Genolimzumab

Phase 2 studies ongoing to advance global development of vebreltinib, a highly potent, de-risked and differentiated c-MET Inhibitor with best-in-class and first-in-class potential. To date, more than 600 patients and 170 healthy volunteers have been dosed with vebreltinib in clinical trials. Phase 2/3 IND submission for development of vebreltinib in combination with an EGFR inhibitor in the U.S. and select Asian countries for the treatment of NSCLC. FOSTER CITY, Calif., April 27, 2026 (GLOBE NEWSWIRE) -- Apollomics Inc. (Nasdaq: APLM), a clinical-stage biopharmaceutical company advancing innovative oncology therapies to transform the treatment landscape for patients with few or no options, today announced financial results for the full year ended December 31, 2025. “Our primary focus is to advance the global development of vebreltinib for the treatment of patients with c-MET alterations across different tumors,” said Hung-wen (Howard) Chen, Chief Executive Officer of Apollomics. “Based on guidance from the U.S. Food and Drug Administration (FDA), we anticipate submitting an Investigational New Drug Application for accelerated approval of vebreltinib for second-line treatment for non-small cell lung cancer (NSCLC) patients with c-MET amplification in the first half of 2027.” Pipeline Update Vebreltinib (APL-101) – a highly specific, CNS-penetrant c-MET inhibitor for treating NSCLC, brain tumors, and other solid tumors with MET dysregulation. It also shows significant potential in combination regimens, particularly with EGFR inhibitors. The China rights of APL-101 were out-licensed to Apollomics’ partner, Beijing Avistone Biotechnology Co., Ltd., while Apollomics retains the global (ex-China) rights. Vebreltinib has been approved by China’s National Medical Products Administration (NMPA) for three distinct indications: METex14 skipping NSCLC, MET-amplified NSCLC, and PTPRZ1-MET fusion high-grade gliomas. Notably, it is the first c-MET inhibitor approved for the latter two conditions. The Company is advancing global development of vebreltinib, prioritizing NSCLC with c-MET amplification while expanding its application across diverse MET alterations and tumor types. Simultaneously, the Company is investigating strategic combinations with other tumor inhibitors to fully maximize vebreltinib’s therapeutic potential. The Phase 2 component of the SPARTA clinical study, APL-101-01, is an ongoing open-label multi-cohort study for evaluation of efficacy and safety of vebreltinib for the treatment of a number of solid tumors, including NSCLC with MET Exon 14 skipping, NSCLC with c-MET amplification, brain tumors with MET fusion