Directly benchmarking Retatrutide and efruxifermin, PB-2312 appeared: What kind of card did Pegger Creature (02565) get?

If Peger Biotech (02565) is still simply understood as a company that “owns a GLP-1 product,” it may have begun to seem too simple.

What is really worth re-examining by the capital market in the 2026 interim report is not how much the number of pipelines has increased, but rather that the company is gradually changing from “one type of vipenatide” to “a set of next-generation metabolic assets.” Among them, the one that is most likely to generate new expected differences is PB-2312 — a pre-clinical asset that directly puts retatrutide and efuroxifermin into the same control framework when the system debuted.

Vipenatide begins to be cashed out: first answer the question “can it be made into medicine”

Vipenatide injection (trade name: Pidacan®, R&D code PB-119) was approved for marketing in November 2025. In March 2026, the company and Tengrui Pharmaceuticals reached cooperation on commercialization in mainland China. During the reporting period, the first installment of approximately HK$61 million was received; after the reporting period, Pidacom® issued the first batch of commercial prescriptions at various medical institutions, and the payment terms for the second installment of approximately HK$49 million have all been met.

Meanwhile, vilpenatide has passed the preliminary form review of the 2026 national health insurance catalogue adjustment. For Peger, the most important meaning of vilpenatide is not only “another GLP-1”, but also proof that the company has completely gone through the link of drug discovery, clinical development, registration and application to commercialization.

What the market really needs to re-evaluate next is the second question: Can Peger continue to make the next differentiated drug?

Oral administration is just a starter; real valuation flexibility comes from next-generation assets

After the reporting period, Peger collaborated with Rani Therapeutics and Lexaria Bioscience on oral delivery, respectively. The former explores the RaniPill® oral biologics delivery platform, while the latter uses DehydraTech™ technology to conduct research related to formulation and pharmacokinetics.

These collaborations have made it easier for the market to apply the new “Oral GLP-1” label to Peger. But if you continue to look deeper into the interim report, you'll find that the company is simultaneously betting on three completely different next-generation metabolic logics: ultra-long-lasting RNA expression, fat loss and muscle maintenance, and weight lossing+MASH.

CR059: If GLP-1 were no longer just “one shot a week”

CR059 uses circular RNA technology to try to continuously express GLP-1 therapeutic molecules in vivo. According to the interim report, CR059-related IIT studies have been completed, and phased progress has been made in the first human study; in non-human primate studies, expression continued for more than 8 weeks after a single dose, and related results were also received by ADA 2026 Late-Breaking Abstract and EASD 2026 oral communication.

“More than 8 weeks” is still non-human primate data and cannot be directly equated with future human dosing cycles. But what's really imaginative isn't just “8 weeks,” but rather this route is an attempt to switch from extending the half-life of peptides to allowing therapeutic proteins to continue to be expressed in the body. If people can experience it in the future, the competitive dimension may be redefined.

APGP6: The next competition for weight loss drugs is more than just “how much to lose”

APGP6 is betting on weight loss quality. Its development goal is to improve or preserve lean body mass and muscle function while reducing fat content. Existing preclinical studies have received active research support on dimensions such as weight loss, fat loss, lean body weight retention, and muscle function improvement.

What's more interesting is that in pre-clinical studies, the company also observed positive signals such as improving myocardial function, inhibiting ventricular remodeling, and reducing fibrosis, which further extended the product imagination of APGP6 from “fat loss and muscle preservation” to body composition management and cardiovascular metabolism.

PB-2312: The first time the system was unveiled, it directly challenged the representative benchmarks of the two tracks

What really gave this interim report an extra sense of surprise was PB-2312.

It is not a mature project that the market is already familiar with and progresses at a set pace; it is a new asset that has hardly entered market valuation discussions before. More importantly, when it was disclosed by the system in this interim report, retatrutide and eFruxifermin were directly placed in the same DIO-mash model.

PB-2312 is an innovative drug candidate for multi-target metabolic diseases. The goal is to reduce body weight and fat content while improving overall metabolic health, and exploring weight management, MASH, and other metabolism-related diseases. In other words, it answered two questions at the same time from the beginning: can you lose weight strongly enough, and can liver metabolic damage improve at the same time?

Under the same study conditions, PB-2312 showed significant and sustained weight loss effects. The weight loss was superior to those of controlled drug candidates such as retatrutide and efruxifermin, and was accompanied by a continuous decrease in intake. More importantly, PB-2312 also achieved positive improvements in liver histological indicators such as NAS score, steatosis, and inflammation; overall liver histological improvement was comparable to efruxifermin and superior to retatrutide.

The most noteworthy aspect of this set of data in the capital market is not simply about “who won by a certain animal indicator”, but the first time the same asset entered the field of view, it established a clear benchmark in the two dimensions of weight loss and MASH: while challenging the next generation of high-intensity weight loss, it also targets important drug candidates in the MASH field. For a preclinical asset, this is enough to constitute a clear gap in expectations of new additions.

Of course, animal model results cannot directly extrapolate human efficacy. PB-2312 cannot yet be defined as a BIC in advance. However, if human verification can preserve the current “two-dimensional” signal after entering clinical practice in the future, it will no longer face the valuation framework of “another weight loss drug,” but may become a metabolic asset that spans weight management and MASH, and has a greater extension of indications.

Currently, the company is promoting IND-supported research on the efficacy, safety, CMC, and toxicology of PB-2312. For the market, the really important next step is when this card will switch from a “high-quality pre-clinical option” to a “clinical asset that can be officially priced.”

After investing 110 million yuan in R&D, the market should ask “what has become of the money”

In the first half of 2026, Peger's R&D expenditure increased from about 26.29 million yuan in the same period last year to about 110 million yuan. The increase in R&D expenses itself does not constitute value; what really matters is what the investment eventually settled into.

Judging from this interim report, at least three different asset logics have been formed: CR059 corresponds to ultra-long-lasting RNA expression, APGP6 corresponds to fat loss and body composition management, and PB-2312 most directly pushes the two directions of weight management and MASH into the product definition of the same drug candidate.

This is also why Peger's valuation logic may be gradually shifting from “how much can vibenatide be sold” to another question: Wipernatide provides commercial certainty, and how much future resilience can these next-generation assets contribute?

The real reassessment node: when APGP6 and PB-2312 enter clinical practice

Today's APGP6 and PB-2312 are still in the pre-clinical or IND support stage, and naturally have to withstand large conversion discounts. However, because of this, the value points behind are very clear: IND/FPI is the first revaluation, security and PK/PD are the second level of verification, and early differentiated PoC will determine whether they can actually enter the core asset sequence.

In particular, if PB-2312 can retain signals in both the direction of weight loss and MASH in people, the market's pricing will not just be a linear extrapolation of a single indication, but will begin discussions on a larger cross-indication metabolic asset framework.

Conclusion: Oral administration brought attention, but what Peggy really came out with “second and third cards”

Vipenatide addresses the question of “does Peger have the ability to actually make and commercialize drugs”; CR059, APGP6, and PB-2312 are beginning to answer another more important question: Can Peger continue to make differentiated next-generation metabolic assets?

Among them, PB-2312 directly challenged Retatrutide and eFruxifermin when it was systematically disclosed in this interim report, and at the same time gave competitive results in the two dimensions of weight loss and MASH. It is probably the easiest R&D information in this interim report to form a gap in new expectations.

Oral GLP-1 has attracted attention, but what may actually determine Pegger's next round of valuation space may be new assets that have not been fully priced today, but have begun to reveal clear product logic.