J.P. Morgan Healthcare Conference Clay Siegall, Ph.D. President and Chief Executive Officer January 11, 2021 2 Key 2020 Accomplishments Set Foundation for Continued Growth CONFIDENTIAL Forward-Looking Statements Certain of the statements made in this presentation are forward looking, such as those, among others, relating to the Company's potential to achieve the noted development and regulatory milestones in 2021 and in future periods; anticipated activities related to the Company's planned and ongoing clin ...

Oral presentation shows ADCT-242 targeting Claudin-6 was well-tolerated and demonstrated potent antitumor activity in ovarian and non-small lung cancer Poster presentations highlight antitumor activity and safety of novel PSMA-targeted and ASCT2- targeted ADCs LAUSANNE, Switzerland, April 28, 2025 /PRNewswire/ -- ADC Therapeutics SA (NYSE: ADCT), a commercial-stage global leader and pioneer in the field of antibody drug conjugates (ADCs), today announced data from preclinical studies of three exatecan-based ...

证券代码：002773 证券简称：康弘药业 成都康弘药业集团股份有限公司投资者关系活动记录表 | | □特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活动 类别 | □媒体采访 □业绩说明会 | | | □新闻发布会 □路演活动 | | | □现场参观 | | | ☑其他 电话会议 | | 活动参与人员 | 参与单位名称及人员姓名： | | | 详见附件 | | | 上市公司接待人员姓名： | | | 董事、总裁 柯潇 | | | 董事、副总裁 殷劲群 | | | 副总裁、财务总监 钟建军 | | | 副总裁 徐燕华 | | | 董事会秘书 邓康 | | | 弘基生物总经理 郑强 | | 时间 2025 | 年 4 月 27 日 (周日) 下午 15:00-14:20 | | 地点 | 电话会议 | | 形式 口头 | | | 交流内容及具体 | 本次投资者交流会由公司总裁柯潇先生主持，并进行沟通 交流如下： | | | 1.问：请问康柏西普目前的国内市场格局以及后续的销售 | | | 增长空间如何？康柏西普各适应症的放量趋势？AAV疗法和康 | | 问答记录 | 柏的产品组合策略 ...

Core Insights - Innovent Biologics is showcasing preclinical data on multiple novel bispecific antibodies, tri-specific antibodies, and bispecific antibody-drug conjugates (ADCs) at the AACR Annual Meeting 2025, highlighting its advancements in oncology research [1][2] Research Highlights - IAR037, a novel CD40/PD-L1 bispecific antibody, shows potent anti-tumor efficacy in PD-1-resistant models and has a favorable safety profile in cynomolgus monkeys [3][4] - IBI3010, a FRα targeting biparatopic ADC, demonstrates superior cytotoxicity compared to existing treatments and is being developed for FRα-expressing tumors [5][6] - IBI3014, a TROP2xPD-L1 bispecific ADC, integrates tumor killing with immune checkpoint blockade, showing promising efficacy and safety in preclinical models [8][9] - IBI3022 targets Trop2 and B7H4, exhibiting improved efficacy and safety profiles for gynecologic cancers [10][11] - IBI3026, a first-in-class anti-PD-1/IL-12 fusion protein, shows potential as a new immuno-oncology therapy with strong immune activation [12][13] - IBI3019, a tri-specific antibody for colorectal cancer, demonstrates potent efficacy and an excellent safety profile in preclinical studies [16][17] - A novel PD1-IFNα fusion protein shows superior anti-tumor efficacy compared to PD1 mAb alone, potentially benefiting patients with ICB-refractory cancers [18][19][20] Company Overview - Innovent Biologics, founded in 2011, focuses on developing high-quality biopharmaceuticals for various diseases, having launched 15 products and with multiple assets in clinical trials [21]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 61.59 per share, compared to the current price of HKD 37.85 [6]. Core Insights - The company is entering a harvest period for its innovation and internationalization efforts, following significant progress in its pipeline and global expansion after privatization [1]. - The company has achieved historical profitability in the first half of 2023, with a revenue of HKD 25.01 billion, marking a year-on-year increase of 93.9% [6][25]. - The innovative drug segment, particularly the differentiated PD-1 drug, is expected to drive significant revenue growth in the medium term [4][6]. Summary by Sections 1. Commercialization and Innovation - The company has established itself as a pioneer in biosimilars, with its first product, Rituximab, approved in 2019, and is now focusing on expanding its innovative drug portfolio [14][15]. - The revenue from biosimilars reached HKD 36.3 billion in 2024, while the innovative drug segment generated HKD 13.1 billion, accounting for 22.86% of total sales [29]. 2. HLX43: Potential in PD-L1 ADC - HLX43 is the second PD-L1 ADC drug to enter clinical trials globally, showing significant potential as a future pillar in the company's pipeline [2]. - The drug is currently in clinical phase II and has demonstrated promising data, indicating a strong confidence from the company in its development [2]. 3. HLX22: Potential to Change HER2 Positive Gastric Cancer Treatment - HLX22 has shown superior clinical benefits compared to standard treatments in HER2 positive gastric cancer, with ongoing international phase III trials [3]. - The drug has received orphan drug designation in the US, highlighting its potential in the gastric cancer treatment landscape [3]. 4. Differentiated PD-1 Drug: Surulitinib - Surulitinib is positioned to address unmet clinical needs in small cell lung cancer, with expected rapid market uptake upon approval [4]. - The drug has shown optimal data in clinical trials, indicating a strong commercial potential in various indications [4]. 5. Internationalization and Market Expansion - The company has a strong track record in internationalization, with significant licensing agreements and expected revenue growth from overseas markets starting in 2025 [5]. - The company aims to leverage its first-mover advantage in biosimilars and innovative drugs to maximize market value domestically and internationally [5]. 6. Profit Forecast - Revenue projections for 2025-2027 are estimated at HKD 58.73 billion, HKD 59.70 billion, and HKD 71.25 billion, with corresponding net profits of HKD 8.27 billion, HKD 7.97 billion, and HKD 11.22 billion [6]. - The company is expected to continue its upward trajectory in profitability, driven by its innovative pipeline and effective cost management strategies [6][32].