or MET amplification and other solid tumors with MET amplification or MET fusion. Apollomics is currently conducting the ongoing Phase 2 portion of the global SPARTA study at approximately 25 study sites in over 10 countries in North America, Europe and Asia-Pacific. As of April 2026, over 282 subjects have enrolled in the SPARTA study. Interim efficacy and safety data from the global multi-cohort Phase 2 SPARTA trial and from the multi-cohort Phase 2 KUNPENG trial demonstrated that vebreltinib appeared efficacious in NSCLC patients with MET Exon14 skipping mutation with or without co-occurring MET amplification. In March 2025, the Company announced a development and commercialization agreement for vebreltinib with LaunXP International Co., Ltd., an affiliate of LaunXP Biomedical Co., Ltd (Collectively, “LaunXP”). LaunXP will receive exclusive development and commercialization rights for vebreltinib in combination with an EGFR inhibitor in Asia (excluding mainland China, Hong Kong and Macau) for the treatment of NSCLC. Apollomics is committed to expanding its clinical pipeline through ongoing collaborations with global partners. These efforts will focus on investigating new combination therapies that maximize vebreltinib’s efficacy, ensuring the asset’s potential is fully realized across diverse patient populations. Immuno-Oncology Product Candidates APL-501 (Anti-PD-1 antibody) : APL-501 is an investigational, humanized, IgG4 monoclonal antibody that selectively binds to PD-1 on T lymphocytes and other immune cells. The China rights of APL-501 were out-licensed to Apollomics’ partner, Edding Genor Group Holdings Ltd., while Apollomics retains the global (ex-China) rights. Data from a Phase 1 study in advanced or relapsed/refractory solid tumors in Australia are currently being analyzed. APL-502 (benmelstobart, anti-PD-L1 antibody) : APL-502 is a novel IgG1 humanized monoclonal antibody against PD-L1. The China rights of APL-502 were out-licensed to Apollomics’ partner, Chia Tai-Tianqing Pharmaceutical Holdings Co., Ltd. (CTTQ), while Apollomics retains the global (ex-China) rights. APL-502 (also known as TQB-2450 in China) has been approved by China’s NMPA for three distinct indications: extensive-stage small cell lung cancer, recurrent/metastatic endometrial cancer, and late-stage unresectable or metastatic renal cell carcinoma. Ongoing clinical trials include the following tumor types: NSCLC, esophageal cancer, ovarian cancer, hepatocellular carcinoma, cholangiocarcinoma, primary mediastinal large B cell lymphoma, and alveolar soft part sarcoma. Business Highlights New senior management team : In September 2025, Apollomics