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北京时间·🕒 发布 10:35:00时区推断·⟳ 抓取 10:37:43·⚡ 决策 07-28 10:39:09 +1m26s·91.2 天前

康方生物AK138D1联合依沃西单抗肺癌Ib/II期研究完成首例给药

这是康方生物HER3 ADC管线与依沃西单抗联合疗法的早期临床推进,方向上利好研发管线完整性。

📄 原文PR Newswire Biotechnology↗ 原文
Akeso IO2.0 + ADC2.0 Strategy Makes Another Advancement: First Patient Dosed in Phase Ib/II Study of HER3 ADC (AK138D1)…
不做 康方生物(09926.HK)
早期Ib/II首例给药属于管线执行进展,研究登记已提前公开,且无疗效数据、监管获批、授权金额或短期收入增量;相对约908亿港元市值缺少可交易级别的新增重定价。
展开详情(成交明细 / 研究档案 / 原文全文 / 决策记录链)

研究档案

🔎 新鲜度:最早出现 2026-06-03 · 扩散 medium · price-in 风险 medium ↗ ↗ ↗

消息传播链

  1. 2026-06-03官方确认/否认ClinicalTrials.gov一手源原文 ↗
    AK138D1-201肺癌Ib/II研究已公开登记,研究启动估计为2026-06-18,计划入组265例,说明研究框架并非今日首次出现。
  2. 2026-07-20 01:32 ET财经媒体扩散PR Newswire非一手原文 ↗
    康方生物一周前已发布AK146D1联合依沃西单抗肺癌II期首例给药,强化这类披露属于连续管线推进节奏。
  3. 2026-07-27 22:35 ET首发PR Newswire/Akeso一手源原文 ↗
    公司宣布AK138D1联合依沃西单抗肺癌Ib/II期研究首例患者给药,是研发执行进展但未披露疗效、安全性新数据或商业化金额。
    市场反应:港股当时处于盘前,尚未有本地连续交易反应。

关键理由

  • 这是康方生物HER3 ADC管线与依沃西单抗联合疗法的早期临床推进,方向上利好研发管线完整性。
  • ClinicalTrials.gov显示AK138D1-201研究已在2026-06-03公开登记,本次首例给药更多是执行进展而非全新注册性或商业化里程碑。
  • 公司2025年收入约30.56亿元人民币,当前事件未披露有效性数据、授权金额、销售增量或监管获批,短期业绩量级无法成立。

主要风险

  • AK138D1仍处Ib/II期,主要完成时间预计到2028年,商业化和价值兑现周期远超短线事件窗口。
  • 康方生物近一周已有多条ADC联合依沃西单抗首例给药新闻,市场可能把这类早期管线进展视为常规研发披露。

反向证据

  • 做多前查反向 · 来源 web · 日期 2026-06-03 · 影响 weakens
    ClinicalTrials.gov已提前公开研究登记和预计启动日期,削弱本次首例给药的新鲜度。
    检索:Akeso AK138D1 ivonescimab first patient dosed prior trial registration 原文 ↗
  • 做多前查反向 · 来源 web · 日期 2026-03-26 · 影响 weakens
    公司收入基数主要来自已商业化产品,本次Ib/II首例给药未提供近期销售或授权现金流增量。
    检索:Akeso 2025 revenue ivonescimab cadonilimab commercial sales 原文 ↗

