据悉，该协议将授予育世博一项选择权以获得百奥赛图两项BsADC项目的全球独家许可。百奥赛图将 有权获得选择权首付款；在育世博行使相关选择权后，百奥赛图还可获得包括选择权行使费、开发和监 管里程碑付款、商业化里程碑付款以及销售分成在内的后续款项。该协议的具体财务条款尚未披露。 百奥赛图-B(02315)盘中涨超11%，高见44港元，再创历史新高。截至发稿，涨7.29%，报42.38港元，成 交额8190.68万港元。 消息面上，1月9日，百奥赛图宣布，与育世博已达成一项选择权与许可协议，旨在通过结构化的评估机 制，对双特异性抗体药物偶联物(BsADC)项目开展系统性评估，从而进一步加速双特异性抗体双药物偶 联物(BsAD2C)的开发进程。 ...

Summary of Day One Biopharmaceuticals FY Conference Call Company Overview - **Company**: Day One Biopharmaceuticals (NasdaqGS:DAWN) - **Focus**: Developing new medicines for life-threatening diseases, particularly cancer, with an emphasis on pediatric patients [4][4] Key Products and Programs - **Ojemda**: - Approved in April 2024 for relapsed or refractory pediatric low-grade glioma (PLGG) - Exceeded initial expectations and has driven significant growth in 2024 and 2025 [4][4] - Aims to become the standard of care in the second-line treatment for PLGG patients with BRAF alterations [8][8] - **Day 301**: - A PTK7-targeted antibody-drug conjugate currently in phase 1A trial [5][5] - **Mersana Therapeutics Acquisition**: - Agreement to acquire Mersana for the MELE program, targeting adenoid cystic carcinoma (ACC), which has significant unmet medical needs [5][5] Market Insights and Learnings - **Ojemda Launch**: - The launch has been successful with extraordinary access and reimbursement for both on-label and off-label patients [10][10] - Physicians' experiences significantly influence treatment decisions due to the lack of rigorous clinical research in this area [13][13] - **Clinical Data**: - Follow-up data on Ojemda has shown promising results, with 77% of patients not requiring additional systemic therapy after 24 months of treatment [17][17] - The three-year data set is expected to address long-term efficacy and treatment duration questions [16][16] Future Growth Opportunities - **FIREFLY-2 Trial**: - Expected to complete enrollment in the first half of 2026, with data anticipated in mid-2027 [40][40] - **Day 301 Updates**: - Further data expected in 2026, with a focus on establishing expansion arms based on initial dose escalation results [48][48] - **Mersana Acquisition**: - Anticipated to close in early Q1 2026, with updates on the MELE program expected in the same year [42][42] Financial Considerations - **Investment in Mersana**: - Total investment for the registrational trial and associated costs is projected to be at or below $200 million, which aligns well with the company's size and potential opportunity [70][70] Strategic Direction - **Business Development**: - The company plans to remain active in business development to expand its pipeline, focusing on programs that fit strategically and can provide short-term value [74][74] Conclusion - Day One Biopharmaceuticals is positioned for growth with its innovative therapies targeting significant unmet needs in pediatric oncology, particularly through the successful launch of Ojemda and the strategic acquisition of Mersana Therapeutics. The company is focused on leveraging clinical data to enhance physician adoption and drive future growth.

Core Viewpoint - The approval of the investigational new drug (IND) application for ATG-022, a CLDN18.2 antibody-drug conjugate, in combination with MSD's KEYTRUDA and chemotherapy, marks a significant advancement in cancer treatment options [1] Group 1 - The National Medical Products Administration of China has approved the IND application for ATG-022 [1] - The approval includes the evaluation of ATG-022 in combination with KEYTRUDA and chemotherapy in the Ib/II phase CLINCH-2 study [1]

Core Insights - The import of the anti-cancer drug Somatuzumab injection (brand name: Ailahu) has successfully cleared customs in Beijing, marking a significant step in the nationwide supply chain for ovarian cancer treatment [1][3] - This drug is the first targeted FRα ADC (antibody-drug conjugate) approved globally, specifically developed for patients with platinum-resistant recurrent ovarian cancer (PROC), and is recognized as a "precision missile" in the industry [3] Group 1 - The drug has been introduced to the market by East China Pharmaceutical Co., Ltd., and its successful customs clearance signifies the completion of the entire import circulation chain [1][3] - The customs clearance process was efficient, taking only 30 minutes, demonstrating the effectiveness of the customs operations [3] - The customs provided a tailored clearance plan considering the drug's temperature sensitivity, ensuring quality control during the import process [3] Group 2 - The drug's arrival is expected to provide hope for many ovarian cancer patients, emphasizing the importance of timely access to life-saving medications [3] - The customs authority implemented a "24/7" appointment inspection service to facilitate immediate checks upon arrival, addressing the critical need for rapid delivery of anti-cancer drugs [3]