appointed a new management team, led by Hung-wen (Howard) Chen, Chief Executive Officer, and Yi-kuei (Alex) Chen, Chief Operating Officer, and Peter Lin, Chief Financial Officer. Positive Turnaround Developments : With the appointment of a new board of directors and management team, the Company has made meaningful progress executing its strategic turnaround plan. In 2025, the Company successfully implemented significant cost reduction initiatives to streamline operations and enhance financial discipline. In parallel, Apollomics has strengthened its financial and legal position through the resolution of legacy matters, including the settlement of the Cayman litigation in November 2025, and the clearance of substantial outstanding legal and clinical program-related obligations. Furthermore, Apollomics has a renewed commitment to advancing its pipeline, including the relaunch of a previously paused clinical program for vebreltinib. Full Year 2025 Financial Results Cash, cash equivalents, bank deposits and money market funds as of December 31, 2025, were approximately $3.3 million, compared with $9.8 million as of December 31, 2024. In September 2025, the Company raised $4.1 million in a private investment in public equity (PIPE) financing, before transaction expenses. Revenue for the full year 2025 was $8.5 million compared to $0 for full year 2024. Revenue in 2025 is a result of the upfront payment related to the LaunXP licensing agreement for the development and commercialization in Asia (excluding mainland China, Hong Kong and Macau) of vebreltinib. Research and development expenses were approximately $5.5 million for full year 2025, compared to approximately $24.6 million for full year 2024. General and administrative expenses were approximately $12.4 million for full year 2025, compared to approximately $17.8 million for full year 2024. Net loss for the full year 2025 was $(10.9) million, or $(7.57) per diluted share, compared with a net loss of $(53.9) million, or $(52.80) per diluted share, for the full year 2024. As part of its strategic turnaround plan, Apollomics significantly reduced costs and expenses in 2025 compared to the previous year. For the full year 2025, operating expenses were $19.8 million compared to $55.7 million for the prior year, representing a 64% decrease year-over-year. About Apollomics Inc. Apollomics Inc. is an innovative clinical-stage biopharmaceutical company focused on the discovery and development of oncology therapies with the potential to be combined with other treatment options to harness the immune system and target specific molecular pathways to inhibit cancer. Apollomics’ lead program is