原文全文

展开原文 · 7,636 字
Akeso IO2.0 + ADC2.0 Strategy Makes Another Advancement: First Patient Dosed in Phase Ib/II Study of HER3 ADC (AK138D1) Combined with Ivonescimab in Lung Cancer
HONG KONG, July 27, 2026 /PRNewswire/ -- Akeso, Inc. (9926.HK) ("Akeso" or the "Company") today announced that the first patient has been dosed in a Phase Ib/II clinical study (AK138D1-201) evaluating its internally developed next-generation differentiated HER3 ADC, AK138D1, as monotherapy or in combination with ivonescimab (PD-1/VEGF bispecific antibody) for advanced non-small cell lung cancer (NSCLC).
The study aims to evaluate the potential of Akeso's IO2.0 + ADC2.0 regimen across multiple settings in advanced NSCLC, including: first-line treatment, treatment after EGFR-TKI resistance, and treatment after immuno-chemotherapy resistance.
HER3 expression is strongly linked to the development, progression, and treatment resistance in patients with NSCLC. Traditional HER3 ADCs have faced limitations in clinical use due to toxicity concerns, and none have been approved to date. Akeso designed the next-generation HER3 ADC, AK138D1, with an unique and innovative approach that minimizes uptake in normal tissues to reduce off-target toxicity and broaden the therapeutic window. This approach also prevents surface aggregation on tumor cells to improve deep and uniform tumor penetration, effectively overcoming the binding site barrier. Early clinical studies conducted in China and Australia have demonstrated that AK138D1 monotherapy delivers potent anti-tumor activity in patients with lung cancer, along with a favorable safety profile featuring low hematologic toxicity and no reported cases of interstitial lung disease (ILD).
Ivonescimab, a first-in-class PD-1/VEGF bispecific antibody, has shown strong clinical results compared to PD-1 inhibitor-based therapies across multiple Phase III studies. The combination of AK138D1 with ivonescimab is expected to further amplify ivonescimab's immune-activating effects. This combination enables ivonescimab to exert synergistic anti-tumor activity with the next-generation HER3 ADC, potentially delivering superior clinical efficacy across various NSCLC subtypes while maintaining a favorable safety profile.
Leveraging its technological leadership in bispecific and multi-specific antibodies, Akeso is systematically building a comprehensive global IO2.0 + ADC2.0 therapeutic matrix.
In the immuno-oncology field, Akeso has two approved bispecific antibodies for cancer treatment. The Company is actively evaluating ivonescimab and cadonilimab in combination with the Company's proprietary next-generation ADC candidates. Increasingly, global partners recognize both ivonescimab and cadonilimab as preferred agents for combination regimens and breakthrough therapy explorations across a wide spectrum of tumor types.
In the ADC space, Akeso has built a differentiated pipeline of next-generation candidates, including AK146D1 and AK138D1, both of which have entered into Phase II clinical studies, and AK157D1 and AK158D1 (a bispecific ADC), both of which will soon enter clinical studies.
Currently, multiple Phase II clinical studies are underway evaluating ivonescimab and cadonilimab in combination with AK138D1, AK146D1, and other assets. These combination studies from Akeso's own approved therapies and pipelines continue to drive global treatment paradigms upgrades for major malignancies, including lung cancer and breast cancer.
About AK138D1
Injectable AK138D1 is a HER3-targeted antibody-drug conjugate (ADC), with a fully humanized anti-HER3 IgG1 antibody, patritumab. It is conjugated to the topoisomerase I inhibitor DXd through a cleavable linker, MC-AAA (maleimide-alanine-alanine-alanine). After binding to HER3 on tumor cells, the ADC is internalized into the tumor cells, where the linker is cleaved, releasing the membrane-permeable DXd. This leads to DNA damage and subsequent cell apoptosis. Early study results have shown that AK138D1 possesses potent biological activity and a favorable safety profile. A phase II clinical trial is currently ongoing to investigate AK138D1 combined with cadonilimab and ivonescimab in patients with solid tumors. This regimen is a critical part of Akeso's IO2.0 + ADC 2.0 combination approach.
About Akeso
Akeso (HKEX: 9926.HK) is a leading biopharmaceutical company committed to the research, development, manufacturing and commercialization of the world's first or best-in-class innovative biological medicines. Founded in 2012, Akeso has built a comprehensive R&D innovation ecosystem anchored by its proprietary Tetrabody antibody technology platform, AI-powered drug R&D platform, Dual-Shield ADC technology platform, Dual-Lock T-cell engager (TCE) technology platform, Tissue-Smart siRNA/mRNA technology platform, and cell therapy technology platforms.
Backed by world-class GMP manufacturing facilities and a highly efficient, integrated commercialization system, Akeso has developed into a globally competitive biopharmaceutical enterprise. Leveraging its fully integrated, multi-functional platform, the company maintains a robust pipeline of more than 50 innovative assets targeting cancer, autoimmune diseases, inflammation, metabolic disorders, and other major therapeutic areas. Of these, 27 candidates have advanced into clinical trials—including 15 bispecific or multispecific antibodies and bispecific ADCs—and 8 innovative drugs have reached commercial stage.
Through efficient and groundbreaking R&D, Akeso integrates premier global resources to develop transformative medicines, deliver high-quality, affordable therapeutic antibodies to patients worldwide, and generate sustained commercial and societal value as it strives to become a global leader in biopharmaceutical innovation.
Forward-Looking Statements
This announcement by Akeso, Inc. (9926.HK, "Akeso") contains "forward-looking statements". These statements reflect the current beliefs and expectations of Akeso's management and are subject to significant risks and uncertainties. These statements are not intended to form the basis of any investment decision or any decision to purchase securities of Akeso. There can be no assurance that the drug candidate(s) indicated in this announcement or Akeso's other pipeline candidates will obtain the required regulatory approvals or achieve commercial success. If underlying assumptions prove inaccurate or risks or uncertainties materialize, actual results may differ materially from those set forth in the forward-looking statements.
Risks and uncertainties include but are not limited to, general industry conditions and competition; general economic factors, including interest rate and currency exchange rate fluctuations; the impact of pharmaceutical industry regulation and health care legislation in P.R.China, the United States and internationally; global trends toward health care cost containment; technological advances, new products and patents attained by competitors; challenges inherent in new product development, including obtaining regulatory approval; Akeso's ability to accurately predict future market conditions; manufacturing difficulties or delays; financial instability of international economies and sovereign risk; dependence on the effectiveness of the Akeso's patents and other protections for innovative products; and the exposure to litigation, including patent litigation, and/or regulatory actions.
Akeso does not undertake any obligation to publicly revise these forward-looking statements to reflect events or circumstances after the date hereof, except as required by law.
SOURCE Akeso, Inc.

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