Leads Biolabs’ PD-L1/4-1BB Bispecific Antibody IND Application for Combination Therapy in Metastatic Colorectal Cancer Approved, Further Strengthening Gastrointestinal Oncology Franchise

On August 2, 2026 Nanjing Leads Biolabs Co., Ltd. ("Leads Biolabs" or the "Company," Stock Code: 9887.HK) reported that the Center for Drug Evaluation (CDE) of the National Medical Products Administration (NMPA) has approved the investigational new drug (IND) application for an open-label, multicenter Phase Ib/II clinical trial of its proprietary PD-L1/4-1BB bispecific antibody, Opamtistomig (LBL-024), in combination therapy for metastatic colorectal cancer (mCRC). The study is designed to evaluate the safety and efficacy of Opamtistomig combination regimens in patients with mCRC and to explore potential predictive biomarkers. This marks an important step in expanding the indications for Opamtistomig in gastrointestinal cancers, extending the company’s immuno-oncology footprint from biliary tract cancer, gastric cancer and esophageal squamous cell carcinoma into colorectal cancer (CRC), an area of high unmet clinical need.

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mCRC is difficult to treat and carries a very poor prognosis, with a 5-year survival rate of less than 13%. While immunotherapy has achieved breakthroughs in the microsatellite instability-high (MSI-H)/deficient mismatch repair (dMMR) subtype, these patients account for only about 5% of mCRC cases. For the vast majority—up to 95%—of patients with microsatellite stable (MSS)/mismatch repair proficient (pMMR) tumors, conventional immune checkpoint inhibitors offer limited benefit. The current first- and second-line standard of care remains chemotherapy combined with targeted therapy, leaving an urgent need for more effective immunotherapy options.

Opamtistomig simultaneously blocks PD-1/PD-L1-mediated immunosuppression and conditionally activates 4-1BB co-stimulatory signaling. This dual mechanism restores T cell function while promoting T cell proliferation and long-term memory formation. The mechanistic advantages of Opamtistomig have been validated in multiple tumor types, including extrapulmonary neuroendocrine carcinoma (EP-NEC), non-small cell lung cancer (NSCLC), small cell lung cancer (SCLC), and biliary tract cancer (BTC), and are expected to translate into meaningful clinical benefit in CRC as well, further reinforcing its position as an IO 2.0 pan-tumor cornerstone therapy.

Executive Commentary
Dr. Charles Cai, Chief Medical Officer of Leads Biolabs, stated: "MSS/pMMR mCRC is widely recognized as an immunologically ‘cold’ tumor, and patients continue to face significant unmet medical needs with limited effective treatment options. Through the synergistic dual targeting of PD-L1 and 4-1BB, Opamtistomig has the potential to restore anti-tumor immune activity in cold tumors, a differentiated mechanism that has already shown encouraging preliminary signals in earlier clinical studies. We are excited to further explore this novel combination strategy in the ongoing Phase Ib/II study and hope to bring a more effective immunotherapy option to patients with metastatic colorectal cancer."

About Colorectal Cancer (CRC)
CRC is one of the most common gastrointestinal malignancies worldwide. According to 2022 data from the International Agency for Research on Cancer (IARC), there were approximately 1.926 million new cases and 904,000 deaths from CRC globally, making it the third most common cancer and the second leading cause of cancer-related death. Data from the China National Cancer Center show that in 2022, there were 517,100 new cases and 240,000 deaths from CRC in China, ranking second in incidence and fourth in mortality among all malignancies. Approximately 15%–30% of CRC patients have distant metastases at initial diagnosis, and 20%–50% of patients with initially localized CRC eventually develop mCRC. mCRC is difficult to treat and has a very poor prognosis, with a 5-year survival rate of less than 13%. Currently, immunotherapy is primarily approved for MSI-H/dMMR CRC patients, but these account for only about 5% of mCRC cases. The remaining 95% of patients with MSS/pMMR tumors are resistant to conventional immunotherapy, representing a significant unmet clinical need.

About Opamtistomig
Opamtistomig (LBL-024) is emerging as a next-generation pan-cancer backbone therapy with potential overall survival (OS) benefit that simultaneously targets PD-L1 and the co-stimulatory receptor 4-1BB. Developed using Leads Biolabs’ proprietary X-Body bispecific platform, Opamtistomig is designed to simultaneously block PD-1/L1 immune suppression and conditionally activate 4-1BB, an agonist pathway, resulting in a potent and synergistic anti-tumor immune response. It has a safety profile comparable to PD-1/PD-L1 inhibitors and demonstrates broader-spectrum anti-cancer potential. To date, Opamtistomig has demonstrated first- or best-in-class potential in Phase II or registrational clinical trials across four indications: non-small cell lung cancer (NSCLC), small cell lung cancer (SCLC), biliary tract cancer (BTC), and extrapulmonary neuroendocrine carcinoma (EP-NEC).

