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NextCure Provides Business Update

On January 23, 2026 NextCure, Inc. (Nasdaq: NXTC), a clinical-stage biopharmaceutical company committed to developing novel therapies to treat cancer, reported updates for its two antibody drug conjugate (ADC) programs and provided a preliminary year-end 2025 cash position.

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SIM0505 (CDH6 ADC): Phase 1 dose escalation data expected in Q2 2026

SIM0505 is a novel ADC directed to cadherin-6 (CDH6 ADC), which is overexpressed in several cancers with limited expression in healthy tissues. SIM0505 features a proprietary topoisomerase 1 inhibitor (TOPOi) payload, designed for broad anti-tumor activity, fast systemic clearance and an improved potential therapeutic window.

● Data from the Phase 1 open-label dose escalation study are anticipated to be presented in the second quarter of 2026, including results from patients in the U.S. and China.
● The study (NCT06792552) is evaluating SIM0505 in patients with advanced solid tumors with a focus on gynecological cancers and an emphasis on platinum resistant ovarian cancer.
● The Company is adding clinical sites and increasing SIM0505 clinical drug supply in anticipation of initiating dose optimization in the first half of 2026.

LNCB74 (B7-H4 ADC): Ongoing Phase 1 dose escalation

LNCB74 is a novel ADC directed to B7-H4, overexpressed in several cancers with limited expression in healthy tissues. LNCB74 features a proprietary tumor-selective cleavable linker and a tubulin inhibitor monomethyl auristatin E (MMAE) payload.

● Dosing has commenced in higher dose cohorts for the ongoing open-label Phase 1 dose escalation study (NCT06774963) following the November 2025 protocol amendment announcement. Higher dose cohorts will prioritize patients with high B7-H4 expression in breast and gynecological cancers, while now including adenoid cystic carcinoma type 1.
● Proof-of-concept data, previously anticipated in the first half of 2026, is delayed to accommodate enrollment; NextCure now expects to provide a trial progress update in second half of 2026.

Financial Position (unaudited) and Cash Runway

● As of December 31, 2025, NextCure is reporting preliminary cash, cash equivalents and marketable securities of approximately $41.8 million. These preliminary selected financial results are unaudited and subject to adjustment.
● The Company expects current financial resources to be sufficient to fund planned operating expenses and capital expenditures into the first half of 2027.

About SIM0505

SIM0505 is a novel antibody drug conjugate (ADC) directed to cadherin-6 (CDH6 ADC), featuring a proprietary topoisomerase 1 inhibitor (TOPOi) payload. The ADC is designed for broad anti-tumor activity, fast systemic clearance and an improved potential therapeutic window. SIM0505 is being evaluated in an open-label, Phase 1 study for the potential treatment of advanced solid tumors. NextCure has global rights for SIM0505, excluding China, Hong Kong, Macau, and Taiwan which are retained by Simcere Zaiming.

About LNCB74

LNCB74 is novel antibody drug conjugate (ADC) directed to B7-H4, featuring a proprietary tumor-selective cleavable linker and a tubulin inhibitor monomethyl auristatin E (MMAE) payload. LNCB74 is being evaluated in an open-label, Phase 1 study for the potential treatment of advanced solid tumors. NextCure shares global co-development rights with LigaChem Biosciences Inc through a 50-50 cost share arrangement.

(Press release, NextCure, JAN 23, 2026, View Source [SID1234662190])

ImmunityBio Reports Median Overall Survival Not Yet Reached and Lymphopenia Reversed in Recurrent Glioblastoma Patients Receiving ANKTIVA® Plus CAR-NK, Chemo-Free Therapy

On January 23, 2026 ImmunityBio, Inc. (NASDAQ: IBRX), a commercial-stage immunotherapy company developing cytokine and cellular immunotherapies designed to restore immune competence, reported updated Phase 2 clinical results from QUILT 3.078 (NCT06061809), evaluating a chemotherapy-free combination immunotherapy regimen in patients with second-line recurrent or progressive glioblastoma (GBM), as well as patients treated under single-patient INDs (spINDs) across first- to third-line disease.