Investment Rating - The investment rating for the company is "Buy" with a target price of HKD 61.59 per share, maintaining the rating from previous assessments [6]. Core Views - The report emphasizes that the company is entering a harvest period for its innovation and internationalization efforts, following significant progress in its pipeline and global expansion after privatization [1]. - The company has achieved historical profitability in the first half of 2023, with a notable increase in revenue and net profit, indicating strong growth potential [6][25]. Summary by Sections 1. Commercialization and Innovation - The company has established itself as a pioneer in biosimilars, with its first product, Rituximab, being the first biosimilar approved in China [14]. - The company is focusing on innovative drugs and has seen significant sales growth, with projected revenues of HKD 57.24 billion in 2024, reflecting a year-on-year increase of 6.06% [25][29]. 2. HLX43: PD-L1 ADC Development - HLX43 is the second PD-L1 ADC to enter clinical trials globally, showing promising potential for treating patients who do not respond to PD-1/PD-L1 therapies [2]. - The report highlights the urgent clinical need for effective treatments in EGFR wild-type NSCLC, where current therapies primarily rely on chemotherapy [37]. 3. HLX22: HER2 Positive Gastric Cancer - HLX22 has demonstrated significant clinical benefits in treating HER2 positive gastric cancer, with ongoing international trials expected to enhance its market position [3]. - The drug has received orphan drug designation in the US, indicating its potential as a key revenue driver for the company [3]. 4. Differentiated PD-1 SruLi monoclonal antibody - The company is advancing its differentiated PD-1 monoclonal antibody, SruLi, targeting unmet clinical needs in small cell lung cancer, with expected revenue of HKD 13.13 billion in 2024 [4]. - The report notes that SruLi has shown superior efficacy in clinical trials compared to existing treatments, positioning it for rapid market uptake [4]. 5. Internationalization and Market Expansion - The company has a strong track record in internationalization, with successful licensing agreements and product approvals in various global markets [5]. - The anticipated approval of SruLi in Europe and the US is expected to drive overseas revenue growth starting in 2025 [5]. 6. Financial Forecast - The company is projected to achieve revenues of HKD 58.73 billion, HKD 59.70 billion, and HKD 71.25 billion for the years 2025 to 2027, with corresponding net profits of HKD 8.27 billion, HKD 7.97 billion, and HKD 11.22 billion [6]. - The report indicates a significant improvement in the company's financial health, with a historical achievement of breakeven in 2023 [6][25].

Core Insights - Pyxis Oncology, Inc. announced robust preclinical data supporting the unique mechanism of action of micvotabart pelidotin (MICVO), an antibody-drug conjugate (ADC) targeting extradomain-B fibronectin (EDB+FN), which is highly expressed in various solid tumors [1][5] - MICVO demonstrated significant anti-tumor activity across multiple solid tumor indications, with 45% of models showing strong to very strong tumor growth inhibition (TGI) and complete responses observed in several tumor types [2][3] - The combination of MICVO with anti-PD-1 therapy showed enhanced tumor clearance and longer immunological memory compared to either treatment alone, reinforcing the potential for MICVO as both a monotherapy and in combination therapies [1][3] Preclinical Findings - Evaluation of MICVO in patient-derived xenograft (PDX) models identified gene signatures associated with anti-tumor activity, with 45% of models showing TGI between 70% and 90% or greater than 90% [2][3] - The preclinical studies indicated that MICVO is well-tolerated at a dosage of 3 mg/kg, with significant tumor regression responses confirmed in Phase 1 studies [2][4] - Upregulation of certain proteases may enhance linker cleavage, contributing to increased MICVO activity, supporting the hypothesis for its extracellular mechanism [3] Clinical Development - MICVO is currently being evaluated in Phase 1 studies as a monotherapy and in combination with KEYTRUDA® (pembrolizumab) for advanced solid tumors, particularly recurrent and metastatic head and neck squamous cell carcinoma [4][5][8] - The company has received Fast Track Designation from the U.S. FDA for MICVO in treating adult patients with recurrent and metastatic head and neck squamous cell carcinoma whose disease has progressed after prior treatments [8]

