Group 1: 康方生物 - Company maintains a "Buy" rating for 康方生物 with a target price of HKD 185.80, expecting product sales revenue to reach HKD 3 billion in 2025, a 52% year-on-year increase, driven by Cadonilimab and Ivonescimab entering the national medical insurance directory [1] - Ivonescimab has shown significant improvement in progression-free survival in head-to-head Phase III clinical trials, with key global data readout imminent [1] - The FDA review target date for EGFR-TKI resistant NSCLC indication is set for November 2026, potentially marking the company's first FDA-approved product [1] Group 2: 中国铁塔 - Company maintains a "Hold" rating for 中国铁塔 with a target price of HKD 12.10, projecting a 2.7% revenue growth to HKD 100.4 billion in 2025, and an 8.4% net profit increase to HKD 11.6 billion [1] - Revenue from the communication tower business is expected to decline by 0.3% year-on-year due to continued capital expenditure reductions from the three major operators [1] - DAS and "two wings" businesses are anticipated to maintain double-digit growth, contributing to revenue diversification [1] Group 3: 信达生物 - Company maintains a "Buy" rating for 信达生物 with a target price of HKD 113.86, forecasting a first-time annual profit of HKD 834 million in 2025, with product sales revenue reaching HKD 11.9 billion, a 45% year-on-year increase [2] - Key growth drivers include newly launched products Mazdutide, PCSK9 monoclonal antibody, and IGF-1R antibody [2] - Collaboration with Takeda to advance IBI363 into global Phase III clinical trials, with multiple assets entering or nearing global multi-center Phase III [2] Group 4: TCL电子 - Company maintains a "Buy" rating for TCL电子, expecting 2025 revenue of HKD 114.6 billion, a 15.4% year-on-year increase, and a net profit of HKD 2.5 billion, a 41.8% increase [3] - Growth is primarily driven by a 15.7% increase in overseas television revenue, a doubling of Mini LED shipments, and a 63.6% surge in photovoltaic business revenue [3] - Joint venture with Sony is imminent, expected to enhance high-end channel access and improve profitability [3] Group 5: 小马智行-W - Company maintains a "Buy" rating for 小马智行-W with a target price of HKD 195, projecting a 129% year-on-year increase in Robotaxi revenue in 2025 [4] - Achieved positive unit economics in Guangzhou and Shenzhen, with peak daily revenue per vehicle reaching HKD 394 [4] - The BOM cost of the seventh-generation model has decreased by 20% compared to the previous generation, with plans to expand the fleet to 3,000 vehicles [4] Group 6: 优然牧业 - Company maintains a "Buy" rating for 优然牧业, forecasting a 13.2% increase in raw milk sales volume to 4.15 million tons in 2025, with per cow production rising to 12.8 tons/year [5] - Feed cost per kilogram of milk is expected to decrease by 10.5%, with cash EBITDA reaching HKD 5.59 billion, a 4.9% year-on-year growth [5] - Anticipation of a dual-cycle resonance point for milk and meat prices in 2026 due to ongoing industry capacity reduction and rising beef prices [5] Group 7: 移卡 - Company maintains an "Outperform" rating for 移卡 with a target price of HKD 8.90, projecting a domestic payment rate increase to 12.3 bps and a 3.2-fold increase in overseas GPV to HKD 4.7 billion in 2025 [6] - This growth is expected to drive an 8% increase in acquiring revenue [6] - Integration of AI throughout the operational process has led to a 13% reduction in sales and management expenses, with core EBITDA growing by 53% to HKD 350 million [6] Group 8: 中国民航信息网络 - Company maintains a "Buy" rating for 中国民航信息网络 with a target price of HKD 15.70, expecting a 4.9% growth in aviation information technology processing volume and an 18.8% increase in revenue from smart travel products and services in 2025 [7] - Revenue from airport digital services is projected to decline by 20.8% due to construction schedule impacts, but significant cost reductions in depreciation and amortization are expected to enhance operating profit margins by 3.6 percentage points to 30.9% [7] Group 9: 碧桂园服务 - Company maintains an "Accumulate" rating for 碧桂园服务 with a target price of HKD 7.24, forecasting a 10% revenue growth to HKD 48.35 billion in 2025, while core net profit is expected to decline by 17% to HKD 2.52 billion [8] - The decline is attributed to pressure on community value-added services and increased impairment of receivables [8] - Annualized revenue growth from market expansion is projected to reach 87% to HKD 2.03 billion, with a significant increase in shareholder returns, raising the dividend payout ratio to 60% [8] Group 10: 赤子城科技 - Company maintains an "Accumulate" rating for 赤子城科技, projecting a 32.9% year-on-year increase in social business revenue to HKD 6.14 billion in 2025 [9] - Revenue from SUGO and TopTop is expected to grow by over 80% and 70%, respectively, with rapid expansion in emerging markets such as Latin America and Japan [9] - Innovative business revenue is projected to grow by 59.3%, driven by the launch of AI self-developed models Boomiix and creative community Aippy, forming a second growth curve through "diversified matrix + global expansion" [9]

