据港交所11月24日披露，科望医药集团(简称：科望医药)递表港交所主板，中信证券为其独家保荐人。 公司曾于2024年6月向港交所递交过上市申请。根据灼识咨询的资料，截至最后实际可行日期，全球还 没有一种OX40激动剂获得批准，全球仅有两种OX40候选激动剂处于2期或以上阶段的临床开发中，而 公司核心产品ES102是其中之一。 自于2018年从Inhibrx授权引进以来，科望医药已在中国完成了两项针对晚期实体瘤患者的ES102 1期临 床试验(作为单药和与PD-1检查点抑制剂联合使用)。公司亦在中国启动ES102与特瑞普利单抗联合治疗 晚期NSCLC患者的2期临床试验，并于2025年4月对首例患者给药，以进一步探索ES102在联合疗法中的 潜力。 科望医药拥有差异化的创新管线，可把握肿瘤市场快速增长的巨大商机。凭借公司的内部研发能力和战 略合作，其候选药物具有差异化的靶向性和强大的组合潜力，可覆盖主要肿瘤类型，每种候选药物均被 定位为下一代免疫疗法，满足全球未满足的医疗需求。除核心产品ES102外，截至最后实际可行日期， 公司的研发管线还包括五个主要资产，其中三个处于临床阶段，即ES014、ES104和ES00 ...

智通财经APP获悉，据港交所11月24日披露，科望医药集团(简称：科望医药)递表港交所主板，中信证 券为其独家保荐人。公司曾于2024年6月向港交所递交过上市申请。根据灼识咨询的资料，截至最后实 际可行日期，全球还没有一种OX40激动剂获得批准，全球仅有两种OX40候选激动剂处于2期或以上阶 段的临床开发中，而公司核心产品ES102是其中之一。 | [編纂]項下的[編纂]數目 | | : [編纂]股股份 | | --- | --- | --- | | [編纂]數目 | .. | [編纂]股股份(可予重新分配) | | [編纂]數目 | ·· | [編纂]股股份(可予重新分配) | | 最高[編纂] | : : | 每[編纂][編纂]港元,另加1.0% | | | | 經紀佣金、0.0027%證監會交易 | | | | 徴費、0.00565％聯交所交易費及 | | | | 0.00015%會財局交易徵費(須於 | | | | 申請時以港元繳足及多繳股款可予以 | | | | 狠覆) | | 町1 | : | 每股股份0.0001美元 | | 「編纂」 | : [編纂] | | 招股书显示，科望医药是一家于201 ...

Summary of Agenus Stakeholder Webcast Company Overview - **Company**: Agenus - **Focus**: Development of immunotherapy treatments for cancer patients globally Key Industry Insights - **Immuno-Oncology (IO) Landscape**: - Approximately 60% of cancer patients have access to approved IO therapies during their treatment journey, but only 11% achieve durable responses [9][10] - The need for novel treatments to extend benefits of IO to more patients is urgent, particularly for those with "cold" tumors that historically do not respond to existing therapies [9][10][12] Core Developments and Data - **Botensilimab and Balstilimab (bot/bal)**: - Studied in over 1,200 patients across more than nine tumor types, showing remarkable efficacy, especially in colorectal cancer [4][5][6] - Data presented at the European Society for Medical Oncology (ESMO) Congress indicated improved response rates when administered in earlier disease stages [5][6][15] - The combination has shown robust activity in traditionally cold tumors, with response rates and durability comparable to hot tumors [13][14][50] Regulatory and Market Developments - **French Approval**: - The French National Agency of Medicines and Health Product Safety granted compassionate access (AAC) for bot/bal in refractory metastatic microsatellite stable colorectal cancer, covering 100% of treatment costs for patients [17][22][57] - This approval is seen as a significant endorsement of bot/bal's efficacy and may influence other countries to adopt similar programs [25][28] Patient Access and Real-World Evidence - **Patient Access Programs**: - Agenus has initiated access programs in France, the U.S., and other regions to support patients with no viable treatment options [18][19] - The French AAC program will provide real-world evidence to support future full approval of bot/bal [21] Future Directions - **Clinical Trials**: - Ongoing studies in various cancer types, including plans for a neoadjuvant setting in colorectal cancer [55] - Anticipation of data from the phase 2 study and the Batman study in Canada, with enrollment expected to begin soon [32][47] Financial and Strategic Considerations - **Partnership with Zydus Lifesciences**: - Progressing towards closing a deal for manufacturing and market access in India and Sri Lanka, pending CFIUS review [34][36] Conclusion - The advancements in bot/bal and the regulatory support from France mark a pivotal moment for Agenus and the broader immuno-oncology field, with potential implications for patient care and treatment options globally. The company is committed to expanding access and gathering real-world evidence to further validate its therapies.