QUILT-3.078 enrolled patients with recurrent GBM at first recurrence. In the spIND population, seven patients were first line and are alive to date. Randomized clinical trials for both first line and second line+ GBM patients are in development.

QUILT-3.078 Phase 2 Results to Date

As of January 22, 2026, the study has enrolled 23 patients with recurrent or progressive GBM who progressed following standard-of-care therapy, including surgery, radiation, and temozolomide-based chemotherapy. 19 of the 23 enrolled patients remain alive, with four deaths reported to date.

Of the 23 enrolled patients, 14 currently have evaluable clinical data and comprise the efficacy population for the current analysis. Among these evaluable patients, a total of 139 doses of combination immunotherapy have been administered. The median follow up is 6 months in the evaluable cohort. All four deaths to date occurred within the evaluable cohort, and median overall survival has not yet been reached.

"Across contemporary studies, median overall survival for patients with recurrent glioblastoma is approximately six to nine months. Outcomes beyond this benchmark remain uncommon, underscoring the substantial unmet medical need in this disease. The patients enrolled in this study represent a particularly challenging population, having progressed after standard therapies and with severe lymphopenia. Observing ongoing treatment durability, survival beyond historical expectations in some patients, and a manageable safety profile without chemotherapy represents a paradigm change in the treatment of patients with glioblastoma," said Simon Khagi, M.D., MBA, Medical Director of Neuro Oncology at the Hoag Family Cancer Institute and Principal Investigator. Updated clinical findings will be presented by Dr. Simon Khagi at the Stand Up to Cancer Glioblastoma Innovation Scientific Summit on January 31, 2026 in Pasadena, Calif., including the focus on immune agonists as a combination backbone and the ImmunityBio Bioshield regimen.

Immune competence and lymphocyte recovery

At study entry, patients demonstrated immune compromise consistent with prior standard of care, including radiation and alkylating chemotherapy. The baseline mean absolute lymphocyte count (ALC) was approximately 900 cells per µL, consistent with lymphopenia commonly observed after prior therapy in recurrent GBM.

"These Phase 2 data reflect outcomes in a second- and third-line glioblastoma population where immune collapse after standard therapy is common and options are limited. With 19 of 23 enrolled patients alive and median overall survival not yet reached, the survival profile warrants continued follow up," said Patrick Soon Shiong, M.D., Founder, Executive Chairman and Global Chief Scientific and Medical Officer of ImmunityBio. "It has been extensively reported that patients with glioblastoma and lymphopenia have a significant decreased survival. Current standards of care, including radiation and chemotherapy (temozolomide), are potent drivers of lymphocyte depletion. The patients that entered this study all suffered profound lymphopenia, reflected by a baseline mean ALC of approximately 900, consistent with prior radiation and chemotherapy exposure. On treatment, we observed recovery and maintenance of lymphocyte counts without chemotherapy. Notably, within this broader clinical and compassionate use experience, we have also observed a near complete response with survival extending beyond twelve months from the time of documented disease progression, an outcome rarely seen in recurrent glioblastoma."

Safety

The treatment regimen has demonstrated a manageable safety profile. Three participants experienced serious adverse events suspected to be related to the experimental therapy. Importantly, no cytokine release syndrome (CRS) or immune effector cell associated neurotoxicity syndrome (ICANS) was observed.

"Glioblastoma remains one of the most lethal cancers we treat, with five-year survival still below ten percent and little meaningful improvement despite decades of drug development. A central challenge has been the disconnect between therapeutic development and a mechanistic understanding of how these agents behave in the human brain. Lymphopenia has been underrecognized as a significant consequence of our standards of care and the effect of a low ALC level on overall survival," said Joshua Bernstock, M.D., Ph.D., Clinical Fellow, Harvard Medical School and Neurosurgeon, Brigham and Women’s Hospital. "Approaches that integrate immune-based therapies that maintain immune competence with direct clinical and biological observation are essential if we are to make progress. Efforts that prioritize immune competence, durability of response, and data-driven evaluation represent an important step toward redefining how glioblastoma therapies are developed and assessed. I look forward to developing this new class of lymphocyte-stimulating agent and NK-based cellular therapy in glioblastoma with ImmunityBio."