As the first 4-1BB–targeting bispecific antibody globally to advance to a single-arm pivotal trial as monotherapy, Opamtistomig has been evaluated in 13 solid tumor indications in China, including 1 pivotal registration trial and 8 proof-of-concept studies. These cover EP-NEC, NSCLC, SCLC, BTC, ovarian cancer (OC), esophageal squamous cell carcinoma (ESCC), hepatocellular carcinoma (HCC), gastric cancer (GC), triple-negative breast cancer (TNBC), malignant melanoma, and other areas with high unmet medical needs.

Mechanistically, 4-1BB agonism can reactivate exhausted T cells and promote robust T-cell proliferation, offering significant promise for PD-1/PD-L1–resistant or immunologically "cold" tumors. Recognizing its clinical potential, Opamtistomig received Breakthrough Therapy Designation (BTD) from China’s National Medical Products Administration (NMPA) in October 2024, and Orphan Drug Designation (ODD) from the U.S. Food and Drug Administration (FDA) for the treatment of neuroendocrine carcinoma in November 2024. Additionally, in January 2026, Opamtistomig was granted Fast Track Designation (FTD) by the FDA and ODD by the European Commission for the treatment of EP-NEC, further underscoring its potential to address unmet medical needs in this patient population.

(Press release, Nanjing Leads Biolabs, AUG 2, 2026, View Source [SID1234669595])

Ratio Therapeutics Closes $70 Million Series C Financing to Advance Clinical Development of Targeted Radiotherapeutics Pipeline and Expand Manufacturing Infrastructure

On July 31, 2026 Ratio Therapeutics, Inc. (Ratio), a clinical-stage pharmaceutical company developing best-in-class radiopharmaceuticals for cancer treatment, reported the closing of a $70 million Series C financing.

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The financing included strong participation from existing investors Duquesne Family Office and Bristol Myers Squibb, along with new investors Catalio Capital Management, Eli Lilly and Company, and Wasatch Group.

Proceeds from the financing will fuel Ratio’s next phase of growth. The company expects to use the funding to advance its ongoing ATLAS study evaluating its lead radiotherapeutic asset [Ac-225]RTX-2358 in advanced sarcomas, and to move its next-generation RLT candidate into the clinic. Ratio also plans to expand its discovery pipeline into new, high-value oncology targets, extending its radiopharmaceutical platform beyond its current indications and into additional tumor types with significant unmet need and substantial market potential. In parallel, the company will continue to strengthen its proprietary radiopharmaceutical technology and scale its manufacturing capabilities to support pipeline expansion and future commercial demand.

"This financing reflects the confidence our investors and strategic partners have in the progress we have made to date and the opportunities that lie ahead," said Dr. Jack Hoppin, Chief Executive Officer of Ratio Therapeutics. "As we march the ATLAS trial forward and prepare for our 5th IND filing, these proceeds are instrumental across the development and ultimately the supply of our targeted and PK-optimized radiopharmaceuticals."

"Ratio is a leader in radiopharmaceutical innovation and it has backed up science with execution — hitting clinical milestones, deepening strategic partnerships, and building the manufacturing infrastructure this modality demands," said Sue Meng, Managing Director of Duquesne Family Office. "We’ve tracked that progress closely, and our investment reflects our strong conviction in Ratio’s platform and its potential to change outcomes for patients."

(Press release, Ratio Therapeutics, JUL 31, 2026, View Source [SID1234669579])

Sona Nanotech To Arrange Private Placement Financing

On July 31, 2026 Sona Nanotech Inc. (CSE: SONA, OTCQB: SNANF) (the "Company", "Sona") reported that it plans to raise up to $2,400,000 through a private placement financing (the "Financing") of up to 8,000,000 common shares of Sona (each, a "Share") at a price of $0.30 per Share (the "Offering Price"). Insiders and certain other existing shareholders of Sona may also subscribe for Shares under the Financing.

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Sona intends to use the net proceeds of the Financing for advancing studies to support the clinical advancement and continuing research and development work on its Targeted Hyperthermia TherapyTM ("THT") oncology treatment, as well as for general working capital purposes.

