On November 12, 2025 Sarah Cannon Research Institute (SCRI), one of the world’s leading oncology research organizations conducting community-based clinical trials, and Bristol Myers Squibb (NYSE: BMY), a leading biopharmaceutical company, reported an expanded strategic collaboration aimed at accelerating the development of innovative cancer therapies and increasing access to clinical trials for patients across the U.S.

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Central to the collaboration is SCRI’s Accelero, a next-generation clinical trial delivery model that streamlines operations and accelerates trial execution across SCRI’s expansive network of more than 200 locations. By aligning Bristol Myers Squibb’s pioneering oncology pipeline with SCRI’s research infrastructure and expertise, the collaboration is designed to bring cutting-edge research directly to patients—where they live and receive care.

"At Bristol Myers Squibb, we recognize that accelerating clinical trial enrollment requires not only scientific innovation but also operational innovation. This includes a deep commitment to equity and inclusion, while we look to accelerate overall patient enrollment," said Mokash Sharma, Senior Vice President, Global Development Operations, Bristol Myers Squibb. "Improving access to clinical research isn’t just about science—it’s about trust, and meeting people where they are. By leveraging data-driven strategies through our collaboration with Sarah Cannon Research Institute, we’re working to ensure that more patients—especially those from medically underserved populations—have access to vital cancer research advances in their communities. This partnership reflects our shared vision to transform clinical trial delivery and advance health equity across the oncology landscape."

Through this collaboration, SCRI and Bristol Myers Squibb are expanding access to Bristol Myers Squibb’s innovative therapies by embedding clinical trials in community settings. With more than 1,300 physicians engaged in research across over 20 states, SCRI’s network enables broader participation in clinical trials.

"Together, SCRI and Bristol Myers Squibb are translating innovative science into clinical trials and accelerating patient enrollment through SCRI’s Accelero model that prioritizes speed, quality, and access, and ultimately brings promising therapies to patients faster and closer to home," said Dee Anna Smith, Chief Executive Officer, SCRI. "We look forward to the impact we will have together as we reach more patients and continue to redefine how clinical trials are delivered across the country."

In the early phase of the collaboration, SCRI achieved a 45% reduction in study startup timelines across eight Bristol Myers Squibb clinical trials—significantly outperforming timelines observed at non-SCRI sites. By scaling these capabilities across SCRI’s research network, the collaboration reinforces a shared commitment to transforming clinical trial delivery and ensuring that more people can access the latest cancer treatments and innovations.

(Press release, Bristol-Myers Squibb, NOV 12, 2025, View Source [SID1234659812])

On November 12, 2025 Bolt Biotherapeutics (Nasdaq: BOLT), a clinical-stage biopharmaceutical company developing novel immunotherapies for the treatment of cancer, reported financial results for the third quarter ended September 30, 2025, and provided a business update.

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"In the third quarter, we focused on developing BDC-4182, the first next-generation Boltbody ISAC in our pipeline. We are actively enrolling patients with gastric and gastroesophageal cancer in the Phase 1 dose-escalation study. We now look forward to presenting initial data in the third quarter of 2026," said Willie Quinn, President and Chief Executive Officer. "With our cash runway now expected to extend into 2027, we are in a financial position to create long-term value for our shareholders and fulfill our mission of bringing new treatment options to patients with cancer."

Recent Highlights and Anticipated Milestones

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Initial clinical data for BDC-4182 Phase 1 study for patients with gastric and gastroesophageal cancer expected in the third quarter of 2026. BDC-4182 is a next-generation Boltbody ISAC clinical candidate targeting claudin 18.2, a clinically validated target in oncology with expression in gastric/gastroesophageal junction cancer, pancreatic cancer, and other tumor types. Following a strong immune response that was observed at the initial dose levels, Bolt modified the clinical trial protocol to allow for step-up dosing, which has been successfully used commercially for T-cell engagers. The clinical trial is ongoing and the Company expects to present initial clinical data in the third quarter of 2026.
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In November at the 40th Annual Meeting of the Society for Immunotherapy of Cancer (SITC) (Free SITC Whitepaper), Bolt presented preclinical data supporting the clinical development of BDC-4182. The data indicate that the claudin 18.2 ISAC stimulates a powerful, tumor-dependent immune response that culminates in complete tumor regression and the establishment of immunological memory. The ensuing T cell-dependent immunity was robust enough to prevent the growth of tumors lacking claudin 18.2 expression during rechallenge experiments. Furthermore, the ISAC demonstrated superior anti-tumor activity compared to both Topo1- and MMAE-based ADCs, particularly in a low-antigen model of claudin 18.2-expressing cancer. Taken together, these findings provide a strong rationale for the ongoing clinical development of BDC-4182.
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Presented updated preclinical results for next-generation Boltbody ISACs targeting CEA and PD-L1 at SITC (Free SITC Whitepaper).
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Bolt’s CEACAM5 (CEA) ISAC features a novel, fully human antibody with high affinity and selectivity for membrane-bound CEA while minimizing binding to other CEACAMs and soluble