About QUILT-3.078 (NCT06061809)

Overall survival is the primary endpoint of QUILT-3.078. The study includes an open-label, single-arm Phase 2 portion evaluating ANKTIVA (nogapendekin alfa inbakicept) in combination with PD-L1 t-haNK, bevacizumab, and Tumor Treating Fields in patients with recurrent glioblastoma.

The program also includes a randomized Phase 2B component designed to further evaluate durability of benefit. In Phase 2B, patients are randomized 1:1 to receive ANKTIVA, bevacizumab, and Tumor Treating Fields, either with or without PD-L1 t-haNK. Per protocol, study therapy is administered on an every-two-week dosing schedule within protocol-defined treatment periods. A Phase 2B expansion cohort is currently enrolling, with a target enrollment of 20 patients. To date, 8 patients have been enrolled in the Phase 2B cohort. This expansion is intended to further evaluate overall survival, durability of clinical outcomes, and exploratory immune biomarker analyses in this setting.

Single Patient IND (spIND) experience

In parallel with the clinical trial program, 18 patients with recurrent GBM have initiated treatment under a single patient IND, of which seven patients are first line.

About Glioblastoma

Glioblastoma (GBM) is the most common and aggressive primary malignant brain tumor in adults. Despite maximal multimodal therapy consisting of surgical resection, radiation, and temozolomide-based chemotherapy, outcomes remain poor. Median overall survival following initial diagnosis is approximately 14–16 months, and in the recurrent setting, median survival is typically ranges from 6 to 9 months. Five-year survival rates remain below 10 percent, underscoring the limited impact of existing therapeutic approaches.

A defining but underappreciated feature of glioblastoma management is treatment-induced immune suppression, particularly lymphopenia.[i], [ii] Multiple clinical studies have demonstrated that low absolute lymphocyte count (ALC) at baseline or following standard-of-care therapy is independently associated with inferior survival in glioblastoma[iii], regardless of tumor burden or extent of resection. Radiation[iv] and alkylating chemotherapy[v] have been shown to cause profound and durable depletion of circulating lymphocytes[vi], which may impair antitumor immune surveillance and limit the effectiveness of subsequent therapies.

Published analyses have further shown that persistent lymphopenia following chemoradiation is associated with shortened overall survival, while preservation or recovery of lymphocyte populations correlates with improved outcomes[vii]. These observations have contributed to growing recognition that immune competence is a biologically relevant determinant of survival in glioblastoma[viii], and that therapies capable of restoring or sustaining lymphocyte populations may be necessary to enable durable disease control. As a result, glioblastoma is increasingly understood not only as a locally aggressive malignancy, but also as a disease characterized by systemic immune collapse, creating a rationale for treatment strategies that prioritize immune restoration alongside tumor-directed interventions.

(Press release, ImmunityBio, JAN 23, 2026, View Source [SID1234662189])

Corvus Pharmaceuticals Announces Closing of Upsized Public Offering of Common Stock and Full Exercise of the Underwriters’ Option to Purchase Additional Shares, Generating Gross Proceeds of Approximately $201M

On January 23, 2026 Corvus Pharmaceuticals, Inc. (Nasdaq: CRVS), a clinical-stage biopharmaceutical company, reported the closing of an upsized underwritten public offering of 9,085,778 shares of its common stock, which includes the full exercise of the underwriters’ option to purchase 1,185,101 additional shares, at a price to the public of $22.15 per share. Gross proceeds from the underwritten public offering before deducting underwriting discounts and commissions and estimated offering expenses are expected to be approximately $201.2 million, including proceeds from the full exercise of the underwriters’ option to purchase additional shares. All of the shares of common stock were offered by Corvus.

