收回海外权益 宜明昂科(01541)战略纠偏打开新空间

Core Viewpoint - The company, Yiming Oncology, has reclaimed global rights for IMM2510 (PD-L1/VEGF) and IMM27M (CTLA-4 ADCC+) from Instil Bio, indicating a strategic correction in its licensing approach. This decision allows the company to regain control over its assets and explore new partnerships while managing its development strategy and clinical progress more effectively [1][4]. Group 1: Asset Reclamation - The company has retrieved global rights for IMM2510 and IMM27M, which were previously licensed to Instil Bio for a $50 million upfront payment and additional milestone payments totaling $2 billion. This move is seen as a timely decision to mitigate potential losses due to Instil's slow progress in development [1]. - Instil Bio's slow advancement, with the first patient enrollment in the U.S. not expected until November 2025, raised concerns about its execution capabilities [1]. Group 2: CTLA-4 and Combination Therapy Potential - The IMM27M asset, targeting CTLA-4, has gained renewed attention due to its potential in combination therapies, especially following positive data from BioNTech/OncoC4's new CTLA-4 antibody, Gotistobart. This highlights the significant future potential for combination therapies involving both VEGF/PD-L1 and CTLA-4 [2]. - CTLA-4 as a monoclonal antibody offers flexibility in dosing and administration frequency, which may help reduce safety risks associated with its use [2]. Group 3: CD47 Pipeline and Clinical Progress - The company's core focus includes the CD47 pipeline, particularly the lead product IMM01 (sirpα-Fc fusion protein), which is advancing in Phase III clinical trials for chronic myelomonocytic leukemia (CMML). A mid-term analysis is expected within the year, with promising efficacy and safety data accumulated so far [3]. - The IMM0306 molecule, based on IMM01, is one of the fastest-developing MCE molecules, indicating strategic value in the CD47 space, especially following significant partnerships in the field [3]. Group 4: Autoimmune and Oncology Developments - In the autoimmune sector, IMM0306 has shown promising results in treating systemic lupus erythematosus, with response rates of 71.4% and 80.0% at different dosages, demonstrating its convenience with a dosing schedule of once weekly for four weeks [4]. - In oncology, data presented at the 2025 ASH conference showed a 91.2% overall response rate (ORR) and a 67.6% complete response (CR) rate for IMM0306 in combination with lenalidomide for relapsed refractory follicular lymphoma, with plans for a Phase III trial to start in Q1 2026 [4].