Core Viewpoint - The termination of the collaboration between 宜明昂科-B (1541.HK) and AxionBio highlights the challenges faced by Chinese innovative drug companies in the global market, emphasizing that the choice of partners may be more critical than the technical advantages of the products themselves [5][21][25]. Group 1: Collaboration Details - In August 2024, 宜明昂科-B signed a potential licensing agreement with AxionBio worth over $2 billion, which was seen as a significant step for the company's international expansion [2][18]. - By January 2026, 宜明昂科-B announced the recovery of global rights for its dual-antibody drug IMM2510 and CTLA-4 antibody IMM27M, marking the end of the collaboration [4][21]. - The company retained the $35 million upfront and milestone payments received from AxionBio, indicating a strategic decision rather than a forced exit [5][21]. Group 2: Clinical Development Challenges - The clinical trial progress for IMM2510 was notably slow, with only three patients enrolled in the Phase I trial in the U.S. before the collaboration ended [7][23]. - The FDA approved the clinical trial application for IMM2510 in July 2025, but AxionBio did not administer the first patient until October 2025, resulting in a 15-month delay from the agreement to actual clinical operations [7][23]. Group 3: Market Competition - The PD-(L)1/VEGF dual-antibody market is highly competitive, with 17 drugs currently in clinical trials, all associated with Chinese innovative drug companies [10][27]. - Major players like 康方生物 and 三生制药 have advanced their products to Phase III clinical trials in collaboration with multinational giants, creating a challenging environment for 宜明昂科-B [10][27]. Group 4: Strategic Implications - The decision to regain rights to the assets allows 宜明昂科-B to explore new partnerships and strategies without being constrained by previous agreements, although it also means assuming all associated risks and costs [15][33]. - The company plans to target multinational corporations for future business development while also considering partnerships with mid-sized companies [29][33]. Group 5: Financial Considerations - Despite receiving $35 million from the previous collaboration, the funds are insufficient to cover the long-term costs of global clinical development for the two drugs [30][31]. - 宜明昂科-B has reported continuous losses from 2023 to 2025, with increasing R&D expenditures, indicating significant financial pressure moving forward [30][31].

Core Viewpoint - Yiming Anke-B (01541) has received approval from the National Medical Products Administration of China for clinical trials of IMM01 (Tadapaxip) for the treatment of atherosclerosis, which has positively impacted its stock price [1][4]. Group 1: Company Developments - Yiming Anke's stock price increased by 9.28% to HKD 6.71, with a trading volume of HKD 12.32 million [1][4]. - The company holds global intellectual property and commercialization rights for IMM01 (Tadapaxip), with a patent family that includes authorized patents in China, the United States, Japan, and the European Union [1][4]. Group 2: Research and Development Insights - Guoyuan International reported that the company has regained global rights for IMM2510 and IMM27M, which will accelerate its overseas clinical research and development pace [1][4]. - Clinical data for IMM2510 is reported to be excellent, with good safety and significant differentiation advantages [1][4]. - The company has a rich R&D pipeline, enhancing its risk resistance, with promising clinical efficacy data for the CD47CD20 dual antibody (IMM0306), which is expected to become a key drug in the autoimmune field [1][4]. - The company is recognized as a global innovator in CD47 fusion proteins, with broad application prospects in oncology, autoimmune diseases, and cardiovascular fields [1][4]. - The current market capitalization is only HKD 2.7 billion, indicating a significant undervaluation, and it is recommended to pay close attention to the company [1][4].

Core Viewpoint - Yiming Anke-B (01541) has seen a significant stock price increase following the approval from the National Medical Products Administration of China for clinical trials of IMM01 (Tadapaxip) for atherosclerosis treatment [1] Group 1: Company Developments - Yiming Anke has received approval for clinical trials of IMM01 (Tadapaxip) for treating atherosclerosis, holding global intellectual property and commercialization rights for this drug [1] - The company possesses a patent family for IMM01, with authorized patents in China, the United States, Japan, and the European Union [1] Group 2: Market Analysis - Guoyuan International's report indicates that the company has regained global rights for IMM2510 and IMM27M, which will accelerate the pace of global development [1] - Clinical data for IMM2510 is reported to be excellent, with good safety and significant differentiation advantages [1] - The company is recognized as a global innovator in CD47 fusion proteins, with a rich pipeline and promising applications in oncology, autoimmune diseases, and cardiovascular fields [1] - The current market capitalization is only 2.7 billion HKD, indicating a significant undervaluation, and the company is recommended for active monitoring [1]

