poor prognosis and patients with TP53 mutant disease are refractory to existing therapies.

Magrolimab has adopted a priming dosing strategy to mitigate on-target anemia by CD47 blockade, i.e. an initial priming dose (1mg/kg) ramping up to 30 mg/kg by week 2 and then maintaining at 30 mg/kg per week. Even with a priming dosing strategy to mitigate anemia, magrolimab still reported approximately 40% on-target anemia in MDS and AML patients. In the above-mentioned Phase 1b trial, common all-grade treatment-related adverse events (AEs) among 68 patients with MDS or AML were anemia (38%), fatigue (21%), neutropenia (19%), thrombocytopenia (18%) and infusion reaction (16%). Treatment-related febrile neutropenia occurred in 1.5% of patients. One patient (1.5%) discontinued the trial due to a treatment-related AE.

Figure 53: AEs of magrolimab + azacitidine in MDS and AML patients (ASH 2019)

Source: Forty Seven, ASH 2019, CMBIS

PLEASE READ THE ANALYST CERTIFICATION AND IMPORTANT DISCLOSURES ON LAST PAGE 47 47 26 Aug 2020

Figure 54: Summary of clinical data of leading CD47-SIRPα targeting therapies Magrolimab Magrolimab Magrolimab Magrolimab Magrolimab Drug TTI-621 TTI-621 TTI-621 TTI-621 ALX-148 ALX-148 ALX-148 (Hu-5FG) (Hu-5FG) (Hu-5FG) (Hu-5FG) (Hu-5FG) CD47 CD47 CD47 CD47 CD47 SIRPα SIRPα SIRPα SIRPα SIRPα SIRPα SIRPα Target Trillium Trillium Trillium Trillium ALX ALX Forty Seven Forty Seven Forty Seven Forty Seven Forty Seven ALX Oncology Company Therapeutics Therapeutics Therapeutics Therapeutics Oncology Oncology NCT03248479 NCT03248479 NCT02953509 NCT02953509 NCT03248479 NCT02663518 NCT02663518 NCT02663518 NCT02663518 NCT03013218 NCT03013218 NCT03013218 Trial ID 1b 1b 1b/2 1b/2 1b 1 1 1 1 1b 1b 1b Phase +Azacitidine +Azacitidine +Rituximab +Rituximab mono mono mono mono +Rituximab +Rituximab +Keytruda +Herceptin Treatment r/r- 2L+ FL or 1L MDS 1L AML 3L+ DLBCL 3L+ ALL 2L SCCHN Her2+Gastric/GE MZL Indication r/r-AML/MDS r/r-CTCL r/r-PTCL r/r-DLBCL r/r-DLBCL J 33 25 59 38 (35+3) No. of patients 10 42 22 7 25 33 20 19 64% (75% 91% (9/12) for 36% 61% ORR (%) TP53m) 10% 19% 18% 29% 24% 45% (15/33) 20% (4/20) 21.1% (4/19) 40% (42% 42% (5/12) for 15% 24% CR TP53m) 0% 2% 9% 14% 4% 16% (33% (4/12) for

CRi TP53m) 3% 4% 20% 37% PR 10% 17% 9% 14% 20% Efficacy 24% (4/8 with 4% marrow CR / MLFS HI) Heamatologic 21% Improvement (HI) 9% 32% 12% 24% SD 70% 0% 4% 17% 16% PD 10%

6.1% 9.6% 38% 29% 20% 13% (≥G3=8%) 6.7% (≥G3=0%) Anemia (≥G3=3.0%) (≥G3=1.9%) 9.1% 11.5% 21% 15% (≥G3=0%) 30.0% (≥G3=0%)

Fatigue (≥G3=0%) (≥G3=0%) 6.1% 3.8% 6.7% 19% 19% 0% 8% (≥G3=7%) Neutropenia (≥G3=6.1%) (≥G3=1.9%) (≥G3=6.7%) Safety Thrombocytopeni 18% 14% 0% 28% (≥G3=21%) a 7.7% 16% 41% (≥G3=2%) 0% 0% Infusion reaction (≥G3=0%)

Source: ASH 2019, EHA 2019, ASCO2019, ALXOncology prospectus, company data, CMBIS

PLEASE READ THE ANALYST CERTIFICATION AND IMPORTANT DISCLOSURES ON LAST PAGE 48 26 Aug 2020

TJC4’s preclinical results showed superior safety profile

TJC4 has similar sub-nanomolar binding affinity as other CD47 antibodies and exhibits comparable anti-tumor activity. The key advantage of TJC4 is its minimal binding to RBCs, thus potentially avoiding or minimizing inherent hematologic adverse effects typically seen in other CD47 antibodies in clinical trials. This differentiated property of TJC4 is due to its unique epitope interaction as revealed by crystallography, which appears different from those recognized by other CD47 antibodies currently in clinical development based on publicly available information.

In a series of pre-clinical studies, TJC4 displays only minimal RBC-binding even at high antibody concentrations by flow cytometry; TJC4 does not induce RBC agglutination even in a high dose range; and most importantly, TJC4 does not cause significant hematologic changes or systemic toxicologic effects even at high doses in multiple cynomolgus monkey studies, including a pivotal 4-week GLP toxicity study. Taken together, TJC4 has a potentially better clinical safety profile compared to other clinical stage competitor molecules.

Figure 55: Differentiated product profile of TJC4 Company 1 Company 2 Company 3 I-Mab Affinity 8x10-9 4x10-9 8x10-10 5x10-10 RBC binding + + + + + + Minimal RBC clumping + + - - - Anti-tumor activity + + + + + + + + Anemia Anemia Anemia 1st patient cohort dosed in US Ph 1 NHL ongoing Suspended AML stopped Clinical trial planned in China Ongoing Ph 2 (Combo) Source: Company data, CMBIS

In a representative flow cytometric analysis, TJC4 showed minimal binding to human RBCs compared to comparator CD47 antibodies (5F9 and 2A1) used at the same concentration (1 µg/ml). The minimal binding of TJC4 to RBCs was confirmed when compared with other CD47 antibodies across multiple concentrations in another flow cytometric experiment.

Figure 56: TJC4 displays minimal binding to RBCs

Source: Company data, CMBIS

PLEASE READ THE ANALYST CERTIFICATION AND IMPORTANT DISCLOSURES ON LAST PAGE 49 26 Aug 2020

As CD47 is expressed on normal RBCs, binding of CD47 antibodies to the surface of RBCs could cross-link the RBCs into lattices and prevent them from precipitating into compact pellets, which is a phenomenon termed hemagglutination. Experimental results showed that TJC4 did not induce RBC agglutination across a wide range of antibody concentrations, while a comparator antibody caused significant hemagglutination starting at a concentration of 0.3 µg/ml. This result indicates that TJC4 may not lead to hematologic side effects as other CD47 antibodies did.

Figure 57: TJC4 did not induce RBC agglutination

Source: Company data, CMBIS

In vivo safety studies were performed in cynomolgus monkeys to assess the effects of TJC4 on the hematology parameters. Whereas a single bolus IV injection of the comparator antibody caused a significant drop in the number of RBCs and hemoglobin (HGB) levels, treatment with TJC4 at a dose of 10 mg/kg did not significantly affect the number of RBCs, HGB levels or reticulocyte or platelet counts.

In a four-week GLP toxicology study, TJC4 treatment did not induce significant overall toxicologic changes. Only mild decreases in the number of RBCs, HGB and hematocrit were found, which reached nadir at Day 4 post-first administration and then gradually recovered to the normal range following administration. The changes were not dose-dependent. Compared with the placebo control, the average decrease of RBCs in the treated animals was approximately 6% to 9% with only one animal showing an 18% drop at a dose of 30 mg/kg. No RBC-associated changes were noted in histopathologic examinations or in bone marrow smears (including erythrocytic series). Therefore, NOAEL was defined at 100 mg/kg.

PLEASE READ THE ANALYST CERTIFICATION AND IMPORTANT DISCLOSURES ON LAST PAGE 50 50 26 Aug 2020

Figure 58: TJC4 demonstrated safety advantage in Cyno Monkeys

Source: Company data, CMBIS

Furthermore, TJC4 shows anti-tumor activity in vitro and in vivo. TJC4 exhibits high-affinity binding to human CD47 protein and CD47-expressing tumor cells at the nanomolar level and effectively blocks interaction of CD47 with its receptor SIRPα. As compared with other CD47 antibodies currently under clinical development, TJC4 demonstrated comparable potency in the enhanced macrophage- mediated phagocytosis of Raji tumor cells and comparable anti-tumor activity in the HL-60 leukemia and Raji xenograft models. Moreover, when combined with rituximab, TJC4 exhibited a markedly enhanced inhibition on tumor growth in a diffuse large B cell lymphoma (DLBCL) animal model, through the synergistic effect of both agents.

Figure 59: In vitro and in vivo anti-tumor activity of TJC4

PLEASE READ THE ANALYST CERTIFICATION AND IMPORTANT DISCLOSURES ON LAST PAGE 51 51 26 Aug 2020

Source: Company data, CMBIS Notes: A) In vitro phagocytosis of Raji cells by primary human macrophages in the presence of different doses of TJC4 or comparator CD47 antibodies. (B) In vivo anti-tumor activity of TJC4 mono-treatment in Raji xenograft model. (C) In vivo anti-tumor activity of TJC4 (5 mg/kg, BIW) in combination with Rituximab (5 mg/kg, BIW) in the DLBCL model.

Expect RMB2.9bn risk-adjusted peak sales from TJC4 by 2035E We forecast TJC4 to receive US FDA’s approval for treatment of 1L AML and 1L MDS in 2024E, for treatment of 2L DLBCL in 2025E. We also expect TJC4 to receive NMPA’s approval for 1L AML in 2024E, and 1L MDS and 2L DLBCL in 2025E. We expect TJC4 to realize RMB2.9bn risk-adjusted peak sales by 2035E, assuming 70% PoS for 1L AML and 1L MDS and 50% PoS for 2L DLBCL.