Core Insights - Akeso reported a record commercial sales revenue of RMB3,033.1 million for 2025, marking a 51.48% year-on-year increase, driven by strong clinical validation and adoption of its products [1][2][14] - The company is advancing its innovative oncology portfolio with the introduction of bispecific and trispecific antibodies, aiming to address unmet medical needs in various cancer types [7][8][10] Commercial Operations - Akeso's products are now fully included in China's National Reimbursement Drug List (NRDL), enhancing market access and positioning for growth in 2026 [1][2] - The company achieved significant sales growth due to the successful adoption of its approved products by healthcare professionals and patients [1][14] Advanced Clinical Development - Ivonescimab, the world's first PD-1/VEGF bispecific antibody, has treated approximately 70,000 patients and has secured two approved lung cancer indications in China [2][4] - Cadonilimab, the first PD-1/CTLA-4 bispecific antibody, has shown clinical benefits across multiple tumor types, with around 120,000 patients treated [5][6] Oncology Therapy Matrix - Akeso is expanding its oncology portfolio through the development of next-generation antibody-drug conjugates (ADCs) and trispecific antibodies, aiming to overcome limitations of traditional ADCs [7][8] - The company is conducting 12 registrational or Phase III clinical trials for cadonilimab, targeting major cancer types and addressing significant unmet medical needs [6][7] AI-Powered R&D - Akeso is integrating AI across its R&D and manufacturing processes, enhancing its drug discovery capabilities and accelerating the development of innovative therapies [11][12] - The company has established a comprehensive AI technology matrix that supports high-precision engineering from sequence design to clinical development [12] Strategic Vision - The company aims to deliver transformative medicines globally, with over ten products in international trials, including ivonescimab and cadonilimab [16] - Akeso is focused on expanding its therapeutic reach beyond oncology into immune-related diseases, leveraging its bispecific and multispecific antibody platforms [10][15]

Market Overview - Ten stocks experienced a double-digit rally on Wednesday, driven by broader market optimism and expectations of easing tensions in the Middle East [1] - The Nasdaq led the gains with an increase of 0.77 percent, followed by the Dow Jones at 0.66 percent and the S&P 500 at 0.54 percent [1] Company Highlights 1. Planet Labs PBC (NYSE:PL) - Planet Labs reached a new all-time high, closing up by 11.12 percent at $35.37, attributed to market optimism and progress in its European manufacturing expansion [4][1] - The company is recruiting 70 new employees to support its satellite manufacturing facility in Berlin, aiming to double the production capacity of its Pelican fleet [5][6] - Planet Labs has a backlog worth $900 million, reflecting a 79 percent growth from fiscal year 2026, indicating strong future growth potential [7] 2. Chewy Inc. (NYSE:CHWY) - Chewy's stock rose by 13.30 percent to $26.57, buoyed by a positive growth outlook for 2025, targeting net sales growth of 7.9 to 9 percent, reaching $13.60 billion to $13.75 billion [9][10] - The company reported a projected net income drop of 43 percent last year but saw a 72 percent increase in net income for the fourth quarter [10] - Investment firm TD Cowen maintained a "buy" recommendation with a $39 price target, citing an 18 percent CAGR in EBITDA from 2026 to 2031 [11] 3. Enliven Therapeutics Inc. (NASDAQ:ELVN) - Enliven Therapeutics surged by 14.06 percent to close at $35.53, following optimistic analyst coverage and a price target increase by Mizuho to $45 [12][13] - The stock's rally was supported by Merck's acquisition of a competitor, indicating strong market opportunities in the chronic myeloid leukemia (CML) sector [14] - Enliven is conducting early clinical studies for its CML treatment candidate, ELVN-001, with a third phase targeted for this year [14] 4. Intuitive Machines Inc. (NASDAQ:LUNR) - Intuitive Machines' stock increased by 14.68 percent to $20.55 after securing $180.4 million in contracts from NASA for lunar missions [15][16] - The contracts will