Core Insights - Goldman Sachs highlights the promising preliminary Phase 1 data for CS2009, a tri-specific antibody targeting PD-1, VEGF, and CTLA-4, presented at the ESMO 2025 conference, indicating good safety and early tumor response signals across various cancer types [1][2] Group 1: Safety and Tolerability - CS2009 demonstrated good tolerability during the Phase 1 dose escalation study involving 72 patients across six dosage levels (1/3/10/20/30/45 mg/kg) [2] - In comparison, the HARMONi-2 trial showed that ivonescimab (PD-1/VEGF dual antibody) had a 29% incidence of grade 3 or higher treatment-related adverse events (TRAE) and 7% for immune-related adverse events (irAE) [2] - Higher dose groups of CS2009 reported fewer adverse reactions, potentially due to shorter observation periods, with the median observation time being 1.9 months [2] Group 2: Competitive Potential in NSCLC - Among 49 patients who underwent at least one tumor assessment, partial responses were observed in seven patients across five cancer types, suggesting CS2009's broad potential [3] - Notably, in 12 IO-treated NSCLC patients without prior anti-angiogenic therapy, CS2009 exhibited a 25% objective response rate (ORR) and an 83% disease control rate (DCR) [3] - The initial ORR signals are viewed positively, although further data is needed to assess CS2009's potential differentiated efficacy due to the small sample size and short follow-up [3] Group 3: Future Development Plans - The management plans to select the recommended Phase 3 dose from 20 mg/kg and 30 mg/kg based on Phase 1 data, aiming to initiate a global Phase 3 trial by the end of 2026 [4] - The ongoing Phase 2 trials in Australia and China have commenced with over 30 clinical centers, and patient enrollment is expected to begin soon [4] - Goldman Sachs has upgraded its earnings forecasts for the company, reflecting an increased view on CS2009's success probability from 30% to 49%, and revised the 12-month target price to HKD 7.05 [4]