近期，科望医药第三次向港交所递交了上市申请。 这家成立于PD-1(免疫抑制分子)研发热潮中的公司，从创立之初便讲述了一个关于"解决PD-1无效难 题"的前沿故事：它避开了拥挤的T细胞(通常指T淋巴细胞，是一类免疫系统中的白细胞,是机体免疫应 答功能的重要组成部分)赛道，转而押注于巨噬细胞衔接器平台和OX40(肿瘤坏死因子受体TNFR家族的 成员)等新兴靶点，并成功吸引了安斯泰来等巨头企业的合作。 不过，科望医药光鲜技术叙事的另一面是：公司两款核心肿瘤产品均依赖外部引进，背负着未来可能高 达数亿美元的里程碑付款；在尚无产品上市的情况下，其累计亏损已超18亿元，截至递表前，其账上现 金余额不足亿元。 《每日经济新闻》记者注意到，就在此次递表前，科望医药创始人之一的职位出现大变动，今后仅对公 司相关事务进行建议和协助，这也令公司此次IPO(首次公开募股)增加了更多变数。 平台合作：期内唯一收入 科望医药成立于2017年。彼时，各大药企对PD-1/PD-L1抑制剂的研发热情高涨。科望医药从创立之初 就瞄准了一个行业关键难题：如何解决那些对现有PD-1/PD-L1疗法无效或耐药的患者需求。 这一战略定位源于其两位创始人 ...

随着ES014等核心管线在临床显现出初步获益，并且已构建全球稀缺的髓系细胞衔接器MCE平台，作为 深耕免疫学、聚焦塬研创新的科望医药，其价值兑现的确定性将越来越高，在国际市场的对外授权与合 作潜力将逐步显性化。从创新药行业长期价值的角度，创新管线临床价值一旦被国际认可，现金流的可 持续性有望从"融资驱动"迁移至"交易与合作驱动"。 ES014是科望医药自主研发的全球首创、也是全球首个进入临床阶段的CD39/TGFβ双特异性抗体，在多 个具有高度未满足临床需求的肿瘤类型中呈现出初步且具有临床意义的抗肿瘤活性。研究结果显示， ES014在硬纤维瘤(DT)治疗中ORR达40%，DCR达100%，提供了极具潜力的创新治疗方向；非小细胞肺 癌(NSCLC)中，ES014在CD39高表达的患者展现初步疗效，为患者精准用药策略奠定基础；此外值得关 注的是，ES014或为临床治疗选择极为有限的野生型GIST患者带来全新的治疗选择。 智通财经APP获悉，2025年12月5日，科望医药于欧洲肿瘤内科学会亚洲年会(ESMO Asia)通过口头报告 公布其自主研发的双特异性抗体ES014的Ⅰ期临床试验结果。 ...

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]

Core Insights - Innovative immune therapies, particularly immune cell engagers, are gaining significant attention in the international industry, with major multinational corporations (MNCs) like Pfizer, AstraZeneca, and Novartis accelerating their involvement [1][5] - The T-cell engagers (TCE) technology has seen rapid development, especially in hematological malignancies, with 13 business development (BD) transactions in 2025 totaling over $3.1 billion [1][3] - However, TCE technology faces limitations in solid tumors, prompting MNCs to shift focus towards myeloid cell engagers (MCE) technology, which shows promise in treating both solid tumors and autoimmune diseases [1][3] Company Overview - Kewang Pharmaceuticals is recognized as an early proponent of the MCE concept, holding $1.7 billion in significant BD deals and advanced MCE technology, which underscores its unique value [2] - The company has secured over $250 million in investments from leading institutions, including Eli Lilly Asia Fund and Tencent Investment, indicating strong market confidence in its future potential [2] Recent Developments - In late 2023, Kewang Pharmaceuticals entered into a BD deal exceeding $1.7 billion with AstraZeneca, focusing on the PD-L1/SIRPα dual antibody candidates from its proprietary BiME® platform, attracting global industry attention [3][4] - This collaboration highlights the innovative potential of the BiME® technology and reinforces the global competitiveness of the MCE platform as a next-generation immunotherapy [4] Market Potential - The MCE technology is positioned to address the challenges in treating solid tumors and autoimmune diseases, with Kewang's BiME® platform expected to achieve deeper and more durable B-cell depletion, leading to longer remission periods and lower relapse rates [4][6] - The autoimmune disease market is projected to grow to $176.7 billion by 2030, with Kewang's focus on multi-target inhibition of key pro-inflammatory cytokines and immune cell regulation [6][7] Pipeline and Innovations - Kewang Pharmaceuticals is advancing its pipeline with several candidates, including ES302 and ES304, targeting inflammatory bowel disease (IBD) and other autoimmune conditions, which are expected to improve patient compliance and treatment outcomes [7] - The company also holds a globally pioneering CD39/TGFβ dual antibody, ES014, which shows potential in treating various solid tumors and is set to present promising clinical trial results at the 2025 ESMO Asia conference [8] Industry Trends - The global focus on immune cell engagers is intensifying, with MCE technology gaining recognition among industry players, suggesting a growing value realization for Kewang Pharmaceuticals in this domain [8]

