On April 7, 2026 NovaBridge Biosciences (Nasdaq: NBP) ("NovaBridge" or the "Company"), a global biotechnology platform company committed to accelerating access to innovative medicines, reported financial results for the full year ended December 31, 2025, and highlighted recent pipeline progress and business updates for its two lead investigational programs, givastomig (Phase 2, directed to gastric cancer), and VIS-101 (Phase 2, targeting wet age-related macular degeneration, or wet AMD).
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"2025 was a consequential year for NovaBridge, with our successful transformation to a global biotech platform. The accelerated momentum that we have experienced over the last quarter – marked by compelling proof-of-concept data for our two potential class-leading, blockbuster product candidates, givastomig and VIS-101 — serves as strong validation of our strategy," said Fu Wei, Executive Chairman of the Board of NovaBridge. "With the expansion of NovaBridge’s Board of Directors and the executive leadership team of both NovaBridge and our Visara subsidiary, I believe we have the experience to execute on our 2026 milestones and the next phase of growth. We remain steadfast in our commitment to bring innovative medicines to the global community and create value for our investors."
"Compelling clinical results from the last quarter have reinforced the class-leading potential for givastomig and VIS-101 and meaningfully de-risked their clinical paths forward. For givastomig, the FDA confirmed potential eligibility for an Accelerated Approval pathway at a productive Type B meeting, following robust potential best-in-class Phase 1b efficacy and favorable overall tolerability results. At the same time, VIS-101 continues to advance in wet AMD following its successful Phase 2a readout showing rapid, robust, durable and potential best-in-class responses," said Sean Fu, PhD, MBA, Chief Executive Officer of NovaBridge. "We are building on these outstanding achievements to initiate next-stage studies for both programs this year, bringing them one step closer to commercialization and to patients in need."
Pipeline Overview and Potential Upcoming Milestones
NovaBridge’s late-stage potential class-leading pipeline is led by givastomig for the treatment of gastric cancer, and VIS-101 for the care of wet AMD:
Givastomig Update
Givastomig, a bispecific CLDN18.2 X 4-1BB antibody targeting Claudin 18.2-positive (CLDN 18.2+) tumor cells, is being developed for the treatment of first line (1L) metastatic gastric cancer. Currently, there are approximately 180,000 patients diagnosed with 1L gastric cancer in the US/EU5 and Japan, among which, approximately 105,0002,3 cases are Her2-/CLDN18.2 positive.
NovaBridge reported positive Phase 1b dose expansion data in January 2026 demonstrating:
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Robust efficacy, with 75% objective response rate (n=52 evaluable subjects, 50/50 at 8 mg/kg or 12 mg/kg)
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Responses observed across a range of PD-L1 and CLDN18.2 expression levels
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Durable responses with 16.9-month median progression free survival (n=53 evaluable subjects, 50/50 at 8 mg/kg or 12 mg/kg)
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Good overall tolerability in combination with immunochemotherapy, without dose dependent toxicity
Givastomig has broad potential in gastric cancer and other CLDN18.2+ tumors such as pancreatic ductal adenocarcinoma and biliary tract cancer.
In March 2026, NovaBridge reported givastomig’s potential eligibility for an Accelerated Approval Pathway in 1L Her2-, CLDN18.2+, PD-L1+ patients with gastroesophageal carcinoma.
Upcoming Givastomig Milestones:
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2026: Medical meeting presentation of Phase 1b combination gastric cancer data
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YE 2026: Potential to begin Accelerated Approval Pathway Phase 3 study as early as YE 2026
VIS-101 Update and Upcoming Milestones
VIS-101, a dual purpose-designed VEGF-A X ANG-2 inhibitor, is being developed for wet AMD, estimated to affect more than 20 million people globally4.