vebreltinib (APL-101), a potent, selective c-MET inhibitor for the treatment of non-small cell lung cancer and other advanced tumors with c-MET alterations, which is currently in a Phase 2 multicohort clinical trial in the United States and other countries. For more information, please visit . Cautionary Statement Regarding Forward-Looking Statements This press release includes statements that constitute “forward-looking statements” within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements, other than statements of present or historical fact included in this press release, regarding Apollomics’ strategy, prospects, plans, objectives and anticipated outcomes from the development and commercialization of vebreltinib are forward-looking statements. When used in this press release, the words “could,” “should,” “will,” “may,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “seek,” “project,” the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on management’s current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. In addition, Apollomics cautions you that the forward-looking statements contained in this press release are subject to unknown risks, uncertainties and other factors, including those risks and uncertainties discussed in the Annual Report on Form 20-F for the year ended December 31, 2025, filed by Apollomics Inc. with the U.S. Securities and Exchange Commission (“SEC”) under the heading “Risk Factors” and the other documents or to be by Apollomics with the SEC. Additional information concerning these and other factors that may impact the operations and projections discussed herein can be found in the reports that Apollomics has filed and will time to time with the SEC. Forward-looking statements speak only as of the date made by Apollomics. Apollomics undertakes no obligation to update publicly any of its forward-looking statements to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable law. Investor Contacts Peter Lin, Chief Financial Officer Apollomics, Inc. 1-650-209-4055 peter.lin@apollomicsinc.com Peter Vozzo ICR Healthcare Peter.Vozzo@icrhealthcare.com 1-443-213-0505 APOLLOMICS INC. CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE LOSS (All amounts in thousands of $, except for per share data) Years Ended December 31, 2025 2024 2023 $ $ $ Revenue $ 8,500 $ — $ — Other income 494 1,489 1,217 Foreign exchange (losses) gains (141 ) 145 1,191 Fair value change of financial assets at FVTPL — 198 821 Fair value change of financial liabilities at FVTPL (22 ) 222 1,597 Fair value change of convertible preferred shares — — (76,430 ) Research and development expenses (5,531 ) (24,566 ) (34,193 ) Administrative expenses (12,442 ) (17,768 ) (20,641 ) Impairment of intangible assets (1,717 ) (13,000 ) — Finance costs (65 ) (179 ) (150 ) Other expense (12 ) (140 ) (46,003 ) Loss before taxation (10,936 ) (53,599 ) (172,591 ) Income tax expenses (3 ) (259 ) (10 ) Loss and total comprehensive loss for the period, net of taxation, attributable to owners of the Company (10,939 ) (53,858 ) (172,601 ) Loss per share Basic and diluted ($) (7.57 ) (52.80 ) (231.99 ) APOLLOMICS INC. CONDENSED STATEMENTS OF FINANCIAL POSITION (All amounts in thousands of $) As of December 31, 2025 2024 $ $ Non-current assets Plant and equipment, net $ 3 $ 92 Right-of-use assets 577 927 Intangible assets, net — 1,737 Rental deposits 83 75 Total non-current assets 663 2,831 Current assets Deposits, prepayments and deferred expenses 470 501 Accounts receivable 2,305 — Cash and cash equivalents 3,276 9,766 Total current assets 6,051 10,267 Total assets 6,714 13,098 Current liabilities Other payables and accruals 6,117 7,166 Lease liabilities, current portion 209 233 Total current liabilities 6,326 7,399 Net current (liabilities) assets (275 ) 2,868 Total assets less current liabilities 388 5,699 Non-current liabilities Lease liabilities, non-current portion 434 733 Warrant liabilities at fair value through profit and loss (“FVTPL”) 124 102 Other non-current liabilities 3,018 — Total non-current liabilities 3,576 835 Net (liabilities) assets $ (3,188 ) $ 4,864 Equity Share capital 21 11 Share premium 670,384 666,528 Reserves 38,169 39,148 Accumulated deficits (711,762 ) (700,823 ) Total (deficit) equity $ (3,188 ) $ 4,864

可以试试先关后看，听说这样看文章的朋友，都能避开创新药的炒作大坑 最近一直在琢磨国内创新药行业的一个怪现象： 管线越堆越多，真正能解决患者需求的好药却没见几个；IND获批、临床进展的公告一个接一个，股价涨涨跌跌，最后药没做出来，资本倒是套现走了。 说白了，现在很多创新药的研发管线，从立项的第一天起，就不是为了治病救人，而是被包装成了一款款用来炒作、套利的金融产品。 这种管线金融化的炒作，不仅扭曲了创新药研发的本质，更把整个行业拖进了虚假繁荣、资源错配、最终一地鸡毛的陷阱里。一、管线金融化的本质：从科学探索，到标准化的估值游戏 先给大家把这个游戏的底层逻辑拆得明明白白：什么叫管线金融产品化？ 就是把高风险、长周期的药物研发，彻底简化成了一套「低风险、快周转」的金融产品发行流程。 研发的终点，不再是药品获批上市、解决患者未满足的临床需求，而是完成IND、I/II期临床、License-out传闻这些关键节点，实现估值跃迁、资本套现。 在这套逻辑里，药最终能不能上市、有没有临床价值，反而成了最不重要的事。 这套模式能跑通，本质是行业全链条的共识合谋： 资本厌恶研发的不确定性，热门靶点有成熟的科学逻辑、清晰的市场空间和可对标的估值体系； 企业需要快速融资做大规模，跟风热门靶点是风险最低的路径； 券商研报需要可量化的估值模型，成熟靶点的对标体系最容易讲故事； BD团队需要可落地的交易，海外MNC也更愿意为验证过的靶点买单。 最后整个行业形成了一个畸形闭环：追逐热门靶点=最安全、最快速的资本增值路径，踏踏实实的源头创新，反而因为周期长、风险高、没有现成的估值对标，被资本彻底抛弃了。二、GLP-1赛道集体冲锋：金融化炒作的完美样本 GLP-1减重药赛道，是管线金融化最鲜活、最极致的缩影，没有之一。 先给大家上准确的、有官方来源的硬数据： 截至2026年3月，据CDE官方公示信息，国内已获批肥胖适应症的GLP-1相关产品共6款，在审上市申请9款，仅针对肥胖适应症的临床在研管线就有53条，全球范围内中国企业布局的减肥管线超75款。 我看到这个数据的时候，第一反应是： 管线数量翻着倍往上涨，中国的胖子数量没跟着涨啊？ 根据国家卫健委发布的《中国居民营养与慢性病状况报告》，中国成年人超重率约34.3%，肥胖率约16.4%，这个比例在过去五年几乎没有波动。 更讽刺的是，这75款在研管线里，超90%都是基于已上市的司美格鲁肽、替尔泊肽做的结构修饰、剂型改造，几乎没有First-in-class的机制创新。 