Summary of Sensei Biotherapeutics Conference Call Company Overview - **Company**: Sensei Biotherapeutics (NasdaqGM:SNSE) - **Event Date**: October 20, 2025 - **Focus**: Update on Solnestretug, a VISTA-targeting antibody in immuno-oncology Key Points Industry Context - **Immuno-Oncology**: The call marks a significant milestone for the field, particularly regarding VISTA-targeting therapies, which have not previously demonstrated progression-free survival data in PD1-resistant tumors [2][56] Clinical Data and Findings - **Solnestretug**: - Represents the first progression-free survival data for any VISTA-targeting antibody [2] - Demonstrated clinical activity, durability, and tolerability, suggesting a differentiated mechanism of action [2] - Designed to selectively reverse immunosuppression in the tumor microenvironment, avoiding systemic toxicity [4][6] - **Clinical Trials**: - Phase one dose escalation showed no dose-limiting toxicity, reaching a top dose of 15 mg/kg [7][8] - Combination therapy with cemiplimab was well tolerated, with a six-month progression-free survival rate of 37% for patients previously treated with immunotherapy [15][21] - Notably, 50% of patients receiving the 15 mg/kg dose had a six-month progression-free survival [16][21] Safety Profile - **Adverse Events**: - Low-grade cytokine release syndrome was the only notable class-related adverse event, with no grade 3 or 4 adverse events attributed to Solnestretug [12][48] - The safety profile was consistent with that of single-agent cemiplimab, indicating a well-tolerated regimen [48][56] Market Opportunity - **Commercial Potential**: - PD1-targeted therapies generate over $45 billion annually, with significant unmet needs in secondary resistance cases [4][5] - VISTA's expression across various cancer types presents a broad therapeutic potential [5] Future Plans - **Phase Two Studies**: - Planned initiation in early 2026, focusing on hot tumor settings and potentially leading to accelerated approval in the PD1-resistant population [25][29] - Two-study approach: one randomized study in non-small cell lung cancer and a single-arm study in Merkel cell carcinoma [26][27] Regulatory Considerations - **FDA Engagement**: - Ongoing discussions with the FDA regarding phase two study design and potential for breakthrough therapy designation [54] Conclusion - **Overall Impact**: - Solnestretug represents a significant advancement in immuno-oncology, offering a new therapeutic path for patients with secondary resistance to existing therapies [56][57] - **Future Outlook**: - The company is optimistic about the potential of Solnestretug to redefine treatment options in the immuno-oncology landscape [57]