Core Insights - AstraZeneca (AZN.US) and Daiichi Sankyo's cancer drug Enhertu shows improved treatment outcomes for early-stage breast cancer patients, potentially expanding its patient base and moving closer to a cure [1] - Enhertu outperformed Roche's Kadcyla in preventing disease recurrence and showed better results when used pre-surgery [1][2] - The collaboration between AstraZeneca and Daiichi Sankyo has made Enhertu one of the fastest-growing cancer drugs globally, with sales reaching $3.75 billion last year [1] Group 1 - In a study, over 92% of patients treated with Enhertu were alive and free of invasive disease three years post-surgery, compared to 84% for Kadcyla [2] - Enhertu reduced the risk of death or recurrence by 53%, although it was associated with more cases of interstitial lung disease [2] - Approximately two-thirds of patients treated with Enhertu had no cancer cells remaining in their breast or lymph nodes at surgery, compared to 56% in the standard treatment group [2] Group 2 - The main challenge for doctors is determining whether Enhertu should be used pre- or post-surgery, with some experts favoring post-surgery use [2][3] - AstraZeneca's oncology business executive vice president stated that the data from the trials shows "significant advantages," highlighting the need for further discussion on the optimal timing for Enhertu's use [3]

Core Viewpoint - Changchun High-tech's subsidiary, Changchun Jinsai Pharmaceutical, has received written notification from the FDA regarding the acceptance of the clinical trial application for GenSci143, a dual-target antibody-drug conjugate aimed at treating tumors expressing B7-H3 and PSMA [1][2] Group 1: Product Development - GenSci143 is a self-developed drug that targets B7-H3 and PSMA, combining chemotherapy and tumor immunotherapy potential [1] - The drug utilizes a proprietary linker technology, providing strong cytotoxic activity and high plasma stability, which enhances its safety profile while effectively killing tumor cells [1] - The dual-target design of GenSci143 aims to overcome tumor heterogeneity and resistance, potentially benefiting a broader patient population [1] Group 2: Regulatory Progress - The clinical trial application for GenSci143 has also been accepted by the National Medical Products Administration in China, indicating progress in both U.S. and Chinese markets [2] - The company has received multiple approvals for other clinical trial applications, including GS3-007a and GenSci140, showcasing a robust pipeline of innovative drug candidates [2] Group 3: Strategic Focus - The company has undertaken strategic adjustments and increased investment in innovation, establishing core technology platforms with independent intellectual property rights and international competitiveness [3] - There is a focus on high-demand therapeutic areas, particularly in endocrine metabolism and pediatric fields, aligning with the company's sustainable development and internationalization goals [3]

Core Viewpoint - 恒瑞医药's subsidiaries have received approval from the National Medical Products Administration for clinical trials of three new drug candidates, indicating progress in their oncology pipeline [1][2][3] Group 1: Drug Candidates - SHR-A2102 is a targeted antibody-drug conjugate (ADC) developed by the company, targeting Nectin-4, with a total R&D investment of approximately 224.84 million yuan. It is noted that Nectin-4 is highly expressed in tumors, correlating with tumor progression and poor prognosis. A similar product, Enfortumab vedotin, is projected to have global sales of about 1.949 billion USD in 2024 [1] - SHR-1802 is a humanized monoclonal antibody that activates and promotes anti-tumor T cell responses, with no similar products approved in China to date. The cumulative R&D investment for SHR-1802 is approximately 62.09 million yuan [2] - 阿得贝利单抗注射液 is a humanized anti-PD-L1 monoclonal antibody that reactivates the immune system's anti-tumor activity. It was approved for use in first-line treatment of extensive-stage small cell lung cancer in February 2023. The total R&D investment for this product is approximately 939.08 million yuan. Similar products in the market, such as Atezolizumab, Avelumab, and Durvalumab, are expected to generate combined global sales of about 9.648 billion USD in 2024 [3]

