ck Code : 1093) 2025 Interim Results Presentation Aug. 2025 ININI China's Leading Innovative Pharmaceutical Enterprise R&D Capabilities 00 5 capacity of 250,000L R&D centers located in R&D platforms China & the U.S. 201010 + - 2401 Innovative drugs and R&D professionals new formulations Manufacturing Capabilities Commercialization Capabilities 2 10+ Production bases for pharmaceutical products Nano formulation production capacity of 20M doses/year; Biologics fermentation Chemical drugs production capacity o ...

Core Viewpoint - Rongchang Biopharmaceuticals has signed a licensing agreement with Santen Pharmaceutical's subsidiary, which is expected to generate over 1.2 billion yuan in milestone payments and sales revenue sharing, alleviating the company's financial losses [2][3][4]. Financial Impact - The agreement includes a non-refundable upfront payment of 250 million yuan, potential milestone payments of up to 520 million yuan for development and regulatory achievements, and up to 525 million yuan for sales milestones [3]. - Rongchang Biopharmaceuticals has reported cumulative net losses of approximately 3.95 billion yuan from 2022 to 2024, but showed a revenue increase of 59.17% year-on-year in Q1 2025, reaching 526 million yuan [5]. Product Development - The RC28-E injection is a dual-target fusion protein drug developed by Rongchang Biopharmaceuticals for treating ocular neovascular diseases, with promising results in clinical trials for diabetic macular edema [3][4]. - The company has initiated Phase III clinical trials for RC28-E targeting wet age-related macular degeneration and diabetic macular edema in 2023 [3]. Company Background - Rongchang Biopharmaceuticals focuses on innovative biopharmaceuticals, particularly in antibody-drug conjugates and therapeutic antibodies, with key products including Tai'aisip and Vidisizumab [4]. - The company went public in Hong Kong in 2020 and achieved profitability only in 2021, with a revenue of 1.426 billion yuan and a net profit of 276 million yuan [4]. Challenges and Costs - Sales and management expenses have been rising, with total sales expenses reaching 2.441 billion yuan from 2022 to 2024, contributing to cash flow pressure [6]. - The company faces significant challenges in drug approval processes, market competition, and commercialization capabilities, which could impact future revenue growth [5][6].

Financial Data and Key Metrics Changes - The company reported a revenue of RMB 950 million for the first half of 2025, with over RMB 300 million coming from commercialized drugs, marking a significant achievement in its first year of commercialization [52][53] - Gross profit was RMB 660 million, comparable to the previous year, while the net loss for the first half was RMB 145 million, with an adjusted loss of RMB 69 million after one-off budget adjustments [54][55] - Cash and financial assets totaled RMB 4.5 billion, indicating a healthy financial status to support upcoming R&D and innovation [58] Business Line Data and Key Metrics Changes - The company has three main products ready for the market, with significant progress in approvals and commercialization efforts [15][32] - The commercialization team has expanded to nearly 400 personnel to support the increasing number of products ready for market [14] Market Data and Key Metrics Changes - The company has successfully covered over 30 provinces, 300 cities, and 1,000 hospitals across China, with partnerships established with over 400 pharmacies [32][34] - The company is actively working towards gaining medical insurance coverage for its products, which is expected to enhance market access and sales [36][81] Company Strategy and Development Direction - The company aims to advance differentiated pipelines targeting significant medical needs, optimizing payload linker strategies, and exploring applications in non-oncology areas [30] - The focus is on expanding global partnerships and strengthening strategic collaborations to maximize the value of its pipelines [30] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future income from sales revenue, anticipating continued cash flow generation from commercialized drugs [53] - The company is preparing for the implementation of new medical insurance policies, which are expected to impact product sales positively [100] Other Important Information - The company completed a follow-on financing of USD 250 million and is included in major global equity indexes, enhancing its market presence [29] - The company has initiated several pivotal trials globally, including for various cancer indications, which are expected to drive future growth [25][26] Q&A Session Summary Question: What is the breakdown of sales revenue for breast cancer and lung cancer? - Lung cancer is the biggest contributor to sales revenue, consistent with patient numbers and indications [64] Question: What is the focus for R&D going into the next stage? - The focus is on developing differentiated products targeting clinical demands, with an emphasis on bispecific targets and new payload strategies [70][72] Question: Can you provide guidelines on the sales trend for Q3? - The company expects quarter-over-quarter growth, with significant sales anticipated from lung cancer indications [76] Question: What is the strategy for going into the medical insurance catalog? - The strategy prioritizes entering the medical insurance catalog to enhance market access and sales volume [100] Question: Can you address the IP disputes mentioned? - The company has initiated a lawsuit against several founders related to IP disputes, which is currently under review by the Sichuan Provincial High Court [103]