Coherus BioSciences Conference Call Summary Company Overview - **Company**: Coherus BioSciences (NasdaqGM:CHRS) - **Focus**: Enhancing the lives of cancer patients and improving survival rates through innovative therapies [5][6] Pipeline and Strategy - **Key Products**: - **LOQTORZI**: Next-generation PD-1 inhibitor - **CHS-114**: Anti-CCR8 antibody T-reg depletor - **Casdozokitug**: Anti-IL-27 antibody - **Development Programs**: - Data expected around mid-2026 for CHS-114 in various cancers including head and neck, gastric, esophageal, and colorectal [6][12] - Active in liver cancer with casdozokitug, showing promising results [6][12] - **Partnerships**: Seeking ex-US partners for pipeline validation and monetary support [6][12] Market Dynamics - **LOQTORZI**: - Approved for frontline and second-line nasopharyngeal carcinoma - Generated approximately $10 million in revenue last quarter, with expectations of substantial market growth [11][12] - Anticipated peak sales between $150 million and $200 million by mid-2028, with a growth rate of 10% to 15% per quarter [12] - **Market Size**: The nasopharyngeal market is estimated at $250 million [12] Competitive Advantages - **LOQTORZI**: - Higher binding affinity (>10x) compared to other PD-1 inhibitors, with unique epitope binding [9][10] - Approved irrespective of PD-L1 status, unlike competitors [9][10] - **CHS-114**: - Selective targeting of CCR8, a key marker in regulatory T cells, with a mechanism that enhances immune response [19][20] - Potential to be a best-in-class asset in immuno-oncology [22][30] Clinical Data and Expectations - **CHS-114**: - Ongoing studies in head and neck cancer, gastric cancer, and esophageal squamous cell carcinoma [25][26] - Early data shows promise with partial responses in late-line patients [24] - **Casdozokitug**: - Demonstrated a 38% overall response rate and a 17% complete response rate in combination with atezolizumab and bevacizumab for hepatocellular carcinoma [39] - Ongoing study with LOQTORZI, aiming to further characterize efficacy and safety [40] Future Outlook - **Data Readouts**: Anticipated results for various studies in mid-2026, with a focus on combination therapies and their contributions to overall efficacy [32][40] - **Strategic Positioning**: Coherus aims to leverage its unique product offerings and partnerships to drive growth and improve patient outcomes [45] Conclusion - Coherus BioSciences is positioned uniquely in the oncology space with a strong pipeline and strategic focus on combination therapies, aiming to deliver significant advancements in cancer treatment and patient survival [45]

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.

Protara Therapeutics (TARA) Conference Call Summary Company Overview - Protara Therapeutics is a development-stage company focused on oncology and rare diseases, with two main franchises: oncology (specifically bladder cancer) and rare diseases [2][3] Oncology Segment TARA-002 Program - TARA-002 is a genetically distinct strain of Streptococcus pyogenes, currently in registrational studies for non-muscle invasive bladder cancer (NMIBC) [2] - The program aims to leverage established biological mechanisms and evolving science to accelerate development and commercialization [2] - Previous data releases showed a 100% complete response rate in a small cohort of BCG-unresponsive carcinoma in situ (CIS) patients, with 80% at six months and over 60% at 12 months [5][6] - Upcoming data release will include 18-month data for both BCG-unresponsive and BCG-naive patients [7][8] Competitive Landscape - Competitive response rates are discussed, with a threshold of 50% complete response at six months to be part of the conversation, and 75% or higher considered a "category killer" [9][10] - Protara aims to differentiate TARA-002 by its ease of administration, similar to BCG, and a favorable safety profile [29][30] Enrollment and Regulatory Pathway - Enrollment is proceeding as expected, with a focus on the right patient population [31] - The company is actively adding international sites to enhance enrollment, particularly in the BCG-unresponsive cohort [31] - Discussions with the FDA regarding the regulatory pathway for BCG-naive patients are ongoing, with updates expected by the end of the year [44] Rare Disease Segment IV Choline Chloride Program - The Thrive 3 trial is a phase 2B3 seamless design study, currently facing enrollment challenges in the U.S. due to competition for hospital beds [46][47] - European sites are expected to enroll significantly more patients, with one site in France having 500 patients on parenteral support [49][50] - Initial data from the Thrive 3 trial is anticipated by the summer of 2026 [51] Key Priorities - The primary focus for the upcoming year is on patient enrollment across both oncology and rare disease programs [52][54] Additional Insights - The management team has extensive experience in biotech and drug development, which informs their strategic approach [3] - Protara's strategy includes a focus on manufacturing capabilities and cost of goods sold, which allows for competitive pricing and distribution flexibility [30]

Core Insights - Anixa Biosciences has received a new patent extending the protection of its CAR-T technology to 2045, enhancing its intellectual property portfolio [1][2][3] - The patent covers fundamental methods and compositions essential to Anixa's CAR-T approach, which aims to tackle challenges in treating solid tumors [2] - Anixa's CAR-T technology is currently in clinical trials for recurrent ovarian cancer at Moffitt Cancer Center, indicating progress in its therapeutic development [2][3] Company Overview - Anixa Biosciences is a clinical-stage biotechnology company focused on cancer treatment and prevention, with a unique CAR-T technology known as chimeric endocrine receptor-T cell (CER-T) [3] - The company collaborates with leading research institutions, such as Moffitt Cancer Center and Cleveland Clinic, to develop its therapeutic and vaccine portfolios [3] - Anixa's vaccine programs target various cancers, including breast and ovarian cancer, and utilize innovative approaches to immunization [3]

