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Boan Biotech (6955.HK) today announced its 2025 half-year results and latest developments. During the reporting period, the company's total revenue was RMB 393 million, up 8% YoY, and the contribution to this from product sales was RMB 385 million, up 16% YoY. The company has maintained profitability for three consecutive half-year reporting periods and currently holds over RMB 1 billion in cash reserves. The strong cash position and healthy cash flow laid a solid foundation for Boan Biotech to accelerate innovation going forward.  Building momentum for growth by expanding the product portfolio Boan Biotech has four products approved for marketing. Three of them generated a combined sales growth of 16% in the first half of this year. The solid growth was driven by the company’s sophisticated commercial operation system, including a nationwide sales network covering 3,000-plus hospitals and other healthcare organizations, an experienced in-house sales & marketing team, and various strategic partners. Boyounuo® Boyoubei® Boluojia® Boyouping® In oncology, the company took advantage of its own sales & marketing team to promote and sell Boyounuo® (bevacizumab injection) and Boluojia® (denosumab injection 120 mg), resulting in the continued expansion of the two products’ coverage in the marketplace. In areas other than oncology, the company worked with Qingdao Conson Pharmaceutical to extend the reach of Boyoubei® (denosumab injection 60 mg). In August 2025, Boyouping® (Dulaglutide Injection), the 4th product of Boan Biotech, was approved for marketing in China. This was also China’s first locally developed dulaglutide injection approved for marketing in the country. The company granted Shanghai Pharmaceutical Co., Ltd. (Shaphar) the exclusive right to commercialize this product in the Chinese mainland, taking advantage of the latter’s integrated sales & marketing expertise across channels and extensive distribution network to accelerate the ramp-up time for the product. In addition, the company’s pipeline also includes several investigational drugs that will be made commercially available soon. For example, BA9101 (aflibercept injection) is under review for its Biologics License Application (BLA) in China, and Boyoubei (denosumab injection 60 mg) and Boluojia (denosumab injection 120 mg) will complete their Phase 3 clinical trials in Europe, the U.S., and Japan soon. The launch of these drugs will further fuel the company’s high-speed growth.  Doubling down on innovation to build a competitive edge Boan Biotech’s pipeline currently includes 2 drug candidates with their BLA under review, and 10-plus drug candidates in the clinical or preclinical development stage. With the first cohort of drug candidates being commercialized one after another, the company is able to generate a sustainable cash flow, which can be used to speed up new drug development on an ongoing basis. The company has built a pipeline of innovative drugs standing out from the competition. It pursues an “IO + ADC” strategy for new drug development, with a focus on developing IO 2.0 therapies as well as the next-generation bispecific and dual-toxin antibody-drug conjugates (ADCs). Here are some examples: ● BA1106 (a non-IL-2 blocking anti-CD25 antibody): This is the first innovative anti-CD25 antibody in China to undergo clinical trials for the treatment of solid tumors. A Phase 1 clinical trial of BA1106 as a monotherapy has been completed. A dose-escalation clinical trial of BA1106 in combination with BA1104 (nivolumab injection), a PD-1 inhibitor developed by the company, also began to enroll patients in June 2025. In April 2025, the early results of the Phase 1 clinical trial of BA1106 were presented at the annual meeting of the American Association for Cancer Research (AACR). In the trial, BA1106 was shown to have the potential for treating multiple types of solid tumor and a pharmacodynamic (PD) profile matching its intended mechanism of action. It was shown to be safe