收回海外权益 宜明昂科战略纠偏打开新空间

Core Viewpoint - The company 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 development strategy and clinical progress [1]. Group 1 - The return of overseas rights for IMM2510 and IMM27M allows the company to seek new partnerships and regain full global rights, enhancing its strategic flexibility [1]. - Instil Bio's slow progress in the 15 months following the licensing agreement raised market concerns about its execution capabilities, making the company's decision to terminate the agreement a prudent move [1]. - The company now has the opportunity to re-establish its development strategy and clinical timelines for these assets [1]. Group 2 - The IMM27M (CTLA-4 ADCC+) asset has gained renewed attention due to its potential in combination therapies, especially following positive data from BioNTech/OncoC4's new CTLA-4 antibody, Gotistobart [2]. - The combination of VEGF/PD-L1 and CTLA-4 offers significant potential for future therapies, with CTLA-4 providing flexibility in dosing and administration, potentially reducing safety risks [2]. Group 3 - The company's core focus includes the CD47 pipeline, particularly IMM01 (sirpα-Fc fusion protein), which is advancing in Phase III clinical trials for chronic myelomonocytic leukemia (CMML) [3]. - IMM0306 (CD47/CD20), developed from IMM01, is gaining attention as one of the fastest progressing MCE molecules, with strategic value demonstrated by recent collaborations in the field [3]. Group 4 - In the autoimmune sector, IMM0306 has shown promising Phase Ib data for systemic lupus erythematosus, with response rates of 71.4% and 80.0% at different dosages, highlighting its convenience and efficacy [4]. - In oncology, Phase II data presented at the 2025 ASH meeting showed an overall response rate (ORR) of 91.2% and a complete response (CR) rate of 67.6% for relapsed refractory follicular lymphoma, with plans for a Phase III trial to start in Q1 2026 [4]. - The reclamation of key assets and the differentiated pipeline in oncology and autoimmune diseases position the company favorably for future clinical advancements and business development collaborations [4].