Financial Data and Key Metrics Changes - R&D expenses for Q2 2025 were $97.5 million, down from $105.1 million in Q2 2024, primarily due to cost savings from restructuring initiatives [34] - SG&A expenses for Q2 2025 were $22.3 million, compared to $30.3 million in Q2 2024, reflecting ongoing cost savings [35] - The net loss for Q2 2025 was CAD 111 million, an improvement from a net loss of CAD 138.4 million in Q2 2024 [35] - Cash, cash equivalents, and investments at the end of Q2 2025 totaled approximately $892 million, providing a cash runway extending into mid-2027 [36][37] Business Line Data and Key Metrics Changes - The ECLIPSE registrational program for hepatitis delta is actively recruiting patients globally, with significant progress in all three studies [5][15] - The oncology portfolio includes advancements in T cell engager programs, with the initiation of the Phase I study for VER-5525 [5][20] Market Data and Key Metrics Changes - The global market for hepatitis delta includes approximately 7 million active HBV RNA positive patients, with 61,000 in the U.S. and 113,000 in the EU [6][7] - The patient population is concentrated in major urban centers in the U.S., allowing for a targeted commercial approach [7] Company Strategy and Development Direction - The company aims to pursue commercialization partnerships in Europe and other key international markets for its hepatitis delta program [9] - The oncology strategy focuses on advancing clinical stage T cell engager programs and exploring their potential in earlier lines of treatment [14][37] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the progress in the hepatitis delta program and the potential for effective intervention due to the high mortality rate associated with untreated disease [7][8] - The company is focused on maximizing the value of its assets while maintaining strict financial discipline [37] Other Important Information - The company received IND clearance to evaluate SER-5525 in earlier lines of prostate cancer treatment, marking an important step in its oncology strategy [12][31] - The Pro X10 platform's clinical validation across multiple targets is expected to enhance the development of preclinical candidates [32] Q&A Session Summary Question: Enrollment update on the ECLIPSE programs - Management confirmed that enrollment in ECLIPSE one is progressing well, with expectations to complete enrollment by the end of the year [44][45] Question: ECLIPSE one and two data for registration - Both ECLIPSE one and two are expected to be needed for the U.S. regulatory filing, but there are scenarios where ECLIPSE one could be filed with Solstice if it completes ahead [63][91] Question: Competitive landscape in chronic hepatitis delta - Management views the competitive landscape positively, noting that Gilead's potential approval could help educate physicians and promote testing for HBV, benefiting the company's launch [73][74]

Group 1 - Nanjing Weilizhibo Biotechnology Co., Ltd. officially listed on the Hong Kong Stock Exchange, becoming the third Nanjing company to go public this year, raising the total number of listed companies in Nanjing to 165 [1][2] - Weilizhibo focuses on the discovery, development, and commercialization of new therapies for tumors, autoimmune diseases, and other major diseases, with a pipeline of 12 products including monoclonal antibodies and antibody-drug conjugates [2][3] - The company has developed proprietary technology platforms such as LeadsBodyTM and X-bodyTM, which optimize the balance between efficacy and safety, aiming to improve patient quality of life [2][3] Group 2 - The company raised $189 million, which will be primarily used for clinical drug development, optimizing technology platforms, and increasing production capacity [3] - Weilizhibo has established a first-mover advantage in the solid tumor treatment market with a differentiated T-cell engager (TCE) product matrix covering hematological tumors, solid tumors, and autoimmune diseases [3] - Following Weilizhibo's listing, Nanjing's capital market is set to expand further with another company, Hansan (Nanjing) Technology Co., Ltd., expected to go public next month, increasing the total to 166 listed companies [4][5]

