FS-118 is a monoclonal antibody commercialized by F-star Therapeutics, with a leading Phase II program in Diffuse Large B-Cell Lymphoma. According to Globaldata, it is involved in 3 clinical trials, which are ongoing. GlobalData uses proprietary data and analytics to provide a complete picture of FS-118’s valuation in its risk-adjusted NPV model (rNPV). Buy the model here.

The revenue for FS-118 is expected to reach an annual total of $24 mn by 2038 globally based off GlobalData’s Expiry Model. The drug’s revenue forecasts along with estimated costs are used to measure the value of an investment opportunity in that drug, otherwise known as net present value (NPV). Applying the drug’s phase transition success rate to remaining R&D costs and likelihood of approval (LoA) to sales related costs provides a risk-adjusted NPV model (rNPV). The rNPV model is a more conservative valuation measure that accounts for the risk of a drug in clinical development failing to progress.

FS-118 Overview

FS-118 is under development for the treatment of metastatic solid tumor including head and neck cancer squamous cell carcinoma, non-small cell lung cancer (NSCLC) and diffuse large B cell lymphoma (DLBCL) . The drug candidate is a mAb-square immuno-regulatory monoclonal antibody administered intravenously. The therapeutic candidate consists of Fcab region in place of normal Fc region. It is a bi-specific antibody against two checkpoint inhibitors. The drug candidate acts by targeting programmed cell death-ligand 1 (PD-L1) and lymphocyte-activation gene 3 (LAG-3).

F-star Therapeutics Overview

F-star Therapeutics, formerly Spring Bank Pharmaceuticals Inc, is a clinical-stage biopharmaceutical company. It discovers and develops novel class of therapeutics. The company develops nucleotide-based drugs and small molecule nucleic acid hybrids. Its development pipeline products include FS118, FS120, FS222, SB 11285, among other drug candidates. The company’s drug products are used in the rescuing CPI treatment failures, improving outcomes in CPI naive, PD-L1 low tumors, chemotherapy outcomes, CPI outcomes, addressing unmet needs. Its partners programs include multiple blood brain barrier, multiple immuno-oncology, STING inhibitor, multiple next generation bispecifics. Spring Bank is headquartered in Hopkinton, Massachusetts, the US.

The company reported revenues of (US Dollars) US$21.2 million for the fiscal year ended December 2021 (FY2021), an increase of 88.1% over FY2020. The operating loss of the company was US$30.7 million in FY2021, compared to an operating loss of US$22.4 million in FY2020. The net loss of the company was US$31.3 million in FY2021, compared to a net loss of US$25.6 million in FY2020.

For a complete picture of FS-118’s valuation, buy the drug’s risk-adjusted NPV model (rNPV) here.


GlobalData, the leading provider of industry intelligence, provided the underlying data, research, and analysis used to produce this article.

To create this model, GlobalData takes into account factors including patent law, known and projected regulatory approval processes, cash flows, drug margins and company expenses. Combining these data points with GlobalData’s world class analysis creates high value models that companies can use to help in evaluation processes for each drug or company.

The rNPV method integrates the probability of a drug reaching a clinical stage into the cash flow at that time, which provides a more accurate valuation, as it considers the probability that the drug never makes it through the clinical pathway to commercialization. GlobalData’s rNPV model uses proprietary likelihood of approval (LoA) and phase transition success rate (PTSR) data for the indication in the highest development stage, which can be found on GlobalData’s Pharmaceutical Intelligence Center.