Figure 60: Sales forecasts of TJC4 2024E 2025E 2026E 2027E 2028E 2029E 2030E 2031E 2032E 2033E 2034E 2035E AML-US Incidence of AML in US (people) 20,100 20,140 20,180 20,221 20,261 20,302 20,342 20,383 20,424 20,465 20,506 20,547 YoY change in incidence of AML 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% Treatment rate of 1L AML patients in US 86% 86% 86% 86% 87% 87% 87% 87% 87% 88% 88% 88% AML patients receiving treatment in US (people) 17,246 17,321 17,396 17,471 17,546 17,622 17,698 17,774 17,850 17,927 18,004 18,081 Penetration of CD47 therapies in 1L AML in US 10% 12% 14% 16% 18% 19% 20% 21% 22% 23% 24% 25% TJC4's market share in CD47 therapies in US 10% 20% 25% 26% 27% 28% 29% 30% 31% 32% 33% 34% 1L AML patients treated with TJC4 (people) 172 416 609 727 853 937 1,026 1,120 1,217 1,319 1,426 1,537 Monthly cost of TJC4 in US (US$ per month) 13,000 12,870 12,741 12,614 12,488 12,363 12,239 12,117 11,996 11,876 11,757 11,639 Price change YoY 0% -1% -1% -1% -1% -1% -1% -1% -1% -1% -1% -1% Average period of treatment for 1L AML (month) 9 9 9 9 9 9 9 9 9 9 9 9 TJC4 sales from 1L AML (gross，US$ mn) 20 48 70 83 96 104 113 122 131 141 151 161 Distributor markup 20% 20% 20% 20% 20% 20% 20% 20% 20% 20% 20% 20% TJC4 sales from 1L AML (net，US$ mn) 16 39 56 66 77 83 90 98 105 113 121 129

MDS-US Incidence of MDS in US (people) 30,418 30,479 30,540 30,601 30,662 30,724 30,785 30,847 30,908 30,970 31,032 31,094 YoY change in incidence of MDS 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% % of intermediate/high-risk MDS patients 50% 50% 50% 50% 50% 50% 50% 50% 50% 50% 50% 50% Treatment rate of 1L intermediate/high-risk MDS patients 86% 86% 86% 86% 87% 87% 87% 87% 87% 88% 88% 88% in US 1L intermediate/high-risk MDS patients receiving treatment 13,049 13,106 13,163 13,220 13,277 13,334 13,391 13,449 13,507 13,565 13,623 13,681 in US (people) Penetration of CD47 therapies in 1L intermediate/high-risk 10% 12% 14% 16% 18% 19% 20% 21% 22% 23% 24% 25% MDS patients in US TJC4's market share in CD47 therapies in US 10% 20% 25% 26% 27% 28% 29% 30% 31% 32% 33% 34% 1L intermediate/high risk MDS patients treated with TJC4 130 315 461 550 645 709 777 847 921 998 1,079 1,163 (people) Monthly cost of TJC4 in US (US$ per month) 13,000 12,870 12,741 12,614 12,488 12,363 12,239 12,117 11,996 11,876 11,757 11,639

PLEASE READ THE ANALYST CERTIFICATION AND IMPORTANT DISCLOSURES ON LAST PAGE 52 52 26 Aug 2020

Price change YoY 0% -1% -1% -1% -1% -1% -1% -1% -1% -1% -1% -1% Average period of treatment for 1L MDS (month) 12 12 12 12 12 12 12 12 12 12 12 12 TJC4 sales from 1L AML (gross，US$ mn) 20 49 70 83 97 105 114 123 133 142 152 162 Distributor markup 20% 20% 20% 20% 20% 20% 20% 20% 20% 20% 20% 20% TJC4 sales from 1L AML (net，US$ mn) 16 39 56 67 77 84 91 99 106 114 122 130

DLBCL-US Incidence of DLBCL in US (people) 18,515 18,552 18,590 18,627 18,664 18,701 18,739 18,776 18,814 18,851 18,889 18,927 YoY change in incidence of DLBCL 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% Cumulative relapse rate of 1L DLBCL patients 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% Incidence of 2L DLBCL in US (people) 12,961 12,987 13,013 13,039 13,065 13,091 13,117 13,143 13,170 13,196 13,222 13,249 Treatment rate of 2L DLBCL patients in US 91% 91% 91% 91% 92% 92% 92% 92% 92% 93% 93% 93% 2L DLBCL patients receiving treatment in US (people) 11,768 11,818 11,868 11,917 11,967 12,017 12,068 12,118 12,169 12,219 12,270 12,321 Penetration of CD47 therapies in 2L DLBCL in US 20% 22% 24% 26% 27% 28% 29% 30% 31% 32% 33% TJC4's market share in CD47 therapies in US 20% 25% 26% 27% 28% 29% 30% 31% 32% 33% 34% 2L DLBCL patients treated with TJC4 (people) 473 653 744 840 909 980 1,054 1,132 1,212 1,296 1,382 Monthly cost of TJC4 in US (US$ per month) 12,870 12,741 12,614 12,488 12,363 12,239 12,117 11,996 11,876 11,757 11,639 Price change YoY -1% -1% -1% -1% -1% -1% -1% -1% -1% -1% -1% Average period of treatment for 2L DLBCL (month) 11 11 11 11 11 11 11 11 11 11 11 TJC4 sales from 2L DLBCL (gross，US$ mn) 67 91 103 115 124 132 141 149 158 168 177 Distributor markup 20% 20% 20% 20% 20% 20% 20% 20% 20% 20% 20% TJC4 sales from 2L DLBCL (net，US$ mn) 54 73 83 92 99 106 112 119 127 134 142

AML-China Incidence of AML in China (people) 23,602 23,838 24,076 24,317 24,560 24,806 25,054 25,304 25,557 25,813 26,071 26,332 YoY change in incidence of AML 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% Treatment rate of 1L AML patients in China 82% 83% 83% 84% 84% 85% 85% 86% 86% 87% 87% 88% AML patients receiving treatment in China (people) 19,353 19,666 19,983 20,305 20,630 20,961 21,296 21,635 21,979 22,328 22,682 23,040 Penetration of CD47 therapies in 1L AML in China 10% 12% 14% 16% 18% 19% 20% 21% 22% 23% 24% 25% TJC4's market share in CD47 therapies in China 15% 25% 30% 31% 32% 33% 34% 35% 36% 37% 38% 39% 1L AML patients treated with TJC4 (people) 290 590 839 1,007 1,188 1,314 1,448 1,590 1,741 1,900 2,069 2,246 Monthly cost of TJC4 in China (RMB per month, after 40,000 32,000 31,360 30,733 30,118 29,516 28,925 28,347 27,780 27,224 26,680 26,146 PAP) Price change YoY 0% -20% -2% -2% -2% -2% -2% -2% -2% -2% -2% -2% Average period of treatment for 1L AML (month) 9 9 9 9 9 9 9 9 9 9 9 9 TJC4 sales in 1L AML (hospital level，RMB mn) 105 170 237 279 322 349 377 406 435 466 497 529 Distributor markup 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% VAT 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% TJC4 sales in 1L AML (exfactory, RMB mn) 92 150 209 246 284 308 333 358 384 411 438 467

MDS-China Incidence of MDS in China (people) 43,707 44,144 44,585 45,031 45,482 45,936 46,396 46,860 47,328 47,802 48,280 48,762 YoY change in incidence of MDS 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% % of intermediate/high-risk MDS patients 50% 50% 50% 50% 50% 50% 50% 50% 50% 50% 50% 50% Treatment rate of 1L intermediate/high-risk MDS patients 81% 81% 81% 81% 82% 82% 82% 82% 82% 83% 83% 83% in China 1L intermediate/high-risk MDS patients receiving treatment 17,658 17,878 18,102 18,328 18,556 18,788 19,022 19,259 19,499 19,742 19,988 20,236 in China (people) Penetration of CD47 therapies in 1L intermediate/high-risk 12% 14% 16% 18% 19% 20% 21% 22% 23% 24% 25% MDS patients in China TJC4's market share in CD47 therapies in China 25% 30% 31% 32% 33% 34% 35% 36% 37% 38% 39% 1L intermediate/high risk MDS patients treated with TJC4 536 760 909 1,069 1,178 1,294 1,416 1,544 1,680 1,823 1,973 (people) Monthly cost of of TJC4 in China (RMB per month, after 40,000 32,000 31,360 30,733 30,118 29,516 28,925 28,347 27,780 27,224 26,680 26,146 PAP) Price change YoY -20% -2% -2% -2% -2% -2% -2% -2% -2% -2% -2% Average period of treatment for 1L MDS (month) 12 12 12 12 12 12 12 12 12 12 12 TJC4 sales in 1L MDS (hospital level，RMB mn) 206 286 335 386 417 449 482 515 549 584 619 Distributor markup 10% 10% 10% 10% 10% 10% 10% 10% 10% 10% 10% VAT 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% TJC4 sales in 1L MDS (exfactory, RMB mn) 182 253 296 341 368 396 425 454 484 515 546

DLBCL-China

PLEASE READ THE ANALYST CERTIFICATION AND IMPORTANT DISCLOSURES ON LAST PAGE 53 53 26 Aug 2020

Incidence of NHL in China (people) 74,176 74,917 75,667 76,423 77,188 77,959 78,739 79,526 80,322 81,125 81,936 82,755 YoY change in incidence of NHL 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% Incidence of DLBCL as % of NHL patient 46% 46% 46% 46% 46% 46% 46% 46% 46% 46% 46% 46% Incidence of DLBCL in China (people) 33,972 34,312 34,655 35,002 35,352 35,705 36,062 36,423 36,787 37,155 37,527 37,902 Cumulative relapse rate of 1L DLBCL patients 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% Incidence of 2L DLBCL in China (people) 23,781 24,019 24,259 24,501 24,746 24,994 25,244 25,496 25,751 26,009 26,269 26,531 Treatment rate of 2L DLBCL patients in China 91% 91% 91% 91% 92% 92% 92% 92% 92% 93% 93% 93% 2L DLBCL patients receiving treatment in China (people) 21,593 21,857 22,124 22,394 22,668 22,944 23,224 23,507 23,794 24,084 24,377 24,674 Penetration of CD47 therapies in 2L DLBCL in China 20% 22% 24% 26% 27% 28% 29% 30% 31% 32% 33% TJC4's market share in CD47 therapies in China 15% 25% 30% 31% 32% 33% 34% 35% 36% 37% 38% 39% 2L DLBCL patients treated with TJC4 (people) 1,093 1,460 1,666 1,886 2,044 2,211 2,386 2,570 2,762 2,964 3,176 Monthly cost of TJC4 in China (RMB per month, after 40,000 32,000 31,360 30,733 30,118 29,516 28,925 28,347 27,780 27,224 26,680 26,146 PAP) Price change YoY -20% -2% -2% -2% -2% -2% -2% -2% -2% -2% -2% Average period of treatment for 2L DLBCL (month) 11 11 11 11 11 11 11 11 11 11 11 TJC4 sales in 2L DLBCL (hospital level，RMB mn) 385 504 563 625 664 703 744 785 827 870 913 Distributor markup 10% 10% 10% 10% 10% 10% 10% 10% 10% 10% 10% VAT 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% TJC4 sales in 2L DLBCL (exfactory, RMB mn) 340 445 497 551 586 621 657 693 730 768 806

Source: CMBIS estimates

Figure 61: Risk-adjusted sales forecasts of TJC4 2024E 2025E 2026E 2027E 2028E 2029E 2030E 2031E 2032E 2033E 2034E 2035E TJC4 sales from 1L AML in the US (US$ mn) 16 39 56 66 77 83 90 98 105 113 121 129 Probability of success for AML in the US 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% TJC4 sales from 1L MDS in the US (US$ mn) 16 39 56 67 77 84 91 99 106 114 122 130 Probability of success for MDS in the US 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% TJC4 sales from 2L DLBCL in the US (US$ mn) - 54 73 83 92 99 106 112 119 127 134 142 Probability of success for MDS in the US 50% 50% 50% 50% 50% 50% 50% 50% 50% 50% 50% 50% Risk-adj TJC4 sales from the US (US$ mn) 23 81 115 134 154 167 180 194 208 222 237 252 Risk-adj TJC4 sales from the US (RMB mn) 159 567 806 939 1,078 1,167 1,260 1,355 1,453 1,554 1,657 1,763

