Financial Data and Key Metrics Changes - The net loss for the year ended December 31, 2025, was approximately $34.5 million or $0.74 per basic and diluted share, compared to a net loss of $37.6 million or $1.03 per basic and diluted share for the year ended December 31, 2024, indicating an improvement in financial performance [15] - Research and development expenses for the year ended December 31, 2025, were $19 million, down from $22.6 million in 2024, primarily due to decreases in manufacturing and personnel costs [15] - General and administrative expenses decreased to $12.5 million in 2025 from $13.8 million in 2024, reflecting a reduction in personnel costs [16] Business Line Data and Key Metrics Changes - The company reported encouraging early results from the PDS-01ADC trial, showing a median progression-free survival (PFS) of 9.6 months and a 40% decline in prostate-specific antigen (PSA) levels in patients with metastatic castration-resistant prostate cancer [5][6] - The VERSATILE-002 trial demonstrated a median overall survival of 39.3 months for patients with HPV-16 positive head and neck cancer, marking a significant clinical achievement [9] Market Data and Key Metrics Changes - The company highlighted the growing unmet need for effective therapies in HPV-16 positive cancers, which are rapidly increasing in the U.S. and EU due to low vaccination rates [12] - The company’s PDS0101 is positioned as the only subcutaneous injection product in late-stage development for recurrent and/or metastatic head and neck squamous cell carcinoma, offering a more convenient treatment option [11] Company Strategy and Development Direction - The company is focused on advancing PDS0101 as a promising treatment option for HPV-16 positive head and neck cancer, with an amended protocol for the VERSATILE-003 trial aimed at accelerating approval timelines [4][10] - The strategic decision to amend the VERSATILE-003 trial to include PFS as a primary endpoint is expected to shorten trial duration and reduce costs while maintaining overall survival as a basis for full approval [10][11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the potential of PDS0101 to provide a well-tolerated treatment option for the growing population of HPV-16 positive patients, emphasizing the lack of effective therapies currently available [14] - The company anticipates meaningful opportunities ahead as it continues to execute its priorities in 2026, supported by early data from the PDS-01ADC program and expanded patient protections [38] Other Important Information - The company has strengthened its intellectual property portfolio with new patents granted in the U.S. and Japan, extending market protection for PDS0101 into the 2040s [6] Q&A Session Summary Question: What will the revised enrollment target look like for the amended protocol? - The trial duration has been shortened to about a year for final results, with PFS being the interim analysis available in approximately a year and a half [20] Question: How should R&D expenses be expected for 2026 with the smaller trial design? - While specific financial guidance was not provided, R&D costs are expected to increase as the trial is reinitiated and patient enrollment begins [23] Question: How will patients already enrolled prior to the VERSATILE-003 pause be handled? - Patients who started on the trial will continue their treatment as indicated by the protocol, and they will be included in a special subset of the data for safety analysis [27] Question: What are the powering assumptions for the interim PFS and the new sample size for the phase III? - The sample size has not been made public yet, but the PFS is powered to detect statistically significant changes, with two analyses planned [34]

