2026 年 1 月 5 日， 清华大学基础医学院 傅阳心 教授、 王文彦 助理研究员及 深圳湾实验室肿瘤研究所 卢长征 研究员， 在 Nature 旗下综述期刊 Nature Reviews Cancer 上发表了题为： Opportunities and challenges of targeting cGAS–STING in cancer 的综述论文。 该综述论文系统阐述了关于 cGAS-STING 通路介导的 促癌与抑癌双重作用 的重要研究进展，并深入探讨了其融入未来癌症免疫治疗的机遇与挑战。 编辑丨王多鱼 排版丨水成文 环鸟苷酸-腺苷酸合成酶 （cGAS） -干扰素基因刺激因子 （STING） 通路在检测肿瘤源性 DNA 方面发挥关键作用，无论是自发产生还是治疗诱导产生的该通路 皆然。cGAS-STING 通路的激活，会触发肿瘤细胞和免疫细胞中的 I 型干扰素信号转导及促炎反应，从而在病理性炎症与保护性免疫应答之间建立微妙平衡。 尽管临床前研究揭示了靶向 cGAS-STING 通路以增强抗肿瘤免疫疗法的潜力，但临床实验结果却未达预期。 该综述的特色之一，全面分析了 cGAS–STING 通路的激活 ...

撰文丨王聪 编辑丨王多鱼 排版丨水成文 结直肠癌 （CRC） 在全球癌症死亡率中排名第三，其发病率和死亡率一直居高不下。人口老龄化、西式饮食，再加上肥胖和缺乏运动等已知风险因素，导致结直 肠癌的发病率不断上升。尽管近年来在检测方法和治疗手段方面取得了显著进展，包括内镜和手术局部切除、局部消融治疗、靶向治疗和免疫干预等，但结直肠 癌患者的长期预后仍然不佳，尤其是在晚期或转移性病例中。因此，深入研究结直肠癌的分子过程，发现新的治疗靶点和预后生物标志物，对于改善患者的临床 结局至关重要。 2025 年 12 月 26 日 ， 湖南省肿瘤医院/ 中南大学湘雅医学院附属肿瘤医院 袁霞 、 中南大学基础医学院 周艳宏 等， 在 Signal Transduction and Targeted Therapy 期刊发表了题为 ： Inhibin beta A drives colorectal cancer progression through macrophage M2 polarization and mitochondria-dependent ferroptosis suppression 的研究论文。 该研究表 ...

Core Viewpoint - Mingyu Pharmaceutical Co., Ltd. has submitted an application for a mainboard listing on the Hong Kong Stock Exchange, with Morgan Stanley, Bank of America, and CITIC Securities as joint sponsors [1] Company Overview - Established in 2018, Mingyu Pharmaceutical is a biotechnology innovation company nearing commercialization, employing a dual-engine development strategy of "tumor immunity + autoimmune" [1] - The company has 13 drug candidates in development, with 10 in clinical stages, featuring a diverse product pipeline that includes ADC drugs, bispecific antibodies, and autoimmune therapies [1] Product Pipeline - In the oncology sector, the core product TROP-2 ADC drug MHB036C targets a multi-billion dollar solid tumor market and is currently undergoing combination therapy studies with PD-1/VEGF bispecific antibody MHB039A, including Phase I/II studies for non-small cell lung cancer and Phase II studies for breast cancer [1] - Another core product, B7-H3 ADC drug MHB088C, has entered Phase III clinical trials for second-line monotherapy in small cell lung cancer and is also being studied in combination with MHB039A [1] - In the autoimmune sector, the core product IGF-1R antibody MHB018A is in Phase III trials for active thyroid eye disease, while topical JAK inhibitor MH004 is set to submit a new drug application for atopic dermatitis in China by 2025 [1] Financial Performance - Financial data shows that the company reported revenues of 0 yuan for 2023 and 2024, with projected revenue of 264 million yuan for the first half of 2025, primarily from licensing B7-H3 ADC drug rights to Qilu Pharmaceutical, valued at 1.345 billion yuan [2] - R&D expenditures for the same periods were 182 million yuan, 281 million yuan, and 98 million yuan, with a cumulative net loss of 587 million yuan [2] Market Potential - According to a report by Zhi Shi Consulting, the global PD-(L)1 bispecific antibody market is expected to grow from 300 million USD in 2024 to 19.16 billion USD by 2035, with the Chinese market projected to reach 3.37 billion USD by 2035 [2] Funding and Valuation - Mingyu Pharmaceutical has completed five rounds of financing, with notable investors including Aobo Capital, Qiming Venture Partners, Huazhong Fund, Tigermed, and IDG Capital [2] - Following a 131 million USD Series C financing round in July 2025, the post-money valuation of the company reached 3.936 billion yuan [2] - The shareholding structure indicates that Dr. Cao Guoqing and his wife collectively hold 36.27% of the shares [2] Use of Proceeds - The funds raised from the Hong Kong listing will primarily be used for core product R&D, production capacity building, commercialization efforts, and working capital supplementation [2]