说白了，这根本不是药物研发，就是拿着现成的模板，快速“生产”一个能过IND、能进临床的管线，然后拿着临床节点去炒估值，根本没打算把药真正做上市。 整个流程已经彻底工业化、模板化了： 靶点是现成的，分子改造有成熟的路径，临床方案有可参考的模板，甚至连券商的估值模型都有现成的对标。 项目的终极目标，从来不是药品上市后的商业化，而是II期临床读出阳性数据后，要么在二级市场炒高股价，要么通过License-out完成套现，甚至连III期临床都不用走到。三、“阴伟达”现象：罕见病管线，沦为市值管理的金融工具 2026年2月，长春高新子公司金赛药业研发的GenSci141软膏获批临床试验，这款被网友戏称为“阴伟达”的药物，瞬间成了资本市场和社交网络的双重焦点。 消息公布后，长春高新股价连续两日大涨，累计涨幅超11%，在低迷的市场里走出了独立行情。 先给大家掰扯清楚客观事实： 这款药确实是全球首个专门针对儿童病理性小阴茎的在研药物，也确实填补了全球治疗空白。但狂欢的背后，是冰冷到极致的商业现实。 根据长春高新2026年1月发布的2025年业绩预告，公司归母净利润同比暴跌91.48%-94.19%，核心的生长激素业务受集采和竞品冲击严重，基本面已经濒临崩塌。 这个时候，一款距离上市至少3-5年、期间只有持续研发投入、没有任何收入贡献的在研药物，成了公司急需的“市值救命稻草”。 再算一笔最实在的账： 这款药针对的儿童病理性小阴茎，属于罕见病，根据国内外权威医学文献，发病率仅0.015%-0.66%，国内潜在确诊患儿仅1.5万-3万人。 哪怕按罕见病药的高定价逻辑，这款药在国内的稳态年销售额天花板，也仅3亿-8亿元人民币，根本撑不起公司所谓的“第二增长曲线”。 “阴伟达”现象，完美诠释了管线金融化的终极形态： 一个针对极小患者群体的罕见病药物，临床价值、商业价值早已让位于短期市值管理的金融价值。 通过“全球首创”“填补空白”的标签包装，就能在资本市场引发狂欢，哪怕它距离上市还有十万八千里，哪怕它最终的商业价值微乎其微。四、潮水退去：被临床证伪的管线，和一地鸡毛的资本泡沫 管线金融化的狂欢，终究逃不过临床数据的终极审判。 当资本击鼓传花的游戏结束，留下的是一地鸡毛的失败管线、打水漂的研发投入，和被严重浪费的医疗创新资源。 国内创新药过去十年的跟风炒作，已经积累了海量的证伪案例，每一个案例背后，都是一场脱离临床价值的资本游戏。PD-1：从“百团大战”到“红海残杀” PD-1是国内创新药管线金融化的起点，也是最惨烈的教训。 2023年6月，嘉和生物的PD-1产品杰诺单抗上市申请被NMPA拒绝，成为国内首个上市申请被拒的PD-1产品，此前公司已经为这款产品投入了数亿元研发费用，资本市场也早已给过对应的估值溢价，最终只剩一地鸡毛。 截至2025年5月，据药监局官方公示，全球共获批上市26款PD-(L)1单抗，其中超10款为国产产品。 当年“百团大战”的时候，国内有超100家企业扎堆布局PD-1，现在回头看，除了恒瑞、信达、百济、君实这头部四家，剩下的要么上市申请被拒，要么管线直接终止。 绝大多数企业从一开始，就没想过靠药品商业化赚钱，只是借着“国产创新药”的标签融资、上市、套现。 最终的结局大家也都看到了：价格战触底、医保谈判砍到地板价、适应症内卷到极致，除了头部企业，其余产品几乎没有生存空间，大量管线中途终止，只留下高位接盘的投资者。ADC：复刻PD-1老路，临床失败率超70% ADC（抗体偶联药物）正在完美复刻PD-1的炒作老路，甚至有过之而无不及。 据医药魔方2026年2月发布的《中国ADC赛道全景报告》，截至2026年2月，国内已有超100个ADC项目被终止或从管线中移除，失败或终止的注册性临床研究达79项，行业临床失败率在70%-89%之间。 触目惊心的失败案例背后，是一模一样的金融化逻辑： 百奥泰的BAT8001（HER2 ADC）在乳腺癌III期临床试验中未达到主要终点，耗费2亿多人民币后无奈终止开发； 东曜药业的TAA013（HER2 ADC），都推进到III期临床了，结果因为赛道过度内卷、竞争格局彻底恶化，直接终止项目，前期投入全部打水漂； 石药集团的Claudin18.2 ADC项目SYSA1801，因美国临床一期数据不佳（ORR仅22.2%），被合作方Elevation直接退回，此前炒作的海外BD预期彻底落空，估值应声下跌。 这些项目，当年立项的时候，哪个不是冲着“ADC黄金赛道”的风口去的？哪个不是拿着HER2、Claudin18.2这些热门靶点，做个微创新就去融资炒估值？ 现在潮水退了，才知道谁在裸泳。TIGIT靶点：千亿赛道预期，集体滑铁卢收场 TIGIT曾被誉为“下一代肿瘤免疫疗法的希望之星”，券商研报纷纷给出“对标PD-1的千亿市场空间”，国内企业扎堆布局，超30条管线进入临床阶段。 本质上还是冲着“成熟靶点、可对标估值、快速推进节点”的金融化逻辑。 但2025年的一系列临床失败，直接把这个千亿赛道的泡沫彻底戳破了： 2025年，百济神州发布公告，欧司珀利单抗的非小细胞肺癌III期AdvanTIG-302试验，中期分析显示难以达到预设的总生存期终点，超21亿元人民币的研发投入付诸东流； 罗氏直接宣布终止tiragolumab所有剩余临床试验，标志着这个长达10年、被全球药企跟风布局的靶点，彻底走向终结； GSK终止了与iTeos公司合作的Belrestotug项目，iTeos直接被折价收购并清算； Arcus与吉利德合作的Domvanalimab，在上消化道癌一线治疗的III期STAR-221试验中未能带来生存获益，项目直接终止。 不止于此，据全球医药行业智库Pharma Intelligence统计，2024年全球共有110项创新药II/III期临床研究未达主要终点；2025年，强生、辉瑞、BMS等全球MNC的多项重磅III期试验接连宣布失败。 国内方面，2024年以来已有至少7家本土药企一次性终止多个研发管线，上海医药一次性终止3个累计投入超3亿元的项目，其中2个处于I期、1个处于II期——这些被终止的管线，绝大多数都是当年跟风热门靶点、为了炒估值布局的金融化产品。五、管线金融化的深层根源：为什么研发沦为了资本游戏？ 很多人问我，为什么好好的创新药，变成了资本炒作的游戏？ 我跟很多药企的朋友、一级市场的投资人聊过，说白了，就是这套炒作的玩法，比踏踏实实做药赚钱快太多了，风险还低。