TJC4 sales from 1L AML in China (RMB mn) 92 150 209 246 284 308 333 358 384 411 438 467 Probability of success for AML in China 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% TJC4 sales from 1L MDS in China (RMB mn) - 182 253 296 341 368 396 425 454 484 515 546 Probability of success for MDS in China 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% TJC4 sales from 2L DLBCL in China (RMB mn) - 340 445 497 551 586 621 657 693 730 768 806 Probability of success for 2L+DLBCL in China 50% 50% 50% 50% 50% 50% 50% 50% 50% 50% 50% 50% Risk-adj TJC4 sales from China (RMB mn) 65 402 545 628 713 766 821 876 934 992 1,051 1,112

Total risk-ajd TJC4 sales (RMB mn) 223 969 1,351 1,566 1,791 1,934 2,081 2,232 2,387 2,546 2,709 2,876

Source: CMBIS estimates

PLEASE READ THE ANALYST CERTIFICATION AND IMPORTANT DISCLOSURES ON LAST PAGE 54 54 26 Aug 2020

TJD5, a CD73 antibody A potential highly differentiated CD73 antibody for cancer treatment

TJD5 is an internally developed, humanized inhibitory antibody against human CD73. CD73 is a homodimeric enzyme expressed in tumors and plays a critical role in suppressing immune cells in tumor micro-environment. TJD5 displays sub-nanomolar binding affinity to CD73 and inhibits its nucleotidase activity. In vitro, TJD5 completely reversed the AMP- or tumor cell-mediated suppression of T cells. In vivo, when combined with a PD-L1 antibody, TJD5 exhibited a superior or synergistic inhibitory effect on tumor growth.

Despite recent breakthroughs with PD-1/PD-L1 therapies, clinical non-response rates to such treatments remains high in cancer patients (exceeding 60%). This non-responsiveness to these standard treatments is partly due to the fact that T cells within an inhibitory tumor environment are suppressed and fail to respond to stimulation induced by PD-1/PD-L1 therapies. CD73, which converts extracellular adenosine monophosphate (AMP) to adenosine, is implicated in one of the protective mechanisms of tumors that evade immune attack by creating an adenosine-rich microenvironment inhibitory to immune cells. Pre-clinical studies have indicated that the inhibition of CD73 renders T cells more responsive to PD-1/PD-L1 therapies by altering the tumor micro-environment, resulting in a superior anti-tumor effect. As CD73 is widely expressed in various cancers, a combination therapy of TJD5 with a PD-1/PD-L1 antibody may increase the likelihood of treatment success in cancer patients who do not respond to standard PD-1/PD-L1 therapies. The potential cancer indications of TJD5 include thyroid cancer, lung cancer, colorectal cancer, stomach cancer, urothelial cancer, endometrial cancer, head and neck cancer, breast cancer, ovarian cancer, and melanoma, in which CD73 is widely expressed.

A number of global companies are running active clinical development programs with CD73 antibodies. MEDI-9447 from MedImmune (a subsidiary of AstraZeneca) and BMS-986179 from Bristol-Myers Squibb are the two most advanced CD73 antibodies, which are in Phase 1/2 clinical trials. NZV-930 (from Novartis) and CPI-006 (from Corvus) and TJD5 have entered Phase 1 clinical trials. These CD73 antibodies are tested as a single agent or in combination with PD-(L)1 antibodies and other targeted therapies. To dates, TJD5 is the only CD73 antibody that have entered into clinical phase in China while Henlius and Innate Pharma are conducting preclinical studies in CD73 antibody candidates.

Figure 62: CD73 antibody candidates under development Product Company US status China status BMS-986179 BMS Phase 1/2a in solid tumors (mono or combo Nivolumab) N/A Phase 2 in NSCLC or RCC (+ Durvalumab); Phase 2 in NSCLC after PD-(L)1 therapies (+Durvalumab); Phase 1b/2 in EGFRm NSCLC (+osimertinib / AZD4635); Phase 2 in prostate cancer (+ AZD4635); MEDI9447 AstraZeneca Phase 1/2 in TNBC (+ Paclitaxel + Carboplatin + N/A (Oleclumab) Durvalumab); Phase 1b/2 in pancreatic cancer ( + chemo +/- Durvalumab); Phase 1 in bladder cancer (+/- Durvalumab); Phase 1 in sloid tumors (mono or combo Durvalumab); Phase 1/1b in advanced cancers (+ PDR001 and/or NZV-930 (SRF- Novartis / Surface NIR178); N/A 373) Oncology Phase 1/1b in solid tumors (+ KAZ954) Phase 1/1b in advanced cancers (mono or + Ciforadenant / CPI-006 Corvus Pembrolizumab) TJD5 Phase 1/2 in solid tumors I-Mab Phase 1 in advanced cancers (+ Atezolizumab) (TJ004309) (mono or +PD-1 mAb) HLX-23 Henlius Preclinical Preclinical IPH5301 Innate pharma Preclinical Preclinical

Source: Clinicaltrials.gov, Insight, CMBIS

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So far, limited clinical data are available for CD73 antibodies, though preliminary data showed modest anti-tumor activity. BMS’s BMS-986179 in combination with Opdivo showed 11.9% (7/59) PR and 16.9% (10/59) SD in advanced solid tumor. Medimmune (AstraZeneca)’s MEDI9447 in combination with Durvalumab exhibited 9.5% (2/21) SD and 15% (3/20) SD in patients with refractory CRC and pancreatic cancer, respectively. Corvus Pharmaceuticals’ CPI-006 with ciforadenant (small molecule inhibitor of A2AR) exhibited 16.7% (1/6) and 66.7% (2/3) SD at 18 mg/kg and 24 mg/kg, respectively, in refractory cancer patients. As TJD5 is highly differentiated with other CD73 antibodies because TJD5 has no “hook effect”, we think TJD5 is likely to demonstrate higher potency than other CD73 antibodies.

Figure 63: Preliminary clinical data of CD73 antibody candidates Drug BMS-986179 Oleclumab (MEDI9447) CPI-006 Company BMS Medimmune (AstraZeneca) Corvus Pharmaceuticals Trial ID NCT02754141 NCT02503774 NCT03454451 Patient No. 268 190 378 Phase 1/2 1 1 Indication Malignant solid tumor Solid tumor Advanced caner

CPI-006; BMS-986179; MEDI9447; Regimen CPI-006+Ciforadenant; BMS-986179+Nivolumab MEDI9447+MEDI4736 (Durvalumab) CPI-006+Pembrolizumab

Mono: 55.6% subjects achieved lower Mono: RP2D=18mg/kg, Mono: N/A CD73 expression and higher CD8+ TIL T1/2=5-6 days Preliminary outcome Combo: 150-160mg Combo: Combo (CPI-006+Ciforadenant): SD=16.9% (10/59) CRC: SD=9.5% (2/21) 18 mg/kg: SD=16.7% (1/6) PR=11.9% (7/59) Pancreatic cancer: SD=15% (3/20) 24 mg/kg: SD=66.7% (2/3)

Source: Clinicaltrials.gov, SITC 2019, companies’ data CMBIS

TJD5 proved to have no “hook effect”

The key differentiation of TJD5 when compared to some of the other clinical stage antibodies of the same class, is related to its novel epitope, which works through a unique intra-dimer binding mode, resulting in a complete inhibition of the enzymatic activity and avoiding the aberrant pharmacological property known as the “hook effect.” TJD5 has a non-competitive inhibitory effect that is not blunted by high levels of CD73 enzyme substrates, which would be expected for small-molecule competitive blockers.

TJD5 displayed complete inhibition of soluble CD73 enzymatic activity (IC50= 0.22 nM) without the “hook effect” in contrast to the comparator molecule, which at higher concentrations caused a paradoxical rebound of enzymatic activity presumably due to its inter-dimer binding mode.

PLEASE READ THE ANALYST CERTIFICATION AND IMPORTANT DISCLOSURES ON LAST PAGE 56 56 26 Aug 2020

Figure 64: Inhibition of soluble CD73 enzymatic activity by CD73 antibodies

Source: Company data, CMBIS

TJD5 monotherapy showed a moderate anti-tumor effect in a mouse xenograft model bearing A375 melanoma cells. To examine whether TJD5 can enhance the anti-tumor activity of the PD-L1 antibody, I-Mab evaluated the therapeutic effects of TJD5 used as a single agent and in combination with a PD- L1 antibody in the same A375 melanoma model. The combination treatment group resulted in 68% inhibition of tumor growth which is significantly better than the vehicle and TJD5 monotherapy.

Figure 65: In vivo anti-tumor activity of TJD5 and anti-PD-L1 in A375 melanoma xenograft model

Source: Company data, CMBIS Notes: Mice were treated with PBS control, anti-PD-L1 (10 mg/kg), TJD5 (5 mg/kg) or a combination of anti-PD-L1 and TJD5 twice a week for three weeks.

In Nov 2018, I-Mab entered into collaboration agreements with TRACON Pharmaceuticals (TCON US) to co-develop TJD5 and up to five BsAbs. Additionally, in Mar 2019, I-Mab agreed with TRACON and Roche on a clinical supply agreement for Roche to supply atezolizumab (a PD-L1 inhibitor) for use in clinical studies under the collaboration agreement with TRACON.

The current clinical development plan is to develop TJD5 in the US and China in parallel. In the US, I- Mab has initiated a Phase 1 clinical trial of TJD5 in combination with atezolizumab provided by Roche under a clinical supply agreement among Roche, TRACON and I-Mab, in patients with advanced solid tumors (TJD5 is referred to as TJ004309, NCT03835949). Safety data of TJD5 from dose escalation cohorts are expected in 2020E.

In China, I-Mab has started a Phase1/2 clinical trial to evaluate the safety, tolerability, PK/PD, and potential efficacy primarily in patients with solid tumors, including lung cancer (CTR20200445; NCT04322006). The first patient was dosed in May 2020. I-Mab is also collaborating with Shanghai

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Junshi Biosciences for the combination therapy of TJD5 with Junshi’s PD-1 monoclonal antibody toripalimab in cancer patients with various types of solid tumors.

In Mar 2020, I-Mab announced a strategic partnership with Kalbe Genexine Biologics (KG Bio), a joint venture of Kalbe Farma Tbk (Kalbe), and Genexine. Under the the agreement, KG Bio will receive a right of first negotiation for an exclusive license for the commercialization of TJD5 and an I-Mab product candidate in the ASEAN and MENA regions, as well as Sri Lanka. When a definitive licensing agreement for TJD5 is made, I-Mab will receive from KG Bio up to approximately US$340mn payment, including an upfront payment and subsequent payments conditional upon achieving certain development and commercial milestones. KG Bio would pay I-Mab tiered royalties in the low to mid- teen percentages on net sales.

Expect RMB1.5bn risk-adjusted peak sales from TJD5 by 2035E We forecast TJD5 to receive approvals from US FDA and NMPA for treatment of NSCLC in 2025E, respectively. We expect TJD5 to realize RMB1.5bn risk-adjusted peak sales by 2035E, assuming 20% PoS.