fund the delivery of seven payloads, including a lunar rover, marking a significant expansion in their operations [16][17] - The IM-5 mission will target the Lunar South Pole, enhancing the company's capabilities in space exploration [18] 5. Summit Therapeutics Inc. (NASDAQ:SMMT) - Summit Therapeutics rose by 15.44 percent to $17.94, as investors anticipated updates on its lung cancer treatment candidate, Ivonescimab [21] - The company plans to conduct an early analysis of its clinical trial in the second quarter, with final data expected in the second half of the year [22][23] - Summit has submitted a biologics license application for Ivonescimab, with a PDUFA goal action date set for November 14, 2026 [24]

Investment Rating - The report rates the industry as "Overweight" [4] Core Insights - The report provides a monthly tracking of global innovative drugs, highlighting advancements and investment opportunities in relevant frontier areas [2] - CagriSema's head-to-head data underperformed expectations, leading Novo Nordisk to accelerate the development of four next-generation weight loss assets [7][12] - The PD-1/VEGF dual antibody market is projected to exceed $100 billion, with several products expected to achieve peak sales of over $10 billion [19] - PROTAC and molecular glue technologies are showing positive progress across autoimmune, oncology, and CNS fields, with significant market potential [27] - Small nucleic acids are advancing towards multiple major indications, including weight loss and HBV treatment [27] Summary by Sections Weight Loss - Novo Nordisk's REDEFINE 4 study showed CagriSema resulted in a weight loss of 23.0% over 84 weeks compared to Tirzepatide's 25.5%, failing to meet non-inferiority expectations [7][8] - The company attributes the study's failure to the unusually high performance of Tirzepatide, suggesting that the open-label design may have biased participants [7] - Following the disappointing results, Novo Nordisk is expected to expedite the development of four next-generation weight loss assets [12] PD-1/VEGF Dual Antibodies - The PD-1/VEGF dual antibody market is anticipated to grow significantly, driven by longer treatment durations and survival benefits compared to PD-1 monotherapy [19] - The HARMONi-3 study has completed enrollment of 600 patients, with plans for an interim analysis in Q2 2026 [22] - The combination of PD-1/VEGF with new therapies like RAS inhibitors and ADCs is expected to expand treatment options and market reach [19] PROTAC/Molecular Glue - The report highlights the optimistic outlook for targeted protein degradation in autoimmune diseases, with promising early results from Kymera's KT-621 and Monte Rosa's NEK7 [27][28] - NEK7's mechanism targets upstream processes in inflammation, potentially offering a differentiated approach compared to existing therapies [28] - The early studies indicate competitive performance in reducing hsCRP levels, suggesting significant therapeutic advantages [31] Small Nucleic Acids - Early research on ARO-INHBE and ARO-ALK7 suggests potential for competitive weight loss effects and safety profiles when combined with low-dose GLP-1 [27] - The successful phase 3 results of bepirovirsen for HBV treatment are expected to be disclosed at EASL, with a focus on real-world data [27] In Vivo CAR-T - Eli Lilly's acquisition of Orna for $2.4 billion underscores the growing strategic interest in in vivo CAR-T therapies [27] - The report anticipates more clinical trial data in 2026 to validate the differentiation of in vivo CAR-T approaches [27]

Investment Rating - The report rates the industry as "Overweight" [4] Core Insights - The report highlights significant advancements and investment opportunities in the global innovative drug sector, particularly in weight loss, PD-1/VEGF dual antibodies, and PROTAC/molecular glue technologies [2][3] Summary by Sections Weight Loss - Novo Nordisk's REDEFINE 4 study showed that CagriSema resulted in a weight loss of 23.0% over 84 weeks compared to 25.5% for Tirzepatide, failing to meet the non-inferiority benchmark set by the company [7][8] - Following the disappointing results, Novo Nordisk is expected to accelerate the development of four next-generation weight loss assets, including Cagrilintide, Zenagamide, UBT251, and GLP-1/GIP/Amylin [12][17] PD-1/VEGF Dual Antibodies - The PD-1/VEGF dual antibody market is projected to exceed $100 billion, driven by longer duration of treatment and survival benefits compared to PD-1 monotherapy [19] - The HARMONi-3 study has completed enrollment of 600 patients, with plans for an interim analysis in Q2 2026, which may support accelerated approval discussions with the FDA [22][23] PROTAC/Molecular Glue - The report notes positive developments in PROTAC and molecular glue technologies, particularly in autoimmune diseases and oncology [27] - Monte Rosa's NEK7 molecular glue MRT-8102 has shown promising early results, potentially offering a competitive edge in reducing systemic inflammation [28][31] Small Nucleic Acids - Early studies of ARO-INHBE and ARO-ALK7 suggest potential for competitive weight loss effects and safety profiles when combined with low-dose GLP-1 [27] - The report emphasizes the shift from single-target RNAi to combination therapies for lipid reduction, marking a significant evolution in treatment strategies [27] In Vivo CAR-T - Eli Lilly's acquisition of Orna for $2.4 billion underscores the growing strategic interest in in vivo CAR-T therapies, which aim to simplify production while ensuring controlled expansion and safety [27]

Crescent Biopharma Conference Call Summary Company Overview - Crescent Biopharma is focused on two core strategic initiatives: developing a PD-1 BiTE bispecific and an ADC (Antibody-Drug Conjugate) portfolio aimed at oncology solid tumor indications [2][3] - The company has made significant progress, including the dosing of its first patient with the CR-001 asset and a major partnership with Kelun-Biotech [3][5] Key Developments - **Partnership with Kelun-Biotech**: Crescent has partnered with Kelun-Biotech, gaining rights to develop an integrin 6 topo ADC globally outside of China, enhancing its ADC portfolio [3][4] - **Clinical Trials**: Crescent has initiated multiple studies, including: - CR-001 Phase 1/2 study - CR-003 study in China with Kelun-Biotech - Upcoming CR-002 PD-L1 topo ADC study [4][5] - **Financial Position**: The company closed a $185 million PIPE, providing funding through 2027 and into 2028 [5][86] Product Pipeline - **CR-001**: A PD-1/VEGF bispecific designed to replicate avelumab's pharmacology with improved stability and manufacturability. The goal is to achieve better than 50% response rates in clinical trials [6][10][17] - **CR-002**: A PD-L1 ADC with a focus on indications such as lung, head and neck, GI, and gynecological cancers. The IND filing is on track for the second half of the year [68][72] - **CR-003**: Targets integrin 6, with a focus on solid tumors. The ADC is designed to have a differentiated profile and is expected to work well in combination with CR-001 [49][50] Clinical Strategy - Crescent is prioritizing data generation across eight tumor types, including non-small cell lung cancer, colorectal, gastric, biliary, and gynecological cancers. The strategy is to leverage scientific and clinical data to ensure high probability of success [15][17] - The company aims to generate comprehensive data quickly, with a focus on first-line non-small cell lung cancer data to facilitate comparisons with existing therapies [17][30] Competitive Landscape - Crescent acknowledges the competitive nature of the oncology market and is focused on generating quality data to inform its strategic decisions. The management team is considering both monotherapy and combination strategies for its products [18][34][42] - The partnership with Kelun-Biotech is seen as a key element in enhancing Crescent's development strategy, allowing for concurrent data generation in both Chinese and Western patient populations [43][44] Financial Outlook - Crescent has a cash balance of $213 million, providing a runway into 2028, which supports its clinical development plans [85][86] Conclusion - Crescent Biopharma is positioned to leverage its innovative product pipeline and strategic partnerships to create shareholder value. The focus on data generation and strategic clinical trials is expected to enhance its competitive edge in the oncology market [2][5][84]

Financial Data and Key Metrics Changes - The company ended 2025 with a strong cash position of approximately $713.4 million, with no debt [30] - Total GAAP operating expenses for Q4 2025 were $225 million, a decrease from $234.2 million in Q3 2025, primarily due to lower stock-based compensation expenses [30][31] - Non-GAAP operating expenses for Q4 2025 were $113.3 million, an increase from $103.4 million in Q3 2025, mainly driven by increased R&D expenses related to clinical trials [31] Business Line Data and Key Metrics Changes - The HARMONi-3 phase III trial for Ivonescimab has completed screening for the squamous cohort, with the last patient expected to be randomized shortly [8][10] - The company has announced a new phase III study, ILLUMINE, evaluating Ivonescimab in head and neck cancer, with initial enrollment expected to begin early next quarter [11][12] Market Data and Key Metrics Changes - Over 