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Duality Biotherapeutics Inc is a key player in the antibody-drug conjugate (ADC) landscape, dedicated to the development of inventive therapeutics in this fast-growing drug modality to treat cancer, autoimmune diseases, and beyond. Its pipeline of 12 in-house discovered ADC candidates is a testament to its prowess in ADC innovation, comprising: (i) seven clinical-stage ADCs with potential in a broad range of indications, two next-generation bispecific ADCs, and multiple other preclinical ADCs. Its Products DB-1303/BNT323 and DB-1311/BNT324 and key product DB-1305/BNT325, have received Fast Track Designation. DB-1303 is a late clinical-stage HER2 ADC candidate with two ongoing registrational trials and one potential global registrational study.
2019
170
LTM Revenue $214M
LTM EBITDA -$73.5M
$3.9B
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Duality Biotherapeutics has a last 12-month revenue (LTM) of $214M and a last 12-month EBITDA of -$73.5M.
In the most recent fiscal year, Duality Biotherapeutics achieved revenue of $247M and an EBITDA of -$128M.
Duality Biotherapeutics expects next 12-month revenue of XXX and NTM EBITDA of XXX
See Duality Biotherapeutics valuation multiples based on analyst estimates| LTM | NTM | Last FY | FY 2025 | FY 2026 | FY 2027 | |
|---|---|---|---|---|---|---|
| Revenue | $214M | XXX | $247M | XXX | XXX | XXX |
| Gross Profit | $84.6M | XXX | $100.0M | XXX | XXX | XXX |
| Gross Margin | 40% | XXX | 40% | XXX | XXX | XXX |
| EBITDA | -$73.5M | XXX | -$128M | XXX | XXX | XXX |
| EBITDA Margin | -34% | XXX | -52% | XXX | XXX | XXX |
| EBIT | -$57.6M | XXX | -$22.8M | XXX | XXX | XXX |
| EBIT Margin | -27% | XXX | -9% | XXX | XXX | XXX |
| Net Profit | -$117M | XXX | -$134M | XXX | XXX | XXX |
| Net Margin | -55% | XXX | -54% | XXX | XXX | XXX |
| Net Debt | XXX | XXX | n/a | XXX | XXX | XXX |
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As of August 18, 2025, Duality Biotherapeutics's stock price is HKD 358 (or $46).
Duality Biotherapeutics has current market cap of HKD 31.5B (or $4.0B), and EV of HKD 30.3B (or $3.9B).
See Duality Biotherapeutics trading valuation data| EV | Market Cap | Price 1D | Price 1M | Price 3M | Price 12M | EPS |
|---|---|---|---|---|---|---|
| $3.9B | $4.0B | XXX | XXX | XXX | XXX | $-1.35 |
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Start Free TrialAs of August 18, 2025, Duality Biotherapeutics has market cap of $4.0B and EV of $3.9B.
Duality Biotherapeutics's trades at 15.6x EV/Revenue multiple, and -30.1x EV/EBITDA.
Equity research analysts estimate Duality Biotherapeutics's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX
Duality Biotherapeutics has a P/E ratio of -37.4x.
See valuation multiples for Duality Biotherapeutics and 15K+ public comps| LTM | NTM | Last FY | FY 2025 | FY 2026 | FY 2027 | |
|---|---|---|---|---|---|---|
| Market cap (current) | $4.0B | XXX | $4.0B | XXX | XXX | XXX |
| EV (current) | $3.9B | XXX | $3.9B | XXX | XXX | XXX |
| EV/Revenue | 19.7x | XXX | 15.6x | XXX | XXX | XXX |
| EV/EBITDA | -57.4x | XXX | -30.1x | XXX | XXX | XXX |
| EV/EBIT | -73.3x | XXX | -169.0x | XXX | XXX | XXX |
| EV/Gross Profit | 49.9x | XXX | n/a | XXX | XXX | XXX |
| P/E | -37.4x | XXX | -30.0x | XXX | XXX | XXX |
| EV/FCF | -348.8x | XXX | 119.0x | XXX | XXX | XXX |
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Access all public comps and forward-looking valuation multiples like EV/Revenue in 2025, based on equity research analyst estimates.
Start Free TrialDuality Biotherapeutics's last 12 month revenue growth is -18%
Duality Biotherapeutics's revenue per employee in the last FY averaged $1.5M, while opex per employee averaged $0.7M for the same period.
Duality Biotherapeutics's rule of 40 is -29% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).
Duality Biotherapeutics's rule of X is -79% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).