Figure 66: Sales forecasts of TJD5 2025E 2026E 2027E 2028E 2029E 2030E 2031E 2032E 2033E 2034E 2035E NSCLC - US Incidence of lung cancer in US (people) 226,541 226,088 225,636 225,184 224,734 224,285 223,836 223,388 222,942 222,496 222,051 YoY change in incidence of lung cancer 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% NSCLC as % of lung cancer 85% 85% 85% 85% 85% 85% 85% 85% 85% 85% 85% Incidence of NSCLC in US (people) 192,560 192,175 191,790 191,407 191,024 190,642 190,261 189,880 189,500 189,121 188,743 % of EGFR/ALK wild type NSCLC patients in US 71% 71% 71% 71% 71% 71% 71% 71% 71% 71% 71% Incidence of EGFR/ALK wild type NSCLC in US 135,947 135,675 135,404 135,133 134,863 134,593 134,324 134,055 133,787 133,520 133,253 (people) Penetration of PD-(L)1 therapies among EGFR/ALK 55% 56% 57% 58% 59% 60% 61% 62% 63% 64% 65% wild type NSCLC in US Penetration of CD73 therapies among PD-(L)1 10% 12% 14% 16% 18% 20% 22% 24% 26% 28% 30% treated EGFR/ALK wild type NSCLC in US TJD5's market share in CD73 therapies in US 5% 10% 15% 16% 17% 18% 19% 20% 21% 22% 23% NSCLC patients treated with TJD5 (people) 374 912 1,621 2,006 2,435 2,907 3,425 3,989 4,602 5,264 5,976 Monthly cost of TJD5 in US (US$ per month) 15,000 14,850 14,702 14,554 14,409 14,265 14,122 13,981 13,841 13,703 13,566 Price change YoY 0% -1% -1% -1% -1% -1% -1% -1% -1% -1% -1% Average period of treatment for NSCLC (month) 9 9 9 9 9 9 9 9 9 9 9 TJD5 sales from NSCLC (gross，US$ mn) 50 122 214 263 316 373 435 502 573 649 730 Distributor markup 20% 20% 20% 20% 20% 20% 20% 20% 20% 20% 20% TJD5 sales from NSCLC (net，US$ mn) 40 97 172 210 253 299 348 402 459 519 584

NSCLC - China Incidence of lung cancer in China (people) 869,338 878,031 886,811 895,679 904,636 913,683 922,819 932,048 941,368 950,782 960,290 YoY change in incidence of lung cancer 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% NSCLC as % of lung cancer 85% 85% 85% 85% 85% 85% 85% 85% 85% 85% 85% Incidence of NSCLC in China (people) 738,937 746,326 753,790 761,327 768,941 776,630 784,396 792,240 800,163 808,164 816,246 % of EGFR/ALK wild type NSCLC patients in China 57% 57% 57% 57% 57% 57% 57% 57% 57% 57% 57% Incidence of EGFR/ALK wild type NSCLC in China 418,238 422,421 426,645 430,911 435,220 439,573 443,968 448,408 452,892 457,421 461,995 (people) Penetration of PD-(L)1 therapies among EGFR/ALK 25% 27% 29% 31% 33% 35% 37% 39% 41% 43% 45% wild type NSCLC in China Penetration of CD73 therapies among PD-(L)1 10% 12% 14% 16% 18% 20% 22% 24% 26% 28% 30% treated EGFR/ALK wild type NSCLC in China TJD5's market share in CD73 therapies in US 5% 7% 9% 11% 13% 15% 17% 19% 21% 23% 25% NSCLC patients treated with TJD5 (people) 523 958 1,559 2,351 3,361 4,616 6,144 7,974 10,138 12,667 15,592 Monthly cost of TJD5 in China (RMB per month, after 40,000 32,000 31,360 30,733 30,118 29,516 28,925 28,347 27,780 27,224 26,680 PAP) Price change YoY 0% -20% -2% -2% -2% -2% -2% -2% -2% -2% -2% Average period of treatment for NSCLC (month) 9 9 9 9 9 9 9 9 9 9 9 TJD5 sales from NSCLC (hospital level，RMBmn) 188 276 440 650 911 1,226 1,599 2,034 2,535 3,104 3,744 Distributor markup 10% 10% 10% 10% 10% 10% 10% 10% 10% 10% 10% VAT 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% TJD5 sales from NSCLC (exfactory, RMB mn) 166 244 388 574 804 1,082 1,412 1,796 2,237 2,739 3,305

Source: CMBIS estimates

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Figure 67: Risk-adjusted sales forecasts of TJD5 2025E 2026E 2027E 2028E 2029E 2030E 2031E 2032E 2033E 2034E 2035E TJD5 sales from NSCLC in the US (US$ mn) 40 97 172 210 253 299 348 402 459 519 584 Probability of success for NSCLC in the US 20% 20% 20% 20% 20% 20% 20% 20% 20% 20% 20% Risk-adj TJD5 sales from the US (US$ mn) 8 19 34 42 51 60 70 80 92 104 117 Risk-adj TJD5 sales from the US (RMB mn) 57 136 240 294 354 418 488 562 642 727 817

TJD5 sales from NSCLC in China (RMB mn) 166 244 388 574 804 1,082 1,412 1,796 2,237 2,739 3,305 Probability of success for NSCLC in China 20% 20% 20% 20% 20% 20% 20% 20% 20% 20% 20% Risk-adj TJD5 sales from China (RMB mn) 33 49 78 115 161 216 282 359 447 548 661

Total risk-ajd TJD5 sales (RMB mn) 90 185 318 409 514 634 770 921 1,090 1,275 1,478

Source: CMBIS estimates

PLEASE READ THE ANALYST CERTIFICATION AND IMPORTANT DISCLOSURES ON LAST PAGE 59 59 26 Aug 2020

TJM2, a GM-CSF antibody TJM2 is a potential therapy for COVID-19 and auto-immune diseases

TJM2 is an internally discovered neutralizing antibody against human granulocyte-macrophage colony-stimulating factor (GM-CSF), an important cytokine that plays a critical role in chronic inflammation and destruction in autoimmune diseases such as rheumatoid arthritis (RA). TJM2 is the first clinical stage GM-CSF monoclonal antibody in China. TJM2 is a humanized IgG1 that displays high affinity binding to GM-CSF and blocks its signaling and downstream effects. TJM2 is being developed for the treatment of autoimmune and inflammatory diseases, including RA, cytokine release syndrome (CRS) and neuroinflammation from CAR-T therapy. TJM2 is also tested as a potential treatment for COVID-19.

RA is a systemic chronic inflammatory disease considered to be one of the most prevalent immune- mediated inflammatory diseases. Current therapies for RA in China include traditional Chinese medicine, corticosteroids, and DMARDs, including immunosuppressants and targeted therapies such as TNF inhibitors. Although the market for RA has become more competitive in China, new medicines targeting different pathways with greater clinical efficacy and safety remain a significant unmet need. GM-CSF antibody targets an entirely different disease pathway and has these desired characteristics to treat RA.

Clinical evidence supporting the role of a GM-CSF antibody in RA is highlighted in a few recent global studies. Compared to other RA biologics that are clinically used, GM-CSF antibodies have advantages such as 1) fast onset of therapeutic effect, 2) convenience and increased patient compliance and 3) analgesic effect on inflammatory pain. Because GM-CSF acts at a relatively early stage in the inflammatory cascade, GM-CSF blockade is expected to take effect after just a few initial doses and provide quick symptomatic relief to patients. This fast onset of clinical responses in RA has been shown in Phase 2 clinical trials on otilimab and mavrilimumab (NCT01023256 and NCT01050998). Given the favorable development profile (high affinity, excellent PK, clean immunogenicity and concentrated formulation) exhibited by TJM2 thus far, the clinically active dose for TJM2 is expected to be low, which is advantageous for chronic maintenance of the disease by subcutaneous administration. This provides convenience to the patients and will likely increase patient compliance. Because the GM- CSF receptor is also expressed on sensory neurons and is involved in RA-associated inflammatory pain, GM-CSF blockade is expected to provide relief for inflammatory pain, which provides additional clinical benefits to patients. This analgesic effect has been shown in a Phase 2 clinical trial on mavrilimumab (NCT01706926).

The therapeutic role of TJM2 goes beyond autoimmune diseases. A study indicates that GM-CSF plays a critical role in serious side effects associated with chimeric antigen receptor (CAR)-T therapy, such as cytokine release syndrome (CRS) and neurotoxicity. As CAR-T therapy has become an effective treatment option for certain cancer types, finding a treatment solution for CAR-T-related toxicities that occur frequently and can turn into a serious and potentially fatal condition becomes an urgent need. These severe toxicities add to the morbidity and mortality of CAR-T therapy. CRS is caused by a massive release of circulating cytokines by expanding CAR-T cells, and GM-CSF is one of the key cytokines of CRS. Currently, there are no effective therapies to prevent CRS or neurotoxicity. Tocilizumab, an IL-6 receptor antagonist, is approved for severe CRS with limited therapeutic coverage. Recent studies indicate that neutralizing GM-CSF in vivo may ameliorate and potentially prevent CRS and neuroinflammation without affecting CAR-T cell activity. Humanigen recently teamed up with Kite to evaluate lenzilumab, a GM-CSF antibody, as a preventive or treatment agent in association with Yescarta, an approved CD19-directed CAR-T therapy.

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More importantly, GM-CSF antibodies are widely tested as potential therapies for COVID-19. GM-CSF is an immunoregulatory cytokine with a pivotal role in initiation and perpetuation of inflammatory diseases. GM-CSF could link T-cell-driven acute pulmonary inflammation with an autocrine, self- amplifying cytokine loop leading to monocyte and macrophage activation. This axis has been targeted in CRS and chronic inflammatory disorders. There is scientific rationale for therapeutic targeting of GM-CSF in COVID-19-associated hyperinflammation. Indirect evidence for a role for anti-GM-CSF therapeutic targeting in COVID-19-associated hyperinflammation comes from CRS following CAR T- cell therapy. A proof-of-concept study using a neutralising anti-GM-CSF mAb (lenzilumab) in a xenograft model prevented CRS and enhanced the efficacy of CAR T-cell therapy.

In Apr 2020, the US FDA has approved emergency IND use of Humanigen’s lenzilumab for compassionate use in COVID-19 patients, despite no clinical trial evidence for the therapeutic approach in this setting. As of Jun 2020, six companies were planning or seeking regulatory approval for clinical trials in COVID-19 using agents that either target GM-CSF or its receptor.

I-Mab has successfully completed a first-in-human single ascending dose study of TJM2 in healthy volunteers in the US (NCT03794180) in 2019. I-Mab has initiated Phase 2 study to evaluate the safety, tolerability and efficacy of TJM2 in reducing the severity of complications as well as levels of multiple cytokines in patients with severe COVID-19 in the US. In China, I-Mab has initiated a Phase 1b trial to test TJM2 in RA patients with first patient dosed in Aug 2020.