Corvus currently expects to use the net proceeds from this offering for working capital and general corporate purposes, which may include capital expenditures and research and development, including for its Phase 3 T cell lymphoma, and Phase 2 atopic dermatitis, hidradenitis suppurativa and asthma clinical trials, sales and marketing and administrative expenses.

Jefferies and Goldman Sachs & Co. LLC acted as lead book-running managers for the offering. Mizuho acted as bookrunner for the offering. Ladenburg Thalmann acted as co-manager for the offering.

A shelf registration statement on Form S-3 (File No. 333-281318) relating to the securities sold in this offering was declared effective by the Securities and Exchange Commission ("SEC") on August 15, 2024 and a related registration statement that was filed with the SEC on January 21, 2026 pursuant to Rule 462(b) under the Securities Act of 1933 (and became automatically effective upon filing). The offering of these securities was made only by means of a prospectus supplement and accompanying prospectus forming a part of the effective registration statements. A final prospectus supplement and accompanying prospectus relating to the offering have been filed with the SEC and is available on the SEC’s website at www.sec.gov. A copy of the final prospectus supplement and accompanying prospectus relating to the offering may be obtained from: Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, New York, New York 10022, by telephone at 1-877-821-7388, or by email at [email protected]; and Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, New York 10282, by telephone at 1-866-471-2526, or by email at [email protected].

This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any offer or sale of, these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification of these securities under the securities laws of any such state or jurisdiction.

(Press release, Corvus Pharmaceuticals, JAN 23, 2026, View Source [SID1234662188])

AIM ImmunoTech Announces Key Dates and Terms Related to Announced Rights Offering

On January 23, 2026 AIM ImmunoTech Inc. (NYSE American: AIM) – AIM ImmunoTech Inc. ("AIM" or the "Company"), an immuno-pharma company focused on the research and development of therapeutics to treat multiple types of cancers, immune disorders and viral diseases, reported an informational update to its security holders regarding its proposed rights offering (the "Rights Offering") and the expected key dates and terms relative to the Rights Offering. Assuming that the Rights Offering is fully subscribed, the Company will receive gross proceeds of $12 million, less expenses related to the Rights Offering.

The Company is distributing to all holders of record of its common stock, par value $0.001 (the "Common Stock"), and to holders of certain options and warrants that have the right to participate in the Rights Offering (the "Participating Securities"), as of 5:00 p.m., Eastern Time, on February 4, 2026 (the "Record Date"), for each share of the Common Stock and each Participating Security, one non-transferable subscription right (a "Subscription Right") to purchase one unit, at a subscription price of $1,000 per unit. Each unit consists of one share of Series G Convertible Preferred Stock (the "Preferred Stock") and warrants to purchase 1,492 shares of Common Stock (the "Warrants"). Each share of Preferred Stock will be convertible, at the option of the holder at any time, into a number of shares of Common Stock equal to the quotient of the stated value of the Preferred Stock ($1,000) divided by the conversion price (initially, $1.34 per share). Each Warrant will be exercisable for one share of Common Stock at an exercise price of $1.34 per share from the date of issuance through its expiration five years from the date of issuance. The Preferred Stock and the Warrants will separate upon the expiration of the Rights Offering and will be issued separately but may only be purchased as a subscription, and the subscriptions will not trade as a separate security. The subscriptions will not be tradable.

The Subscription Rights will be non-transferable and may only be exercised during the anticipated subscription period of Thursday, February 5, 2026 through 5:00 PM ET on Monday, February 23, 2026, unless extended by AIM.

