Mabwell(SH:688062) Xin Lang Cai Jing·2025-09-04 00:34Core Viewpoint - The company reported a total revenue of 101 million yuan and a net loss of 551 million yuan for the first half of 2025, with R&D investment amounting to 392 million yuan [1] Group 1: Clinical Development - The core pipeline Nectin-4 ADC (9MW2821) is undergoing multiple clinical studies for various cancers, including a Phase III trial for urothelial carcinoma and cervical cancer, and a Phase II trial for triple-negative breast cancer [2] - B7H3 ADC (7MW3711) received approval for clinical trials in July 2023 and was granted orphan drug designation by the FDA in July 2024 for small cell lung cancer [2] - CDH17 ADC (7MW4911) received FDA approval for clinical trials in August 2025 for late-stage colorectal and gastrointestinal cancers [2][3] Group 2: Product Pipeline and Partnerships - 9MW3811, a humanized monoclonal antibody targeting IL-11, has completed Phase I trials in Australia and China, demonstrating good safety and a half-life of 30 days, with plans for a Phase II trial by the end of 2025 [3] - The company signed an exclusive licensing agreement with CALICO in June 2025 for IL-11 targeted therapies, with a total contract value of up to 571 million USD, including an upfront payment of 25 million USD [4] - The company anticipates significant business development opportunities with its potential pipelines, including Nectin-4 ADC, B7-H3 ADC, CDH17 ADC, and ST2 monoclonal antibody [4] Group 3: Financial Forecast - Revenue projections for the company are estimated at 613 million yuan, 1.03 billion yuan, and 1.80 billion yuan for 2025, 2026, and 2027 respectively, with three products already on the market [4]