Financial Data and Key Metrics Changes - The net loss for the year ended December 31, 2025, was approximately $34.5 million or $0.74 per share, compared to a net loss of $37.6 million or $1.03 per share for the year ended December 31, 2024, indicating an improvement in financial performance [15] - Research and development expenses decreased to $19 million in 2025 from $22.6 million in 2024, primarily due to reductions in manufacturing and personnel costs [15] - General and administrative expenses also decreased to $12.5 million in 2025 from $13.8 million in 2024, reflecting a reduction in personnel costs [16] Business Line Data and Key Metrics Changes - The company reported encouraging early results from the PDS-01ADC trial, showing a median progression-free survival (PFS) of 9.6 months and a 40% decline in prostate-specific antigen (PSA) levels in patients with metastatic castration-resistant prostate cancer [5][6] - The VERSATILE-002 trial demonstrated a median overall survival of 39.3 months for patients with HPV-16 positive head and neck cancer, marking a significant clinical achievement [9] Market Data and Key Metrics Changes - The company highlighted the growing unmet need for treatments in HPV-16 positive head and neck cancer, which is rapidly increasing in the U.S. and EU due to low vaccination rates [12] - The amendment to the VERSATILE-003 trial protocol aims to accelerate the regulatory submission process, addressing the urgent need for effective therapies in this patient population [11] Company Strategy and Development Direction - The company is focused on advancing PDS0101 as a promising treatment option for HPV-16 positive head and neck cancer, with a strategic amendment to the VERSATILE-003 trial to include PFS as a primary endpoint [4][10] - The company has strengthened its intellectual property portfolio, extending market protection for PDS0101 into the 2040s, which is expected to enhance its competitive position [6] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the potential of PDS0101 to provide a well-tolerated treatment option without chemotherapy for the growing population of HPV-16 positive patients [14] - The company anticipates meaningful opportunities ahead as it continues to execute its priorities in 2026, with a focus on clinical development and regulatory progress [38] Other Important Information - The company has received new patents in the U.S. and Japan for PDS0101, enhancing its market exclusivity and competitive edge [6] - The cash balance as of December 31, 2025, was reported at $26.7 million, providing a financial cushion for ongoing operations [16] Q&A Session Summary Question: What will the revised enrollment target look like for the amended protocol? - The trial duration has been shortened to about a year for final results, with the interim analysis for PFS expected in approximately a year and a half [20] Question: How should R&D expenses be expected for 2026 with the smaller trial design? - While specific financial guidance was not provided, R&D costs are expected to increase as the trial is reinitiated and sites are opened [23] Question: How will patients already enrolled prior to the VERSATILE-003 pause be handled? - Patients will continue their treatment as indicated by the protocol and will be included in a special subset for safety analysis [27] Question: What is the expected enrollment pace based on last year's execution? - The enrollment pace is expected to be robust due to positive responses from sites and reduced competition in the market [28] Question: Can you share the powering assumptions for the interim PFS and the new sample size for the phase III? - The sample size has not been made public yet, but the PFS analysis is powered to detect statistically significant changes [34]

FY2025 Annual Results Presentation Advancing Pipeline 2.0 & Accelerating Global Commercialization March 27, 2026 Stock Code: 2616. HK 基石红 基石灰 白色 基石黄 基石绿 基石蓝 基石中灰 基石浅灰 基石金 品牌色 品牌辅助色 Presentation Disclaimer 基石红 基石灰 白色 基石黄 基石绿 基石蓝 基石中灰 基石浅灰 基石金 品牌色 品牌辅助色 • By attending the meeting where this presentation is made, or by reading the presentation materials, you agree to be bound by the following: • The information in this presentation has been prepared by representatives of CStone Pharmaceuticals (the "Company" a ...

Core Viewpoint - Zhongtai Securities maintains a "Buy" rating for HBM Pharmaceuticals (02142), projecting significant revenue and profit growth from the licensing agreement and milestone payments related to HBM7020 and HBM4003 [1] Group 1: Financial Projections - The company is expected to achieve total revenue of 1.4 billion, 1.594 billion, and 1.485 billion yuan for the years 2025 to 2027, an increase from previous estimates of 1.342 billion, 974 million, and 1.026 billion yuan [1] - Projected net profit attributable to the parent company is estimated at 665 million, 768 million, and 740 million yuan for the same period, up from previous estimates of 621 million, 307 million, and 432 million yuan [1] Group 2: Licensing Agreement - On February 23, 2026, HBM Pharmaceuticals announced a licensing and equity cooperation agreement with Solstice Oncology, granting exclusive development and commercialization rights for HBM4003 outside Greater China [1] - The agreement includes upfront payments totaling over 105 million USD, comprising a 50 million USD cash upfront payment, a 5 million USD near-term payment, and equity valued at over 50 million USD [1] - HBM Pharmaceuticals may also receive up to approximately 1.1 billion USD in milestone payments based on future specific events and tiered royalties based on net sales outside Greater China [1] Group 3: Product Characteristics - HBM4003 is the world's first fully human only heavy chain antibody entering clinical stages, targeting the CTLA-4 pathway, which has regained focus in immuno-oncology [2] - The product demonstrates enhanced antibody-dependent cellular cytotoxicity (ADCC) and high specificity in eliminating Treg cells expressing high levels of CTLA-4 in the tumor microenvironment [2] - Its unique mechanism of action shows potential for improved therapeutic efficacy while significantly reducing drug toxicity [2] Group 4: Clinical Trial Results - HBM4003 has shown good safety and strong efficacy in Phase I monotherapy trials, with potential indications including melanoma, non-small cell lung cancer, hepatocellular carcinoma, and neuroendocrine tumors [3] - Recent Phase II clinical data indicated positive efficacy in MSS colorectal cancer when combined with another treatment, achieving an overall response rate of 34.8% and a median progression-free survival of 4.2 months [3] - This performance is superior to existing CTLA-4 antibodies combined with PD-1 antibodies in treating advanced colorectal cancer, which typically shows progression-free survival of 2 to 3 months [3] Group 5: Cash Flow Impact - The upfront payment of over 105 million USD will directly enhance the company's cash flow [4] - This transaction, combined with the company's previous profit forecast for 2025 (estimated at 88 million to 95 million USD), will further solidify its robust cash flow [4] - The cumulative effects of multiple business development activities are expected to enhance the company's growth prospects in the medium term [4]