and well-tolerated as well. Besides, BA1106 demonstrated a good pharmacokinetics (PK) profile with low immunogenicity, and all of its anti-drug antibody (ADA) assays were negative. ● BA1302 (an anti-CD228 ADC): This is China’s first innovative anti-CD228 ADC under clinical development. A dose-escalation part of Phase-1 clinical trial is currently going on in China using it as a monotherapy. It was granted an Orphan Drug Designation (ODD) by the U.S. Food and Drug Administration (FDA) for treating squamous non-small cell lung cancer (sqNSCLC) and pancreatic cancer, and was cleared by the FDA for clinical trials as well. ● BA1301 (an anti-Claudin18.2 ADC): It is undergoing a dose-expansion part of Phase 1 clinical trial as a monotherapy in China. This drug candidate was also granted an ODD in the U.S. for the treatment of gastric cancer and pancreatic cancer. Furthermore, the company is also accelerating the development of other innovative biologics in the pre-clinical phase, including:   ● PR201 (an antibody-cytokine fusion protein targeting PD-1 and IL-2): Developed in house, PR201 was shown to be a potent anticancer agent in multiple tumor models where anti-PD-1/PD-L1 antibodies were ineffective or had a low efficacy. ● PR203 (a bispecific antibody targeting TL1A and IL23): Its targeted indications include inflammatory bowel disease (IBD), psoriasis (PS), and psoriatic arthritis (PSA).  ● BA1304 (a bispecific ADC targeting EGFR and B7-H3): Based on site-specific glycan conjugation, it is intended to treat lung cancer, colon cancer, bladder cancer, kidney cancer, esophageal cancer, and other types of cancer. The company is talking with several partners including multinational pharmaceutical companies to speed up the development of the aforementioned high-potential candidates globally. Maximizing the synergy for BD through collaboration across the value chain Boan Biotech is among a small number of Chinese biopharmaceutical companies operating an integrated system to develop, manufacture and sell products on its own. This system enables seamless collaboration across the value chain, which can be translated into powerful productivity and exceptional efficiency. At the same time, the company is actively deepening external operations by building an ecosystem of partners across the realms of development, production, and commercialization. Its aim is to work with exceptional partners around the world to maximize the synergy and achieve win-win results. Empowering new drug development Previous examples of collaboration include granting Joincare the exclusive rights to develop and commercialize BA2101 (a long-acting anti-IL-4Rα monoclonal antibody) for the treatment of respiratory diseases in the Chinese mainland; conducting a Phase 3 clinical trial of BA9101 in China with Ocumension and granting the latter the exclusive right to commercialize this drug in the Chinese mainland; granting Zencore Biologics the non-exclusive right to use Boan Biotech's proprietary BA-HIEXcell® platform to develop stable cell lines in the Chinese mainland; and collaborating with the Hong Kong University of Science and Technology in several frontiers of biomedicine. Increasing productivity Previous examples of collaboration include working closely with Haier Biomedical for digital, automation and AI endeavors, to improve its digital capabilities for manufacturing and quality management. Speeding up global commercialization Previous examples of collaboration include granting Shaphar the right to commercialize Boyouping in the Chinese mainland; granting Qingdao Conson Pharmaceutical the right to commercialize Boyoubei in the Chinese mainland; granting Kexing Biopharm the right to commercialize Boyoubei and Boluojia in Hong Kong and Macao, as well as the right to commercialize BA9101 in markets other than the Chinese mainland, the EU, the U.K., the U.S., and Japan; and joining hands with overseas partners to commercialize Boyounuo, Boyoubei, and Boluojia in Brazil. In addition, Boan Biotech is also talking with partners for the development and commercialization of multiple drugs in different regions abroad.  