Figure 68: GM-CSF targeting therapies under development Product Molecule Company US status China status

Phase 2 in severe COVID-19; Otilimab (GSK3196165) GM-CSF mAb GSK IND approval Phase 3 in RA planned

Phase 2 in COVID-19 planned; Namilumab (MT203, Phase 2a in Axial Spondyloarthritis; GM-CSF mAb Izana Bioscience N/A IZN-101) Phase 2 in Plaque Psoriasis; Phase 2 in RA

Phase 1b in TJM2 (TJ003234) GM-CSF mAb I-Mab Phase 2 in severe COVID-19 RA

Marvrilimumab (KPL- GM-CSF receptor Phase 2/3 in severe COVID-19; Kiniksa Pharmaceuticals N/A 301, CAM-3001) antibody Phase 2 in RA Phase 3 in COVID-19; Phase 1/2 in r/r DLBCL as sequenced therapy with CAR-T; Lenzilumab GM-CSF mAb Humanigen N/A Phase 2 in Eosinophilic Asthma Phase 1 in Chronic Myelomonocytic Leukemia Roivant Sciences Phase 2 in COVID-19; Gimsilumab (KIN-1901) GM-CSF mAb N/A (Kinevant Sciences) Phase 1 in AS

Source: clinicaltrials.gov, CMBIS

Currently, the two most advanced-in-clinical GM-CSF antibodies candidates are Otilimab from GSK and Mavrilimumab from Kiniksa. Otilimab is the first GM-CSF antibody conducting phase 3 clinical trial in RA to include head-to-head comparisons with current treatments across all pivotal studies in a broad range of difficult-to-treat RA patients, while the phase 3 results are not available yet.

As for RA, Otilimab has shown dose-related, clinically-meaningful benefit. In a phase 2b trial BAROQUE (NCT02504671), there were more patients in remission (DAS28(CRP)<2.6) at Week 24 in

PLEASE READ THE ANALYST CERTIFICATION AND IMPORTANT DISCLOSURES ON LAST PAGE 61 61 26 Aug 2020 the active groups (e.g. 16% in the 45mg group) than those on placebo group (3%). There was a dose- related treatment effect in change from baseline in DAS28 (CRP) at Week 12, which was also reflected in other clinical endpoints. Mavrilimumab also has conduct a phase 2b (NCT01706926) for RA, 326 patients were randomized into four treatment groups treated with placebo in combination with MTX. Primary endpoints include Change of DAS28 at day 85 and ACR20 response at day 169. It was observed a dose-related treatment effect change from baseline in DAS28 (CRP) at day 85 and ACR20 response at day 169.

As for COVD-19, Otilimab initiated a phase 2 clinical trial (OSCAR, NCT04376684), comparing combination of Otilimab + SoC and SoC. Data are not available yet. Mavrilimumab’s phase 2/3 trial for COVID-19 (COVID-BioB, NCT04318366) just released a 39-patient data comparing Mavrilimumab (6 mg/kg) + SoC and SoC. 13 non-mechanically ventilated received mavrilimumab and 26 patients in the control group received standard care. During the 28-day follow-up, no patients in the mavrilimumab group died, and seven (27%) patients in the control group died. At day 28, all patients in the mavrilimumab group and 17 (65%) patients in the control group showed clinical improvement, with earlier improvement in the mavrilimumab than in the control group. By day 28, one (8%) patient in the mavrilimumab group progressed to mechanical ventilation compared with nine (35%) patients in the control group who progressed to mechanical ventilation or died. By day 14, fever resolved in ten (91%) of 11 febrile patients in the mavrilimumab group, compared with 11 (61%) of 18 febrile patients in the control group.

Figure 69: Clinical data of GM-CSF antibodies of major competitors’ in RA Otilimab Mavrilimumab Company GSK Kiniksa Indication RA RA Phase 2b 2b NCT02504671 Trial ID NCT01706926 (BAROQUE) Patients 222 326 No. (37+37+37+37+37+37) (81+81+85+79) Pacebo+MTX (7.5-25 mg/wk)+Folic acid (>=5mg/wk) Otilimab (22.5mg)+MTX (7.5-25 mg/wk)+Folic acid (>=5mg/wk) Otilimab (45mg)+MTX (7.5-25 mg/wk)+Folic acid (>=5mg/wk) Placebo+MTX (7.5-25 mg/wk) Mavrilimumab (30mg/2wk)+MTX (7.5-25 mg/wk) Regimen Otilimab (90mg)+MTX (7.5-25 mg/wk)+Folic acid (>=5mg/wk) Otilimab (135mg)+MTX (7.5-25 mg/wk)+Folic acid (>=5mg/wk) Mavrilimumab (100mg/2wk)+MTX (7.5-25 mg/wk) Otilimab (180mg)+MTX (7.5-25 mg/wk)+Folic acid (>=5mg/wk) Mavrilimumab (150mg/2wk)+MTX (7.5-25 mg/wk) (Otilimab was administerd initiatly weekly, then every other week.） Change of DAS28 at day-85: -0.68 vs -1.37 vs - 1.64 vs -1.90

DAS28<2.6 at wk-24: 3% vs 5% vs 16% vs 19% vs 14% vs 14% ACR20 response at day-169: 24.7% vs 50.6% vs

Efficacy 61.2% vs 73.4% Change of DAS28 at wk-12: -5.21 vs -4.75 vs -8.57 vs -7.79 vs -

7.71 vs -7.21 Dyspenea score at day-169: 0.38 vs 0.22 vs 0.32 vs 0.28

SAE: 2.7% vs 5.4% vs 2.7% vs 5.4% vs 5.4% vs 0% TEAE: 46.9% vs 50.6% vs 42.4% vs 54.4% Safety Normal AE (not incl. SAE): 35.1% vs 32.4% vs 35.1% vs 24.3% vs TESAE: 1.2% vs 4.9% vs 5.9% vs 2.5% 48.7% vs 35.14% Source: Clinicaltrials.gov, GSK, CMBIS; Notes: MTX=methotrexate, DAS28=Disease Activity Score of 28 Joints, ACR=American College of Rheumatology

PLEASE READ THE ANALYST CERTIFICATION AND IMPORTANT DISCLOSURES ON LAST PAGE 62 62 26 Aug 2020

Figure 70: Preliminary clinical data of Mavrilimumab in COVID-19 Mavrilimumab Company Kiniksa Indication COVID-19 Phase 2/3 NCT04318366 Trial ID (COVID-BioB) 39 Patients No. (13 vs 26) Mavrilimumab (6 mg/kg) +SoC Regimen SoC

Clinical improvement 100% vs 65%

Days to clinical improvement 8 vs 19

Days to discharge from hospital 10 vs 20 Days to resolution of fever in the first 2 weeks 1 vs 7 Fever resolution by day 14 10 vs 11 Mechanical ventilation or death 1 vs 9 Death 0% vs 27% CRP reduction ≥75% 85% vs 44%

Safety Infectious complications: 0% vs 12% (3/26); No infusion reactions Source: Clinicaltrials.gov, The Lancet Rheumatology, Volume 2, ISSUE 8, e465-e473, 1 Aug 2020, CMBIS

Early clinical studies showed good tolerability of TJM2

A series of nonclinical studies have been conducted to evaluate the pharmacology, PK, and toxicology profiles of TJM2. TJM2 could potently bind to human and monkey GM-CSF but not rodent GM-CSF. TJM2 neutralized GM-CSF in a number of pharmacological studies in vitro and in vivo. TJM2 demonstrated linear PK behavior in single dose IV and SC studies in monkeys with a half-life characteristic of IgG and a low ADA potential. Weekly TJM2 treatment significantly reduced arthritis score and clinical symptoms in monkeys with established collagen-induced arthritis (a model of RA). In a GLP-compliant multilevel four-week repeat-dose general toxicology study in cynomolgus monkeys, the no observed adverse effect level (NOAEL) was considered to be 60 mg/kg.

Type II collagen-induced arthritis (CIA) is a recognized animal model for RA, and drugs approved for RA have shown efficacy in this model. Monkeys were immunized with collagen to induce the disease. Once the animals exhibited signs of disease (joint swelling), weekly injections of vehicle control or 40 mg/kg TJM2 were initiated. TJM2 significantly decreased the severity of CIA as measured by arthritis score over the entire treatment period, which correlated with the decrease in STAT5 phosphorylation in PBMCs 24 hours after treatment.

Based on the pre-clinical results, I-Mab has completed a first-in-human study in healthy volunteers in the US (NCT03794180) in 2019. This randomized, double-blind, placebo-controlled, and single dose- ascending study was designed to assess the safety, tolerability, PK/PD, and immunogenicity of TJM2 (referred to as TJ003234) in healthy volunteers. I-Mab has enrolled and completed dosing of four planned cohorts at 0.3, 1, 3 and 10 mg/kg dose levels, with each cohort consisting of eight subjects randomized into six receiving TJM2 and two receiving placebo IV infusions.

TJM2 was well tolerated following a single IV dose up to 10 mg/kg in healthy subjects with no MTD reached. There were no interruptions in dosing or early withdrawals. Fourteen males and 18 females participated in the study. The majority of AEs were mild to moderate in nature. No serious adverse events were reported during the study. Overall, 8 of the 24 subjects who received TJM2 and 3 of the

PLEASE READ THE ANALYST CERTIFICATION AND IMPORTANT DISCLOSURES ON LAST PAGE 63 63 26 Aug 2020

8 subjects on placebo reported treatment-related treatment-emergent adverse events (TEAEs). The most common AEs experienced by subjects dosed with TJM2 were headache (25%) and protein urine (25%). These AEs were also the most common AEs reported by subjects receiving placebo (37.5% and 37.5%, respectively).

In Apr 2020, I-Mab initiated a clinical study for TJM2 to treat cytokine release syndrome (CRS) associated with severe illness caused COVID-19 in the US, currently in phase 2. This is a multi-center, randomized, double-blind, placebo-controlled, three-arm study to evaluate the safety, tolerability and efficacy of TJM2 in reducing the severity of complications as well as levels of multiple cytokines in patients with severe COVID-19. The results from the study in the US will also be used to further evaluate the potential therapeutic role of TJM2 in reducing or preventing cytokine storm and neurotoxicity associated with CAR-T therapy.

Besides, I-Mab has started a multiple-dose Phase 1b study in RA patients in China with first patient dosed in Aug 2020.

Expect RMB2.7bn risk-adjusted peak sales from TJM2 by 2035E We forecast TJM2 to receive US FDA’s approval for treatment of severe COVID-19 in 2021E and for treatment of RA in 2024E. We also expect TJM2 to receive NMPA’s approval for treatment of RA in 2024E. We forecast TJM2 to realize RMB2.7bn risk-adjusted peak sales by 2035E, assuming 30% PoS for severe COVID-19 and 30% PoS for RA.

