最近这些大项目里，MMT 是强庄爆空走出来的行情，效果非常恐怖，我也挨打了，但从二级表现来说没得说，很牛逼，认赌服输Kite 盘前给的时间略短 + 碰上大盘行情一般，本来市场整体对他的预期挺高，timing 影响太大从 MMT 和 Kite 两个币的表现情况来说，之前上盘前的广东链 @CantonNetwork 现在处在一个稳定的价格，或许有机会吃到一波溢出的情绪红利，接下来可以关注一些情绪的介入机会，动态博弈起来了基本面来说机构背景就不多说了，DRW 和 Tradeweb 投了 1.35 亿美金融资比较豪华，叙事是隐私赛道的金融操作系统公链，目前已经投入使用或正在试用的金融机构有瑞士证券交易所、德意志银行、高盛、摩根大通等等。其中任何一个拉出来给币圈项目做客户，都能撑起来一个项目，但是 Canton 有很多家。有 @Mumu_yay 等博主介绍过相关的链上 + 合约盘前差价套利机会在交易所来说广东链 CC 在币安等交易所已经上了。如果后续出更多公告，大概率会是一些交易节点（都是预期内了）。盘前利好多头，但正式 TGE 时间确定的话盘前的博弈逻辑就要转变了，都是 PVP 的动态博弈 ...

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Group 1 - The core viewpoint of the report highlights the explosive growth of the global Brain-Computer Interface (BCI) industry in the fields of neuroengineering and medical rehabilitation during 2023-2024, driven by collaborative innovations in both invasive and non-invasive technologies [3][8] - Significant advancements in BCI technology include improvements in hardware and software optimization, with the latest AFE achieving a CMRR of 140 dB and system-level CMRR exceeding 80 dB [8] - Clinical applications of BCI are expanding to address conditions such as stroke, spinal cord injury, ALS, and depression, with invasive systems providing precise interventions for severe cases and non-invasive systems enhancing accessibility [9] Group 2 - The report reviews the performance of the pharmaceutical sector from October 20 to October 24, noting that the medical services and pharmaceutical commercial sectors had the highest gains, with increases of 3.94% and 2.27% respectively [10] - The report indicates that the biopharmaceutical and traditional Chinese medicine sectors experienced declines of -0.69% and -0.85% respectively during the same period [10][12] - The report emphasizes the strong performance of the innovative drug sector, with 22 innovative drug-themed funds achieving a net asset value growth rate exceeding 50% year-to-date, reflecting the increasing competitiveness of Chinese innovative drugs globally [28][29]

Core Insights - Kite has received an investment from Coinbase Ventures, extending its recent $33 million Series A funding led by PayPal Ventures and General Catalyst, indicating growing confidence in the autonomous agent economy and Kite's infrastructure for agent-to-agent payments and AI-driven commerce [2][8] Investment and Infrastructure Development - The investment will address a critical bottleneck in the AI revolution, enabling AI agents to operate autonomously without human-approved operation loops, through a blockchain-native network that provides secure digital identity, programmable spending limits, and instant, low-cost settlements [3][5] - Kite is integrated with Coinbase's x402 Agent Payment Standard, positioning itself as a primary execution and settlement layer, allowing AI agents to send, receive, and reconcile payments seamlessly [4][6] Market Trends and Opportunities - The investment supports Kite's development across three market shifts: the need for a programmable trust layer for AI agents, scalable blockchain infrastructure for AI commerce, and the rise of agentic commerce as a growth engine [5][7] - With trillions of AI agents projected to emerge, Kite is integrating with major platforms like PayPal and Shopify, positioning itself to capture value in the evolving e-commerce landscape [7][8] Company Background - Kite is building the first blockchain for agentic payments, providing a foundational infrastructure for autonomous AI agents with verifiable identity and programmable governance, having raised $33 million from top-tier investors [9]

Protocol Overview - x402 协议被类比为 ERC20，是一个协议标准 [1] - 行业观点认为 402 协议是 AI/Agent 和 Crypto 结合的关键催化剂 [1] Technology and Implementation - x402 协议的执行层和结算层不局限于 Base，理论上可以与其他公链合作，例如 BNBCHAIN [1] - Kite 被比作以太坊，作为执行层和结算层 [1] - Kite AI 网络原生支持 402 支付协议 [1] - Kite 从设计之初就原生支持 x402，并将 x402 与 Agent Payment Protocol 作为支付侧的重要桥接对象 [1]