Increasing capacity through smart manufacturing Boan Biotech already has a production capacity that is enough to address the growing demand driven by new product launch and business development. It also leverages smart manufacturing to optimize production processes and upgrade digital production systems. The company has put into place a quality management system conforming to Chinese, American, European, and Japanese standards. The system has been certified by four major internationally recognized standards: ISO 9001, ISO 14001, ISO 45001, and ISO 50001. In addition, its manufacturing facility has passed the GMP inspection by Brazil’s ANVISA resulting in a “no observation” result and the QP audit of the EU. Boan Biotech was on the “List of Provincial Quality Management Examples” in Shandong, and its digital facility was named one of the “Provincial Digital Facilities of the Year in Shandong” for 2024, all in recognition of the company’s outstanding practices in quality management and digital transformation. Driving high-speed growth by achieving multiple milestones In the second half of 2025, Boan Biotech is expected to achieve multiple milestones, including completing clinical trials at different phases for several innovative biologics and achieving breakthroughs for several biosimilars in China and abroad. Here are some examples: ● The dose-escalation part of Phase 1 trial for the combination therapy of BA1106 (a non-IL-2 blocking anti-CD25 antibody) and BA1104 (nivolumab injection) to be completed this year; ● The dose-expansion part of Phase 1 trial of BA1301 (an anti-Claudin18.2 ADC) as a monotherapy to be completed this year. The phased clinical data will be presented at this year’s annual meeting of the European Society for Medical Oncology (ESMO);  ● The dose-escalation part of Phase 1 trial of BA1302 (an anti-CD228 ADC) as a monotherapy to be completed this year; ● BA9101 (aflibercept injection), under review for its BLA in China, to be approved for marketing this year; ● Boyounuo (bevacizumab injection), under review for its BLA in Brazil, to be approved for marketing this year; ● The international multicenter Phase 3 clinical trials of Boluojia (denosumab injection 120 mg) and Boyoubei (denosumab injection 60 mg) to be completed in Europe, the U.S., and Japan, with their BLAs to be submitted in the U.K. this year and in the U.S. next year; ● Patient enrollment to be completed for the Phase 3 clinical trial of BA1104 (nivolumab injection) in China this year, with permission from the FDA already granted to waive the need for a Phase 3 clinical trial of it in the U.S. Jiang Hua, Chairlady and Chief Executive Officer of Boan Biotech, said:  “The first half of 2025 was our third consecutive half-year reporting period of being in the black. This made us one of a small number of biotech companies to achieve sustained profitability through product sales thanks to our efficient commercialization efforts and our strategy for building a differentiated portfolio.  In the future, we will continue to pursue the goal of becoming a leading biopharmaceutical company in the world with a focus on four fronts: the first is to extend the reach of our four existing products, Boyouping in particular, by enhancing our commercial capabilities; the second is to expedite the approval of several core products for launch in China and abroad to drive revenue growth; the third is to ramp up the development of innovative drugs and build a value-added pipeline; and the fourth is to cash in on our innovation and speed up the development of high-potential candidates overseas by building partnerships. We are confident that we will maintain the high-speed growth over the next three years, to deliver better products for our patients and better results for our shareholders.”   