60,000 patients in China have received Ivonescimab based on two approved indications, with a third indication currently under review [16] - The total addressable market for Ivonescimab is estimated to exceed $100 billion globally, with potential improvements over current standards of care [27] Company Strategy and Development Direction - The company is focused on expanding its clinical development plan and preparing for commercialization, anticipating a decision from the FDA on its BLA by the end of the year [7][19] - The strategy includes accelerating enrollment in clinical trials and enhancing commercial readiness for potential launches [30] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism regarding the interim PFS analysis for HARMONi-3, which is expected in Q2 2026, and emphasized the importance of the positive data from previous trials [29][38] - The company is confident that the PFS benefits observed in trials will translate into overall survival benefits in the frontline population [74][77] Other Important Information - The company has initiated collaborations with Revolution Medicines and GSK to evaluate Ivonescimab in combination with novel therapies [14][23] - A total of 15 phase III trials are currently ongoing or have been announced, with a significant number of patients enrolled across various studies [15][17] Q&A Session Summary Question: What drove the decision to include the interim PFS analysis for HARMONi-3? - The decision was based on positive data from HARMONi-2 and HARMONi-6, allowing for earlier discussions with regulatory agencies [36][37] Question: Was there anything specific in HARMONi-3 that increased confidence for the interim analysis? - The decision was data-backed, influenced by the positive results from HARMONi-2 and HARMONi-6, rather than new information from HARMONi-3 [42][43] Question: What gives confidence that positive PFS data will translate to OS benefits? - The company highlighted the consistency of results across multiple trials and the importance of PFS in delaying the next line of therapy, which should translate to OS benefits [74][77]

Core Insights - Akeso, Inc. has successfully included all five of its self-developed innovative drugs in the updated National Reimbursement Drug List (NRDL) for 2025, effective January 1, 2026, which enhances patient access to these treatments [1][2][3] Group 1: Drug Inclusion Details - All approved indications for Akeso's five independently commercialized drugs are now part of the NRDL, addressing major tumor diseases and autoimmune disorders prevalent in China [1][2] - Ivonescimab, a first-in-class PD-1/VEGF bispecific antibody, has secured inclusion for its new first-line indication for PD-L1-positive non-small cell lung cancer (NSCLC), demonstrating a 49% reduction in disease progression or death compared to pembrolizumab in clinical trials [3][4] - Cadonilimab, another first-in-class bispecific antibody, has successfully negotiated inclusion for first-line indications in gastric and cervical cancers, showing significant clinical benefits across all patient populations [4] - Penpulimab has achieved NRDL inclusion for all four of its approved indications, including treatments for nasopharyngeal carcinoma and classical Hodgkin lymphoma [5] - Ebdarokimab, targeting IL-12/IL-23, has been included for the treatment of moderate-to-severe psoriasis, marking Akeso's first drug in the autoimmune disease sector [7] - Ebronucimab has secured inclusion for both of its approved indications related to hypercholesterolemia, enhancing its market presence [8] Group 2: Strategic Implications - The successful inclusion of these drugs in the NRDL is expected to reduce the financial burden on patients and provide superior treatment alternatives, thereby addressing significant public health challenges in China [2] - The recognition of these drugs in clinical practice prior to NRDL inclusion indicates their breakthrough clinical value and enhances trust among healthcare providers and patients [2] - This achievement lays a solid foundation for accelerating broader clinical adoption and supports Akeso's ongoing commercialization efforts, positioning the company for sustained growth and global expansion [2][3] Group 3: Company Overview - Akeso is a leading biopharmaceutical company focused on the research, development, manufacturing, and commercialization of innovative biological medicines, with a robust pipeline of over 50 assets in various therapeutic areas [12] - The company utilizes an integrated R&D innovation system and has developed a comprehensive drug development platform, which includes bispecific antibody technology [12] - Akeso aims to provide affordable therapeutic antibodies globally while creating significant commercial and social value, striving to become a leading player in the biopharmaceutical industry [12]

