在癌症治疗领域，"五年"有着特殊的分量：对研究者而言，五年生存率是衡量疗法是否带来长生存获益 的"金标准"；对患者而言，它则意味着"临床治愈"的可能，是无数人心中的希望与目标。 正是为了让更多癌症患者跨过五年门槛，广大科学家前赴后继，在传统疗法面临瓶颈后，开始不断探索 人类自身免疫系统的潜力。而诺贝尔奖，正是这些探索成果的一大见证——2018年，诺贝尔生理学或医 学奖表彰了科学家在发现"负性免疫调节治疗癌症"方面的贡献；就在上周，2025年度的这一奖项再度回 归免疫领域，用以表彰在"外周免疫耐受机制"方面的突破性研究。这一系列发现，标志着人类对免疫系 统的认识和理解迈出了关键的一步，也为癌症治疗打开了新的方向。 而其中最具代表性的成果，正是源于诺奖发现的免疫肿瘤治疗（IO），如今正让癌症"五年生存"目标逐 渐可及。而在免疫肿瘤治疗的众多研究中，CheckMate系列研究因其影响深远而广为人知：其囊括的数 十项临床研究共同奠定了当下免疫治疗的"地基"；而这一"地基"背后的支柱，则是由诺贝尔生理学或医 学奖得主直接参与开发的全球首个PD-1抑制剂——纳武利尤单抗（O药），以及其背后的开创者——百 时美施贵宝。 2 ...

Summary of Crescent Biopharma Conference Call Company Overview - **Company**: Crescent Biopharma - **Focus**: Building a leading biotech oncology franchise with a dual strategy involving bispecific antibodies and antibody-drug conjugates (ADCs) [2][3] Key Points Business Strategy - Crescent Biopharma aims to develop a **VEGF/PD-1 bispecific antibody (CR-001)** and a portfolio of ADCs [3][4] - The company went public through a **reverse merger**, which has provided broader access to capital and visibility in the market [4][5] - The cash runway is projected to last through **2027**, allowing the company to fund initial phase one data generation [7] Product Development - **CR-001** is expected to enter the clinic in **early Q1 2024**, with data anticipated by **Q4 2026 or Q1 2027** [7][8] - The first ADC is planned to enter the clinic by **mid-2026** [7] - The company is focused on solid tumor indications, aiming to improve patient outcomes [3][7] Competitive Landscape - The bispecific antibody class, particularly CR-001, is positioned to compete with existing PD-1 and VEGF inhibitors, with a focus on indications where these have previously failed [12][24] - Crescent Biopharma is closely monitoring data from competitors, including **IBI-NSCEMAB**, to inform its development strategy [24][25] Clinical Development - The phase one trial for CR-001 will focus on safety, tolerability, pharmacokinetics, and anti-tumor activity [32][33] - The study will be global, including sites in the **U.S. and Europe**, to gather diverse population data [37][39] - Specific tumor types of interest include **thoracic, gastrointestinal, and gynecological cancers** [43][44] Future Directions - The company is considering partnerships but believes it can compete independently due to its dual business strategy [50][51] - ADC development is ongoing, with plans to disclose targets in the future, focusing on known targets rather than novel ones initially [52][56] - Crescent Biopharma aims to differentiate its ADCs through innovative strategies while minimizing risk [57][58] Additional Insights - The management emphasizes the importance of **regulatory discussions** to optimize the development timeline and dosing strategies [34][35] - The company is committed to transparency and maintaining a dialogue with investors as it progresses through clinical trials [4][5] This summary encapsulates the key aspects of Crescent Biopharma's strategy, product development, and competitive positioning as discussed in the conference call.