Core Viewpoint - Merck's PD-1 monoclonal antibody, Keytruda, has achieved over $20 billion in annual sales in both 2023 and 2024, solidifying its position as the global leader in the lung cancer treatment market [3]. Group 1: Company Updates - Jun Zhu, CEO of Junshi Biosciences, announced plans for at least eight Phase III clinical trials for HLX43, a PD-L1 ADC targeting non-small cell lung cancer (NSCLC) [5]. - HLX43 demonstrated an objective response rate (ORR) of 33.3% and a disease control rate (DCR) of 75.8% in squamous NSCLC patients, with ORR rising to 48.6% and DCR reaching 94.3% in non-squamous patients [4]. - Junshi Biosciences reported a revenue of 2.82 billion yuan in the first half of the year, a 2.7% increase year-on-year, with a net profit of 390 million yuan, remaining stable compared to the previous year [10]. Group 2: Industry Trends - The competition for the next generation of immune therapies in lung cancer is intensifying, with companies like Junshi Biosciences, Kintor Pharmaceutical, and Innovent Biologics all vying for leadership [6]. - The rise of targeted and immune therapies has reshaped the treatment landscape for lung cancer, expanding the boundaries of treatment options from ADCs to bispecific antibodies and tumor vaccines [5]. - Kintor Pharmaceutical is advancing its PD-1/VEGF bispecific antibody, Ivorin, with plans for eight Phase III clinical studies, while Innovent Biologics is collaborating with Takeda Pharmaceutical on a new generation immune therapy, IBI363 [8].

Core Insights - The strategic collaboration between Innovent Biologics and Takeda involves three innovative drugs, with a total transaction value exceeding $10 billion, marking a significant milestone for domestic companies in licensing-out agreements [1][3][12] - This partnership is one of the largest licensing deals in China's biotechnology sector to date, highlighting the growing value of Chinese innovative drugs in the global pharmaceutical market [1][12] Summary by Sections Transaction Details - The agreement includes an upfront payment of $1.2 billion (including a $100 million premium for nearly 30% equity stake) and potential milestone payments, bringing the total deal value to a maximum of $11.4 billion, along with sales revenue sharing [3][12] - This transaction sets a new record for licensing deals by Chinese biotech companies and aligns with Takeda's strategic focus on competing in the oncology market, similar to Merck's approach with its K drug [3][12] Drug Pipeline - The collaboration focuses on three key investigational drugs: IBI363 (PD-1/IL-2α-bias), IBI343 (CLDN18.2 ADC), and IBI3001 (EGFR/B7H3 ADC), all of which are at the forefront of tumor immunotherapy and antibody-drug conjugate (ADC) development [3][4] - IBI363 is a globally innovative PD-1/IL-2α-bias bispecific antibody fusion protein, currently undergoing a global Phase III clinical trial for advanced non-small cell lung cancer patients who have failed previous treatments [4][6] - IBI343 has received breakthrough therapy designations for three indications: third-line gastric cancer, second-line pancreatic cancer, and third-line pancreatic cancer, while IBI3001 is the first EGFR/B7H3 ADC currently in Phase I clinical trials [7][9] Market Context - The collaboration reflects a broader trend where global pharmaceutical giants are reassessing the value of Chinese innovative drugs, as evidenced by Merck's success with its K drug, which transformed its oncology business [12] - The partnership between Takeda and Innovent is positioned to compete in the multi-billion dollar global immunotherapy and ADC market, potentially reshaping the global pharmaceutical landscape over the next decade [12]

Group 1 - The company is a leading domestic innovative pharmaceutical enterprise in the ADC and IO layout, with expectations for rapid market penetration of MRG003 upon approval [1] - The company has a robust product pipeline and is exploring business development opportunities abroad, indicating strong long-term growth potential [1] - The initial coverage rating is set to "Buy," with projected revenues of 853 million, 1.204 billion, and 1.665 billion yuan for 2025-2027, respectively [1] Group 2 - MRG003 has received priority review qualification from the CDE for the treatment of R/M NPC, with an NDA submission expected in March 2025, indicating a high likelihood of domestic approval soon [2] - In combination therapy, MRG003 has been officially included as a breakthrough therapy by the NMPA for patients with recurrent or metastatic nasopharyngeal carcinoma who have failed prior platinum and PD-1/L1 treatments [2]

