Bottom line: We hosted Kelun Biotech's management at our Asia Leaders Conference on Sept 4. Management primarily shared: 1) strong ramp-up for sac-TMT in 2Q, and 2) key data updates to be presented at the upcoming ESMO 2025, while we await more visibility on POC data readouts from the emerging ADC pipeline. Ziyi Chen +852-2978-0526 | ziyi.chen@gs.com Goldman Sachs (Asia) L.L.C. 5 September 2025 | 9:18AM HKT Kelun Biotech (6990.HK): Asia Leaders Conference 2025 — Strong ramp-up for sac-TMT in 2Q; Three LBAs ...

Summary of MacroGenics Conference Call Company Overview - **Company**: MacroGenics - **Industry**: Precision Medicines, specifically in oncology and immunotherapy Key Points and Arguments 1. **R&D Focus**: MacroGenics has a strong history of drug discovery and development, currently having four assets in the clinic, all homegrown, leveraging both internal platform technology and licensed drug linker chemistry for their ADC portfolio [3][49] 2. **Lead Asset**: The lead asset is Lorigirilimab, a bispecific molecule targeting PD-1 and CTLA-4, with a randomized phase two study fully enrolled, expecting data later this year [4][50] 3. **ADC Programs**: Two ADC programs utilizing a Topo-1 based drug linker are in phase one dose escalation, with promising prospects anticipated [5][50] 4. **T Cell Engager**: A bispecific molecule targeting CD3 and CD123 is part of an option-based deal with Gilead, also in phase one dose escalation [5][51] 5. **Future Innovations**: Additional molecules are being advanced in research labs, with one ADC program, MGC030, expected to enter the clinic next year [6][52] Bispecific Molecule Insights 1. **Lorigirilimab's Efficacy**: Initial monotherapy data showed a 26% confirmed overall response rate (ORR) in a late-line castrate-resistant prostate cancer population, with significant PSA reductions [11][12] 2. **Durability of Response**: Patients exhibited long durable responses, with some remaining on study for over two years, which is notable compared to previous treatments [12] 3. **Lorikeet Study**: A randomized phase two study combining Lorigirilimab with docetaxel is ongoing, aiming to demonstrate improved progression-free survival (PFS) compared to docetaxel monotherapy [13][18] Ovarian Cancer Study 1. **Lynette Study**: Focuses on ovarian and gynecological cancers, aiming to show meaningful activity and durability in a historically less responsive indication [19][20] 2. **Response Rates**: Traditional PD-1 monotherapy has shown single-digit response rates, while combinations with CTLA-4 have improved this to 25-30% [19][20] B7-H3 Targeting 1. **MGC026 Development**: A next-generation ADC targeting B7-H3 is being developed, leveraging a proprietary platform that enhances potency and reduces toxicity [25][26] 2. **Broad Application**: B7-H3 has a wide expression across various solid tumors, with ongoing studies in small cell lung cancer and other indications [29][30] Financial and Operational Insights 1. **Cash Position**: As of year-end 2024, MacroGenics had $200 million in cash, with a runway extending into the second half of 2026 [34] 2. **Non-Dilutive Capital**: The company has successfully raised approximately $475 million in non-dilutive capital over the past three years, avoiding formal market offerings since February 2019 [35][37] 3. **Gilead Collaboration**: The partnership with Gilead includes an exclusive option for the CD123 CD3 DART molecule, with ongoing phase one trials focusing on hematologic malignancies [38][39] Leadership Transition 1. **CEO Search**: A nationwide search for a new CEO is underway, with Scott Koenig continuing to support the company during the transition [45]