近日，江苏省抗癌协会肿瘤免疫与生物治疗专业委员会成立大会暨2025年学术会议在南京召开。来自全 省肿瘤治疗领域的专家学者汇聚一堂，共同探讨免疫与生物治疗的最新进展。会上，江苏省肿瘤医院 （南京医科大学附属肿瘤医院）主任医师朱军当选为主任委员。专家指出，免疫治疗已从曾经的"天价 药"，逐步发展成为医保覆盖、贯穿治疗全程的普惠性手段，正在改变着中国癌症治疗的格局。 免疫治疗十年巨变：从"天价"到普惠，从"晚期"到全周期 免疫治疗经历了从"天价"到普惠的根本性转变。过去一支免疫检查点抑制药物的价格很高，可能让贫困 的家庭陷入经济困境，如今随着国产药物上市和医保政策覆盖，治疗费用已大幅降低，真正实现了 从'可望'到'可及'。 与此同时，其应用范围也显著扩大。"以往许多人认为免疫治疗仅适用于晚期患者，实际上它已覆盖多 个瘤种治疗的各个阶段。"朱军以食管癌为例，从潜在可切除患者的新辅助治疗、局部晚期患者的同步 放化疗，到术后巩固治疗及晚期患者的全身一线二线治疗，免疫治疗正在重塑食管癌的整体治疗策略。 免疫治疗 ≠ "增强免疫力" 朱军主任首先澄清了一个常见误区："很多人将免疫治疗与'增强免疫力'或'免疫增强剂'混淆，这其 ...

01 融资综述 加冕研究院据张通社Link数据库统计，1月12日–1月18日，上海企业共发生24起融资事件，其中有15起披露了融资金额，披露比例占62.5%，合计金额 28.485亿元。本周融资事件数与上周相同。 从行政区域分布来看，本周上海共有11个区发生融资事件。浦东新区融资事件数量最多，有7起，其次是闵行区和松江区，各发生3起。其余各区发生1-2 起融资事件。其中嘉定区发生1起10亿元大额融资。 Futuring未来不远机器人完成2亿元天使轮融资 1月12日，Futuring未来不远机器人（双臂家庭服务机器人）完成2亿元天使轮融资，本轮融资由真格基金、源来资本、联新资本共同投资。本轮融资将主 要用于家庭通用机器人产品迭代、核心算法与系统能力提升，以及更大规模的真实家庭场景部署。 02 融资事件 人工智能 商汤医疗完成近亿元战略融资 1月12日，商汤医疗（智慧诊疗）完成近亿元战略融资，本轮融资由河南汇融基金独家投资。 物自体科技完成数千万元Pre-A轮融资 1月15日，物自体科技（机器人租赁平台）完成数千万元Pre-A轮融资，本轮融资由狮城资本、百度战投以及老股东靖亚资本共同投资。本轮融资将主要用 于AI ...

Core Insights - The emergence of tumor immunotherapy, particularly PD-1/PD-L1 antibodies, has transformed cancer treatment, but over 60% of patients with non-small cell lung cancer do not respond to existing therapies, highlighting the challenge of "cold tumors" that evade immune detection [1][2] - A new study published in Nature by teams from Peking University and Shenzhen Bay Laboratory introduces a novel approach to reactivate "cold tumors" through a mechanism called "checkpoint degradation-coupled antigen presentation" [1][2] Group 1: Research Findings - The research team developed a dual-function chimeric molecule called iVAC that simultaneously achieves "immune checkpoint degradation" and "high-quality antigen delivery," effectively reprogramming cancer cells to present antigens [4][6] - iVAC molecules can activate antigen-specific CD8+ T cells, showing efficacy comparable to bone marrow-derived dendritic cells (BMDCs) in stimulating immune responses [7] - The study identified cytomegalovirus (CMV) antigens as a target for iVAC, leveraging the presence of dormant memory T cells in the human body that can be awakened to attack tumors [8][10] Group 2: Technological Innovations - The meTPD technology enables targeted degradation of membrane proteins, allowing cancer cells to present high-quality antigens, thus transforming them into effective vaccine carriers [3][6] - iVAC's design integrates three components: a covalent PD-L1 nanobody, a degradation moiety, and an immune peptide segment, facilitating a Trojan horse strategy to convert immune-suppressive cancer cells into immune system messengers [6][10] - The research indicates that iVAC can effectively activate memory T cells in various cancer patients, demonstrating significant potential for broader applications in cancer immunotherapy [8][10]