Core Insights - The article discusses the updated prospectus of Kewang Pharmaceutical Group, which is primarily focused on developing innovative therapies for cancer and autoimmune diseases through a novel technology called Myeloid Cell Engager (MCE) [1][2]. Company Overview - Kewang Pharmaceutical was established in 2017 and is a research-driven clinical-stage biopharmaceutical company [1]. - The company aims to regulate immune cells to treat tumors and autoimmune diseases, positioning itself as the first company to utilize MCE technology in this field [1]. Technology and Product Pipeline - Kewang Pharmaceutical's MCE technology employs bispecific antibodies to modulate myeloid cells, such as macrophages, for therapeutic effects [1]. - The company has three products in clinical development for cancer treatment, with ES102 targeting OX40 currently in Phase II trials in China, aimed at patients with non-small cell lung cancer (NSCLC) and head and neck squamous cell carcinoma (HNSCC) [2]. - ES104 is the only clinical-stage VEGF/DLL4 bispecific antibody in China, showing anti-tumor activity across various cancer types [3]. - ES014 is a globally pioneering CD39/TGFβ bispecific antibody, expected to treat NSCLC and other tumors [3]. Market Context - Major pharmaceutical companies like Novartis, Sanofi, and Eli Lilly are also investing in the MCE space, indicating a growing interest in this therapeutic approach [2]. - Kewang Pharmaceutical has attracted investments from prominent firms such as Hillhouse Capital and Tencent Investment, reflecting confidence in its technology and market potential [2]. Leadership Team - The founding team of Kewang Pharmaceutical has over 25 years of experience in the biopharmaceutical industry, with backgrounds in leading companies like Roche and Bayer [4].

Core Viewpoint - Kewang Pharmaceutical has submitted an application for listing on the Hong Kong Stock Exchange, with CITIC Securities acting as the sole sponsor. The company is a clinical-stage biopharmaceutical firm focused on developing next-generation cancer therapies through an in-depth understanding of the tumor microenvironment [1]. Company Overview - Kewang Pharmaceutical is dedicated to creating innovative cancer treatments, with its core product ES102 being an advanced hexavalent OX40 agonist that co-stimulates and activates T cells while reversing Treg cell-induced immunosuppression [1]. - ES102 is one of only two OX40 agonist candidates globally that are in Phase 2 or higher clinical development, with no approved OX40 agonists currently available [1]. Clinical Development - The product is specifically designed for cancer patients who have poor responses to immune checkpoint inhibitors (ICIs) and has demonstrated controllable safety and anti-tumor activity in clinical trials, including those in combination with PD-1 antibodies [1]. - Kewang has completed two Phase 1 clinical trials for ES102 targeting advanced solid tumors in China and plans to initiate a Phase 2 clinical trial in April 2025 for ES102 in combination with Toripalimab for patients with advanced non-small cell lung cancer (NSCLC) [1]. Innovation Pipeline - The company possesses a differentiated innovation pipeline, with five major assets in addition to ES102, including ES014, ES104, and ES009, which are in clinical stages [1]. - Kewang has established a comprehensive drug development engine that spans drug discovery to clinical development, utilizing proprietary antibody discovery platforms such as BiME®, Acebody, and ElpiSource [1].