Summary of Marker Therapeutics FY Conference Call Company Overview - **Company**: Marker Therapeutics (NasdaqCM:MRKR) - **Focus**: Immuno-oncology, specifically T-cell therapies using the MAR-T platform - **Lead Program**: MT-601, targeting relapse lymphoma and expanding into solid tumors [1][2] Core Technology and Differentiation - **Technology**: MAR-T cells, a first-in-class technology that does not require genetic modification and can target multiple antigens [2][3] - **Safety Profile**: Excellent safety with no observed ICANS (Immune Effector Cell-Associated Neurotoxicity Syndrome) or HLH (Hemophagocytic Lymphohistiocytosis), and low-level CRS (Cytokine Release Syndrome) limited to fever [4][13] - **Manufacturing Process**: Simplified and efficient, with a current vein-to-vein time of 22 days, expected to reduce to 17 days [5][7] Clinical Data and Efficacy - **Response Rates**: - Non-Hodgkin lymphoma: Overall response rate of 66%, complete response rate of 50% [10] - Hodgkin lymphoma: Overall response rate of 78% [12] - **Patient Demographics**: Patients heavily pretreated and refractory to multiple lines of treatment, including CAR T cells [10][12] - **Durability of Responses**: Some patients have surpassed one year of follow-up, with sustained responses noted [10][11] Financial and Market Position - **Funding**: Received over $30 million from government sources, providing a non-dilutive capital runway [4][17] - **Market Opportunity**: Potential market for LBCL (Large B-cell Lymphoma) after CAR T-cell treatment could exceed $3 billion by 2030 [14] Future Plans and Milestones - **Clinical Trials**: Advancing MT-601 into a pivotal single-arm phase 2b study for lymphoma, with plans to enroll patients in pancreatic cancer [8][15] - **Upcoming Milestones**: Completion of tech transfer to a new CDMO (Contract Development and Manufacturing Organization) and additional patient readouts expected [17] Industry Sentiment and Challenges - **Market Sentiment**: General cold sentiment towards cell therapy and CAR T cells due to complexities and limitations [19][20] - **Strategic Positioning**: Marker Therapeutics aims to differentiate itself by addressing the limitations of existing CAR T technologies, focusing on a simpler manufacturing process and broader applicability beyond CD19-targeted therapies [20][21] Conclusion - Marker Therapeutics is positioned to leverage its unique MAR-T technology to address significant unmet medical needs in oncology, with promising clinical data and a clear path towards market entry. The company is focused on advancing its lead asset, MT-601, while exploring opportunities in solid tumors and off-the-shelf therapies.

Core Viewpoint - Salspera, a clinical-stage cancer biotechnology company focused on developing live biotherapeutics to stimulate immune responses, has announced its IPO terms, aiming to raise $85 million by issuing 5.7 million shares priced between $14 and $16 each [1] Company Overview - Salspera is headquartered in Cambridge, Massachusetts, and was founded in 2017 [1] - The company is developing a novel class of immunotherapy for solid tumors, referred to as "live biotherapeutics," which are genetically modified agents designed to express specific anti-tumor factors within the tumor microenvironment [1] Lead Project - The lead project, Saltikva, is a genetically modified strain of Salmonella typhimurium that is non-toxic and can be administered orally [1] - This engineered strain is designed to express the human interleukin-2 gene (Salmonella-IL2), potentially increasing the number of NK cells and CD8+ cytotoxic T cells in the tumor microenvironment and peripheral blood [1] - The company is currently focusing on pancreatic cancer and has completed a Phase II trial for patients with stage IV metastatic pancreatic cancer [1] IPO Details - Salspera plans to list on NASDAQ under the ticker symbol TKVA [1] - Kingswood Capital Markets is serving as the exclusive bookrunner for the transaction [1]