Group 1: Yimutian Inc. (一亩田) - Yimutian Inc. plans to go public on NASDAQ under the ticker "YMT" with an expected IPO date at the end of July 2023, aiming to raise up to $26 million by issuing 4.522 million American Depositary Shares (ADS) priced between $4.10 and $5.00 each [3][4] - Established in 2011, Yimutian has evolved from an information service platform to a comprehensive digital agriculture enterprise, serving over 56 million users and covering more than 340 cities and 2,800 counties in mainland China, capturing over 65% of the primary and secondary agricultural wholesale market [4] - The company has developed a new offline store model called "沃来采" to meet the needs of emerging buyers, leveraging its extensive buyer channels and market data to provide standardized and efficient agricultural brokerage services [4][5] Group 2: Weili Zhizhi Bio (维立志博) - Weili Zhizhi Bio officially listed on the Hong Kong Stock Exchange under the ticker "9887" on July 25, 2025, raising approximately HKD 1.29 billion by issuing 36,862,500 shares at an offer price of HKD 35.00 each [7][8] - The company attracted nine cornerstone investors, securing a total of USD 69 million (approximately HKD 541.6 million) in subscriptions, with notable contributions from firms like Tencent and various investment funds [8] - As a clinical-stage biotechnology company founded in 2012, Weili Zhizhi focuses on discovering and commercializing new therapies for cancer and autoimmune diseases, boasting a diverse product portfolio of 14 innovative candidates, including four core products that are leading in global clinical progress [9]

Group 1: Industry Overview - Domestic innovative drugs have recently secured significant overseas deals, particularly in the bispecific antibody sector, leading to a substantial rise in the domestic innovative drug market, with the Hong Kong innovative drug ETF (513120) achieving a maximum increase of 73% from the beginning of the year to June 13 [1] - On June 23, Heptares Therapeutics announced a collaboration with Japan's Otsuka Pharmaceutical, granting global development rights (excluding Greater China) for its self-developed BCMA/CD3 bispecific T cell engager HBM7020, with a total transaction value of up to $670 million, resulting in a stock price increase of over 12% for Heptares [1] Group 2: Company Profile - Anmai Biotech, founded in 2015 under the leadership of Dr. Wu Chenbing, focuses on the bispecific antibody field and is headquartered in Shanghai [4] - The company has undergone multiple rounds of financing, with major institutional investors including State Investment Innovation, Decheng Capital, Yuanhe Origin, and others, achieving a valuation of approximately $492 million in April 2022 [5] Group 3: Product Pipeline - Anmai Biotech is advancing a series of innovative T cell engagers, with core products EMB-06 and EMB-07 currently in Phase I clinical trials [20] - EMB-01, a bispecific antibody targeting EGFR/cMET, is among the first to enter Phase II trials for colorectal cancer, with IND approval received in May 2025 and expected to start trials in the second half of 2025 [15][16] - The company has eight self-developed pipelines under research as of June 10, 2025, with six in oncology and two in immunology [11][12][13] Group 4: Financial Performance - In 2023, Anmai Biotech reported a loss of 595 million yuan, primarily due to R&D and management expenses, with no product sales revenue [22] - The company generated revenue of 459 million yuan in 2024, all from external licensing and collaboration agreements, achieving a profit of 47.7 million yuan [22][25] - As of the end of 2024, the company had net liabilities of 2.344 billion yuan, largely due to redeemable preferred shares amounting to 2.747 billion yuan [24]

Group 1 - The core viewpoint of the news is that Heptares Therapeutics has entered into a global strategic collaboration agreement with Otsuka Pharmaceutical Co., Ltd. to advance the development of HBM7020, a bispecific T-cell engager for the treatment of autoimmune diseases [1] - Under the agreement, Otsuka is granted exclusive rights to develop, manufacture, and commercialize HBM7020 globally, excluding Greater China [1] - The company is entitled to receive a total of $47 million in upfront and near-term payments, with potential milestone payments of up to $623 million upon achieving specific development and commercialization milestones, along with tiered royalties on future net sales [1] Group 2 - HBM7020 is a bispecific antibody generated using the company's fully human HBICE® dual antibody technology and Harbour Mice® platform, designed to effectively activate T-cells and kill target cells by cross-linking them with BCMA and CD3 on the cell surface [2] - The antibody enhances cell targeting by binding to dual BCMA binding sites and optimizes CD3 activity to reduce cytokine release syndrome (CRS), showing strong cellular activity applicable to immune and tumor diseases [2] - In August 2023, HBM7020 received approval for an Investigational New Drug (IND) application from the National Medical Products Administration (NMPA) in China to initiate Phase I clinical trials for cancer [2]