Group 1 - Ruikang Pharmaceutical's executive Li Zhe has had his detention changed to a notice of investigation, indicating a shift in the investigation phase [1] - The change from detention to a notice of investigation suggests a reduced level of coercion, highlighting the importance of internal control and compliance systems in listed companies [1] Group 2 - Zhixiang Jintai has initiated a Phase III clinical trial for GR1802 injection for allergic rhinitis, following communication with the National Medical Products Administration [2] - GR1802 is slightly behind in clinical progress compared to two other approved drugs targeting the same indication, but successful commercialization could lead to competition with Dupilumab [2] Group 3 - Rongchang Biopharmaceutical's innovative drug RC18 (Taitaxip) for primary Sjögren's syndrome has met its primary endpoint in Phase III clinical trials, marking a potential first in the global market for this indication [3] - If approved, this drug could provide a breakthrough treatment for millions of patients in China and strengthen Rongchang's position in the autoimmune field [3] Group 4 - Hengrui Medicine's SHR-A2102, a targeted antibody-drug conjugate (ADC) for Nectin-4, has received approval for clinical trials in combination with Atezolizumab for recurrent/metastatic head and neck squamous cell carcinoma [4] - There is currently only one similar product on the market, Padcev, which is projected to generate $1.949 billion in sales in 2024, indicating significant market potential for this target [4] Group 5 - BeiGene has launched the first domestic Phase III clinical trial for subcutaneous Tislelizumab, a PD-1 inhibitor, for use in combination with chemotherapy for locally advanced unresectable or metastatic gastric or gastroesophageal junction adenocarcinoma [5] - The subcutaneous formulation is becoming a competitive area for PD-1/PD-L1 inhibitors, with three other subcutaneous PD-1/L1 products already approved globally [5]

Financial Data and Key Metrics Changes - The company ended the second quarter of 2025 with $77 million in cash and cash equivalents, with a net cash used in operating activities of $22.6 million, which included $2.4 million in severance payments [14] - Collaboration revenue for 2025 was $3.1 million, an increase from $2.3 million in the same period in 2024, primarily due to increased revenue from collaborations with J&J and Merck KGAA [15] - Research and development expenses for 2025 were $16.2 million, down from $17.2 million in 2024, attributed to lower headcount and related compensation costs [16] - General and administrative expenses decreased to $7.4 million from $10.5 million in 2024, mainly due to lower headcount and reduced consulting fees [17] - The net loss for the second quarter of both 2025 and 2024 was $24.3 million [18] Business Line Data and Key Metrics Changes - The company reported strong enrollment progress in the EMILY phase one trial, particularly in expansion cohorts targeting triple negative breast cancer (TNBC) [4][10] - Among evaluable patients with high B7-H4 tumor expression, the confirmed objective response rate (ORR) was 31% [5] - In patients with adenoid cystic carcinoma type one (ACC1), the ORR was 56% [6] Market Data and Key Metrics Changes - The market for topo one ADCs in TNBC is expected to grow significantly, with Trodelvy projected to generate about $1 billion in global revenues in 2025 [11] - The company believes the post-topo one TNBC opportunity is sizable and could expand as more agents move into earlier lines of therapy [11] Company Strategy and Development Direction - The company is focusing on addressing unmet needs in TNBC, particularly for patients previously treated with topo one ADCs [6][12] - The company is exploring the potential of EMILY as a second-line therapy for patients who have received prior topo one ADCs [12] - The company is also developing XMT-2056, an Immunosynthen ADC targeting HER2, with GSK holding an exclusive global license option [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ongoing clinical trials and the potential for EMILY to meet significant unmet needs in the TNBC market [10][12] - The management highlighted the importance of the evolving treatment landscape and the potential for EMILY to address the needs of topo-experienced patients if approved [11] Other Important Information - The company incurred $3.9 million in restructuring charges primarily related to severance and benefit payments [17] - The company expects its capital resources to support its operating plan commitments into mid-2026 [14] Q&A Session Summary Question: Expectations for upcoming data in the second half - Management indicated that the data will be based on over 45 enrolled patients, with both dose A and B included, but cautioned about committing to an exact number due to treatment and scan requirements [21][22] Question: Good benchmark for efficacy - Management stated that a response rate in the 20s and a median PFS of 16 weeks would be a good benchmark, considering the standard of care has a 5% response rate and 6-7 weeks PFS [23] Question: Implementation of proteinuria mitigation strategies - Management confirmed that Amendment five was implemented to minimize proteinuria development, allowing patients to continue treatment despite isolated albuminuria [28] Question: Enrollment progress and potential next steps - Management reported that enrollment is going well, with no need for additional sites for the expansion, and they are focused on TNBC for the pivotal study [50][67] Question: Milestone payment details - The $15 million milestone payment is development-based, but further details remain confidential [58]