Core Viewpoint - The company Yiming Anke-B (01541) has received approval from the National Medical Products Administration of China for clinical trials of IMM01 (Tida-paisip) for the treatment of atherosclerosis, which has positively impacted its stock price [1] Group 1: Company Developments - Yiming Anke-B's stock price rose over 10% in early trading, currently up 8.63% at HKD 6.67, with a trading volume of HKD 11.1965 million [1] - The company holds global intellectual property and commercialization rights for IMM01 (Tida-paisip) and has a patent family that includes authorized patents in China, the United States, Japan, and the European Union [1] Group 2: Research and Development Insights - Guoyuan International reported that the company has regained global rights for IMM2510 and IMM27M, which will accelerate the pace of global development [1] - Clinical data for IMM2510 is reported to be excellent with good safety and significant differentiation advantages [1] - The company’s R&D pipeline is expanding, enhancing its risk resistance, with promising clinical efficacy data for the CD47CD20 dual antibody (IMM0306), which is expected to become a major drug in the autoimmune field [1] Group 3: Market Valuation - The company is recognized as a global innovator in CD47 fusion proteins, with a rich pipeline and broad application prospects in oncology, autoimmune diseases, and cardiovascular fields [1] - Currently, the market capitalization is only HKD 2.7 billion, indicating a significant undervaluation, and it is recommended to pay close attention to the company [1]

Core Viewpoint - The termination of the licensing and collaboration agreement between Yiming Anke (01541.HK) and Instil Bio (TIL.US) for the development of two cancer drugs, IMM2510 and IMM27M, is a significant setback for Yiming Anke, which had potential revenues exceeding $2 billion from this deal [2][3][5]. Group 1: Agreement Details - The collaboration agreement, established in August 2024, allowed Yiming Anke to retain rights in Greater China while granting Axion Bio exclusive global development and commercialization rights [2][3]. - Yiming Anke received a total of $35 million in payments from the collaboration, including a $5 million upfront payment and milestone payments [3][5]. - The agreement was initially seen as a major milestone for Yiming Anke's international strategy, particularly as PD-(L)1/VEGF dual antibodies were highly sought after in the international business development market [3][5]. Group 2: Reasons for Termination - The primary reason for the termination was the slow progress of clinical trials, with only three patients enrolled in the U.S. clinical trial as of January 2026, which was significantly below expectations [3][4]. - Yiming Anke's founder indicated that the choice of collaboration partner had limitations, contributing to the slow development pace [4][5]. Group 3: Future Strategy and Market Reaction - Following the termination, Yiming Anke plans to regain control over the global rights to the two drugs, which may accelerate their development pace [5][6]. - The market reacted negatively to the news, with Instil Bio's stock price dropping over 50% following the announcement [2]. - Yiming Anke aims to pursue new business development opportunities with multinational companies and is considering partnerships with mid-sized firms for further development [6].

Core Viewpoint - Company regained global rights for IMM2510 and IMM27M, enhancing its control over overseas clinical research and accelerating global development pace [1][3] Group 1: Company Developments - Company terminated the agreement with Axion, reclaiming global development and commercialization rights while retaining limited licenses for Axion to wind down clinical activities [2] - The termination does not affect the $35 million upfront and milestone payments already received from Axion [2] Group 2: Product Pipeline and Clinical Data - IMM2510 demonstrated excellent efficacy data at the 2025 World Lung Cancer Conference, with an objective response rate (ORR) of 35.3% and a disease control rate (DCR) of 76.5% among 17 evaluable patients [4] - The median duration of response (DoR) was 7.59 months, and the median progression-free survival (PFS) was 9.4 months, outperforming similar products [4] Group 3: Competitive Advantages - IMM2510 has significant differentiation advantages, including the ability to activate antibody-dependent cellular cytotoxicity (ADCC) and a broader VEGF blocking mechanism compared to competitors [5] - The regained overseas development rights are expected to expedite clinical research and simplify future business development negotiations, potentially attracting interest from multinational corporations (MNCs) [5] Group 4: Safety and Ongoing Trials - The safety profile of IMM2510 is manageable, with common grade ≥3 treatment-related adverse events (TRAEs) reported at 8.7% for thrombocytopenia, lymphopenia, and infusion-related reactions [6] - Company is actively advancing clinical trials for IMM2510 in combination with chemotherapy and other drugs across various solid tumor indications [6] Group 5: Rich Pipeline Potential - The pipeline includes promising candidates such as IMM0306, which showed an 85.7% response rate in the 0.8 mg/kg group for SLE patients, and IMM01, which is progressing well in a Phase III trial for CMML [7] - IMM72 for pulmonary arterial hypertension (PAH) has completed subject recruitment, indicating high research efficiency [7]