CEA. Our CEA ISAC is conjugated to a proprietary TLR7/8 agonist via a non-cleavable linker and drives enhanced phagocytosis of CEA-positive tumor cells and immune activation relative to an ISAC created with an alternative CEA antibody, tusamitamab. Bolt’s CEA ISAC induced complete and durable anti-tumor responses in preclinical models and was more effective than a Topo1-based ADC at lower doses and in a lower antigen density tumor model. Bolt’s CEA ISAC was well tolerated in a non-GLP toxicology study and is available for partnering.
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Bolt’s PD-L1 ISAC utilizes a novel human anti-PD-L1 antibody conjugated to a TLR7/8 agonist via a non-cleavable linker. This ISAC leverages a unique mechanism of action due to its ability to target both tumor and immune cells that express PD-L1. Preclinical results demonstrated that PD-L1 ISACs represent a compelling new approach to treat cancer, leveraging mechanisms that are distinct from and potentially complementary to conventional PD-1/PD-L1 blockade with the potential for enhanced immune activation and antitumor activity. The poster also highlights the potential advantage of using an active Fc and a dual TLR7 and TLR8 agonist, design choices that may confer a competitive advantage versus other PD-L1 ISACs in development.
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Collaborations with Genmab and Toray ongoing. Genmab and Bolt’s collaboration continues to explore research and development of additional next-generation ISAC programs for the treatment of cancer. The Toray collaboration combines the Company’s immunostimulatory linker-payloads with Toray antibodies targeting Caprin-1, a tumor-specific antigen that is strongly expressed on the cell membrane in multiple solid tumor types.
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Seeking a partner for further BDC-3042 development. BDC-3042 is a proprietary agonist antibody that targets dectin-2, an immune-activating receptor expressed by tumor-associated macrophages (TAMs). Bolt completed the Phase 1 dose escalation study and presented the clinical results at the American Associates for Cancer Research (AACR) (Free AACR Whitepaper) Annual Meeting that took place in April 2025. BDC-3042 is available for partnering.
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Cash, cash equivalents, and marketable securities were $38.8 million as of September 30, 2025. Cash position is expected to fund multiple milestones and operations into 2027.

Third Quarter 2025 Financial Results

• Collaboration Revenue – Total collaboration revenue was $2.2 million for the quarter ended September 30, 2025, compared to $1.1 million for the same quarter in 2024. Revenue in the comparative periods was generated from services performed under the R&D collaborations as we fulfill our performance obligations.

• Research and Development (R&D) Expenses – R&D expenses were $6.5 million for the quarter ended September 30, 2025, compared to $13.8 million for the same quarter in 2024. The decrease between the comparable periods was mainly due to a decrease in salary and related expenses, a decrease in clinical expenses primarily related to the discontinued development of trastuzumab imbotolimod, formerly known as BDC-1001 in May 2024.

• General and Administrative (G&A) Expenses – G&A expenses were $3.3 million for the quarter ended September 30, 2025, compared to $3.8 million for the same quarter in 2024. The decrease between the comparable periods was mainly due to a decrease in salary and related expenses primarily as a result of the May 2024 restructuring.

• Loss from Operations – Loss from operations was $7.7 million for the quarter ended September 30, 2025, compared to $16.4 million for the same quarter in 2024.

About the Boltbody Immune-Stimulating Antibody Conjugate (ISAC) Platform
Bolt Biotherapeutics’ Boltbody ISAC platform harnesses the precision of antibodies with the power of the innate and adaptive immune system to generate a productive anti-cancer response. Each Boltbody ISAC candidate comprises a tumor-targeting antibody, a non-cleavable linker, and a proprietary immune stimulant. The antibody is designed to target one or more markers on the surface of a tumor cell and the immune stimulant is designed to recruit and activate myeloid cells. Activated myeloid cells initiate a positive feedback loop by releasing cytokines and chemokines, chemical signals that attract other immune cells and lower the activation threshold for an immune response. This increases the population of activated immune system cells in the tumor microenvironment and promotes a robust immune response with the goal of generating durable therapeutic responses for patients with cancer.

(Press release, Bolt Biotherapeutics, NOV 12, 2025, View Source [SID1234659811])

On November 12, 2025 Bicycle Therapeutics plc (NASDAQ: BCYC), a pharmaceutical company pioneering a new and differentiated class of therapeutics based on its proprietary bicyclic peptide (Bicycle) technology, reported that management will participate in a fireside chat at the Jefferies London Healthcare Conference on Tuesday, Nov. 18, at 10:30 a.m. GMT.