Figure 71: Sales forecasts of TJM2

2021E 2022E 2023E 2024E 2025E 2026E 2027E 2028E 2029E 2030E 2031E 2032E 2033E 2034E 2035E

AML-US Incidence of COVID-19 in US 5 2 1 1 0 0 0 0 0 0 0 0 0 0 0 (mn people) Proportion of severe COVID-19 20% 20% 20% 20% 20% 20% 20% 20% 20% 20% 20% 20% 20% 20% 20% patients Incidence of severe COVID-19 in 0.91 0.46 0.23 0.11 0.06 0.03 0.01 0.01 0.00 0.00 0.00 0.00 0.00 0.00 0.00 US (mn people) Penetration of anti-GM-CSF therapies in severe COVID-19 in 50% 50% 50% 50% 50% 50% 50% 50% 50% 50% 50% 50% 50% 50% 50% US TJM2's market share in anti-GM- 20% 20% 20% 20% 20% 20% 20% 20% 20% 20% 20% 20% 20% 20% 20% CSF therapies in US Severe COVID-19 patients 91,250 45,625 22,813 11,406 5,703 2,852 1,426 713 356 178 89 45 22 11 6 treated with TJM2 (people) Treatment cost of of TJM2 in US 10,000 9,900 9,801 9,703 9,606 9,510 9,415 9,321 9,227 9,135 9,044 8,953 8,864 8,775 8,687 (US$ per cycle) Price change YoY 0% -1% -1% -1% -1% -1% -1% -1% -1% -1% -1% -1% -1% -1% -1% TJM2 sales from COVID-19 913 452 224 111 55 27 13 7 3 2 1 0 0 0 0 (gross，US$ mn) Distributor markup 20% 20% 20% 20% 20% 20% 20% 20% 20% 20% 20% 20% 20% 20% 20% TJM2 sales from COVID-19 730 361 179 89 44 22 11 5 3 1 1 0 0 0 0 (net，US$ mn)

RA-US Incidence of RA in US (mn 1.3 1.3 1.3 1.3 1.3 1.3 1.3 1.3 1.3 1.3 1.3 1.3 1.3 1.3 1.3 people) YoY change in incidence of RA 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% Penetration of anti-GM-CSF 1% 2% 3% 4% 5% 5% 5% 5% 5% 5% 5% 5% 5% therapies in RA in US TJM2's market share in anti-GM- 20% 20% 20% 20% 20% 20% 20% 20% 20% 20% 20% 20% CSF therapies in US RA patients treated with TJM2 5,242 7,878 10,525 13,183 13,209 13,236 13,262 13,289 13,315 13,342 13,369 13,396 (people) Monthly cost of of TJM2 in US 8,000 7,920 7,841 7,762 7,685 7,608 7,532 7,457 7,382 7,308 7,235 7,163 (US$ per month) Price change YoY 0% -1% -1% -1% -1% -1% -1% -1% -1% -1% -1% -1% Average period of treatment for 12 12 12 12 12 12 12 12 12 12 12 12 RA (month) TJM2 sales from RA (gross ， 503 749 990 1,228 1,218 1,208 1,199 1,189 1,180 1,170 1,161 1,151 US$ mn) Distributor markup 20% 20% 20% 20% 20% 20% 20% 20% 20% 20% 20% 20% TJM2 sales from RA (net ， 403 599 792 982 975 967 959 951 944 936 929 921 US$ mn)

PLEASE READ THE ANALYST CERTIFICATION AND IMPORTANT DISCLOSURES ON LAST PAGE 64 64 26 Aug 2020

RA-China Incidence of RA in China (mn 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 people) YoY change in incidence of RA 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% Penetration of anti-GM-CSF 0% 0% 1% 1% 1% 1% 1% 2% 2% 2% 2% 2% therapies in RA in China TJM2's market share in anti-GM- 50% 49% 48% 47% 46% 45% 44% 43% 42% 41% 40% 39% CSF therapies in China RA patients treated with TJM2 2,550 7,536 12,365 17,034 21,543 25,886 30,063 34,069 37,902 41,559 45,037 48,334 (people) Monthly cost of of TJM2 in China 8,000 6,400 6,272 6,147 6,024 5,903 5,785 5,669 5,556 5,445 5,336 5,229 (RMB per month, after PAP) Price change YoY 0% -20% -2% -2% -2% -2% -2% -2% -2% -2% -2% -2% Average period of treatment for 12 12 12 12 12 12 12 12 12 12 12 12 RA (month) TJM2 sales from RA (hospital 245 579 931 1,256 1,557 1,834 2,087 2,318 2,527 2,715 2,884 3,033 level，RMBmn) Distributor markup 10% 10% 10% 10% 10% 10% 10% 10% 10% 10% 10% 10%

VAT 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% TJM2 sales from RA 216 511 821 1,109 1,374 1,618 1,842 2,046 2,230 2,397 2,545 2,677 (exfactory, RMB mn)

Source: CMBIS estimates

Figure 72: Risk-adjusted sales forecasts of TJM2

2021E 2022E 2023E 2024E 2025E 2026E 2027E 2028E 2029E 2030E 2031E 2032E 2033E 2034E 2035E TJM2 sales from severe COVID-19 in the 730 361 179 89 44 22 11 5 3 1 1 0 0 0 0 US (US$ mn) Probability of success for COVID-19 in 30% 30% 30% 30% 30% 30% 30% 30% 30% 30% 30% 30% 30% 30% 30% the US TJM2 sales from RA in the US (US$ mn) 0 0 0 403 599 792 982 975 967 959 951 944 936 929 921

Probability of success for RA in the US 30% 30% 30% 30% 30% 30% 30% 30% 30% 30% 30% 30% 30% 30% 30% Risk-adj TJM2 sales from the US 219 108 54 147 193 244 298 294 291 288 286 283 281 279 276 (US$ mn) Risk-adj TJM2 sales from the US (RMB 1,533 759 376 1,031 1,350 1,709 2,086 2,058 2,036 2,017 1,999 1,982 1,966 1,950 1,934 mn)

TJM2 sales from RA in China (RMB mn) 0 0 0 216 511 821 1,109 1,374 1,618 1,842 2,046 2,230 2,397 2,545 2,677

Probability of success for RA in China 30% 30% 30% 30% 30% 30% 30% 30% 30% 30% 30% 30% 30% 30% 30% Risk-adj TJM2 sales from the China 0 0 0 65 153 246 333 412 486 553 614 669 719 764 803 (US$ mn)

Total risk-ajd TJM2 sales (RMB mn) 1,533 759 376 1,096 1,503 1,956 2,418 2,470 2,521 2,569 2,613 2,651 2,685 2,714 2,737

Source: CMBIS estimates

PLEASE READ THE ANALYST CERTIFICATION AND IMPORTANT DISCLOSURES ON LAST PAGE 65 65 26 Aug 2020

Preclinical assets Preclinical monoclonal antibodies TJ210 is a fully human, high affinity antibody against human C5aR1 for the treatment of cancers and potentially autoimmune diseases. Tumors produce large amounts of complement factor C5a to attract C5aR1-expressing myeloid derived suppressor cells (MDSCs), M2 macrophages and neutrophils. These myeloid cells critically contribute to an immunosuppressive microenvironment as part of the evading mechanism of tumors and are associated with poor prognosis and resistance to PD-1/PD-L1 therapies in many cancers. Inhibition of C5a or its receptor C5aR in mice leads to markedly reduced MDSCs and has an inhibitory effect on tumor growth in various tumor-bearing animal models. The C5aR-blocking antibody has been shown to have significant therapeutic activity when combined with PD-1 therapies in PD-1-resistant tumor models. TJ210 exerts strong anti-tumor activity by blocking the activation and migration of C5aR1-expressing myeloid cells and has a highly differentiated potential as it binds to a novel epitope and possesses superior functional properties. Compared to the only competitor antibody from Innate Pharma, TJ210 shows a more potent anti-tumor effect, especially when C5a concentrations are high, and binds to C5a receptors in both humans and monkeys, making pre-clinical safety assessment possible. In addition, TJ210 has therapeutic potential in multiple inflammatory and autoimmune indications, in which the role of the C5a/C5aR axis has been validated. In Nov 2018, I-Mab entered into a license and collaboration agreement with MorphoSys for MOR210/TJ210 in Greater China and South Korea. I-Mab has made an upfront payment of US$3.5mn to MorphoSys and no milestone payments or royalties are due under this agreement. TJ210 is progressing towards IND submission by 2020E in the US, and I-Mab plans to work jointly with MorphoSys to develop this asset.

TJX7 is an internally discovered novel humanized neutralizing antibody targeting the CXCL13 chemokine. CXCL13, through its receptor CXCR5, plays a key role in forming germinal centers, which are critical for immune response. The role of CXCL13 in forming germinal centers is to guide the migration of germinal center B cells and follicular T cells within the lymphoid organs and facilitate their interaction, maturation and function. One of the key pathogenic features in autoimmune diseases is related to the aberrant formation of ectopic germinal centers formed in affected organs, contributing to chronic inflammation and tissue destruction. Elevated serum CXCL13 levels, CXCR5-expressing T cells and pathogenic germinal center B cells and even ectopic germinal center formation are found in multiple autoimmune diseases, including Sjögren’s syndrome, RA, multiple sclerosis, and SLE. TJX7 is being developed for the treatment of autoimmune disorders and has been shown to bind to CXCL13 with sub-nanomolar affinity, effectively blocking the interaction between CXCL13 and CXCR5 and the downstream signaling. TJX7 has been shown to completely inhibit the migration of primary human tonsil B cells. Pharmacodynamic studies in mice and cynomolgus monkeys have confirmed TJX7’s inhibitory effects on germinal center formation and antibody production. Results generated so far indicate that TJX7 may provide a new therapeutic angle in the treatment of autoimmune diseases as it acts uniquely at the core of tissue pathologies. TJX7 is currently under CMC and pre-clinical development. Preclinical bi-specific antibody panel

PD-L1-based bi-specific antibodies

This panel of PD-L1-based bi-specific antibodies is designed according to the scientific rationale that a PD-L1 antibody, when engineered with a selected second immune component such as a cytokine or another antibody, is able to convert “cold tumors,” which typically do not respond to PD-1/PD-L1 inhibitors, to “hot tumors,” which are more sensitive to PD-1/PD-L1 therapies. Such PD-L1-based bi- specific antibodies are expected to increase the probability of treatment success in patients who do not respond to PD-1/PD-L1 treatment. Based on this concept, I-Mab has generated a panel of bi- specific antibodies using its proprietary PD-L1 antibody sequence as the backbone (the first signal),

PLEASE READ THE ANALYST CERTIFICATION AND IMPORTANT DISCLOSURES ON LAST PAGE 66 66 26 Aug 2020 linked to a second component (the second signal) of selected immune properties. The second signals for this panel of bi-specific antibodies include IL-7 cytokine (expanding T effector cells), 4-1BB and B7- H3 antibodies (activating T cells synergistically with PD-L1) and CD47 antibody (adding the macrophage killing mechanism). I-Mab currently is developing five PD-L1based bispecific antibodies, including TJL1C4 (PD-L1/CD47), TJL1D5 (PD-L1/CD73), TJL1H3 (PD-L1/B7H3), TJL14B (PD- L1/41BB) and TJL1I7 (PD-L1/IL7 cytokine fusion).

