自免赛道的布局进一步丰富了科望医药的管线生态。公司依托对免疫系统的深刻理解,建立多靶点自免 产品管线,核心策略包括多靶点抑制促炎细胞因子、调节免疫细胞活性及应用BiME 靶向清除B细胞。其 中ES302双抗可同时阻断TL1A/IL23p19通路,有望实现季度皮下注射给药,在应对IBD复杂病理生理机制 的同时,提高治疗便利性并减少用药负担;ES304则能精准递送IL-10至炎症髓系细胞的同时抑制Target-M, 该双重机制在患病组织内提供抗炎作用,将IL10相关的全身毒性降至最低并最大化疗效,有望改善对IBD 及其他自身免疫疾病患者的治疗效果。两款产品均为自免疾病治疗提供了创新方向。 强大的创新实力获得一众头部资本加注加码,科望医药已累计融资超2.5亿美元,投资方阵容包括礼来亚洲 基金、高瓴资本、大湾区基金、汇鼎投资、腾讯投资、鼎晖投资、高特佳投资集团等多家头部机构,完 成C轮融资后估值近6亿美元。资本的加持背后,是核心团队的深厚积淀——两位联合创始人均拥有超过 25年生物医药行业经验,兼具前沿科学视野与全球商业洞见。纪晓辉博士曾任罗氏全球业务发展部副总 裁,负责百余个国家的战略合作与并购事务,还曾任职于宝洁 ...

Core Insights - The article highlights the significant valuation reassessment window for the innovative drug industry, with Kewang Pharmaceutical emerging as a rare focus for capital due to its differentiated technology platform and robust pipeline [1] - Kewang Pharmaceutical has secured over $250 million from top-tier institutions, achieving a post-Series C valuation of nearly $600 million, and is set to update its Hong Kong IPO prospectus in 2025, aiming to become the "first MCE stock" [1] - The dual resonance of capital empowerment and clinical breakthroughs lays a solid foundation for Kewang Pharmaceutical's long-term R&D investments and global expansion, gradually realizing the value of "long-termism" [1] Capital and Investment - Kewang Pharmaceutical's investor team includes prominent institutions such as Eli Lilly Asia Fund, Hillhouse Capital, Greater Bay Area Fund, and Tencent Investment, reflecting strong recognition of its innovative R&D capabilities in immunotherapy [1][2] - The company achieved positive operating cash flow in 2024, indicating robust cash flow management while continuing to increase R&D investments, providing a solid foundation for pipeline advancement and R&D activities [2] - The update of the Hong Kong IPO prospectus accelerates the capital process, potentially offering broader capital platforms for global technical cooperation, clinical advancement, and market expansion [2] Strategic Collaborations - Kewang Pharmaceutical established a global strategic partnership with AstraZeneca worth over $1.7 billion, focusing on joint R&D of candidate drug molecules from the BiME® platform, setting a record for BD transactions in the domestic immuno-oncology field [2] - This collaboration demonstrates international giants' high recognition of Kewang Pharmaceutical's MCE technology and accumulates valuable global cooperation experience [2] - The company has built a unique light-asset development model through "independent R&D + global cooperation + BD," enhancing pipeline value and global market expansion [2] Clinical Progress and Future Outlook - With capital support, Kewang Pharmaceutical's core pipeline is advancing rapidly, including promising Phase I data for the globally first CD39/TGF-β dual antibody ES014 and accelerated clinical development of multiple projects from the BiME® platform [3] - The successful development of products like ES104 and ES102 into mid-to-late clinical stages validates the foresight of Kewang Pharmaceutical's differentiated target layout and lays a solid asset foundation for future commercialization and global BD cooperation [3] - As the capital process progresses, Kewang Pharmaceutical aims to further connect the "R&D - clinical - commercialization" value chain, continuously releasing long-term potential in the next generation of immunotherapy [3]

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 - 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].

香港聯合交易所有限公司及證券及期貨事務監察委員會對本申請版本的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本申請版本全部或任何部分內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 Elpiscience Biopharmaceuticals, Inc. 科望醫藥集團 （「本公司」） （根據開曼群島法律註冊成立之有限公司） 的申請版本 警告 本申請版本乃根據香港聯合交易所有限公司（「聯交所」）及證券及期貨事務監察委員會（「證監會」）的 要求而刊發，僅用作提供資料予香港公眾人士。 本申請版本為草擬本，其內所載資料並不完整，亦可能會作出重大變動。 閣下閱覽本文件，即代 表 閣下知悉、接納並向本公司、其獨家保薦人、獨家保薦人兼整體協調人、顧問或包銷團成員表 示同意： 倘於適當時候向香港公眾人士提出要約或邀請，有意投資者務請僅依據於香港公司註冊處處長登記 的本公司招股章程作出投資決定，招股章程的文本於發售期內將可供公眾查閱。 (a) 本文件僅為向香港公眾人士提供有關本公司的資料，概無任何其他目的。投資者不應根據本 文件中的資料作出任何投資決定； (b) 在聯交所網站登載本文件或其補充 ...

The Stock Exchange of Hong Kong Limited and the Securities and Futures Commission take no responsibility for the contents of this Application Proof, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this Application Proof. Application Proof of Elpiscience Biopharmaceuticals, Inc. 科望醫藥集團 (the "Company") (Incorporated under the laws of the Cayman Islands with ...

Core Viewpoint - Kewang Pharmaceutical has submitted its prospectus to the Hong Kong Stock Exchange for an IPO, aiming to raise funds despite facing significant operational challenges and financial losses [1][2]. Company Overview - Kewang Pharmaceutical was established in 2017 and focuses on enhancing immune responses against tumors by targeting suppressive factors in the tumor microenvironment [1]. - The company has completed four rounds of financing, raising approximately 1.79 billion yuan, with notable investors including Hillhouse Capital and Tencent [1]. Financial Performance - Kewang Pharmaceutical has not yet commercialized any products and reported revenues of 107 million yuan in 2024, primarily from collaborations and licensing agreements [2]. - Cumulative losses have reached 2.067 billion yuan as of December 31, 2024, with annual losses of 771 million yuan, 853 million yuan, and 88 million yuan from 2022 to 2024 [2]. - The company’s cash reserves have dwindled to 33 million yuan by the end of 2024, insufficient to sustain a year of R&D activities [6]. Research and Development Pipeline - The company’s core products, ES102 and ES104, are both licensed from other firms, raising concerns about Kewang's self-research capabilities [5][6]. - ES102 has shown a low overall response rate (ORR) of 11.1% in clinical trials, which may challenge its clinical value [5]. - ES104 has completed early-phase trials but is similarly licensed, indicating reliance on external innovations [5]. Valuation and Market Position - Kewang's valuation has increased over 30 times from 20 million USD in 2017 to approximately 600 million USD in 2021 [7]. - The company’s market-to-research ratio is around 37 times based on 2024 R&D costs, significantly higher than the median of 15.65 times for similar unprofitable companies listed in Hong Kong [7].