Core Insights - The company Kewang Pharmaceutical will present the results of its Phase I clinical trial for the globally first CD39/TGF-β bispecific antibody ES014 at the 2025 ESMO Asia conference, highlighting its potential in treating advanced solid tumors [1] - Kewang Pharmaceutical has updated its prospectus for an IPO, with CITIC Securities as the sole sponsor, indicating steady progress in its capital raising efforts [1] - The company has developed a robust pipeline with innovative technologies, including the MCE platform, and has raised over $250 million from prominent investors [2][8] Company Overview - Kewang Pharmaceutical, founded in 2017 and headquartered in Shanghai and Suzhou, focuses on oncology and autoimmune diseases, establishing a differentiated and innovative R&D pipeline [2] - The company has four key products in clinical stages, including one in Phase III and two in Phase II, with several innovative projects in preclinical stages [2] - Following its Series C financing, Kewang's valuation is nearly $600 million [2] Clinical Development - ES014 is the first CD39/TGF-β bispecific antibody to enter clinical trials, showing promising safety and efficacy in treating various solid tumors, including non-small cell lung cancer and gastrointestinal stromal tumors [4] - ES102, a leading six-valent OX40 agonist, is in clinical development and has demonstrated good safety and anti-tumor activity, particularly in patients resistant to PD-1 inhibitors [5] - ES104 is the only VEGF/DLL4 bispecific antibody in clinical development in China, showing significant improvement in objective response rates for bile duct cancer compared to standard treatments [6] Innovative Platforms - The MCE platform is positioned to address challenges in solid tumor treatment and has potential applications in autoimmune diseases [3] - The BiME® platform targets tumor-associated macrophages and tumor-associated antigens, showing superior anti-tumor activity and safety compared to traditional therapies [3] - Kewang's multi-target approach in autoimmune diseases aims to precisely modulate immune responses, with ongoing development of several candidates [7] Strategic Collaborations - Kewang Pharmaceutical has entered a global strategic collaboration with Astellas, valued at over $1.7 billion, to advance its BiME® platform candidates [7] - The company leverages its unique asset-light biotech model, supported by a team with extensive experience in the biopharmaceutical industry [8]