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A live webcast of the fireside chat will be accessible from the Investor section of the company’s website at www.bicycletherapeutics.com. An archived replay of the webcast will be available following the event.

(Press release, Bicycle Therapeutics, NOV 12, 2025, View Source [SID1234659809])

On November 12, 2025 BeyondSpring Inc. (NASDAQ: BYSI), a clinical-stage company developing transformative therapies for the treatment of cancer and other diseases, reported Q3 2025 financial results alongside clinical and corporate milestones.

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"With over 700 patients treated, Plinabulin continues to demonstrate a favorable safety profile and meaningful potential as an immune-modulating therapy with unique mechanism of dendritic cell (DC) maturation and T cell priming," said Dr. Lan Huang, Co-Founder, Chair and Chief Executive Officer of BeyondSpring. "With DC bridging innate and adaptive immunity, Plinabulin offers new hope for patients with NSCLC and other cancers whose disease progresses after checkpoint inhibitors, presented at recent SITC (Free SITC Whitepaper) conference. In addition, results from our global Phase 3 DUBLIN-3 trial, published in The Lancet Respiratory Medicine, showed that Plinabulin in combination with docetaxel achieved durable survival benefits and reduced chemotherapy-induced neutropenia, reinforcing its potential to advance the standard of care and drive long-term value creation."

Dr. Huang added, "At SEED, which we co-founded with Lilly five years ago, we are excited that our RBM39 molecular-glue degrader has received IND clearance from both the US FDA and China NMPA. It is such an honor to be the only target protein degradation company nominated by the Prix Galien Foundation, recognizing our commitment to developing transformative medicine for patients. We are also grateful for the support of our investors and collaborators, including Lilly and Eisai, and clinicians from leading US institutions, as we work together to advance molecular glue development to address undruggable targets for patients with unmet medical needs."

Key Milestones:

Two SITC (Free SITC Whitepaper) 2025 Presentations on Plinabulin Anti-cancer Clinical Benefit:
Resensitize NSCLC Patients Who Progressed on Prior PD-1/L1 Inhibitors with Disease Control Rate of 85% in Phase 2 Clinical Study: New data from a phase 2 investigator-initiated study (NCT05599789, Peking Union Hospital China) evaluating Plinabulin, docetaxel, and pembrolizumab in metastatic NSCLC patients who progressed on prior PD-1/L1 inhibitors (n=47), showed encouraging efficacy and safety data. The combination demonstrated median progression-free survival (PFS) of 7.0 months, confirmed objective response rate (ORR) of 18.2%, duration of response (DOR) of 7.2 months, disease control rate (DCR) of 85%, and 12-month overall survival (OS) rate at 79%, and 24-month OS rate at 66% (median OS not reached).
Resensitize Patients with Eight Cancer Types Who Failed Prior PD-1/L1 Inhibitors with Disease Control Rate of 54% through DC Maturation and M1 Macrophage Polarization via GEF-H1-dependent Mechanism in Phase 1 Clinical Study: This phase 1 investigator-initiated study (NCT04902040, MD Anderdon Cancer Center) shows that in addition to potent DC maturation for a systemic immune response, plinabulin combined with radiation and PD-1 inhibitor promotes proinflammatory monocytes and M1 macrophage polarization via a Plinabulin specific GEF-H1-dependent mechanism with the potential of overcoming acquired resistance to immune checkpoint inhibitors from pro-tumor macrophages.

SEED, Co-founded by BeyondSpring with 38% Equity Share, Secured Financial Position and Achieved IND Clearance: SEED completed its $30 million Series A-3 financing and received U.S. FDA and China NMPA clearance of its Investigational New Drug (IND) application for its lead RBM39 degrader program. SEED was also named a finalist for the 2025 Prix Galien USA "Best Start-Up" Award and co-hosted a targeted protein degradation symposium at NYU Grossman School of Medicine honoring Co-Founder and Nobel Laureate Prof. Avram Hershko, with leading thought leaders in the TPD field as presenters.
Third Quarter Financial Results1
Continuing operations:

Research and development (R&D) expenses were $1.0 million for the quarter ended September 30, 2025 compared to $0.6 million for the quarter ended September 30, 2024. The $0.4 million increase was primarily due to higher drug manufacturing expenses, higher professional service expenses in regulatory affairs and higher volume of Plinabulin combination therapy research to support strategic business development and partnership initiatives.
General and administrative (G&A) expenses were $0.8 million for the quarter ending September 30, 2025 compared to $1.7 million for the quarter ended September 30, 2024. The $0.9 million decrease was primarily due to lower professional service costs in consulting for business development and partnership initiatives, and lower salary expenses driven by decrease in administrative headcount.
Net loss: $1.7 million for the quarter ended September 2025, compared to $2.2 million for the quarter ended September 2024
Cash and cash equivalents: $12.5 million as of September 30, 2025, compared to $2.9 million as of December 2024
Discontinued operations:

Net loss: $3.2 million for the quarter ended September 2025, compared to $2.4 million for the quarter ended September 2024
Current assets: $11.4 million as of September 2025, compared to $25.3 million as of December 2024
Year to Date Financial Results1
Continuing Operations:

Research and development (R&D) expenses were $2.9 million for the nine months ended September 30, 2025 compared to $2.2 million for the nine months ended September 30, 2024. The $0.7 million increase was primarily due to higher drug manufacturing expenses, higher professional service expenses in regulatory affairs, and higher volume of Plinabulin combination therapy research to support strategic business development and partnership initiatives.
General and administrative (G&A) expenses were $3.4 million for the nine months ended September 30, 2025, compared to $4.9 million for the nine months ended September 30, 2024. The $1.5 million decrease was primarily due to lower salary expenses resulting from decrease in administrative headcount, lower professional services in consulting for business development and partnership initiatives, and lower company overhead expenses mainly due to decrease in investor relations services and D&O insurance related costs.
Net loss: $6.2 million for the nine months ended September 2025, compared to $6.9 million for the nine months ended September 2024
Discontinued operations:

Net loss: $2.2 million for the nine months ended September 2025, compared to $5.0 million for the nine months ended September 2024
Note 1: Accounting Update
Following definitive agreements in January 2025 to sell the majority of its Series A-1 Preferred Shares in SEED Therapeutics, BeyondSpring now reports SEED’s financial results as discontinued operations under ASC 205-20. BeyondSpring currently owns approximately 38% of SEED and upon completion of the future sale transactions BeyondSpring would own approximately 14% of SEED’s outstanding shares.

(Press release, BeyondSpring Pharmaceuticals, NOV 12, 2025, View Source [SID1234659808])

On November 12, 2025 Azitra, Inc. ("Azitra") (NYSE American: AZTR), a clinical stage biopharmaceutical company focused on developing innovative therapies for precision dermatology, reported financial results for the quarter ended September 30, 2025, and provided a business update.

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Q3 2025 and Recent Business Highlights

Dosed first patient in Phase 1/2 trial for ATR-04 program targeting oncology patients with EGFRi-associated rash in August 2025
Presented positive preclinical data at BIO-Europe for ATR-01 program, targeting the treatment of ichthyosis vulgaris
Raised $2.8M in gross proceeds through our established equity line of credit with institutional investor Alumni Capital LP
"The third quarter of 2025 was an impactful period for Azitra as we continued to progress our live biotherapeutic programs, including dosing the first patient in our Phase 1/2 trial for ATR-04 targeting oncology patients with EGFRi-associated rash," said Francisco Salva, CEO of Azitra. "This candidate previously received Fast Track designation from the FDA as there is an incredible opportunity to help alleviate a major dermatologic toxicity associated with EGFR inhibitor treatments, which impacts approximately 150,000 people in the U.S. annually. The skin toxicity that can accompany EGFRi treatment often leads to interruption or discontinuation of the treatment, profoundly impacting patients as they seek live-saving care across a variety of cancers."

Mr. Salva added: "In addition, we were thrilled to present positive preclinical data for our ATR-01 program at BIO-Europe. ATR-01 is designed to treat ichthyosis vulgaris, an autosomal semidominant genetic disorder that impacts approximately 1.3 million people in the U.S., with no treatment options beyond symptom management. The disease is caused by missing or abnormal filaggrin levels. Our preclinical data showed production of active, functional filaggrin delivery through human stratum corneum and repair of damage in a skin model of disease."

Mr. Salva continued: "We continue to progress our lead program, ATR-12, targeting the rare, chronic and devastating Netherton syndrome. We are optimistic that this novel approach has potential to be life-changing for these patients, in an area of severe unmet need with no approved treatment options."

Mr. Salva concluded: "The second half of 2025 has already proven to be a positive period for Azitra, and we continue to look forward to showcasing the potential of our three development programs ATR-12, ATR-04, and ATR-01. All three programs were generated from our unique, proprietary platform to deliver engineered proteins using topical live biotherapeutic products."

Financial Results for the Quarter Ended September 30, 2025

Research and Development (R&D) expenses: R&D expenses for the quarter ended September 30, 2025, were $1.2 million compared to $1.0 million for the comparable period in 2024./PRNewswire/ —
General and Administrative (G&A) expenses: G&A expenses for the quarter ended September 30, 2025, were $1.6 million compared to $1.9 million for the comparable period in 2024.
Net Loss was $2.8 million for the quarter ended September 30, 2025, compared to $1.0 million for the comparable period in 2024.
Cash and cash equivalents: As of September 30, 2025, Azitra had cash and cash equivalents of $1.4 million.

(Press release, Azitra, NOV 12, 2025, View Source [SID1234659807])