Core Viewpoint - Kewang Pharmaceutical Group has submitted an application for listing on the Hong Kong Stock Exchange, with CITIC Securities as the sole sponsor. The company aims to develop next-generation cancer therapies globally, focusing on its core product ES102, an advanced six-valent OX40 agonist currently in clinical development [1][6]. Company Overview - Kewang Pharmaceutical, established in 2017, is a clinical-stage biopharmaceutical company dedicated to developing innovative cancer therapies by understanding the tumor microenvironment (TME) [6]. - The core product, ES102, is designed to treat cancer patients who respond poorly to immune checkpoint inhibitors (ICIs) and has shown controllable safety and anti-tumor activity in clinical trials [6][7]. Clinical Development - Since acquiring ES102 from Inhibrx in 2018, Kewang has completed two Phase 1 clinical trials in China for advanced solid tumor patients and has initiated a Phase 2 trial combining ES102 with a PD-1 inhibitor for advanced NSCLC patients [7]. - The company has a differentiated pipeline with five major assets, three of which are in clinical stages, targeting unmet medical needs in major tumor types [7]. Research and Development Capabilities - Kewang has established a comprehensive drug development engine, equipped with proprietary technologies covering the entire R&D cycle from drug discovery to clinical development [8]. - The company has developed multiple proprietary antibody discovery platforms, which are crucial for accelerating drug discovery and improving cost-effectiveness [8]. Strategic Partnerships - Kewang has formed a strategic partnership with AstraZeneca to collaborate on a new bispecific macrophage connector project, potentially earning over $1.7 billion in milestone payments [9]. - The company has also partnered with Partex N.V. to develop a platform for designing new therapeutic antibodies, leveraging AI technology [8]. Financial Overview - For the year 2024, Kewang is projected to generate revenue of RMB 106.566 million from its collaboration with AstraZeneca [10]. - The company reported a loss of RMB 729.508 million for the year 2023, with a significant reduction in losses expected in subsequent periods [10].

Core Viewpoint - Kewang Pharmaceutical Group has submitted an application for listing on the Hong Kong Stock Exchange, with CITIC Securities as the sole sponsor. The company previously submitted a listing application in June 2024. The core product, ES102, is one of the few OX40 agonists in clinical development, with no OX40 agonists approved globally as of the latest feasible date [1][6]. Company Overview - Kewang Pharmaceutical, established in 2017, is a clinical-stage biopharmaceutical company focused on developing next-generation cancer therapies globally. The company aims to innovate in immuno-oncology by targeting promising pathways and biological targets in cancer biology [6]. - The core product, ES102, is an advanced six-valent OX40 agonist designed to stimulate T cells and reverse immune suppression induced by Treg cells. It is specifically aimed at cancer patients who do not respond well to immune checkpoint inhibitors (ICIs) [6][7]. Clinical Development - Kewang has completed two Phase 1 clinical trials of ES102 in China for advanced solid tumor patients, both as a monotherapy and in combination with PD-1 inhibitors. A Phase 2 clinical trial is set to begin in April 2025, exploring the potential of ES102 in combination therapies [7]. - The company has a differentiated pipeline that includes five major assets, three of which are in clinical stages (ES014, ES104, and ES009), positioning it to capitalize on the rapidly growing oncology market [7]. Research and Development Capabilities - Kewang has established a comprehensive drug development engine that spans the entire R&D cycle, from drug discovery to clinical development. The company has developed proprietary technologies in therapeutic antibody development, including platforms like BiME®, Acebody™, and ElpiSource™ [8]. - A strategic collaboration with Partex N.V., an AI-driven drug discovery company, is set to enhance the development of new therapeutic antibodies and biologics through the ELPITEX platform [8]. Strategic Partnerships - Kewang has formed a strategic partnership with Astellas, a global biopharmaceutical company, to collaborate on a new bispecific macrophage connector project derived from the BiME® platform. This partnership could yield over $1.7 billion in milestone payments if Astellas exercises its options [9]. Financial Performance - For the year ending December 31, 2024, Kewang is projected to generate revenue of RMB 106.566 million from its collaboration with Astellas. The company has reported significant losses, with a projected loss of RMB 729.508 million for 2023 [10].

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