Group 1 - The core viewpoint of the news is that Anmai Biotech has submitted its listing application, with CITIC Securities and China Merchants International Capital serving as joint sponsors [1] - Anmai Biotech, established in 2015, is a clinical-stage biotechnology company focused on developing T-cell engagers for treating various cancers and autoimmune diseases [1] - The oncology pipeline includes three clinical-stage candidates: EMB-01 targeting EGFR/cMET for colorectal cancer, EMB-06 targeting BCMA/CD3 for multiple myeloma, and EMB-07 targeting ROR1/CD3 for lymphoma and solid tumors [1] Group 2 - Anmai Biotech's core business model leverages nearly a decade of experience in the field, utilizing proprietary bispecific antibody platforms and CD3 binding domain libraries for the discovery, development, and commercialization of bispecific antibodies and T-cell engagers [2] - As of the end of 2023, Anmai Biotech has established multiple global licensing collaborations with a total transaction value exceeding $2.1 billion, ranking second globally in the T-cell engager field [2] - Financially, Anmai Biotech is projected to generate approximately 459 million RMB in revenue for the fiscal year 2024, with a loss of 595 million RMB in 2023 and a profit of 48 million RMB anticipated for 2024 [2]

Core Viewpoint - Anmai Biotech Co., Ltd. is preparing for an IPO on the Hong Kong Stock Exchange, focusing on developing T-cell engagers for cancer and autoimmune diseases, with significant global partnerships and a strong clinical pipeline [1][2][5]. Group 1: Company Overview - Anmai Biotech was established in 2015 and is a clinical-stage biotechnology company specializing in T-cell engagers for various cancers and autoimmune diseases [2]. - The company has received investments from notable institutions including CITIC Capital, Decheng Capital, and others [6]. Group 2: Clinical Pipeline - Anmai Biotech's oncology pipeline includes three clinical-stage candidates: EMB-01 for colorectal cancer, EMB-06 for multiple myeloma, and EMB-07 for lymphoma and solid tumors [3][4]. - EMB-01 is the world's first EGFR/cMET bispecific antibody to enter Phase II trials for colorectal cancer, with a focus on metastatic colorectal cancer [4]. Group 3: Market Position and Partnerships - As of the end of 2023, Anmai Biotech has established multiple global licensing collaborations with a total transaction value exceeding $2.1 billion, ranking second globally in the T-cell engager field [5]. - The company aims to use the net proceeds from the IPO to fund ongoing and planned clinical trials for its core product EMB-01 and other pipeline assets [7].

Core Insights - Company is a clinical-stage biotechnology firm focused on developing T-cell engagers for cancer and autoimmune diseases, with a pipeline that includes three clinical candidates and several preclinical candidates [3][4] Pipeline Overview - Oncology pipeline includes three clinical-stage candidates: EMB-01 targeting EGFR/cMET for colorectal cancer, EMB-06 targeting BCMA/CD3 for multiple myeloma, and EMB-07 targeting ROR1/CD3 for lymphoma and solid tumors [3] - Immunology pipeline features EMB-06 as a key clinical candidate, along with two preclinical candidates [3] Technology Platforms - Company has developed three proprietary technology platforms: FIT-Ig, MAT-Fab, and T-FIT, aimed at overcoming limitations in traditional bispecific antibody development [4] Strategic Collaborations - Company has established multiple global licensing collaborations with a total transaction value exceeding $2.1 billion, ranking second globally in the T-cell engager field [4] - Collaboration with Almirall for the development of bispecific antibodies using the FIT-Ig platform, with Almirall exercising options on some FIT-Ig molecules [4] - Partnership with Vignette Bio, now acquired by Candid, to advance EMB-06 development outside of China, with a potential total transaction value of $635 million [5] Financial Performance - Company reported revenue of approximately RMB 459 million for the fiscal year 2024, with losses of RMB 595 million and RMB 48 million for the fiscal years 2023 and 2024, respectively [7][8] - Key financial metrics include a gross profit of RMB 456 million and significant R&D expenditures [8]