Company Overview - Valiant Biotech-B (09887) has successfully listed its shares at a price of HKD 35 per share, issuing a total of 36.8625 million shares, resulting in net proceeds of approximately HKD 1.1793 billion [1] - The stock has seen a significant increase of 106.86%, trading at HKD 72.4 with a transaction volume of HKD 1.025 billion at the time of reporting [1] Product Pipeline - Valiant Biotech focuses on discovering, developing, and commercializing new therapies for cancer, autoimmune diseases, and other serious conditions [1] - The company has one core product, LBL-024, which is currently being evaluated for its potential efficacy in treating advanced pulmonary neuroendocrine carcinoma, small cell lung cancer, cholangiocarcinoma, non-small cell lung cancer, and other solid tumors [1] - LBL-024 is a bispecific antibody targeting PD-L1 and 4-1BB, and it is the first and only targeted 4-1BB immunotherapy for pulmonary neuroendocrine carcinoma to enter the registration clinical trial phase globally [1] Clinical Development - LBL-024 entered a single-arm registration clinical trial for advanced pulmonary neuroendocrine carcinoma in July 2024, marking it as the first 4-1BB targeted candidate drug to reach this stage [2] - As of July 11, 2025, there are no approved drugs specifically for the treatment of advanced pulmonary neuroendocrine carcinoma globally, aside from chemotherapy, highlighting a significant treatment gap that LBL-024 aims to address [2] Market Potential - According to Frost & Sullivan, the global market for 4-1BB antibody drugs is projected to reach USD 2.9 billion by 2030, with a compound annual growth rate (CAGR) of 284.9% from 2026 to 2030 [2]