Crescent Biopharma FY Conference Summary Company Overview - **Company**: Crescent Biopharma - **Industry**: Biopharmaceuticals, specifically in the immuno-oncology and antibody-drug conjugate (ADC) sectors - **Recent Development**: Entered public markets through a reverse merger in June 2025 [1][2] Core Points and Arguments - **Market Opportunity**: Crescent Biopharma is positioned in a $100 billion market opportunity within the immuno-oncology space, focusing on bi-specific antibodies and ADCs [5] - **Product Pipeline**: - **CR-001**: A bi-specific antibody expected to begin patient dosing in early 2026, with a strong focus on first-in-class opportunities outside of lung cancer [4][5] - **CR-002**: The first ADC, anticipated to enter clinical trials in mid-2026 [4] - **Clinical Strategy**: The company aims to generate robust clinical data over the next 12 to 18 months, focusing on dose finding, safety, and preliminary anti-tumor activity [24][25] - **Leadership and Experience**: The team includes experienced professionals with a history of successful drug development, including the Chief Medical Officer who has worked on approved PD-1 inhibitors [7][9] Key Data and Insights - **Clinical Data Monitoring**: The company is closely monitoring recent data from competitors, particularly in the PD-1/VEGF space, to inform their strategy [40][41] - **Regulatory Focus**: Emphasis on understanding regulatory requirements from bodies like the FDA and EMA to ensure successful drug approval [61] - **Cash Position**: Crescent Biopharma has $153 million in cash, sufficient to fund operations through 2027 and support their clinical development plans [52] Additional Important Content - **Partnership Strategy**: The company is considering partnerships for CR-001 but aims to generate clinical data first to enhance its value proposition [36] - **ADC Development**: There is significant interest in combining ADCs with PD-1/VEGF bi-specifics, and the company is evaluating potential deals to accelerate this aspect of their pipeline [36][48] - **Long-term Vision**: The leadership envisions building a $30-40 billion company, drawing comparisons to successful peers in the industry [64] Conclusion Crescent Biopharma is strategically positioned in the biopharmaceutical industry with a focus on innovative immuno-oncology therapies. The company is preparing for significant clinical developments and is well-capitalized to execute its plans, aiming for a strong market presence in the coming years.

Core Viewpoint - Changchun High-tech Industry (Group) Co., Ltd. announced that its subsidiary, Changchun Jinsai Pharmaceutical Co., Ltd., received the acceptance notice for the clinical trial application of GenSci140 from the National Medical Products Administration, indicating progress in the development of a new targeted therapy for cancer [1][2]. Group 1 - GenSci140 is a novel dual-target antibody-drug conjugate that targets the folate receptor alpha (FRα), designed to enhance binding and internalization in tumor cells [1]. - The drug combines Fab fragments targeting different epitopes of FRα with a single-domain heavy chain antibody (VHH), utilizing a cleavable linker and a topoisomerase I (TOPOI) inhibitor payload [1]. - GenSci140 has shown significant anti-tumor effects in various models, including ovarian cancer, regardless of FRα expression levels [2]. Group 2 - Preclinical studies indicate that GenSci140 possesses strong tumor cell binding and internalization activity, along with high plasma stability of the linker technology developed in-house [2]. - The innovative dual-epitope design and effective cytotoxic mechanism suggest that GenSci140 could become a potential best treatment option for FRα-positive cancer patients, particularly those with low to medium FRα expression [2].

Core Viewpoint - Changchun High-tech Industry (Group) Co., Ltd.'s subsidiary, Changchun Jinsai Pharmaceutical Co., Ltd., has received the acceptance notice for the clinical trial application of GenSci140 from the National Medical Products Administration, indicating progress in the development of a new targeted therapy for cancer patients [1][2]. Group 1 - GenSci140 is a novel dual-target antibody-drug conjugate that targets the folate receptor alpha (FRα), designed to enhance binding and internalization in tumor cells, thereby improving the delivery of the cytotoxic agent [1]. - The drug utilizes a cleavable linker and is loaded with a topoisomerase I (TOPOI) inhibitor, which directly kills tumor cells and enhances anti-tumor effects through a bystander killing effect [1][2]. Group 2 - Preclinical studies have demonstrated that GenSci140 exhibits strong tumor cell binding and internalization activity, showing significant anti-tumor effects across various models, including ovarian cancer, regardless of FRα expression levels [2]. - The innovative dual-target design and stable linker technology of GenSci140 suggest it may become a potential best treatment option for FRα-positive cancer patients, particularly those with low to medium FRα expression [2].