The expected calendar for the Rights Offering is as follows:

February 3, 2026: Ownership Day – in order to be considered a stockholder of record on February 4, 2026, shares should be acquired by this date (open market purchases of Common Stock should be completed by February 3 to be considered a stockholder of record on the Record Date).
February 4, 2026: Record Date (5:00 p.m. Eastern Time)
February 5, 2026: Distribution Date; Subscription Period Begins
February 23, 2026: Subscription Period Ends 5:00 p.m. Eastern Time
The Rights Offering will include an over-subscription privilege which permits each holder of Subscription Rights that exercises such holder’s basic Subscription Right in full to purchase additional subscriptions (if any) that remain unsubscribed at the expiration of the Rights Offering. The availability of the over-subscription privilege will be subject to certain terms and restrictions set forth in the prospectus. If the aggregate subscriptions (basic subscriptions plus over-subscriptions) exceed the number of subscriptions offered in the Rights Offering, then the aggregate over-subscription amount will be pro-rated among the holders exercising their respective over-subscription privileges (in proportion to the number of subscriptions held after giving effect to all basic subscriptions).

Certain of AIM’s leadership have indicated to the Company on a non-binding basis that they intend to participate in the Rights Offering, including Board member and Chief Executive Officer Thomas K. Equels.

The Company intends to use the net proceeds from the exercise of subscriptions for general corporate purposes – including clinical trial expenses and manufacturing expenses associated with prospective Phase 2/3 pancreatic cancer trials – and allocate a portion of the net proceeds to repay, according to their terms, certain existing debt obligations.

The Rights Offering will expire at 5:00 p.m., Eastern Time, on Monday, February 23, 2026, unless it is extended or earlier terminated by the Company, If the Company elects to extend the Rights Offering, it will issue a press release announcing the extension no later than 9:00 a.m., Eastern Time, on the next business day after the most recently announced expiration date of the Rights Offering. The Company may extend the Rights Offering for additional periods in its sole discretion for any reason up to an additional 45 days. Once made, all exercises of subscriptions are irrevocable.

The Company expects that Broadridge Corporate Issuer Solutions, LLC, the information agent for the Rights Offering, will mail rights certificates and a copy of the prospectus for the Rights Offering to holders of record of Common Stock and Participating Securities as of the Record Date beginning on or about February 5, 2026. Holders of securities held in "street name" through a brokerage account, bank or other nominee will not receive physical rights certificates and must instruct their broker, bank or other nominee whether to exercise Subscription Rights on their behalf. For any questions or further information about the Rights Offering, please call Broadridge Corporate Issuer Solutions, LLC, the information agent for the Rights Offering, at (855) 793-5068 or via email at [email protected].

Neither the Company nor its Board of Directors has made or will make any recommendation to holders regarding the exercise of subscriptions. Holders should make an independent investment decision about whether or not to exercise their subscriptions based on their own assessment of the Company’s business and the Rights Offering.

A registration statement (Registration No. 333- 292085) relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. The Rights Offering, which is expected to commence following the effectiveness of the registration statement, is being made only by means of a written prospectus. A preliminary prospectus relating to and describing the proposed terms of the Rights Offering has been filed with the SEC as a part of the registration statement and is available on the SEC’s website at View Source Copies of the preliminary and final prospectuses for the Rights Offering may be obtained, when available, from Maxim Group LLC, 300 Park Avenue, 16th Floor, New York, NY 10022, Attention Syndicate Department, email: [email protected] or telephone (212) 895-3745.

This press release does not constitute an offer to sell or the solicitation of an offer to buy these securities, nor will there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

Maxim Group LLC is acting as the dealer-manager in connection with the Rights Offering.

(Press release, AIM ImmunoTech, JAN 23, 2026, View Source [SID1234662187])

Adagene Provides Business Update and 2026 Objectives

On January 23, 2026 Adagene Inc. ("Adagene") (Nasdaq: ADAG), a company transforming the discovery and development of novel antibody-based therapies, reported year-end unaudited cash and cash equivalents of $74.5 million and provided a business update.