About Boan Biotech Boan Biotech is a fully-integrated biopharmaceutical company developing, manufacturing, and marketing biologics, with a focus on oncology, autoimmune diseases, ophthalmology, and metabolic diseases. The company's drug discovery activities revolve around multiple platforms: Human Antibody Transgenic Mouse and Phage Display Technology Platform, Bispecific T-cell Engager Technology Platform, ADC Technology Platform and Cell Therapy Platform. Boan Biotech operates across the entire value chain of the industry covering antibody discovery, cell line development, upstream and downstream process development, analytical and bio-analytical method development, technology transfer, non-clinical research, clinical research, regulatory affairs and registration, and commercial production. In the cell therapy field, Boan Biotech focuses on a new generation of enhanced and regulated CAR-T technology, developing safer, more effective, and affordable treatments for patients. Boan Biotech’s portfolio includes four products approved for marketing. Its pipeline includes one investigational drug under review for its marketing application, multiple novel biologics as drug candidates protected for their international intellectual property rights, and biosimilar candidates. In addition to China, the company is also developing biopharmaceutical products in overseas markets, including the U.S., the EU, and Japan. With a differentiated portfolio and well-established commercial capabilities, Boan Biotech operates across the industry’s value chain from research and development to manufacturing and commercialization, laying a solid foundation for long-term, high-quality growth in the future.

来自德克萨斯大学MD安德森癌症研究中心等机构的科学家们通过研究揭示了一种全新的抗癌耐药机制，即癌细胞会主动损伤机体周围的神经从而引发慢性炎症，进而“教唆”免疫系统“叛变”并导致免疫治疗失败。 你是否能想象，癌症这一无情的病魔，不仅无情地侵蚀人体器官，还能狡黠地 “操控” 神经系统，进而使免疫治疗这一抗癌利器失去效力？这并非科幻小说中的情节，而是一项前沿科学研究揭示的惊人事实。 近日，发表于国际顶尖杂志《Nature》上，题为 “Cancer-induced nerve injury promotes resistance to anti-PD-1 therapy” 的研究报告，由德克萨斯大学 MD 安德森癌症研究中心等全球 30 多家顶尖机构携手合作完成，为我们揭开了全新的抗癌耐药机制 —— 癌细胞能够主动损害机体周围神经，引发慢性炎症，进而诱导免疫系统 “叛变”，最终致使免疫治疗宣告失败。这项意义非凡的研究，不但精准阐释了部分患者对 PD-1 抑制剂治疗无反应的深层原因，更为逆转耐药提供了一系列创新策略。 一、神经受伤，免疫治疗就“失灵”？ 研究人员最初将目光聚焦于“神经周围侵犯”（PNI，Perineural Invasion）这一现象。早在多年前，临床医生便已察觉，当癌细胞包绕或侵入神经时，患者的预后往往不容乐观，尤其是在皮肤鳞癌、黑色素瘤、胃癌等多种癌症类型中，PNI 更是作为显著的 “不良预后指标” 频繁出现。然而，长久以来，神经遭受癌细胞侵犯后究竟发生了何种变化，始终是未解之谜。 通过对 56 名接受 PD-1 抑制剂治疗的皮肤癌患者展开深入分析，研究人员惊异地发现，在治疗无响应的患者群体中，高达 50% 存在 PNI 现象；而在治疗有响应的患者里，这一比例仅为 15%。这一数据清晰表明，神经被侵犯的患者，对免疫治疗产生耐药性的可能性显著增加。进一步深入探究后，研究者们发现，这些受侵犯的神经呈现出 “受伤状态”，它们会大量高表达 ATF3 等损伤标志物，仿佛在绝望地发出“SOS”求救信号。由此可见，神经损伤与机体对抗 PD-1 疗法的耐受性之间，存在着直接且紧密的关联。 神经损伤或与机体对抗PD-1疗法的耐受性直接相关 二、癌细胞如何处心积虑地 “攻击” 神经？ 为了精准模拟癌细胞侵犯神经的全过程，科学家们在显微镜下对癌细胞与神经的互动进行了实时细致的观察。结果令人大为震惊，癌细胞不仅会迅速贴近神经，还会如同饥饿的老鼠啃咬电线一般，直接 “啃食” 神经外层至关重要的髓鞘。髓鞘作为神经的 “绝缘保护皮”，一旦遭到破坏，神经信号的传递便会大幅变慢，甚至完全中断。研究人员通过严谨的电生理实验有力证实，肿瘤周围的神经确实出现了严重的 “信号故障”。 不过，受伤的神经并不会消极地 “坐以待毙”。它们会立即启动自身的自我修复程序，同时释放出 IL-6 和干扰素等炎症因子，急切地召唤免疫细胞前来救援。这本是机体正常的自我修复反应，然而在肿瘤这一特殊环境中，这一反应却被癌细胞巧妙地 “利用”，成为了癌细胞进一步作恶的 “帮凶”。 三、慢性炎症：免疫系统的“特洛伊木马” 随着肿瘤不断生长扩大，越来越多的神经遭到侵犯，炎症反应也逐渐从最初的 “急性修复” 模式，悄然转变为 “慢性破坏” 模式。在这一过程中，大量的免疫抑制细胞，如 M2 型巨噬细胞、耗竭性 T 细胞等，会被源源不断地招募到肿瘤周围。令人遗憾的是，这些免疫细胞不但不会对癌细胞发起攻击，反而会 “劝退” 那些本应发挥抗癌作用的免疫细胞。这一过程就如同一场精心策划的 “特洛伊木马” 行动，神经发出的求救信号，竟被癌细胞恶意篡改成了 “召集免疫抑制部队” 的指令。 研究人员借助先进的空间转录组学技术，直观清晰地展示了这种 “神经 - 免疫共谋” 现象。在神经受伤的区域，免疫抑制标志物显著升高，更为糟糕的是，这种抑制状态会迅速扩散至整个肿瘤微环境，使得肿瘤得以在免疫逃逸的道路上越走越远。 四、逆转耐药：从“断神经”到“阻断信号” 令人振奋的是，研究人员并未仅仅满足于机制的阐释，而是进一步勇敢地探索逆转耐药的有效方法。他们尝试了多种极具创新性的策略： 1. 手术切断神经（去神经术）：这一策略旨在从物理层面阻止癌细胞继续 “骚扰” 神经，切断癌细胞与神经之间的不良联系，从而为后续治疗创造有利条件。 2. 基因敲除 ATF3：通过精准的基因编辑技术，使神经无法发出损伤信号，从根源上阻断癌细胞利用神经损伤信号作恶的途径。 3. 阻断 IL-6 或干扰素受体：通过药物干预，切断炎症信号的传递路径，阻止免疫抑制细胞被大量招募，进而恢复肿瘤微环境中的免疫平衡。 令人惊喜的是，这些策略均取得了一致的积极结果：只要成功中断 “神经损伤 - 炎症” 这条关键通路，就能显著恢复 PD-1 抑制剂的治疗疗效。特别是在动物模型实验中，联合使用抗 PD-1 + 抗 IL-6R 抗体，能够显著抑制肿瘤的生长，为癌症治疗带来了新的希望曙光。 五、启示与展望 这项研究不仅揭示了一种全新的耐药机制，更开辟了一个新兴领域：“癌症神经免疫学”（Cancer Neuroscience）；它提醒我们，癌症不是一个孤立的“肿块”，而是一个系统性疾病，能操控人体的神经网络和免疫系统。 未来研究人员还将进一步研究检测神经损伤标志物（比如ATF3）来预测免疫治疗响应，同时开发针对神经-免疫轴的新型药物并结合神经调节与免疫治疗来实现“双通路”抗癌。这项研究告诉我们，抗癌之战远不止“细胞打细胞”那么简单，其涉及神经、免疫、炎症等多重网络，更像是一场“信息战”。（生物谷Bioon.com） 参考文献： Baruch, E.N., Gleber-Netto, F.O., Nagarajan, P. et al. Cancer-induced nerve injury promotes resistance to anti-PD-1 therapy. Nature (2025). doi：10.1038/s41586-025-09370-8