“Fortified” bi-specific antibodies for specific cancer therapeutic purposes

TJ-C4GM (antiCD47 and GMCSF cytokine fusion) is a “fortified” version of the CD47 antibody, which is specifically designed for the treatment of solid tumors through the CD47-mediated macrophage killing mechanism. As the majority of tumor-associated macrophages adopt an anti-inflammatory and tumor-promoting M2 phenotype rather than a pro-inflammatory M1 phenotype, they are less efficient in phagocytosis in response to CD47 blockade. Thus, treatment of solid tumors with the CD47 antibody may exhibit limited efficacy. TJ-C4GM is a novel molecule composed of TJC4 with an engineered GM- CSF moiety fused at the C-terminus of the antibody heavy chain. GM-CSF is a potent cytokine known to convert tumor-resident M2 macrophages into tumor-engulfing M1 macrophages, which enables TJ- C4GM to exert a better phagocytic effect in solid tumors. These unique functional properties of TJ- C4GM are confirmed in a series of in vitro and in vivo tumor animal models, in which TJ-C4GM exerts superior anti-tumor activity against solid tumors, which cannot be achieved by TJC4 or GM-CSF used either alone or in combination. TJ-C4GM is currently at the CMC and pre-clinical development stage.

TJ-CLDN4B (Claudin 18.2 and 41BB, also referred to as TJ-CD4B) is a bi-specific antibody targeting both Claudin18.2 (CLDN18.2), a tumor antigen preferentially expressed in gastric and pancreatic cancers, and 4-1BB, a co-stimulatory molecule on T cells. CLDN18.2 is a tight junction molecule normally expressed only on epithelial cells of the gastric mucosa, which is inaccessible by antibodies under normal conditions, making it a highly attractive tumor target. Although a CLDN18.2 mAb (claudiximab) was active in a Phase 2 trial, only the CLDN18.2 high-expressing tumors seemed to be susceptible. In collaboration with ABL Bio, I-Mab developed a bi-specific antibody, TJ-CLDN4B, which provides two key advantages over current CLDN18.2 antibodies and 4-1BB agonistic antibodies. First, TJ-CLDN4B is capable of binding to tumor cells even with low levels of CLDN18.2 expression, making it more suitable for a broader patient population. Second, only upon tumor cell engagement by TJ- CLDN4B are T cells activated. In contrast, other pan-activating 4-1BB antibodies that activate T cells regardless of tumor engagement are prone to liver toxicity as seen in clinical studies. In a humanized mouse model, TJ-CLDN4B suppressed tumor growth to a greater extent than anti-CLDN18.2 or anti- 4-1BB alone or in combination.

In Jun 2020, I-Mab disclosed preclinical data of TJ-CD4B/ ABL111 at AACR Conference. TJ-CD4B showed stronger binding capability to CLDN18.2 when compared with benchmark monoclonal antibody against CLDN18.2 (IMAB362). Functional evaluation of TJ-CD4B indicated the activation of 4-1BB signaling was solely dependent on CLDN18.2 expression on the cell. Furthermore, TJ-CD4B showed superior 4-1BB activity than benchmark 4-1BB monoclonal antibody (Urelumab) in the presence of cells expressing a wide range of CLDN18.2 level including CLDN18.2-low cells. Using a humanized 4-1BB mouse model, TJ-CD4B showed strong tumor growth inhibition (TGI) of CLDN18.2 expressing tumor cells. Meanwhile, TJ-CD4B increased tumor infiltrating lymphocytes while it had no impact on peripheral lymphocytes. Preclinical data showed that TJ-CD4B displayed potent anti-tumor activity only in tumor microenvironment, possibly minimizing the risk of peripheral toxicity. TJ-CD4B aims to enter clinical phase in early 2021E.

PLEASE READ THE ANALYST CERTIFICATION AND IMPORTANT DISCLOSURES ON LAST PAGE 67 67 26 Aug 2020

Financial Analysis Drugs sales to start from 2021E We forecast drug sales to start from 2021E assuming TJM2 to receive US FDA’s approval for treatment of severe COVID-19. We expect TJ202 to start commercialization in 2022E, TJ01 and TJC4 to be launched in 2024E, and TJD5 to come to the market in 2025E.

To factor in the risk in drug development, we apply different probability of success (PoS) to our sales forecasts. We expect risk-adjusted revenue of RMB1,553mn/ RMB806mn in FY2021E/22E.

Figure 73: Revenue forecasts of I-Mab (2021-35E)

(RMB mn) 2021E 2022E 2023E 2024E 2025E 2026E 2027E 2028E 2029E 2030E 2031E 2032E 2033E 2034E 2035E

TJ202, risk adjusted 0 47 95 640 912 1,240 1,110 1,170 1,223 1,271 1,314 1,351 1,383 1,410 1,433

TJ101, risk adjusted 0 0 0 221 411 644 940 1,305 1,226 1,344 1,453 1,554 1,647 1,731 1,806

TJC4, risk adjusted 0 0 0 223 969 1,351 1,566 1,791 1,934 2,081 2,232 2,387 2,546 2,709 2,876

TJM2, risk adjusted 1,533 759 376 1,096 1,503 1,956 2,418 2,470 2,521 2,569 2,613 2,651 2,685 2,714 2,737

TJD5, risk adjusted 0 0 0 0 90 185 318 409 514 634 770 921 1,090 1,275 1,478

Others, risk adjusted 0 0 0 50 100 150 195 254 279 307 337 371 408 449 494

Total revenue, risk adjusted 1,533 806 470 2,230 3,984 5,525 6,547 7,399 7,697 8,206 8,719 9,236 9,758 10,288 10,825

YoY N/A -47% -42% 374% 79% 39% 18% 13% 4% 7% 6% 6% 6% 5% 5%

Source: CMBIS estimates

Figure 74: Revenue breakdown Figure 75: Total revenue forecasts

100% 0% 0% 0% 2% 3% 3% 3% 3% 4% 4% 0% 2% 3% 9,000 5% 6% 7% (RMB mn) 8,206 90% 8% 7,697 8,000 7,399 80% 38% 35% 49% 37% 33% 33% 31% 7,000 6,547 70%

60% 80% 6,000 5,525

50% 5,000 24% 24% 10% 24% 24% 25% 25% 40% 3,984 4,000 10% 30% 10% 12% 14% 18% 16% 16% 3,000 20% 0% 2,230 29% 23% 22% 2,000 1,533 10% 20% 17% 0% 16% 16% 15% 6% 806 0% 0% 1,000 470 2021E 2022E 2023E 2024E 2025E 2026E 2027E 2028E 2029E 2030E TJ202, risk adjusted TJ101, risk adjusted TJC4, risk adjusted 0 2021E 2022E 2023E 2024E 2025E 2026E 2027E 2028E 2029E 2030E TJM2, risk adjusted TJD5, risk adjusted Others, risk adjusted Source: Company data, CMBIS estimates Source: Company data, CMBIS estimates

I-Mab recorded net losses of RMB403mn/ RMB1,485mn in FY18A/19A. We forecast net losses of RMB1,092mn / RMB634mn / RMB1,076mn in FY20E/21E/22E.

We forecast R&D cost to climb from RMB426mn/RMB840mn in FY18A/19A to RMB900mn/RMB1,000mn/RMB1,000mn in FY20E/21E/22E, mainly due to initiation of new clinical trials and progress of existing clinical trials. We expect SG&A expenses to be RMB200mn/RMB843mn/RMB668mn in FY20E/21E/22E.

PLEASE READ THE ANALYST CERTIFICATION AND IMPORTANT DISCLOSURES ON LAST PAGE 68 68 26 Aug 2020

Figure 76: Revenue forecasts Figure 77: Net profit forecasts 1,500 9,000 (RMB mn) (RMB mn) 8,206 1,018 7,697 8,000 7,399 1,000

7,000 6,547 500 214 6,000 5,525 0 5,000 3,984 4,000 (500) (545) 3,000 (634) 2,230 (1,000) 2,000 1,533 (1,092) (1,076) 806 (1,500) (1,268) 1,000 470 (1,485) 0 2021E 2022E 2023E 2024E 2025E 2026E 2027E 2028E 2029E 2030E (2,000) 2019 2020E 2021E 2022E 2023E 2024E 2025E 2026E Source: Company data, CMBIS estimates Source: Company data, CMBIS estimates

Figure 78: R&D expenses Figure 79: SG&A expenses 1,400 2,500 (RMB mn ) (RMB mn )

1,200 2,000

1,000

1,500 800 1,602

600 1,195 1,195 1,105 1,000 1,000 1,000 1,000 1,004 900 400 840 892 0 500 613 403 235 200 655 518 608 0 335 200 230 265 304 0 0 2019 2020E 2021E 2022E 2023E 2024E 2025E 2026E 2019 2020E 2021E 2022E 2023E 2024E 2025E 2026E R&D expenses Selling expenses Administrative expenses Source: Company data, CMBIS estimates Source: Company data, CMBIS estimates

PLEASE READ THE ANALYST CERTIFICATION AND IMPORTANT DISCLOSURES ON LAST PAGE 69 69 26 Aug 2020

Financial Statements

Income statement Cash flow summary YE 31 Dec (RMB mn) FY18A FY19A FY20E FY21E FY22E YE 31 Dec (RMB mn) FY18A FY19A FY20E FY21E FY22E Revenue 54 30 0 1,533 806 Profit before tax (401) (1,452) (1,092) (634) (1,076) Cost of sales 0 0 0 (307) (153) Depreciation and 7 16 22 35 46 amortization, etc. Gross profit 54 30 0 1,226 653 Change in working capital 148 185 (74) (579) 205 Tax paid (2) 0 0 0 0 Administrative expenses (66) (655) (200) (230) (265) Others (33) 384 0 0 0 R&D expenses (426) (840) (900) (1,000) (1,000) Net cash from operating (281) (868) (1,144) (1,178) (825) activities Selling expenses 0 0 0 (613) (403) Fair value change of warrants 61 6 0 0 0 Capex (14) (12) (100) (100) (100) Operating profit (377) (1,459) (1,100) (617) (1,015) Net proceeds from disposal 0 (32) 0 0 0 of short-term investments Other investing activities 24 257 0 0 0

Finance costs, net (7) 28 8 (17) (61) Net cash from investing 10 212 (100) (100) (100) activities Other income (expenses), net (17) (20) 0 0 0 Pre-tax profit (401) (1,452) (1,092) (634) (1,076) Net proceeds from shares 1,307 184 726 0 0 Netissued bank borrowing (19) (30) 0 800 1,000 Income tax (2) 0 0 0 0 Proceeds from issuance of 60 0 0 0 0 convertible promissory notes Minority interests 0 0 0 0 0 Other financing activities 132 (1) 0 0 0 Net profit (Net loss) (403) (1,452) (1,092) (634) (1,076) Net cash from financing 1,480 153 726 800 1,000 activities

FX changes 60 15 0 0 0 Net change in cash 1,208 (503) (518) (478) 75 Cash at the beginning of the year 413 1,681 1,193 675 197 Cash at the end of the year 1,681 1,193 675 197 272