Summary of the Conference Call for Innovent Biologics Industry and Company Overview - The conference call focuses on Innovent Biologics, a biopharmaceutical company specializing in the development of innovative therapies in oncology, metabolism, and autoimmune diseases [2][5]. Key Points and Arguments - **Revenue Goals**: Innovent aims to achieve total revenue of 20 billion yuan by 2027, with a significant increase expected in the second half of the year following the launch of its weight loss drug at the end of June [2][3]. - **Product Launch**: The company has launched the world's first GLP-1 and GCGR dual-target weight loss drug, which is sold through both hospital and e-commerce channels. Sales peak is anticipated to exceed expectations [2][4]. - **Clinical Trials**: The PD-2 interleukin dual antibody product, IBI363, has initiated multiple Phase III clinical trials and showcased positive data at the ASCO conference for lung cancer, colorectal cancer, and melanoma, indicating its potential as a cornerstone immunotherapy drug [2][4]. - **Future Product Pipeline**: Innovent plans to have five products enter global multi-center Phase III clinical trials by 2030, with IBI363 already in progress [2][5]. - **Financial Performance**: In the first half of 2025, Innovent reported sales revenue of 5.95 billion yuan, a 50% year-on-year increase, and a net profit of 1.21 billion yuan, indicating substantial profitability. The total revenue for the year is expected to reach 12 billion yuan [3]. Additional Important Insights - **Diverse Portfolio**: Innovent has a rich portfolio in oncology, metabolism, and autoimmune diseases, including both self-developed and collaborative CGT projects [2][5]. - **Autoimmune Developments**: The company has launched the first new generation anti-IL-23 monoclonal antibody in China and is advancing TSLRP, anti-IL-2, and anti-IL-4 dual antibodies into Phase I clinical trials [6]. - **Metabolic Innovations**: In addition to the launched weight loss drug, Innovent is developing multiple synergistic weight loss targets and small molecule oral GLP-1 drugs, positioning itself at the forefront of the market [6].

Core Viewpoint - Tianjing Bio (IMAB) is focused on developing innovative biopharmaceuticals in the fields of tumor immunology and autoimmune diseases, aiming to fill clinical treatment gaps and improve patient survival globally [1]. Financial Performance - As of December 31, 2023, Tianjing Bio reported total revenue of 27.644 million RMB, representing a year-on-year increase of 112.48% [1]. - The company recorded a net profit attributable to shareholders of -1.466 billion RMB, which is a year-on-year increase of 41.54% [1]. Upcoming Events - Tianjing Bio is scheduled to disclose its fiscal year 2024 interim report on August 28, 2023, before the market opens in the Eastern US [1]. Company Overview - Tianjing Bio is an offshore holding company registered abroad, operating through its domestic subsidiary, focusing on developing innovative biopharmaceuticals with "first-in-class" and "best-in-class" potential [1]. - The company's mission is to create groundbreaking innovative biopharmaceuticals that address unmet clinical needs and significantly enhance the quality of life for patients worldwide [1].

Core Viewpoint - Tianjing Bio (IMAB) has shown significant financial growth, with a notable increase in revenue and a focus on innovative biopharmaceuticals in the oncology and autoimmune sectors [1][2]. Financial Performance - As of December 31, 2023, Tianjing Bio reported total revenue of 27.644 million RMB, representing a year-on-year increase of 112.48% [1]. - The company's net profit attributable to shareholders was -1.466 billion RMB, which reflects a year-on-year improvement of 41.54% [1]. Company Overview - Tianjing Bio is an offshore holding company that operates through its domestic subsidiary, focusing on developing innovative biopharmaceuticals with "first-in-class" and "best-in-class" potential [2]. - The company's mission is to create groundbreaking biopharmaceuticals that address unmet clinical needs and improve the quality of life for patients globally [2]. - Tianjing Bio aims to establish itself as a leading biopharmaceutical company rooted in China and oriented towards global markets [2].

Core Viewpoint - CICC has downgraded the revenue forecast for Hutchison China MediTech (00013) for 2025 by 12.4% to $594 million, and the net profit forecast for 2026 by 65% to $35 million, while maintaining the 2025 net profit forecast at $366 million due to the timing of equity sale gains. The target price remains at HKD 30, indicating a potential upside of 24.7% from the current stock price [1]. Group 1 - The company's 1H25 performance was below expectations, with revenue of $278 million, down 9% year-on-year, primarily due to lower domestic product sales. The net profit attributable to shareholders was $455 million, mainly due to gains from the sale of non-core business equity. The comprehensive revenue from the oncology immunotherapy business in 1H25 was $144 million, down 15% year-on-year, leading to a downward revision of the full-year revenue guidance from $350-450 million to $270-350 million [2]. Group 2 - The overseas sales of furmonertinib reached $163 million in 1H25, up 25% year-on-year, showing steady growth. The drug has been approved for sale in over 30 countries and regions, expanding insurance reimbursement coverage and increasing market share. However, domestic sales of furmonertinib, savolitinib, and surufatinib declined year-on-year due to sales structure adjustments and changes in the competitive landscape. The company expects improved sales trends in the second half of the year due to new indications for savolitinib and successful overseas sales of furmonertinib [3]. Group 3 - The antibody-drug conjugate (ATTC) candidate HMPL-A251 is expected to enter clinical trials in the second half of 2025, having shown good proof of concept in preclinical models. The company plans to initiate Phase 1 clinical studies in China and the U.S. in 2H25, with two other candidates, HMPL-A580 and HMPL-A830, set to start Phase 1 clinical studies in 2026. Attention is recommended for the clinical validation of this next-generation technology platform [4]. Group 4 - The company anticipates completing the enrollment for savolitinib SAFFRON in 2H25, with data readout expected in 1H26. The SANOVO enrollment is also expected to be completed in 2H25. The application for the re-submission of surufatinib in China is planned for 1H26, and the data for surufatinib in first-line pancreatic ductal adenocarcinoma is expected to be read out in 2H25 [5].