Core Viewpoint - Zhejiang Shimai Pharmaceutical Co., Ltd. has submitted an IPO application to the Hong Kong Stock Exchange, aiming to capitalize on the growing T cell engager (TCE) therapy market, which is experiencing rapid development and increasing interest from major international pharmaceutical companies [1][6]. Company Overview - Founded in 2017, Shimai Pharmaceutical is a pioneer in next-generation TCE therapies, focusing on utilizing the human immune system to combat cancer [1]. - The company has developed a next-generation TCE therapy that can be selectively activated in tumors for the treatment of solid tumors [1]. Financial Performance - Shimai Pharmaceutical is currently in the clinical research phase with no commercialized products. The company reported revenues of 14.649 million, 6.618 million, and 2.278 million RMB for 2023, 2024, and the first half of 2025, respectively [2]. - The company has incurred losses of 74.943 million, 59.899 million, and 25.42 million RMB over the same periods, showing a trend of narrowing losses [2]. - Research and development expenses were 76.109 million, 53.382 million, and 22.389 million RMB for the same periods, with employee costs being a significant component [2]. Product Pipeline - Shimai Pharmaceutical has four innovative drug candidates in clinical stages and two additional candidates in preclinical stages targeting solid tumors [2][5]. - The lead candidate, DNV3, targets LAG3 and has shown promising clinical data, including a 44.4% objective response rate in melanoma patients previously treated with PD-(L)1 inhibitors [3][4]. - SMET12, another candidate, is a potential first-in-class intravenous TCE for EGFR-positive advanced solid tumors and is currently in Phase IIa clinical trials [5]. Market Potential - The global TCE market is projected to grow from $400 million in 2020 to $3 billion by 2024, with a compound annual growth rate of 67.6%, and could reach $47.5 billion by 2030 and over $120 billion by 2035 [9][11]. - The TCE therapy offers advantages over CAR-T therapies and antibody-drug conjugates (ADCs), making it a promising direction for next-generation cancer immunotherapy [6][9]. Competitive Landscape - The TCE field is witnessing significant interest, with over $8.5 billion in transactions in 2024 alone, as major pharmaceutical companies enter the market [8]. - Currently, only two TCE drugs for solid tumors have been globally approved, indicating a substantial market opportunity for companies like Shimai Pharmaceutical that focus on this area [11][13]. Strategic Positioning - Shimai Pharmaceutical's focus on solid tumor TCE therapies positions it well in a market with limited competition, as most domestic players are still concentrated on hematological malignancies [13][14]. - The company’s innovative drug candidates are developed through specialized platforms, creating a competitive barrier in the TCE space [5].

Core Insights - The article discusses the third attempt of Kewang Pharmaceuticals to list on the Hong Kong Stock Exchange, highlighting its financial struggles and the pressure to go public to avoid bankruptcy [1][11]. Financial Situation - Kewang Pharmaceuticals has accumulated losses exceeding 2 billion yuan (approximately 20.67 billion yuan) over the years, with significant losses reported from 2022 to 2024 [3][8]. - As of the end of 2024, the company had a net debt of 2.738 billion yuan, with a cash reserve of only 32.82 million yuan, down 88% from the previous year [2][3]. - The company’s cash and cash equivalents were reported at 93.93 million yuan as of September 30, 2025, with a net cash outflow of 97.2 million yuan during that period [8]. R&D and Pipeline - Kewang Pharmaceuticals has a pipeline of seven major assets, with four in clinical stages, including its core product ES102, a six-valent OX40 agonist antibody [1][4]. - The clinical data for ES102 has raised concerns, showing a low objective response rate (ORR) of 11.1%, which is below the average for other cancer treatments [9][10]. - The company has not yet validated its proprietary research capabilities, as its two fastest-moving core pipelines are licensed from other companies [10]. Market and Valuation - The market's valuation logic for innovative drug companies has shifted from the quantity of pipelines to the quality, emphasizing the need for clear differentiation in research capabilities and clinical data [2][4]. - Kewang Pharmaceuticals' valuation has seen significant fluctuations, with a market-to-research ratio of approximately 37 times based on 2024 R&D costs, which is notably higher than the industry average [5][10]. - The company’s previous attempts to go public in the U.S. and Hong Kong faced challenges, and the current listing attempt is seen as a critical moment for its survival [11][12].