Core Viewpoint - Company regained global rights for IMM2510 and IMM27M, enhancing its control over overseas clinical development and accelerating global development pace. The company is a global innovator in CD47 fusion proteins with significant potential in oncology, autoimmune diseases, and cardiovascular applications. The current market capitalization is only HKD 2.7 billion, indicating a severe undervaluation, and it is recommended to pay active attention to the company [1]. Group 1: Event and Rights Recovery - The company terminated the agreement with Axion, reclaiming global development and commercialization rights while allowing Axion to gradually conclude its clinical development activities. This termination does not affect the USD 35 million upfront and milestone payments already received from Axion [2]. - Due to significant delays and challenges faced by Axion in development progress, the company regained global rights for IMM2510 and IMM27M, allowing it to take the lead in overseas clinical research and accelerate the global development pace [3]. Group 2: Clinical Data and Efficacy - At the 2025 World Conference on Lung Cancer (WCLC), data for the PD-L1xVEGF bispecific antibody (IMM2510) showed an objective response rate (ORR) of 35.3% (6/17) among 17 evaluable patients with sq-NSCLC, with a disease control rate (DCR) of 76.5% (13/17). The median duration of response (DoR) was 7.59 months (95% CI: 4.07–NA), and the median progression-free survival (PFS) was 9.4 months (95% CI: 1.87–NA). The ORR of 35.3% outperformed similar VEGF/PD-(L)1 bispecific antibodies, which had ORRs of 33% and 19%, respectively, while the PFS of 9.4 months ranks among the best in its class [4]. - The company's PD-L1xVEGF bispecific antibody has clear differentiation advantages, with IgG1 Fc capable of activating ADCC, aiming to induce direct killing of PD-L1+ tumor cells. Compared to other PD-(L)1xVEGF bispecific antibodies, its VEGF blocking mechanism is broader, potentially leading to superior efficacy. With regained overseas R&D rights, the company is expected to significantly accelerate overseas clinical studies and simplify future business development negotiations, leveraging its differentiation advantages to attract multinational corporations [5]. Group 3: Safety and Pipeline - Among 23 enrolled patients, common ≥3 grade treatment-related adverse events (TRAEs) included thrombocytopenia (8.7%), lymphopenia (8.7%), and infusion-related reactions (8.7%). The safety profile of IMM2510 as a monotherapy is manageable. The company is also actively advancing clinical trials for IMM2510 in combination with chemotherapy, IMM27M, IMM01, and ADC for various solid tumor indications. An IND application for refractory solid tumors has been approved in the U.S. [6]. - The company has a rich pipeline with significant product potential and broad business development opportunities. The CD47CD20 bispecific antibody (IMM0306) is in Phase Ib clinical trials, showing an 85.7% (6/7) response rate in the 0.8 mg/kg group and 87.5% (7/8) in the 1.2 mg/kg group for SLE patients. IMM01 (CD47 fusion protein) is progressing well in a Phase III trial for CMML, with mid-term data analysis expected in the second half of next year. The clinical trial for IMM72 targeting pulmonary arterial hypertension (PAH) commenced patient recruitment in August 2025, with all enrollments completed, indicating high R&D efficiency [7].

