Investment Rating - The report suggests a positive outlook for the company, indicating that the current market capitalization of HKD 57 billion is significantly undervalued, recommending active attention to the stock [6]. Core Insights - The company presented excellent preliminary efficacy and safety data for IMM2510, a PD-L1xVEGF dual antibody, at the 2025 World Lung Cancer Conference, showing an objective response rate (ORR) of 35.3% and a progression-free survival (PFS) of 9.4 months in patients with advanced squamous non-small cell lung cancer (sq-NSCLC) [2][3]. - The safety profile of IMM2510 is manageable, with common grade ≥3 treatment-related adverse events (TRAEs) reported at 8.7% for thrombocytopenia, lymphopenia, and infusion-related reactions [3]. - The company has a rich pipeline with significant product potential, including the CD47CD20 dual antibody (IMM0306) and other candidates, indicating a broad space for business development [4][5]. Summary by Sections Clinical Data - The ORR for IMM2510 was reported at 35.3% (6 out of 17 patients), with a disease control rate (DCR) of 76.5% (13 out of 17). The median duration of response (DoR) was 7.59 months, and the median PFS was 9.4 months [2]. Safety Profile - Among 23 enrolled patients, the common grade ≥3 TRAEs included thrombocytopenia (8.7%), lymphopenia (8.7%), and infusion-related reactions (8.7%), indicating that the safety of IMM2510 is controllable [3]. Pipeline and Development - The company is advancing multiple clinical trials, including a Phase III registration trial for IMM2510 in sq-NSCLC and various combinations with other therapies [3]. The CD47 fusion protein (IMM01) is progressing well in Phase III trials for CMML and cHL, with mid-term data analysis expected next year [5]. Additionally, the new drug IMM72 for pulmonary arterial hypertension (PAH) has received approval and is currently recruiting healthy volunteers [5].
宜明昂科-B（01541）：即时点评：PD-L1xVEGF双抗临床疗效及安全性数据优秀