Visara reported positive Phase 2a data in February 2026 demonstrating:
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Good safety and tolerability
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Rapid, robust and durable treatment responses
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Mean BCVA >10 ETDRS letters
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Mean CST 100 – 150 um
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Potentially best-in-class durability with:
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~two thirds of patients retreatment free at four months
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~half of patients retreatment free at six months
VIS-101 has broad potential in retinal vascular diseases including wet AMD, diabetic macular edema (DME) and retinal vein occlusion (RVO), which, together, affect more than 57 million people globally4.
Upcoming VIS-101 Milestones:
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H2 2026: Initiate Phase 2b program in wet-AMD
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2027: Initiate global Phase 3 program
2025 Selected Corporate Development Highlights:
Executive Appointments:
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Emmett T. Cunningham, Jr., MD, PhD, MPH, Vice-Chairman of the NovaBridge Board of Directors, and Founder and Executive Chairman, Visara
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Kyler Lei, MSc, Chief Financial Officer of NovaBridge
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Expansion of the NovaBridge Board of Directors, with the appointments of Robert Lenz, MD, PhD; Xin Liu, MEng, MFin; Sean Cao, PhD, MBA; Emmett T. Cunningham, Jr., MD, PhD, MPH; and Ian Woo, MA, MBA, with:
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Appointments of Dr. Lenz (Chairman), Dr. Cunningham, and Dr. Cao to the NovaBridge Research and Development Committee
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Appointment of Ken Takeshita, MD to the NovaBridge Scientific Advisory Board
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Buildout of the Visara Executive Team with the appointment of Cadmus Rich, MD, MBA, as Chief Medical Officer, and formation of the:
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Visara Scientific Advisory Board, with the appointment of Carlos Quezada-Ruiz, MD, FASRS (Chairman)
Strategic Business Development Transactions:
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NovaBridge: Strategic transformation to a global biotech platform to advance high-value therapeutic assets through its "hub-and-spoke" model
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Bridge Health: Acquisition of rights and patent filings related to multiple bispecific antibodies and antibody drug conjugates, based on the parental antibody used in givastomig-related antibodies
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Visara, Inc: Formation of NovaBridge’s first "spoke", executed through a series of collaborative agreements, including completion of a Series A Financing and partnerships with AskGene and Everest Medicines, related to worldwide rights for VIS-101 outside of Greater China and certain other countries in Asia
Full Year 2025 Financial Results
Cash Position
As of December 31, 2025, the Company had cash, cash equivalents, and short-term investments of $210.8 million. The Company’s current cash position is expected to support operations through 2028.
Shares Outstanding
As of December 31, 2025, the Company had 265,377,891 ordinary shares issued and outstanding, representing the equivalent of 115,381,692 ADSs, assuming the conversion of all ordinary shares into ADSs.
Research & Development Expenses
Research and development (R&D) expenses were $62.9 million for the year ended December 31, 2025, compared to $21.8 million for the year ended December 31, 2024, an increase of $41.1 million primarily attributable to the recognition of in-process R&D (IPR&D) expenses related to the acquisition of VIS-101 through the Visara transaction and the Bridge Health asset acquisition, partially offset by reimbursements recognized under an existing collaboration agreement with ABL Bio Inc. (ABL Bio) and lower employee benefit and compensation expenses resulting from a lower headcount.
Administrative Expenses
Administrative expenses were $31.4 million for the year ended December 31, 2025, compared to $29.7 million for the year ended December 31, 2024, an increase of $1.7 million. The increase was primarily attributable to a higher employee share-based compensation expense related to the market and service-based awards, as well as an increased professional service expenses in the current period, partially offset by lower legal expenses and reduced employee benefit and compensation expenses resulting from a lower headcount. The employee share-based compensation expense during the year ended December 31, 2024 included forfeitures in connection with the divestiture of our Greater China assets and business operations.
Interest Income
Interest income was $7.6 million for the year ended December 31, 2025, compared to $7.5 million for the year ended December 31, 2024. The increase was primarily attributable to slightly higher average investable cash balances.