Investment Rating - The report suggests a positive outlook for the company, indicating that it is significantly undervalued with a market capitalization of only HKD 2.7 billion, and recommends active attention to the stock [8]. Core Insights - The company has regained global rights for IMM2510 and IMM27M, allowing it to accelerate overseas clinical development [2][8]. - Clinical data for IMM2510 shows promising results, with an objective response rate (ORR) of 35.3% and a progression-free survival (PFS) of 9.4 months, outperforming similar products [3]. - The differentiated advantages of IMM2510 include its ability to activate antibody-dependent cellular cytotoxicity (ADCC) and a broader VEGF blocking mechanism, which may lead to superior efficacy compared to competitors [4][8]. - The safety profile of IMM2510 is manageable, with common grade 3 treatment-related adverse events reported at 8.7% [5][6]. - The company has a rich pipeline with significant product potential, including the CD47CD20 bispecific antibody (IMM0306) and CD47 fusion protein (IMM01), both showing promising clinical efficacy [7][8]. Summary by Sections - **Regained Rights**: The company has terminated its agreement with Axion, regaining control over the global development and commercialization rights for IMM2510 and IMM27M, which is expected to enhance the pace of clinical research [1][2]. - **Clinical Data**: The clinical efficacy of IMM2510 is highlighted by its ORR of 35.3% and PFS of 9.4 months, indicating strong performance compared to similar therapies [3]. - **Differentiation**: IMM2510's unique design allows for enhanced immune response and broader action against various VEGF receptors, positioning it favorably in a competitive market [4]. - **Safety Profile**: The safety of IMM2510 is considered acceptable, with manageable adverse events reported during trials [5][6]. - **Pipeline Potential**: The company’s pipeline includes several promising candidates, with ongoing trials indicating strong potential for future growth in various therapeutic areas [7][8].

Core Viewpoint - The company Yiming Oncology (01541.HK) has decided to terminate its licensing agreement with Axion for the development and commercialization rights of two products, IMM2510 and IMM27M, outside Greater China, reclaiming all rights previously granted [2][3]. Group 1: Termination of Licensing Agreement - Yiming Oncology announced the termination of its licensing agreement with Axion on January 6, 2026, which included the global development and commercialization rights for IMM2510 and IMM27M outside Greater China [2]. - The initial collaboration began in August 2024, with the agreement valued at over $2 billion [2]. Group 2: Financial Implications - The termination of the agreement does not affect the $35 million upfront and milestone payments already received from Axion [3]. - The company expressed confidence in the therapeutic potential of IMM2510 and IMM27M and aims to accelerate their clinical development [5]. Group 3: Reasons for Reclaiming Rights - The CEO of Yiming Oncology stated that the collaboration with Axion had been positive, but clinical progress was slow due to funding pressures, prompting shareholders to suggest reclaiming the overseas rights [3]. - The complexity of negotiating with both Axion and potential partners hindered business development efforts, which the company hopes to simplify by reclaiming the rights [5]. Group 4: Market Context - The PD-1/VEGF dual antibody market has seen significant activity, with other companies securing large licensing deals, such as $1.25 billion for a similar product from a Chinese company [4]. - The market environment in early 2025 was characterized by high transaction prices for PD-1/VEGF deals, which may have influenced the decision to reclaim the rights [5].

Core Viewpoint - The company Yiming Anke has decided to terminate its licensing agreement with Axion for two drug candidates, IMM2510 and IMM27M, and will reclaim all rights previously granted to Axion, including global development and commercialization rights outside Greater China [1] Group 1: Licensing Agreement Details - The initial licensing agreement with Axion began in August 2024, with a collaboration amount exceeding $2 billion [1] - Yiming Anke has received a total of $35 million in upfront and milestone payments from Axion prior to the termination of the agreement [1] Group 2: Reasons for Termination - The CEO of Yiming Anke stated that the collaboration with Axion had been pleasant, but the slow clinical progress due to funding constraints led to the decision to reclaim the rights [1] - Shareholders had been advising the company to reclaim the overseas rights for the two products, making this an opportune moment for the company [1] Group 3: Product Information - IMM2510 is a PD-L1/VEGF bispecific antibody, which is a significant target in tumor immunotherapy, and its potential to disrupt the PD-1 market is highly anticipated [2] - The market for PD-1/VEGF bispecific antibodies has seen increased activity since 2024, with notable deals such as the $1.25 billion upfront payment received by a competitor for a similar product [2] Group 4: Future Plans - Yiming Anke expressed confidence in the therapeutic potential of IMM2510 and IMM27M and aims to accelerate their clinical development [3] - The company plans to seek new business development partnerships with large multinational pharmaceutical companies, which will be simplified by reclaiming the rights from Axion [3]