See operational valuation multiples for Duality Biotherapeutics and other 15K+ public comps| LTM | NTM | Last FY | FY 2025 | FY 2026 | FY 2027 | |
|---|---|---|---|---|---|---|
| Revenue Growth | -18% | XXX | -18% | XXX | XXX | XXX |
| EBITDA Margin | -34% | XXX | -52% | XXX | XXX | XXX |
| EBITDA Growth | -28% | XXX | n/a | XXX | XXX | XXX |
| Rule of 40 | -29% | XXX | -70% | XXX | XXX | XXX |
| Bessemer Rule of X | XXX | XXX | -79% | XXX | XXX | XXX |
| Revenue per Employee | XXX | XXX | $1.5M | XXX | XXX | XXX |
| Opex per Employee | XXX | XXX | $0.7M | XXX | XXX | XXX |
| S&M Expenses to Revenue | XXX | XXX | n/a | XXX | XXX | XXX |
| G&A Expenses to Revenue | XXX | XXX | n/a | XXX | XXX | XXX |
| R&D Expenses to Revenue | XXX | XXX | 43% | XXX | XXX | XXX |
| Opex to Revenue | XXX | XXX | 50% | XXX | XXX | XXX |
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| EV/Revenue | EV/EBITDA | |||||
|---|---|---|---|---|---|---|
| 2025E | 2026E | 2027E | 2025E | 2026E | 2027E | |
| Julphar | XXX | XXX | XXX | XXX | XXX | XXX |
| Galapagos | XXX | XXX | XXX | XXX | XXX | XXX |
| Pharming | XXX | XXX | XXX | XXX | XXX | XXX |
| Vivoryon Therapeutics | XXX | XXX | XXX | XXX | XXX | XXX |
| Armata Pharmaceuticals | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc.
Duality Biotherapeutics acquired XXX companies to date.
Last acquisition by Duality Biotherapeutics was XXXXXXXX, XXXXX XXXXX XXXXXX . Duality Biotherapeutics acquired XXXXXXXX for XXX (EV/Revenue multiple of XXX ).
See M&A valuation multiples| Acquired Company | EV | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXX | XXX | XXX | XXX |
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Start Free Trial| When was Duality Biotherapeutics founded? | Duality Biotherapeutics was founded in 2019. |
| Where is Duality Biotherapeutics headquartered? | Duality Biotherapeutics is headquartered in Hong Kong. |
| How many employees does Duality Biotherapeutics have? | As of today, Duality Biotherapeutics has 170 employees. |
| Is Duality Biotherapeutics publicy listed? | Yes, Duality Biotherapeutics is a public company listed on HKG. |
| What is the stock symbol of Duality Biotherapeutics? | Duality Biotherapeutics trades under 09606 ticker. |
| When did Duality Biotherapeutics go public? | Duality Biotherapeutics went public in 2025. |
| Who are competitors of Duality Biotherapeutics? | Similar companies to Duality Biotherapeutics include e.g. Julphar, Galapagos, Pharming, Vivoryon Therapeutics. |
| What is the current market cap of Duality Biotherapeutics? | Duality Biotherapeutics's current market cap is $4.0B |
| What is the current revenue of Duality Biotherapeutics? | Duality Biotherapeutics's last 12 months revenue is $214M. |
| What is the current revenue growth of Duality Biotherapeutics? | Duality Biotherapeutics revenue growth (NTM/LTM) is -18%. |
| What is the current EV/Revenue multiple of Duality Biotherapeutics? | Current revenue multiple of Duality Biotherapeutics is 19.7x. |
| Is Duality Biotherapeutics profitable? | Yes, Duality Biotherapeutics is EBITDA-positive (as of the last 12 months). |
| What is the current EBITDA of Duality Biotherapeutics? | Duality Biotherapeutics's last 12 months EBITDA is -$73.5M. |
| What is Duality Biotherapeutics's EBITDA margin? | Duality Biotherapeutics's last 12 months EBITDA margin is -34%. |
| What is the current EV/EBITDA multiple of Duality Biotherapeutics? | Current EBITDA multiple of Duality Biotherapeutics is -57.4x. |
| What is the current FCF of Duality Biotherapeutics? | Duality Biotherapeutics's last 12 months FCF is -$12.1M. |
| What is Duality Biotherapeutics's FCF margin? | Duality Biotherapeutics's last 12 months FCF margin is -6%. |
| What is the current EV/FCF multiple of Duality Biotherapeutics? | Current FCF multiple of Duality Biotherapeutics is -348.8x. |
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