Crescent Biopharma Conference Call Summary Company Overview - **Company**: Crescent Biopharma - **Focus**: Development of innovative therapies in oncology, particularly in immuno-oncology (IO) and antibody-drug conjugates (ADCs) [2][4] Key Industry Insights - **Market Opportunity**: The oncology market is valued at over $100 billion, with significant potential for innovative therapies [12][44] - **Partnership**: Crescent has formed a strategic partnership with Kelun-Biotech, a leading Chinese biotech company, to advance their pipeline and expand their market reach [9][10] Core Points and Arguments Pipeline Development - **CR001**: A PD-1 VEGF bispecific antibody with the potential to replace Keytruda as a foundational IO therapy. Phase 1/2 studies are set to begin in Q1 2027 [6][7] - **CR002**: A PD-1 topo ADC expected to enter clinical trials in mid-2026 [7][15] - **CR003 (SKB105)**: An integrin beta-6 topo ADC, also on track for early 2026 trials through the partnership with Kelun-Biotech [10][16] Partnership with Kelun-Biotech - **Collaboration Benefits**: The partnership allows for parallel development of CR001 and SKB105, enhancing the clinical data generation across both Western and Chinese patient populations [10][11] - **Kelun's Capabilities**: Kelun-Biotech has a robust pipeline with over 10 clinical-stage assets and established ADC capabilities, which complements Crescent's offerings [9][10] Clinical Strategy - **Combination Studies**: Crescent plans to explore combinations of CR001 with ADCs from both its own pipeline and Kelun's, aiming for multiple clinical data readouts by the end of 2027 [11][31] - **Focus on Key Indications**: The company is targeting thoracic, gastrointestinal, gynecologic, and head and neck cancers, with a strong emphasis on lung cancer due to its large market potential [12][14] Financial Position - **Capital Raise**: Crescent has successfully raised $185 million, positioning the company well for upcoming clinical milestones [8][12] Additional Important Insights - **Innovative Mechanism**: CR001 is designed to replicate the pharmacology of ivonescimab, which has shown promising results in clinical trials, indicating a strong potential for success [21][22] - **Differentiation in ADCs**: Crescent's ADCs, particularly CR002 and CR003, are designed to be best-in-class with unique payloads and mechanisms that enhance efficacy and safety [33][40] - **Regulatory Strategy**: The company is focused on efficient trial designs to accelerate the path to market, leveraging existing clinical data to inform their strategies [26][27] Conclusion Crescent Biopharma is strategically positioned in the oncology market with a robust pipeline and a strong partnership with Kelun-Biotech. The company is focused on innovative therapies that leverage unique mechanisms of action, aiming to deliver transformative treatments for cancer patients. The upcoming clinical trials and data readouts in 2027 are critical milestones for Crescent's growth and market presence [44][45]

Core Insights - Akeso, Inc. has presented preclinical research data for its novel monoclonal antibody AK135, targeting IL-1RAP, at the 40th Annual Meeting of the Society for Immunotherapy of Cancer [1][2] Group 1: Product Development - AK135 effectively targets IL-1RAP and blocks three key pro-inflammatory signaling pathways—IL-1, IL-33, and IL-36, providing significant pain relief in neuropathy with good tolerability and safety profiles [2][6] - The antibody is currently in Phase I clinical trials for treating chemotherapy-induced peripheral neuropathy (CIPN) [6][11] - Preclinical studies indicate that AK135 shows dose-dependent efficacy in alleviating neuropathic pain and maintains stable body weight in treated models without significant toxicity [8] Group 2: Market Context - CIPN affects 50-90% of chemotherapy-treated patients, with 30-40% progressing to chronic neuropathic pain, highlighting the clinical significance of effective treatment options [5] - Akeso's development of AK135 addresses a critical gap in treatment options for CIPN, as current effective therapies are limited [5][6] Group 3: Company Overview - Akeso is a leading biopharmaceutical company focused on innovative biological medicines, with a robust pipeline of over 50 innovative assets across various disease areas, including cancer and autoimmune diseases [11] - The company has developed a comprehensive end-to-end drug development platform and has 24 candidates in clinical trials, including 15 bispecific/multispecific antibodies [11]