2025 Key Accomplishments:

· Phase 1b/2 trial results with muzastotug in MSS CRC at ASCO (Free ASCO Whitepaper): Shared updated data from 10 mg/kg and 20 mg/kg cohorts at ASCO (Free ASCO Whitepaper) 2025, demonstrating a favorable safety profile at 10-20x times higher dosing than first generation CTLA-4 inhibitors. Encouraging overall response rates and durable responses suggest potential for long-term survival benefit.

· FDA Fast Track designation for muzastotug in combination with Merck’s (known as MSD outside of the United States and Canada) anti-PD-1 therapy, KEYTRUDA (pembrolizumab), for adult patients with microsatellite stable metastatic colorectal cancer (MSS CRC) without current or active liver metastases.

· Regulatory alignment with FDA End-of-Phase 1 meeting, clarifying dose selection, trial design, patient population and endpoints for Phase 2 and Phase 3 with muzastotug.

· Initiated randomized Phase 2 dose-optimization study with muzastotug; first patient dosed in October 2025.

· Strategic Partnerships and Collaborations:

o Sanofi: Secured a strategic investment of up to $25 million to support muzastotug’s randomized Phase 2 study. Separately, Adagene will supply Sanofi with muzastotug to evaluate the safety, efficacy, pharmacokinetics and biomarker data in combination with other anticancer therapies in over 100 patients in a Phase 1/2 clinical trial in advanced solid tumors. Sanofi also exercised its option for a third SAFEbody discovery program.

o Third Arc Bio: Partnered to develop two masked CD3 T cell engagers, expanding SAFEbody into next-generation T cell therapies.

o Exelixis: Advanced a third masked ADC against a solid tumor target, building on the 2021 collaboration.

o ConjugateBio: Collaborated on bispecific ADCs using Adagene-derived antibody, further demonstrating scalable platform potential.

As of December 31, 2025, the Company had unaudited cash and cash equivalents of $74.5 million, which is anticipated to provide sufficient runway until late 2027. Such amount of cash and cash equivalents is preliminary, unaudited and subject to finalization. This financial information should not be viewed as a substitute for the audited financial statements prepared in accordance with US GAAP and is not incorporated into any Adagene’s filings with the U.S. Securities and Exchange Commission.

2026 Objectives:

· Q1 2026: Data update from the ongoing Phase 1b/2 study of muzastotug + pembrolizumab in 3L+ MSS CRC, including 41 patients in the 10 mg/kg cohorts and 26 patients in the 20 mg/kg cohorts.

· Complete enrollment of the ongoing randomized Phase 2 dose-optimization study with muzastotug, which is being conducted in alignment with FDA Project Optimus, and designed to allow dose regimen selection for Phase 3.

· Provide preliminary clinical data, including pathological responses, to inform future development from investigator-initiated Phase 2 trial for neoadjuvant muzastotug + pembrolizumab in colorectal cancer.

· Provide initial clinical data from a new cohort of patients in the ongoing Phase 1b/2 study of muzastotug + pembrolizumab in combination with standard of care (fruquintinib) in MSS CRC patients.

· Share results of the clinical trial collaboration with Roche, which evaluates muzastotug in triplet combination with atezolizumab and bevacizumab in first-line treatment of locally advanced or metastatic hepatocellular carcinoma (HCC; liver cancer).

· Establish additional collaboration/licensing agreements.

Peter Luo, Ph.D., CEO and President of R&D at Adagene said, "Our strategy for muzastotug is grounded in Nobel Prize-recognized advances in regulatory T cell biology, which have fundamentally reshaped our understanding of immune suppression in cancer. We have translated these foundational insights into a clinical action plan for intratumoral T reg modulation that integrates mechanistic innovation with emerging clinical evidence and regulatory momentum. In 2026, we hope new data will demonstrate muzastotug’s broad applicability, positioning it as a potentially transformative next-generation backbone therapy that can be used in combination across multiple indications."

(Press release, Adagene, JAN 23, 2026, View Source [SID1234662186])