UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction | (Commission File Number) | (IRS Employer | ||
| of incorporation) | Identification Number) |
|
|
||
| (Address of principal executive offices) | (Zip Code) |
(Registrant’s telephone number, including area code)
N/A
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act.
| Title of each class | Trading Symbol | Name of each exchange on which registered | ||
| The Stock Market LLC | ||||
| The Stock Market LLC |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933(§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant
to Section 13(a) of the Exchange Act.
Item 8.01 Other Events.
On February 19, 2025, Estrella Immunopharma, Inc. (the “Company”) issued a press release announcing that D. Boral Capital, a leading investment bank, has initiated coverage on the Company, assigning a Buy rating to the Company and established a 12 month price target of $16.00. The press release issued by the Company is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
Disclaimer
The price target and rating referenced herein were assigned by D. Boral Capital and represent its independent opinion of the Company’s securities. The Company does not endorse or affirm the accuracy or conclusions of the analyst’s report. A rating is not a recommendation to buy, sell or hold securities, and each rating should be evaluated independently of any other rating. Price targets are subject to inherent market risks, macroeconomic factors and future developments that may cause actual results to differ materially. Investors should not place undue reliance on any price target or analyst report, and such information should be considered alongside other available financial and market information.
Item 9.01. Financial Statements and Exhibits
(d) Exhibits
| Exhibit No. | Description | |
| 99.1 | Press Release | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Estrella Immunopharma, Inc. | ||
| By: | /s/ Cheng Liu | |
| Name: | Cheng Liu | |
| Title: | Chief Executive Officer | |
| Date: February 19, 2025 | ||
Exhibit 99.1
FOR IMMEDIATE RELEASE
February 19, 2025
Estrella Immunopharma, Inc. (NASDAQ: ESLA; ESLAW) Receives Buy Rating with a 12-Month Price Target of $16.00 from D. Boral Capital
Emeryville, California – Estrella Immunopharma, Inc. (NASDAQ: ESLA; ESLAW) (“Estrella” or the “Company”), a clinical stage biopharmaceutical company developing CD19 and CD22-targeted ARTEMIS® T-cell therapies to treat cancer and autoimmune diseases, today announced that D. Boral Capital LLC (“D. Boral Capital”), a leading investment bank, has initiated coverage on the Company, assigning a Buy rating to Estrella and established a 12-month price target of $16.00.
Valuation Highlights
| · | D. Boral Capital’s analysis focuses on the development of EB103 in B-cell Non-Hodgkin’s Lymphoma, emphasizing Estrella’s ARTEMIS® T-cell engineering platform that utilizes cellular mechanisms which closely resemble those of endogenous T-cell receptors, producing a more natural and regulated immune response. |
| · | The derived 12-month price target of $16.00 underscores market confidence in Estrella’s potential to capture significant market share in immuno-oncology. |
| · | The models incorporate a 30% probability of success along with a 30% discount rate, reflecting the early stage of Estrella’s clinical development. |
“D. Boral Capital’s initiation of coverage underscores our innovative approach and recognizes the potential of our lead candidate, EB103, to deliver superior efficacy, enhanced tumor infiltration, and reduced T-cell exhaustion,” said Dr. Cheng Liu, Chief Executive Officer of Estrella. “Their analysis highlights our breakthrough ARTEMIS® T-cell engineering technology as a paradigm shift in the T cell therapy space. With our robust pipeline and strong valuation metrics – including a favorable risk-adjusted probability of success and a compelling target price – we are well positioned to potentially transform the treatment landscape of hematologic malignancies and solid tumors.”
Estrella continues to advance its clinical programs in relapsed/refractory and high-risk blood cancers, with EB103 currently in Phase I/II trials, while further exploring ARTEMIS® T-cell therapy’s curative potential in other indications. The Company’s commitment to pioneering T-cell therapies positions it at the forefront of next-generation immunotherapy.
The Company previously entered into an engagement agreement with D. Boral Capital in which D. Boral Capital will provide investment banking services, including acting as a non-exclusive underwriter and/or placement agent for potential offerings. D. Boral Capital may have a financial interest in the Company’s securities, including compensation tied to future offerings and transactions. Investors should consider this potential conflict of interest when evaluating the Buy rating issued by D. Boral Capital.
A copy of D. Boral Capital’s research report can be accessed directly from D. Boral Capital or its affiliated research platform, or on the website of The Nasdaq Stock Market LLC.
The price target and rating referenced herein were assigned by D. Boral Capital and represent its independent opinion of the Company’s securities. The Company does not endorse or affirm the accuracy or conclusions of the analyst’s report. A rating is not a recommendation to buy, sell or hold securities, and each rating should be evaluated independently of any other rating. Price targets are subject to inherent market risks, macroeconomic factors and future developments that may cause actual results to differ materially. Investors should not place undue reliance on any price target or analyst report, and such information should be considered alongside other available financial and market information.
About EB103
EB103, a T-cell therapy, also referred to as Estrella’s “CD19-Redirected ARTEMIS® T-Cell Therapy,” utilizes ARTEMIS® technology licensed from Eureka Therapeutics, Inc. (“Eureka”), Estrella’s parent company. Unlike a traditional CAR-T cell, the unique design of an ARTEMIS® T-Cell, like EB103 T-cell, allows it to be activated and regulated upon engagement with cancer targets that use cellular mechanisms more closely resembling those triggered by endogenous T-cell receptors. Once infused, EB103 T-cells seek out CD19-positive cancer cells, bind to these cells, and destroy them.
About Estrella Immunopharma, Inc.
Estrella is a clinical-stage biopharmaceutical company developing CD19 and CD22-targeted ARTEMIS® T-cell therapies to treat cancers and autoimmune diseases. Estrella’s mission is to harness the evolutionary power of the human immune system to transform the lives of patients fighting cancer and other diseases. To accomplish this mission, Estrella’s lead product candidate, EB103, utilizes Eureka’s ARTEMIS® technology to target CD19, a protein expressed on the surface of almost all B-cell leukemias and lymphomas. Estrella is also developing EB104, which also utilizes Eureka’s ARTEMIS® technology to target not only CD19, but also CD22, a protein that, like CD19, is expressed on the surface of most B-cell malignancies.
For more information about Estrella, please visit www.estrellabio.com.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements, including but not limited to those regarding the potential benefits and therapeutic advantages of EB103 and ARTEMIS® T-cell therapy, the potential for EB103 to address limitations of current commercially available CAR-T therapies, and the future development plans for EB103, are based on our management’s current expectations, estimates, forecasts, and projections about the industry and markets in which we operate and our management’s current beliefs and assumptions. These statements may be identified by the use of forward-looking expressions, including, but not limited to, “expect,” “anticipate,” “intend,” “plan,” “believe,” “estimate,” “potential,” “predict,” “project,” “should,” “would” and similar expressions and the negatives of those terms. These statements relate to future events or our financial performance and involve known and unknown risks, uncertainties, and other factors that could cause actual results, levels of activity, performance, or achievements to differ materially from those expressed or implied by these forward-looking statements. Factors that may cause actual results to differ materially from current expectations include, among other things, those listed under “Risk Factors” and elsewhere in our filings with the Securities and Exchange Commission. The forward-looking statements in this press release represent our views as of the date of this press release. We anticipate that subsequent events and developments will cause our views to change. However, while we may elect to update these forward-looking statements at some point in the future, we have no current intention of doing so except to the extent required by applicable law. You should, therefore, not rely on these forward-looking statements as representing our views as of any date subsequent to the date of this press release.
Contacts
Investor Relations
Estrella Immunopharma, Inc.
[email protected]