Core Viewpoint - The collaboration between Innovent Biologics and Takeda Pharmaceutical aims to accelerate the development of new generation IO and ADC therapies, with a total deal value potentially reaching $11.4 billion [1]. Group 1: Collaboration Details - Innovent Biologics announced a global strategic partnership with Takeda Pharmaceutical on October 22, focusing on the development of IBI363, IBI343, and IBI3001 [1]. - The collaboration includes a $1.2 billion upfront payment, which consists of a $100 million strategic equity investment, and potential milestone payments up to $10.2 billion [1]. - Innovent will receive sales revenue shares for each candidate drug outside Greater China, while both companies will share profits for IBI363 in the U.S. market [1]. Group 2: Company Performance - Innovent Biologics reported a revenue of RMB 5.953 billion for the first half of the year, marking a 50.6% year-on-year increase, with a net profit of RMB 834 million [4]. - The revenue growth is attributed to strong performance in oncology products, expansion of the comprehensive product line, and increased licensing fee income [4]. - The company plans to have 20 commercialized products by 2027, targeting revenues of RMB 20 billion, and aims to have at least five pipelines enter global multi-center Phase III clinical trials by 2030 [4]. Group 3: Industry Context - The pharmaceutical industry has seen a surge in business collaborations recently, with several companies announcing significant deals, indicating a potential catalyst for the innovative drug market [5]. - Takeda Pharmaceutical, founded in 1781, has been expanding its presence in China, aiming to make it the second-largest market globally by 2031 [2].

（文章来源：每日经济新闻） 海通国际此前表示，近期多起BD密集落地，有望催化创新药行情。如10月16日普瑞金宣布与Kite达成 1.2亿美元首付款、总计最高可达15.2亿美元里程碑付款交易；维立志博宣布与Dianthus达成2000万美元 首付款、总金额最高可达10亿美元交易；10月17日翰森制药、奥赛康也分别宣布与罗氏、Visara达成交 易。 恒生医药ETF（159892）重仓股信达生物在港交所公告，其与武田制药达成全球战略合作，旨在加速推 进信达生物新一代IO及ADC疗法开发。本次合作包括两款后期在研疗法IBI363及IBI343，以及一款早期 研发项目IBI3001的选择权。 信达生物将获得12亿美元的首付款，包括以认购事项方式获得的1亿美元的战略股权投资。信达生物另 外有权获得合计最高可达102亿美元的潜在里程碑付款，本次合作交易总金额最高可达114亿美元。此 外，信达生物还将获得每个候选药物在大中华区以外的潜在销售分成。在美国市场，双方就IBI363将采 用利润损失共担模式。 ...

Core Insights - Kite, a subsidiary of Gilead, focuses on cell therapy and has made significant advancements in this field, particularly with its product Yescarta, which has exceeded commercial expectations [2]. Company Overview - Kite was acquired by Gilead nearly a decade ago, and this acquisition has played a crucial role in its development and success in the biotech industry [2]. - The company is currently generating exciting data from several late-stage programs, indicating a strong pipeline and potential for future growth [2].

Summary of Gilead Sciences (Kite) Conference Call Company Overview - **Company**: Gilead Sciences, specifically its subsidiary Kite, which focuses on cell therapy [2][3] Core Industry Insights - **Cell Therapy Evolution**: The cell therapy business has evolved significantly, with a focus on expanding treatment access beyond academic centers to community outpatient settings [4][12] - **Product Pipeline**: Kite is advancing its product pipeline, with a new product expected to launch in 2026 targeting multiple myeloma, alongside ongoing developments in lymphoma and leukemia therapies [5][19] Key Developments - **Acquisition of Enterias Biotherapeutics**: Kite acquired Enterias for $350 million, enhancing its capabilities in in vivo CAR T therapies, which are expected to lower manufacturing costs and improve patient access [6][7][11] - **Regulatory Changes**: The FDA's removal of the REMS requirement for CD19 directed autologous CAR T is seen as a significant opportunity to expand treatment settings and improve patient convenience [16][18] Financial and Market Opportunities - **Market Size**: There are approximately 100,000 new multiple myeloma diagnoses annually, with a significant unmet need in the fourth-line therapy market [27][28] - **Production Capacity**: Kite plans to manufacture up to 24,000 therapies annually by 2026, positioning itself strongly in the market [28] Clinical Data and Efficacy - **Clinical Outcomes**: Recent data showed comparable efficacy and safety outcomes for inpatient and outpatient settings, supporting the expansion of treatment into community practices [13][15] - **Anita Cell Program**: The Anita cell program has shown promising efficacy with an 18-month progression-free survival (PFS) rate of 66% and overall survival (OS) rate of 99% [20][21] Future Directions - **Next-Gen CAR T Therapies**: Kite is developing next-generation CAR T therapies targeting both hematological and autoimmune diseases, with a focus on dual antigen targeting [31][33] - **Solid Tumor Research**: Kite is exploring solid tumor therapies, particularly in glioblastoma multiforme (GBM), with promising early results [41][42] Additional Insights - **Community Engagement**: Kite is actively working to instill confidence in community healthcare providers to treat patients in outpatient settings, which could significantly broaden market access [12][15] - **Innovative Manufacturing**: The company is leveraging modular vector technology to enhance manufacturing efficiency and reduce costs, making therapies more accessible [9][10] This summary encapsulates the key points discussed during the conference call, highlighting Gilead Sciences' strategic direction, product pipeline, market opportunities, and clinical advancements in cell therapy.