Company Performance & Financials - BeOne Medicines delivered significant product revenue growth, with a 43% increase in the first three quarters of 2025 [17] - BRUKINSA rapidly became the global BTKi leader, showing a 51% increase in approved indications [20] - The company's pipeline achieved proof of concept for 6 assets across 4 modalities and brought 5 new molecular entities (NMEs) to the clinic in 2025 [22] CLL Treatment Landscape & BRUKINSA - BRUKINSA demonstrates progression-free survival (PFS) superiority to ibrutinib, with a hazard ratio (HR) of 069 (95% CI: 055, 087), p-value: 00014 [53] - Recent competitor efficacy data does not indicate a change to the CLL treatment landscape, with Pirtobrutinib showing a HR of 0845 (95% CI: 0566-1262), p-value: 04102 [60] - In the ALPINE trial, Zanubrutinib had a lower rate of adverse events (AEs) leading to treatment discontinuation at 77% compared to ibrutinib at 130% [65] ZS (Zanubrutinib + Sonrotoclax) Regimen - ZS (Zanubrutinib + sonrotoclax) is poised to be a fixed duration regimen with a 91% undetectable minimal residual disease (uMRD) rate [74] - ZS showed a 100% 36-month PFS rate (at 30 months) [74] - The company is initiating a Phase 3 trial of ZS vs AV in 1L CLL in H1 2026 [101] Pipeline & Future Milestones - The company has approximately 8-10 new molecular entities (NMEs) per year in its pipeline [105] - BeOne is the only company with best-in-class foundational medicines across the three key mechanisms of action (MOAs) in CLL [99] - The company anticipates several milestones in H1 and H2 2026, including Phase 3 data for BRUKINSA+R vs BR in 1L MCL and a potential R/R MCL U S approval for Sonro [101]

Group 1: Leadership and Strategic Developments - Oncolytics Biotech Inc. has strengthened its leadership by appointing Dr. Eileen O'Reilly, Dr. Neil Segal, and Dr. Van Morris to its Gastrointestinal Tumor Scientific Advisory Board, enhancing clinical and strategic oversight as the company advances pelareorep toward registration-enabling trials in pancreatic, colorectal, and anal cancers [2] - The expanded advisory board is expected to sharpen the late-stage development strategy for a GI-focused immunotherapy platform, which targets large addressable markets [2] Group 2: Clinical and Translational Momentum - Recent data from trials in second-line KRAS-mutant, microsatellite-stable metastatic colorectal cancer showed a 33% objective response rate, significantly higher than the historical rate of 6-11% [3] - The trials also indicated more than double the progression-free and overall survival compared to standard therapy, highlighting the potential effectiveness of pelareorep [3] - Increased KRAS-specific T-cell responses were reported in translational analyses, reinforcing the mechanistic differentiation of pelareorep [3] Group 3: Company Focus and Technology - Oncolytics Biotech Inc. is focused on developing pelareorep, an immune-oncolytic virus platform that targets solid tumors and hematologic malignancies [4] - The technology leverages tumor-selective viral replication to stimulate both innate and adaptive anti-cancer immune responses [4]