Core Insights - Sensei Biotherapeutics reported a Q2 2025 loss per share of $(3.91), which was better than the expected $(5.60) loss, indicating improved financial performance [1][2] - The company achieved a net loss of $4.9 million in Q2 2025, down from a net loss of $7.1 million in Q2 2024, reflecting effective cost management [1][2] - Sensei Biotherapeutics remains in the early stages of development with no revenue reported, consistent with its status as a clinical-stage biotech company [1][8] Financial Performance - Q2 2025 EPS was $(3.91), compared to $(5.60) estimated and $(5.69) in Q2 2024, showing a year-over-year improvement of 31.3% [2] - Research and Development expenses decreased to $2.5 million in Q2 2025 from $4.6 million in Q2 2024, a reduction of 46.0% [2][7] - General and Administrative expenses fell to $2.7 million in Q2 2025 from $3.2 million in Q2 2024, a decrease of 15.6% [2][7] - Cash, cash equivalents, and marketable securities totaled $28.6 million as of June 30, 2025, down from $41.3 million in December 2024 [8] Business Overview - Sensei Biotherapeutics is focused on developing solnerstotug, a monoclonal antibody targeting the VISTA immune checkpoint in cancer [3][10] - The company aims to demonstrate the efficacy of solnerstotug in patients with cancers resistant to PD-(L)1 treatments, a significant challenge in cancer therapy [4][11] - The ongoing Phase 1/2 clinical trial has enrolled 64 patients, including those with "hot" tumors, which are known to initially respond to immunotherapy but later become resistant [5][10] Clinical Development - Preliminary safety and efficacy data for solnerstotug indicated favorable activity in PD-(L)1 resistant "hot" tumors, with no dose-limiting toxicities reported [6] - Full dose expansion data, including 6-month progression-free survival, are expected by year-end 2025, with a major presentation planned at the ESMO Congress in October 2025 [12] Future Outlook - Management expects current cash resources to fund operations into the second quarter of 2026, emphasizing the importance of ongoing clinical updates and funding strategies [12][13] - The success of solnerstotug is critical for the company's future growth, especially in a competitive immuno-oncology market [11]

Core Viewpoint - BioNTech and Bristol Myers Squibb have entered into a collaboration for the global co-development and co-commercialization of BioNTech's investigational bispecific antibody BNT327, targeting various solid tumor types [1][3]. Company Overview - BioNTech is a biopharmaceutical company focused on developing novel immunotherapies for cancer and other serious diseases, utilizing a range of therapeutic modalities including mRNA cancer immunotherapies and antibody-drug conjugates [9]. - Bristol Myers Squibb is a global biopharmaceutical company dedicated to discovering and delivering innovative medicines for serious diseases [15]. Product Details - BNT327 is a next-generation bispecific antibody that targets PD-L1 and VEGF-A, currently in trials with over 1,000 patients treated, including Phase 3 trials for extensive stage small cell lung cancer and non-small cell lung cancer [2][8]. - The mechanism of BNT327 aims to restore T cell function against tumor cells while neutralizing VEGF-A to counteract the tumor's immunosuppressive environment [5][7]. Financial Terms of Collaboration - Bristol Myers Squibb will make an upfront payment of $1.5 billion to BioNTech, with a total of $2 billion in non-contingent anniversary payments through 2028, and BioNTech could receive up to $7.6 billion in additional milestone payments [4][6]. - The development and manufacturing costs will be shared equally between BioNTech and Bristol Myers Squibb, with profits and losses also split 50:50 [4][6]. Clinical Development Plans - The collaboration will involve a broad clinical development program for BNT327 across multiple solid tumor types, with plans for additional trials in triple-negative breast cancer by the end of 2025 [2][8]. - More than 20 clinical trials are ongoing or planned to evaluate BNT327 as a monotherapy or in combination with other treatments targeting various oncogenic pathways [8].