Core Viewpoint - Mersana Therapeutics is advancing its clinical-stage biopharmaceutical efforts with presentations on emiltatug ledadotin (Emi-Le), a B7-H4-directed Dolasynthen antibody-drug conjugate (ADC), at the upcoming ASCO 2025 Annual Meeting, highlighting its potential in treating cancers with high unmet medical needs [1]. Group 1: Presentation Details - Clinical data from the ongoing Phase 1 trial of Emi-Le will be presented, focusing on dose escalation and backfill cohorts across various tumor types [3]. - A "trial-in-progress" presentation will detail the design of the expansion portion of the Phase 1 trial, specifically targeting patients with triple-negative breast cancer (TNBC) who have undergone one to four prior treatment lines [5]. - An additional oral presentation will occur at the ESMO Breast Cancer 2025 Annual Congress, emphasizing TNBC clinical data from the same trial [6]. Group 2: About Emi-Le - Emi-Le is characterized by a precise drug-to-antibody ratio (DAR 6) and a proprietary auristatin payload, currently under investigation in a Phase 1 trial for solid tumors, including breast, endometrial, and ovarian cancers [7]. - Initial clinical data reported as of December 13, 2024, indicate that Emi-Le is generally well tolerated, with confirmed objective responses observed across all enrolled tumor types, including TNBC patients previously treated with a topoisomerase-1 inhibitor ADC [7]. Group 3: Regulatory Designations - The U.S. FDA has granted two Fast Track designations to Emi-Le for treating advanced or metastatic TNBC and advanced or metastatic breast cancer in patients with low or negative HER2 expression who have received prior topo-1 ADC [8]. Group 4: Company Overview - Mersana Therapeutics focuses on developing novel ADCs and has proprietary platforms for cytotoxic and immunostimulatory ADCs, generating a pipeline of product candidates aimed at treating various cancers [9][10].

以下文章来源于阿基米德Biotech ，作者阿基米德君 阿基米德Biotech . 生物医药第三方独立观察，客观中立，深入浅出，松弛愉悦，写作纯为兴趣，不接广告 超长续航模式。 来源 | 阿基米德Biotech （ID：ArchimedesBiotech） 资本寒冬，一家上市Bi o t e c h也没有挂掉。 1 8A生物科技七年之痒，7 0家公司（含摘B）仍然整整齐齐，一家没少，即使市值最小 的北海康成账上现金仅剩1亿元，但管理层认为2025年有足够的营运资金，即使诺辉健 康复牌暂时没有进展，但离生死大限还有5个月。 中国创新药处于少年时代，（在上市公司层面）有着足够的容错率和包容度，如同《百 年孤独》中初创的"马孔多"，这里全是年轻人，没有死亡，自然没有墓地。 然而，站在中国创新药1 0年节点之上，两大蜕变还是发生了。 今 非 昔 比 ， 《 创 新 药 供 给 侧 改 革 》 （ 2021 年 7 月 ） 指 出 的 内 卷 和 泡 沫 ， 如 今 都 不 再 严 重。 一是行业主要矛盾的蜕变，从同质化竞争的内部矛盾，转为中国生物科技快速崛起与美 国维持生物科技创新领域领导地位之间的外部矛盾。 二是创 ...

映恩生物 2025042120250416 摘要 • 映恩生物的 HER2 ADC 药物 1,303，与 DS-8,201 对标，针对子宫内膜 癌适应症有望在 2025 年下半年提交美国上市申请，针对 HER2 阳性乳腺 癌也有望在 2025 年下半年在中国提交上市申请。预计国内销售峰值为 26 亿元人民币，美国销售峰值达到 16 亿美元。 • 映恩生物的 B7-H3 ADC 主要聚焦于小细胞肺癌（SCLC）和前列腺癌 （CRPC），临床进度处于全球第一梯队。预计 B7-H3 ADC 国内销售峰 值为 6 亿元人民币，美国销售峰值达到 11 亿美元。 • 映恩生物成立于 2020 年，专注于开发抗体偶联药物（ADC），拥有多个 新一代 ADC 技术平台，已与多家顶尖制药企业达成授权合作，是中国 ADC 出海企业的代表之一。 • 映恩生物过去几年亏损额度较大，2024 年亏损约 10 亿元人民币，主要由 于研发支出。港股上市后现金储备充足，财务状况健康。 • 中国企业在全球 ADC 研发浪潮中表现出色，映恩生物的技术最为成熟，其 产品在全球治疗地位逐步确立。ADC 成为中国创新药出海的主力军。 Q&A 映恩生物 ...