2Q 2025 Results Conference Call and Webcast August 7, 2025 Nasdaq: ZYME | zymeworks.com Legal Disclaimer This presentation and the accompanying oral commentary include "forward-looking statements" or information within the meaning of the applicable securities legislation, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements in this presentation and the accompanying oral commentary include, but are not ...

Core Viewpoint - Esophageal squamous cell carcinoma (ESCC) is a significant cause of cancer-related mortality, with current treatments showing limited long-term survival rates, necessitating the development of new therapeutic strategies [2][3]. Group 1: Current Treatment Landscape - Immune checkpoint inhibitors combined with platinum-based chemotherapy are standard treatments for advanced ESCC, but only 10%-20% of patients achieve long-term survival due to drug resistance [2]. - Second-line treatment with Irinotecan has limited efficacy, with an objective response rate (ORR) not exceeding 10% [2]. Group 2: New Treatment Development - A bispecific antibody-drug conjugate (ADC) targeting EGFR and HER3, named BL-B01D1, has been developed by Sichuan BaiLi TianHeng Pharmaceutical Co., Ltd., marking the first clinical trial of this type of drug globally [7]. - The drug is designed to connect a bispecific antibody with a topoisomerase I inhibitor via a cleavable linker [7]. Group 3: Clinical Trial Results - The phase 1b trial of BL-B01D1 involved 82 previously treated ESCC patients, showing an overall confirmed objective response rate (cORR) of 29.3% and a disease control rate of 79.2% at a dose of 2.5 mg/kg [10]. - The trial established a recommended dose for phase 2 trials at 2.5 mg/kg, administered every three weeks, with a 63.3% incidence of grade 3 treatment-related adverse events [12]. Group 4: Collaboration and Future Directions - The collaboration with Bristol-Myers Squibb (BMS) is notable, with a total deal value of up to $8.4 billion, including an $800 million upfront payment, setting a record for domestic innovative drugs [9]. - The research team has initiated phase 3 clinical trials based on the promising results of BL-B01D1 [13].

Core Viewpoint - Gastrointestinal (GI) cancers, including liver, stomach, pancreatic, neuroendocrine tumors, and colorectal cancer, are major causes of cancer-related deaths globally, accounting for approximately 24.6% of all cancer diagnoses and 34.2% of cancer deaths [2] Group 1: Cancer Statistics and Challenges - Colorectal cancer (CRC) ranks third in incidence and second in mortality among all cancers globally, while pancreatic cancer, despite its lower incidence, has the highest mortality rate [2] - Effective screening strategies are primarily limited to CRC, stomach, and esophageal cancers, leading to late-stage diagnoses in many cases, often with no possibility of cure [2] - Nearly 50% of patients diagnosed at an early stage may experience disease recurrence, resulting in poor overall prognosis [2] Group 2: Treatment Challenges and Innovations - Surgical interventions and postoperative chemotherapy have reduced mortality rates, but adverse reactions and drug resistance remain significant challenges [2] - Immunotherapy has emerged as a promising treatment method, yet its efficacy is currently limited to a small subset of patients, highlighting the urgent need for better therapeutic targets and new treatments in GI cancers [2] Group 3: Research on 7MW4911 - A recent study published in Cell Reports Medicine demonstrated that the CDH17-targeted antibody-drug conjugate (ADC) 7MW4911, conjugated with the DNA topoisomerase inhibitor MF-6, showed promising therapeutic effects against multidrug-resistant GI tumors in mouse models [3][6] - CDH17 is highly expressed in GI cancers, with nearly 100% expression in colorectal cancer clinical samples and 23%-88% in other GI cancers, correlating with tumor progression and poor clinical outcomes [5] - Preclinical evaluations indicated that 7MW4911 exhibited strong tumor-killing activity and significant tumor growth inhibition in various GI cancer models, along with favorable pharmacokinetics and safety profiles in non-human primate studies [7][8][10]