Balance sheet Key ratios YE 31 Dec (RMB mn) FY18A FY19A FY20E FY21E FY22E YE 31 Dec FY18A FY19A FY20E FY21E FY22E Non-current assets 339 376 455 520 574 PP&E 28 30 108 174 228 Operating lease right of use assets 0 16 16 16 16 Intangible assets 149 149 149 149 149 Profit & loss ratios (%) Goodwill 163 163 163 163 163 Gross margin 100 100 100 80 81 Other non-current assets 0 18 18 18 18 EBITDA margin N/A N/A N/A (37.97) (120.22) Net margin N/A N/A N/A (41.37) (133.44) Current assets 2,037 1,361 843 844 689 Effective tax rate (%) N/A N/A N/A N/A N/A Inventories 0 0 0 101 50 Trade and bills receivables 0 0 0 378 199 Prepayments, other receivables 89 136 136 136 136 Balance sheet ratios Other financial assets 256 0 0 0 0 Current ratio (x) 6 2 2 1 0 Cash and bank balances 1,588 1,137 620 141 217 Trade receivables turnover N/A N/A N/A 90 90 Tradedays payables turnover N/A N/A N/A 180 180 Current liabilities 346 588 515 1,215 2,190 Totaldays debt to asset ratio (%) 17 38 46 95 180 Short-term borrowings 80 50 50 850 1,850 Advance from customers 14 0 0 0 0 Other payables and accruals 68 274 200 100 76 Returns (%) Operating lease liabilities, current 0 7 7 7 7 ROE (21) (136) (155) (916) 107 Other current liabilities 184 258 258 258 258 ROA (17) (84) (84) (47) (85)

Non-current liabilities 70 80 80 80 80 Per share data Convertible promissory notes 67 68 68 68 68 EPS (RMB) N/A N/A (18.9) (11.0) (18.6) Onshore convertible loans 0 7 7 7 7 DPS (RMB) 0.0 0.0 0.0 0.0 0.0 Deferred subsidy income 3 4 4 4 4 BVPS (RMB) N/A N/A 12.2 1.2 (17.4)

Total net assets 1,960 1,069 703 69 (1,006) Minority interest 0 0 0 0 0 Shareholders' equity 1,960 1,069 703 69 (1,006)

Source: Company data, CMBIS estimates

PLEASE READ THE ANALYST CERTIFICATION AND IMPORTANT DISCLOSURES ON LAST PAGE 70 70 26 Aug 2020

Valuation

I-Mab’s future cash flows will rely on the successful commercialization of pipeline drugs. Therefore, we use DCF method to value the Company and we derive TP of US$41.30 based on 15-year risk-adjusted DCF model (WACC: 10.6%, terminal growth rate: 3.0%).

Figure 80: Risk-adjusted DCF valuation DCF Valuation (in Rmb mn) 2021E 2022E 2023E 2024E 2025E 2026E 2027E 2028E 2029E 2030E 2031E 2032E 2033E 2034E 2035E EBIT (634) (1,076) (1,268) (545) 252 1,198 1,752 2,247 2,590 3,007 3,395 3,809 4,250 4,719 5,217 Tax rate 0% 0% 0% 0% 15% 15% 15% 15% 15% 15% 15% 15% 15% 15% 15% EBIT*(1-tax rate) (634) (1,076) (1,268) (545) 214 1,018 1,489 1,910 2,202 2,556 2,886 3,238 3,612 4,011 4,434 + D&A 35 46 55 62 69 74 78 82 85 87 89 91 93 94 95 - Change in working capital (579) 205 72 (386) (390) (349) (227) (189) (66) (113) (114) (115) (116) (117) (119) - Capx (100) (100) (100) (100) (100) (100) (100) (100) (100) (100) (100) (100) (100) (100) (100) FCFF (1,278) (925) (1,242) (968) (207) 643 1,241 1,702 2,120 2,430 2,761 3,114 3,489 3,887 4,310 Terminal value 58,429 FCF + Terminal value (1,278) (925) (1,242) (968) (207) 643 1,241 1,702 2,120 2,430 2,761 3,114 3,489 3,887 62,739

Present value of enterprise 17,446 (RMB mn) Net debt (RMB mn) 729 Equity value (RMB mn) 16,717 Equity value (US$ mn) 2,388 No. of ADS 57,828,976 DCF per share (US$) 41.30

Terminal growth rate 3.0% WACC 10.60% Cost of Equity 13.5% Cost of Debt 4.5% Equity Beta 1.0 Risk Free Rate 3.0% Market Risk Premium 10.5% Target Debt to Asset ratio 30.0% Effective Corporate Tax Rate 15.0% Source: CMBIS estimates

Figure 81: Sensitivity analysis (US$) WACC 41.30 9.60% 10.10% 10.60% 11.10% 11.60% 2.0% 47.5 42.1 37.3 33.2 29.5 2.5% 50.3 44.3 39.2 34.7 30.9 Terminal growth rate 3.0% 53.4 46.9 41.3 36.5 32.3 3.5% 57.1 49.8 43.7 38.5 34.0 4.0% 61.4 53.3 46.5 40.7 35.8

Source: Company data, CMBIS estimates

Figure 82: Peers comparison AVG Trading TP Current Px Mkt Cap Px Change (%) IPO IPO Px Ticker Company Rating Turnover (mn LC) (LC) (LC) (USD mn) 30 d 60 d 90 d 30 d 60 d 90 d Date (LC) IMAB.US I-Mab 41.3 BUY 30.3 1,752 7% 1% 25% 3 2 2 2020-01-17 14.00 2696.HK Henlius 57.2 BUY 51.7 3,626 -8% -4% 22% 12 16 13 2019-09-25 49.60 9969.HK InnoCare 16.21 BUY 13.2 2,196 -8% -19% -7% 21 30 34 2020-03-23 8.95 6855.HK Ascentage 70.7 BUY 34.9 1,008 2% -24% 22% 21 45 45 2019-10-28 34.20 9939.HK Kintor 27.6 BUY 14.7 702 -3% -4% -18% 8 28 44 2020-05-22 20.15 6160.HK Beigene N/A NR 140.8 21,262 5% 16% 45% 51 61 46 2018-08-08 108.00 1877.HK Junshi N/A NR 48.2 10,233 0% -18% 14% 52 83 75 2018-12-24 19.38 1801.HK Innovent N/A NR 53.9 9,735 8% -10% 28% 435 474 370 2018-10-31 13.98 6185.HK CanSino N/A NR 183.0 7,876 -15% -17% 5% 478 475 460 2019-03-28 22.00 9926.HK AkesoBio N/A NR 28.7 2,915 -7% -23% 10% 62 83 98 2020-04-24 16.18 9966.HK AlphaMab N/A NR 16.2 1,946 -3% -15% -15% 18 31 49 2019-12-12 10.20 2616.HK CStone N/A NR 9.4 1,274 -6% -18% 28% 21 23 22 2019-02-26 12.00 Source: Wind, CMBIS

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Investment Risks

Limited operating history may make it difficult to evaluate the Company’s current business and predict its future performance

I-Mab is a clinical stage biopharmaceutical company with a limited operating history. Its operations to date have focused on organizing and staffing operations, business planning, raising capital, establishing intellectual property portfolio and conducting preclinical and clinical trials of its drug candidates.

Failure in obtaining regulatory approval for drug candidates

I-Mab’s business will depend on the successful development, regulatory approval and commercialization of its drug candidates for the treatment of patients with cancer, all of which are still in clinical or pre-clinical development stage. Clinical drug development involves a lengthy and expensive process with an uncertain outcome, and results of earlier studies and trials may not be predictive of future trial results.

Competition from peers with more competing and successful drugs

The development and commercialization of new drugs is highly competitive. I-Mab faces competition from major pharmaceutical companies, specialty pharmaceutical companies and biopharmaceutical companies worldwide.

Failure in protecting intellectual property rights throughout the world

If I-Mab is unable to obtain and maintain patent protection for its drug candidates and other intellectual property, or if the scope of such intellectual property rights obtained is not sufficiently broad, third parties could develop and commercialize products and technologies similar or identical to the Company’s and compete directly against I-Mab, and the Company’s ability to successfully commercialize any product or technology may be adversely affected.

PLEASE READ THE ANALYST CERTIFICATION AND IMPORTANT DISCLOSURES ON LAST PAGE 72 72 26 Aug 2020

Appendix: Company Profile

Figure 83: Key management of I-Mab (as of Apr 2020) Name Age Position Jingwu Zhang Zang, M.D., Ph.D. 63 Founder, Honorary Chairman and Director Joan Huaqiong Shen, M.D., Ph.D. 57 Director and Chief Executive Officer Zheru Zhang, Ph.D. 57 Director and President Jielun Zhu 43 Director and Chief Financial Officer Lili Qian, Ph.D. 38 Vice President of Operations Weimin Tang, Ph.D. 54 Executive Vice President of Global Business Development Yunhan Lin, Ph.D. 42 Vice President of Corporate Development Neil Warma 56 General Manager of Imab US Ivan Yifei Zhu N/A Chief Commercial Officer Source: Company data, CMBIS

Figure 84: Employee structure (as of 31 Dec 2019) Figure 85: Employee number split (as of 31 Dec 2019)

Business and corporate Management Function # of staff % of Total development 4.3% 4.3%

Management 8 4.3%

General and Research and development 102 55.1% administration 15.7% Chemistry, manufacture and 38 20.5% controls Chemistry, manufacture and controls Research and General and administration 29 15.7% 20.5% development 55.1% Business and corporate 8 4.3% development

Total 185 100%

Source: Company data, CMBIS Source: Company data. CMBIS

PLEASE READ THE ANALYST CERTIFICATION AND IMPORTANT DISCLOSURES ON LAST PAGE 73 73 26 Aug 2020

Disclosures & Disclaimers

Analyst Certification The research analyst who is primary responsible for the content of this research report, in whole or in part, certifies that with respect to the securities or issuer that the analyst covered in this report: (1) all of the views expressed accurately reflect his or her personal views about the subject securities or issuer; and (2) no part of his or her compensation was, is, or will be, directly or indirectly, related to the specific views expressed by that analyst in this report. Besides, the analyst confirms that neither the analyst nor his/her associates (as defined in the code of conduct issued by The Hong Kong Securities and Futures Commission) (1) have dealt in or traded in the stock(s) covered in this research report within 30 calendar days prior to the date of issue of this report; (2) will deal in or trade in the stock(s) covered in this research report 3 business days after the date of issue of this report; (3) serve as an officer of any of the Hong Kong listed companies covered in this report; and (4) have any financial interests in the Hong Kong listed companies covered in this report.

CMBIS Ratings BUY : Stock with potential return of over 15% over next 12 months HOLD : Stock with potential return of +15% to -10% over next 12 months SELL : Stock with potential loss of over 10% over next 12 months NOT RATED : Stock is not rated by CMBIS

OUTPERFORM : Industry expected to outperform the relevant broad market benchmark over next 12 months MARKET-PERFORM : Industry expected to perform in-line with the relevant broad market benchmark over next 12 months UNDERPERFORM : Industry expected to underperform the relevant broad market benchmark over next 12 months

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