资本逻辑彻底主导了研发决策 在今天的创新药生态里，绝大多数企业都在演同一套标准化的“资本样板戏”，四步走完，钱就赚到手了： 立项融资：锁定当下最火的靶点，做一套漂亮的管线PPT，完成一级市场融资，资本顺利进场； 净值抬升：快速推进IND、I/II期临床，公布阶段性阳性数据，配合券商研报做估值对标，公司市值直接翻几倍； 利好炒作：释放与海外MNC的BD接触传闻，炒作License-out预期，吸引二级市场散户跟风进场，进一步推高估值； 兑付退出：通过定增、大股东减持、哪怕收一笔License-out首付款，完成资本的最终套现离场。 在这套闭环里，项目甚至不需要走到III期临床，更不需要完成商业化，就能实现资本的完整增值和退出。 于是行业里慢慢形成了无风险的“规范动作”：做热门靶点、搞标准管线、编漂亮数据、讲资本故事，而真正的源头创新，反而被资本抛弃了。政策善意被异化为炒作套利工具 2026年1月27日，新修订的《药品管理法实施条例》正式公布，首次引入儿童用药品和罕见病治疗用药品的市场独占期制度：符合条件的罕见病药物可获得不超过7年的市场独占期，儿童用药可获得不超过2年的市场独占期。 这项政策的本意，是鼓励企业投入真正未被满足的临床需求，解决罕见病、儿童药“无药可用”的困境。 但在实际操作中，这项政策正在被管线金融化彻底异化：很多企业刻意选择发病率极低、市场空间极小的罕见病、儿童药适应症，不是为了满足患者需求，而是为了拿到“全球首创”“填补空白”的标签，获得市场独占期的政策背书，最终在资本市场获得估值溢价。 企业不需要靠药品销售赚钱，只需要靠股价上涨、资本套现，就能完成套利，政策善意彻底沦为了炒作工具。出海遇阻，倒逼企业内卷炒作 很多人说，国内赛道太卷，出海不就行了？但出海的硬门槛，早就被FDA焊死了。 2022年2月，信达生物的信迪利单抗在美国FDA ODAC会议上，以14:1的投票结果被要求补充额外的国际多中心临床试验，这个事件给所有国产创新药划下了不可逾越的红线： 想要进入全球市场，必须有符合国际规范的国际多中心临床、多样化的受试人群、头对头优效的临床数据。 但绝大多数国内药企，根本没有实力支撑动辄数亿、十数亿的国际多中心临床试验，也没有勇气做全球首创的FIC靶点。 出海这条路走不通，只能转头回到国内市场，扎堆热门靶点，把管线包装成金融产品，在本土资本市场玩起了内卷的估值游戏——毕竟，炒估值比做真正的全球创新，要容易得多。六、破局之路：真正的创新，永远发生在拥挤之外 全球医药行业的百年历史，早已证明了一个颠扑不破的规律： 真正改变行业格局、给患者带来革命性获益的产品，从来都不诞生在最拥挤的赛道。 mRNA疫苗、CAR-T疗法、RNA干扰药物，这些颠覆性的技术，在早期都经历过长期的冷门阶段，都没有被资本热炒，最终却改变了整个医药行业。 而过度拥挤的热门赛道，最终只会走向同一个结局：资本繁荣，产品平庸。 GLP-1赛道未来大概率也会遵循这个规律：少数真正有差异化优势的产品成为明星药物，绝大多数跟风布局的管线，最终都会在临床失败、商业化困境中逐渐沉寂。差异化创新，才是唯一的出路 据全球医药BD数据库BioPharm Insight统计，2025年全球创新药License-out交易额突破1400亿美元，双抗、ADC、GLP-1是驱动海外价值兑现的核心赛道。 但真正能拿到MNC高额授权、实现全球价值兑现的，从来都不是跟风热门靶点的同质化产品，而是真正有差异化优势的全球创新产品。 百利天恒凭借自主研发的双/三抗ADC技术平台，拿到了BMS最高84亿美元的海外授权，创下国产创新药License-out的纪录；科伦博泰凭借差异化的ADC管线，与默沙东达成了累计超110亿美元的合作。 而扎堆PD-1、GLP-1的同质化产品，最终只能陷入价格战的泥潭，连国内市场都难以生存。 技术平台的差异化，才是筛选真正创新药企的核心标准。双抗ADC、小核酸肝外递送技术、基因编辑疗法的突破，不仅能提升临床成功率，更能让企业在全球BD谈判中拥有绝对的议价能力，彻底摆脱“跟风炒作、内卷估值”的恶性循环。回归本质：从金融产品，回到真正的药品 管线金融化虽然能在短期内创造资本繁荣，但长期来看，它严重损害了整个行业的创新生态。 当整个行业的资源、资金、人才都涌向同一个热门靶点，那些真正未被满足的临床需求、真正需要长期投入的源头创新，就会被彻底忽视。 对于真正想做长期创新的企业来说，一个更值得思考的问题是：下一个没人愿意做的靶点在哪里？ 因为在医药行业里，真正的机会，往往藏在“没人扎堆”的地方，藏在患者真正的需求里。 好在政策层面，已经开始引导行业回归理性、挤掉泡沫。 2025年6月，国家医保局会同国家卫健委联合印发《支持创新药高质量发展的若干措施》，提出利用全国医保数据为研发“导航”，引导资源投向重大传染病、罕见病、慢性病等真正未满足的临床需求，鼓励“真创新”，遏制“伪创新”。 2025年12月，首版《商业健康保险创新药品目录》落地，首批纳入19款临床价值高但暂未纳入基本医保的药品，标志着“基本医保保基本，商业健康险保创新”的多层次支付体系正在形成，支付端正在给真正的创新定价，给伪创新挤泡沫。结语 “减肥药太多，胖子不够用了”这句玩笑的背后，是中国创新药行业“靶点扎堆、研发工程化、估值游戏化”的集体困境。 当创新药的研发逻辑，从“能不能治好病”变成“能不能炒高估值”；当管线的核心价值，从临床获益变成资本套利的工具，这个行业的繁荣，终究只是一场虚假的泡沫。 GLP-1的狂欢，终将复刻PD-1的老路：潮水退去后，只有少数真正有临床价值的产品能活下来，而绝大多数被包装成金融衍生品的管线，终将被临床证伪，被市场抛弃。 中国创新药的出路，从来不在拥挤的热门赛道里，不在资本的估值游戏里，而在真正未被满足的患者需求里，在没人愿意啃的硬骨头里。 只有回归“以患者为中心、以临床价值为核心”的研发本质，中国创新药行业才能从跟风内卷的困境中走出来，走向真正的全球自主创新之路。风险提示 本文所有数据均来自公司官方公告、CDE公示信息、行业权威数据库及公开医学文献，不构成任何投资建议。创新药研发具有高度不确定性，临床失败、监管审批、市场竞争等因素均可能导致估值大幅波动，请务必谨慎决策。 ▌ 觉得内容有用，别忘了点赞、在看、转发给身边的朋友 ▌ 你踩过创新药炒作的坑吗？评论区聊聊你的经历