Summary of Candel Therapeutics R&D Day Conference Call Company Overview - **Company**: Candel Therapeutics (NasdaqGM:CADL) - **Focus**: Development of viral immunotherapies for difficult-to-treat solid tumors, specifically CAN-2409 and CAN-3110 [2][5] Key Programs and Clinical Trials CAN-2409 - **Description**: Off-the-shelf immunotherapy targeting pan-solid tumors, particularly localized prostate cancer. - **Clinical Trial**: Phase 3 trial with 745 patients, met primary endpoint of disease-free survival, showing a 30% risk reduction in disease recurrence [2][63]. - **FDA Designations**: Received Fast Track and RMAT designations, indicating significant potential for breakthrough therapy [3]. - **Results**: - 38% reduction in prostate cancer recurrence risk [65]. - 80.4% of patients free of prostate cancer at two years post-radiotherapy [67]. - **Administration**: Involves three courses of intraprostatic injections combined with standard care radiotherapy [62]. CAN-3110 - **Description**: A replication-competent herpes simplex virus designed for oncolytic therapy, targeting recurrent high-grade glioma. - **Results**: Promising data published in high-impact journals, indicating potential for other tumors expressing Nestin [6]. Financial Position - **Cash Reserves**: $87 million as of September 2025, with a runway into Q1 2027 [6]. - **Loan Facility**: Entered a term loan facility with Trinity Capital for up to $130 million [7]. Industry Insights and Future Directions - **Immunotherapy Trends**: Discussion on the importance of understanding immune responses and the need for longitudinal studies to improve patient selection for therapies [19][20]. - **Combination Therapies**: Emphasis on the potential of combining immunotherapies with standard treatments and the need for innovative trial designs to test combinations effectively [40][41]. - **Emerging Technologies**: Interest in RNA vaccines and epigenetic pathways as future avenues for enhancing immunotherapy efficacy [34][36]. Challenges and Considerations - **Clinical Trial Design**: Need for smaller, more adaptive trials to better understand the mechanisms of action and patient responses [44][50]. - **Data Integration**: Importance of integrating computational biology and big data analytics to uncover hidden signals in tumor responses [51][54]. Conclusion - Candel Therapeutics is positioned to address significant unmet needs in cancer treatment, particularly with its lead asset CAN-2409, which has shown promising clinical results. The company is focused on innovative trial designs and combination therapies to enhance treatment outcomes for patients with solid tumors [58][60].

AIM ImmunoTech Conference Summary Company Overview - **Company**: AIM ImmunoTech (NYSEAM:AIM) - **Lead Asset**: Ampligen, a drug with potential in immuno-oncology, effective as both a monotherapy and a synergistic enhancer to checkpoint inhibitors across various solid tumors [8][12] Core Points and Arguments - **Ampligen's Potential**: - Demonstrated strong impact in improving response rates for patients who are refractory to checkpoint inhibitors [8] - Alters tumor microenvironment to enhance visibility to immune system, transforming "cold tumors" into "hot tumors" [11][12] - **Strategic Focus on Pancreatic Cancer**: - AIM has prioritized pancreatic cancer as its lead indication due to the high unmet medical need and potential for significant impact on patient survival [13][15] - The company aims to leverage its data showing Ampligen's ability to extend overall survival in pancreatic cancer, both as a monotherapy and in combination with AstraZeneca's Durvalumab [15][19] - Orphan drug designations received in the U.S. and Europe provide market exclusivity, enhancing the business opportunity [16][17] - **Market Context**: - Over 500,000 deaths annually from pancreatic cancer, with a low survival rate, highlighting the critical need for effective treatments [19] - The oncology sector is where significant biotech deals occur, with potential for billion-dollar partnerships [14][28] - **Clinical and Regulatory Strategy**: - AIM is working towards initiating a Phase 3 trial in pancreatic cancer, ideally in conjunction with checkpoint inhibitors [24][25] - The company has treated 57 subjects, demonstrating the ability to extend overall survival beyond standard care [25] - **Upcoming Milestones**: - Anticipation of a positive year-end report, which is expected to be a significant inflection point for the company [28] - Plans to find a big pharma partner to support the Phase 3 trial and capitalize on the research and development efforts [26][28] Other Important Content - **Collaborations**: - Successful collaborations with Merck and AstraZeneca have been crucial for advancing Ampligen's development [30] - Data from independent research institutions supports the efficacy of Ampligen in various cancers, not limited to pancreatic cancer [29][30] - **Quality of Life Considerations**: - Ampligen is noted for improving the quality of life for patients undergoing treatment, which is particularly important for those facing severe malignancies [15][16] - **Company's Position**: - AIM is a small biotech company with limited resources but is making significant strides in oncology research [31] - The CEO expressed gratitude towards collaborators, investors, and the research community for their support [39][40] This summary encapsulates the key insights from the AIM ImmunoTech conference, focusing on the company's strategic direction, clinical developments, and market opportunities in the context of pancreatic cancer and broader oncology applications.