Looking Back on 2025 | Breakthroughs with Resolve · Progress with Purpose
The year 2025 marked a pivotal chapter in Novatim’s development—one defined by critical breakthroughs across multiple core pipelines and meaningful validation of our global business strategy. Amid a complex and rapidly changing external environment and the inherent challenges of innovative drug development, the Company remained firmly guided by clinical value and powered by scientific innovation, advancing steadily while achieving breakthroughs in key areas.
In research and clinical development, our core pipelines achieved a series of milestone advances:
KQ-2003, targeting high-unmet-need indications including relapsed/refractory multiple myeloma and POEMS syndrome, continued to generate internationally competitive clinical data and has successfully entered Phase II clinical trials.
KY-0301, the world’s first nano-bispecific ADC, advanced smoothly in parallel clinical development in China and the United States, demonstrating encouraging therapeutic signals.
KY-0118 further expanded its differentiation through the subcutaneous administration route, opening new possibilities for next-generation immunotherapy.
Meanwhile, several early-stage pipelines and technology platforms with first-in-class (FIC) potential achieved key candidate selections, further broadening Novatim’s innovation landscape.
In business development and global partnerships, 2025 marked a significant milestone for the Company. Centered around the two core assets KQ-2003 and KY-0301, Novatim successfully completed three global licensing transactions, with a total deal value exceeding USD 2.5 billion. These achievements strongly validate the international recognition and commercial value of our technology platforms, providing not only robust financial support but also a solid foundation for future global development and multi-indication expansion.
Looking Ahead to 2026 | Anchoring Value · Reaching New Heights
As we step into 2026, Novatim will continue to drive progress through innovation and pursue the future with a global vision, building upon our achievements to bring the Company into a new stage of growth.
At the R&D and clinical level, we will focus on advancing key milestones of our core pipelines, pushing major programs into registration-enabling clinical stages and accelerating the generation of high-quality clinical data capable of directly supporting commercialization and future IPO readiness. At the same time, we will systematically advance early-stage projects toward clinical translation, targeting IND submissions for three pipelines with FIC potential, including nano-bispecific dual-payload ADCs and tri-specific immuno-oncology antibodies. In parallel, we will further strengthen domestic and international patent, continuously enhancing our intellectual property framework, reinforcing our pipeline structure, and improving the overall efficiency and success rate of our R&D system.
In global business collaboration, building upon the BD milestones achieved in 2025, Novatim will further deepen strategic partnerships with multinational pharmaceutical companies. We anticipate securing MNC licensing agreements with aggregate upfront payments exceeding USD 100 million in 2026, expanding the Company’s global influence and accelerating the introduction of our core assets into key international markets.
In manufacturing capacity and capital planning, several major initiatives will move forward in parallel. Our Anji manufacturing facility in Huzhou, Zhejiang Province will officially commence operations, providing essential capacity support for clinical supply and future commercialization. At the same time, the Company will prioritize the completion of its Pre-IPO financing round and proceed with the planned IPO filing, ensuring a clearer, more disciplined, and sustainable development trajectory, and laying a solid foundation for the realization of our long-term strategic goals.
United in Purpose, Advancing Together
Innovative drug development is a journey across a long and demanding slope—one that requires not only determination, but also patience. Looking back, every breakthrough achieved by Novatim reflects the dedication and wisdom of our team. Looking forward, we will continue to embrace collaboration with openness and fulfill our commitments with steadfast action.
In the year ahead, let us remain guided by clinical needs, inspired by scientific innovation, and united in purpose as we move forward with confidence and resilience. Together, we will write a new chapter for Novatim on the global stage of innovative medicine.
Wishing you all a joyful Spring Festival, good health, happiness for your families, and success in the year ahead.
Wu Guoxiang
Chairman
Novatim Immune Therapeutics (Zhejiang) Co., Ltd.
February 16, 2026
Chinese New Year’s Eve