Core Insights - DualityBio has a strong pipeline of antibody-drug conjugate (ADC) candidates, showcasing its innovation capabilities in the ADC space [1][2] - The company has established multiple strategic partnerships with global biopharmaceutical firms, enhancing its development efforts and validating its platform [3] - Revenue projections indicate significant growth, with expectations of reaching RMB2.0 billion by FY25E, primarily from licensing and collaborations [4] Group 1: ADC Product Pipeline - DB-1303/BNT323 (HER2 ADC) is expected to file for FDA accelerated approval by 2025 for HER2-expressing endometrial cancer [1] - DB-1311/BNT324 (B7-H3 ADC) shows promising early results with a 70.4% response rate in 3L+ SCLC patients [1][2] - DB-1310 (HER3 ADC) has demonstrated a median progression-free survival (mPFS) of 8.3 months in heavily pre-treated 4L+ EGFR-TKI resistant NSCLC [2] Group 2: Strategic Partnerships - DualityBio has formed partnerships with major companies like BioNTech, BeiGene, and GSK, resulting in a total deal value exceeding US$6.0 billion [3] - The partnerships focus on various ADC programs, including B7-H3, HER2, and TROP2 ADCs, which enhances the company's market position [3] - The replicable partnership model is seen as a sustainable path for future innovation and growth in the ADC sector [3] Group 3: Financial Projections - Total revenue is projected to reach RMB2.0 billion in FY25E, with expectations of product sales revenue starting in 2027E [4] - The target price for DualityBio is set at HK$270.34 based on a discounted cash flow (DCF) valuation [4]

Core Viewpoint - The article discusses the preliminary results of clinical trials for DB-1310 and DB-1311 by the Chinese ADC company, InnoCare Pharma, presented at the 2025 ASCO annual meeting, highlighting the potential of these drugs in treating advanced solid tumors and castration-resistant prostate cancer. Group 1: Clinical Trial Results - DB-1310, an HER3 ADC drug, is currently in Phase I/IIa clinical trials, focusing on safety, tolerability, pharmacokinetics, and preliminary anti-tumor activity in patients with advanced/metastatic solid tumors [2] - Among 123 evaluable patients, the preliminary objective response rate (ORR) was 31%, with a disease control rate (DCR) of 84%, indicating that nearly one-third of patients showed tumor shrinkage upon first evaluation [2] - In the subgroup of patients with EGFR mutation non-small cell lung cancer (NSCLC), the ORR reached 44%, and the DCR was 91%, with a median progression-free survival of 7 months and a median overall survival of 18.9 months [3] Group 2: Competitive Landscape - In the ADC field, Chinese companies are leading, with 11 HER3 ADC drugs in clinical stages globally, 8 of which are from domestic firms, including InnoCare Pharma [4] - The Japanese company Daiichi Sankyo reported Phase III trial results for its HER3 ADC, Patritumab deruxtecan, showing a median progression-free survival of 5.8 months and an ORR of 35.2% [4] - The withdrawal of the BLA for Patritumab deruxtecan by Merck and Daiichi Sankyo may impact the competitive landscape for similar drugs being developed by InnoCare Pharma [5][6] Group 3: Future Directions - The company is optimistic about the therapeutic potential of HER3 as a target across various cancers, including breast cancer, melanoma, ovarian cancer, and pancreatic cancer, which are associated with poor prognosis and resistance to existing therapies [6] - DB-1310's molecular design differs significantly from that of Daiichi Sankyo's drug, allowing it to block HER2 and HER3 dimerization and inhibit NRG binding to HER3, suggesting a unique mechanism of action [6] - The company plans to release more data on DB-1310's efficacy in EGFR wild-type lung cancer and breast cancer in the future [6]