Completion of the Financing is subject to the satisfaction of certain conditions as well as the approval of the Canadian Securities Exchange. All securities issued pursuant to the Financing will be subject to a hold-period of four months and a day commencing from the closing date.

(Press release, Sona Nanotech, JUL 31, 2026, View Source [SID1234669580])

Werewolf Therapeutics Reports Second Quarter 2026 Financial Results and Recent Corporate Updates

On July 31, 2026 Werewolf Therapeutics, Inc. (the "Company" or "Werewolf") (Nasdaq: HOWL), an innovative biopharmaceutical company pioneering the development of conditionally activated therapeutics engineered to stimulate the body’s immune system for the treatment of cancer and other immune-mediated conditions, reported a business update and announced financial results for the second quarter ended June 30, 2026.

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"In the second quarter of 2026, as previously announced, Werewolf entered into an asset purchase agreement with Jazz Pharmaceuticals Ireland Limited ("Jazz") with respect to the JZP898 program previously licensed to Jazz, and repaid all amounts owed under its loan and security agreement with K2 HealthVentures LLC ("K2"). Together, these transactions, which included a $21.0 million payment to Werewolf, enabled the Company to explore multiple options for the continued development of its INDUKINE and INDUCER platforms and programs," said Daniel J. Hicklin, Ph.D., President and Chief Executive Officer of Werewolf. "In the second half of the year, we expect to provide additional updates on the strategic alternatives process that is being run with assistance from our exclusive financial advisor, Piper Sandler & Co. ("Piper Sandler"), as well as data updates on our clinical trials of WTX-124 and WTX-330."

Financial Results for the Second Quarter of 2026:

•Cash position: As of June 30, 2026, cash and cash equivalents were $22.0 million, compared to $46.5 million as of March 31, 2026. Based on its current operating plan, the Company expects to be able to fund its operations into the second quarter of 2027.
•Collaboration revenue: Collaboration revenue was $21.0 million for the second quarter of 2026, and consists of revenue recognized related the Company’s agreement to sell its JZP898 program to Jazz Pharmaceuticals Ireland Limited. No collaboration revenue was recognized during the second quarter of 2025.
•Research and development expenses: Research and development expenses were $6.2 million for the second quarter of 2026, compared to $13.1 million for the same period in 2025.
•General and administrative expenses: General and administrative expenses were $7.7 million for the second quarter of 2026, compared to $4.4 million for the same period in 2025.
•Net income (loss): Net income was $3.7 million for the second quarter of 2026, compared to a net loss of $18.0 million for the same period in 2025.

(Press release, Werewolf Therapeutics, JUL 31, 2026, View Source [SID1234669581])

Moderna Reports Second Quarter 2026 Financial Results and Provides Business Updates

On July 31, 2026 Moderna, Inc. (NASDAQ:MRNA) reported financial results and provided business updates for the second quarter of 2026.

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"The second quarter marked another period of strong execution for Moderna as we advanced our pipeline and strengthened our financial profile with an improved 2026 operating expense outlook," said Stéphane Bancel, Chief Executive Officer of Moderna. "In the second half of 2026, we are preparing for the potential approval of mFLUSIVA in the U.S., which would be our fifth approved product, and continue to anticipate important pivotal readouts for our intismeran in melanoma and propionic acidemia programs."

Commercial Updates

During the second quarter, Moderna continued to advance its multi-year revenue growth strategy by executing on strategic partnerships and key approvals. In Brazil, a collaboration was signed with a local manufacturer in support of a supply agreement for COVID vaccines. In the EU, the Company signed a joint procurement contract with the European Commission on behalf of six countries for up to 24 million doses of mRESVIA. Moderna also received regulatory approvals in Australia and Mexico for mRESVIA and in Japan and Taiwan for mNEXSPIKE, and its investigational seasonal influenza vaccine, mFLUSIVA, received a unanimous recommendation from the Vaccines and Related Biological Products Advisory Committee (VRBPAC) ahead of an August 5 Prescription Drug User Fee Act (PDUFA) goal date in the U.S.

Second Quarter 2026 Financial Results

Revenue: Total revenue for the second quarter of 2026 was $145 million, compared to $142 million in the same period in 2025. Lower COVID vaccine sales in the U.S. and South America were offset by deliveries in the United Kingdom under a long-term strategic government partnership and higher stand-ready manufacturing and collaboration revenue. Revenue was $87 million in the U.S. and $58 million in international markets.

