IBI363 PoC数据发布

IBI363 PoC data releasedQuick Note and ID-resistantNSCLC.Innoventon22Maybefore marketopen released early-stageclinical results forIBl363 (PD-1/IL2) in (1) 1L NSCLC treatment(combo chemo); and (2) IO-resistant late-stageNSCLC treatmentfortheupcoming2026ASCO.For 1L NSCLC, with a cut-off date of 22 Dec 2025, a total of 80 PD-L1- or PD- China Health Care & PharmaceuticalsJialin Zhang, CFA, CPA- NIHK L1+(TPS<50%) patients were enrolled in three sub-groups (1.5mg/kg group[n=28],3mg/kg group[n=29] and 3mg/kg→1.5mg/kg group[n=23]. The 3mg/kg→1.5mg/kg groupshowed a higher objective response rate (ORR)of 86.4%, which we view quiteencouraging (vs other regiments that have ORR ranging 50-60%) although we agree thatthiswasbasedonsmallpatientcohort. jialin.zhang@nomura.com+852 2252 6134 A trial comparing IB1363 (3mg/kg -→1.5mg/kg) combo chemo with pembrolizumab combochemo and current standard of care (SoC) treatment, is ongoing. ForIO-resistant late-stage NSCLC treatment, 136 patients was recruited by 20 Nov 2025.Thirty-one sqNSCLC patients on the 3mg/kg Q3W regiment reported a medianprogression-free survival (PFS) of 10.1m, a median overall survival (OS) of 18.2m, and a24-m OS rate of 47.8%, compared to OS of 9.4m in the TROPPIN-Lung01 trial (largepatient size trial). A global phase Ill trial on IO-resistant NSCLC is ongoing and the clinical design willbereported atthe AsCO meeting as well. We view this set of data positive: as a potential first in class (FiC) drug, it targets unmetmedical needssuchasIO-resistantNSCLCsetting,whichcouldbea"sweetspot"tocompete in the market. We would suggest to monitor the safety profile, a key concern for this molecule since itwas first produced, for example, in the IO-resistant late-stage NSCLC, a 99.3% oftreatmentrelated adverseevents (TEAE)were reported, ofwhich overgrade 3TEAEwas48.5%. Common TEAE includes arthralgia, anemia, and rash. We maintain our Buy rating and TP of HKD114.64. Appendix A-1 See Disclaimers for Nomura Group entity details. Analyst Certification subject securities or issuers referred to in this Research report, (2) no part of my compensation was, is or will be directly or indirectly related tothe specific recommendations or views expressed in this Research report and (3) no part of my compensation is tied to any specific investmentbanking transactions performed by Nomura Securities International, Inc., Nomura International plc or any other Nomura Group company. IssuerSpecificRegulatoryDisclosures Securities International, Inc. ('NSI) and Instinet, LLC ('ILLC"), U. S. registered broker dealers and members of SIPC. Innovent (1801 HK)Rating and target price chart (three year history) ValuationMethodologyOurtargetpriceofHKD114.64isbasedonDCFmodel (discountbacktoend-2025),assumingWACCof10.3% and a terminal growth of 4.0%.The benchmark index for the stock is Hang Seng Index.drugs, (2) VBP on biosimilars and (3) IBI363 clinical development setback. Important Disclosures Onlineavailability of research and conflict-of-interest disclosures Nomura Group research is available on www.nomuranow.com/research, Bloomberg, Capital IQ, Factset, LSEG.Important disclosures may be read at http://go.nomuranow.com/research/m/Disclosures or requested from Nomura Securities International, Inc.If you have any difficulties with the website, please email grpsupport@nomura.com for help. The analysts responsible for preparing this report have received compensation based upon various factors including the firm's total revenues, aportion of which is generated by Investment Banking activities. Unless otherwise noted, the non-US analysts listed at the front of this report arenot registered/qualifiedas research analysts under FINRArules, may not be associated persons of NSl, and may not be subject to FINRA Rule2241 restrictions on communications with covered companies,public appearances,and trading securities held bya research analyst account. the Commodities Futures Trading Commission and the National Futures Association (NFA) as swap dealers. NGFP, NDPI, and Niplc are The distribution of all ratings published by Nomura Group Global Equity Research is as follows: 57% have been assigned a Buy rating which, for purposes of mandatory disclosures, are classified as a Buy rating; 34% of companies with this rating are investment banking clients of the Nomura Group*. 0% of companies (which are admitted to trading on a regulated market in the EEA)with this rating were supplied material services** by the Nomura Group.41% have been assigned a Neutral rating which, for purposes of mandatory disclosures, is classified as a Hold rating; 57% of companies with this rating are investment banking clients of the Nomura Group*. 0% of companies (which are admited to trading on a regulated market in theEEA)with this rating were suppliedmaterial servicesby theNomura Group2% have been assigned a Reduce rating which, for purposes of mandatory disclosures, are classified as a Sell rating; 0% of