Other Income (Expenses), Net
Other expenses, net were $1.7 million for the year ended December 31, 2025, compared to $4.7 million for the year ended December 31, 2024. The change was primarily attributable to the settlement of repurchase obligations associated with the TJ Biopharma redemptions in the prior period, smaller impacts from foreign exchange losses recognized in 2025, and recognition of an accumulated gain associated with the available-for-sale-debt securities, partially offset by the changes in the fair value and extinguishment of put-right liabilities, as well as fair value changes in our equity securities.
Equity in Loss of Affiliates
Equity in loss of affiliates was zero for the year ended December 31, 2025, compared to $1.0 million for the year ended December 31, 2024. The decrease was driven by no further recognition of allocated losses from our unconsolidated investee, as the investee no longer qualified for equity method accounting
Net Loss from Continuing Operations
Net loss from continuing operations was $88.3 million for the year ended December 31, 2025, compared to $49.7 million for the year ended December 31, 2024. Net loss per share from continuing operations attributable to ordinary shareholders was $(0.21) for the year ended December 31, 2025 compared to $(0.27) for the year ended December 31, 2024.
Gain (Loss) from Discontinued Operations
Net loss from discontinued operations was zero for the year ended December 31, 2025, compared to a net gain of $27.5 million for the year ended December 31, 2024.
Net Loss Attributable to Redeemable Noncontrolling Interests
Net loss attributable to redeemable Noncontrolling Interests ("NCI") was $42.1 million for the year ended December 31, 2025, compared to $0.0 million for the year ended December 31, 2024. The loss represents the allocation of the operating losses incurred by our subsidiary Visara for the year ended December 31, 2025 to noncontrolling interests based on the liquidation preferences associated with the Series A Subscription Agreement. The allocation reduced the carrying value of the redeemable NCI to zero in our consolidated balance sheets as of December 31, 2025. There was no noncontrolling interest for the year ended December 31, 2024.
Net Loss attributable to NovaBridge
Net loss attributable to NovaBridge was $46.3 million for the year ended December 31, 2025, compared to $22.2 million for the year ended December 31, 2024. Net loss per share attributable to ordinary shareholders was $(0.21) for the year ended December 31, 2025 compared to $(0.12) for the year ended December 31, 2024.
About Givastomig
Givastomig (TJ033721 / ABL111) is a bispecific CLDN 18.2 X 4-1BB antibody targeting Claudin 18.2 (CLDN18.2)-positive (CLDN 18.2+) tumor cells. It conditionally activates T cells through the 4-1BB signaling pathway in the tumor microenvironment where CLDN18.2 is expressed. Givastomig is being developed for potential treatment of gastric cancer and other Claudin 18.2+ gastrointestinal malignancies. In Phase 1 trials, givastomig has shown promising anti-tumor activity attributable to a potential synergistic effect of the proximal interaction between CLDN18.2 on tumor cells and 4-1BB on T cells in the tumor microenvironment, while minimizing toxicities commonly seen with other 4-1BB agents.
Givastomig is being jointly developed through a global partnership with ABL Bio, in which NovaBridge is the lead party and shares worldwide rights, excluding Greater China and South Korea, equally with ABL Bio.
About VIS-101
VIS-101 (also known as ASKG712 or AM712), purpose-designed to be best-in-class, is a dual VEGF-A X ANG-2 inhibitor in development for the treatment of retinal vascular diseases, such as wet age-related macular degeneration (wet AMD), diabetic macular edema (DME) and retinal vein occlusion (RVO), which, together, affect more than 57 million people globally4. VIS-101’s bispecific, tetravalent design format provides more binding sites and increased VEGF-A and ANG-2 affinity, for rapid, robust and class-leading durable responses. VIS-101 has completed initial safety and dose-escalation studies in both the US and China and a randomized, dose-ranging 2a study in China (NCT05456828). VIS-101 is expected to advance to a dose-determining Phase 2b study in 2026, with initiation of the global Phase 3 program in 2027.
NovaBridge is the majority shareholder of Visara, and Visara controls global rights to VIS-101 outside of greater China and certain countries in Asia.
(Press release, NovaBridge Biosciences, APR 7, 2026, View Source [SID1234664209])