Cost of Sales: Cost of sales for the second quarter of 2026 was $93 million, including $41 million of inventory write-downs, $23 million of unutilized manufacturing capacity costs, and $11 million of third-party royalties. Cost of sales decreased by 22% compared to the same period in 2025, primarily reflecting lower unutilized manufacturing capacity costs resulting from continued manufacturing productivity improvements and operational efficiencies.

Research and Development Expenses: Research and development expenses for the second quarter of 2026 were $651 million, a 7% decrease compared to the same period in 2025. The decrease was primarily driven by lower clinical development costs following the wind-down of several late-stage programs.

Selling, General and Administrative Expenses: Selling, general and administrative expenses for the second quarter of 2026 were $216 million, a 6% decrease compared to the same period in 2025. The decrease reflected continued discipline across the organization.

Income Taxes: Income tax provisions for both periods were not material, as the Company continues to maintain a global valuation allowance against most of its deferred tax assets.

Net Loss: Net loss was $(0.8) billion for the second quarter of 2026, an improvement of $43 million, or 5%, compared to the second quarter of 2025.

Loss Per Share: Loss per share was $(1.97) for the second quarter of 2026, compared to loss per share of $(2.13) for the second quarter of 2025.

Cash Position: Cash, cash equivalents and investments as of June 30, 2026, were $6.9 billion, compared to $7.5 billion as of March 31, 2026. The decrease primarily reflected cash used to fund operations, continued investment in research and development and advancement of the Company’s pipeline. The Company subsequently paid $950 million in July 2026 related to the litigation settlement announced in the first quarter of 2026.

2026 Financial Framework

Revenue: The Company is targeting up to 10% growth from 2025 revenue and expects 2026 revenue split to be approximately 50% U.S. and approximately 50% international. Moderna expects approximately 55% of its second half 2026 revenue to be recognized in the third quarter.

Cost of Sales: Cost of sales for 2026 is expected to be approximately $1.7 billion, lowered from approximately $1.8 billion, and including the $0.9 billion non-recurring litigation settlement charge.

Research and Development Expenses: Research and development expenses for 2026 are now anticipated to be approximately $2.9 billion, lowered from approximately $3.0 billion.

Selling, General and Administrative Expenses: Selling, general and administrative expenses for 2026 are projected to be approximately $1.0 billion.

Income Taxes: The Company expects its full-year tax expense to be negligible.

Capital Expenditures: Capital expenditures for 2026 are expected to be $0.2 to $0.3 billion.

Cash and Investments: Year-end cash and investments for 2026 are now projected to be $4.7 to $5.2 billion, an improvement of approximately $0.2 billion. This excludes any further drawdowns from the Company’s remaining $0.9 billion available under its credit facility.

Recent Progress and Upcoming Late-Stage Pipeline Milestones

Infectious disease vaccines:

Seasonal flu + COVID vaccine: Moderna has received European Commission marketing authorization for mCOMBRIAX in the EU and its mRNA-1083 regulatory filings are under review in Japan, Canada and Australia. The Company is awaiting further guidance from the U.S. FDA on refiling the submission for its flu plus COVID combination vaccine.

Seasonal flu vaccine: The Company’s mRNA-1010 regulatory filings are under review in Europe, Canada and Australia and potential approvals are expected to begin in 2026. The U.S. FDA has assigned a PDUFA date for mRNA-1010 of August 5, 2026

Norovirus vaccine: Moderna’s Phase 3 safety and efficacy study of mRNA-1403 did not meet statistical criteria for early success at the Phase 3 interim analysis. The trial is ongoing and remains blinded as the Company works toward enrolling an additional cohort.

Oncology therapeutics:

Intismeran autogene: The Company is advancing mRNA-4157 in collaboration with Merck, with nine total Phase 2 and Phase 3 clinical trials underway across multiple tumor types including melanoma, non-small cell lung cancer (NSCLC), bladder cancer and renal cell carcinoma. This includes the Phase 3 study of intismeran as monotherapy and in combination with KEYTRUDA QLEX for the treatment of high-risk Stage 1 NSCLC announced last quarter.

Fully enrolled studies include a Phase 3 adjuvant melanoma, a Phase 2 adjuvant renal cell carcinoma, and a Phase 2 adjuvant muscle invasive bladder cancer. Moderna expects Phase 3 adjuvant melanoma data potentially in 2026.

The Company recently presented positive five-year Phase 2b adjuvant melanoma data at the 2026 American Society of Clinical Oncology (ASCO) (Free ASCO Whitepaper) Annual Meeting, which showed a sustained benefit with intismeran in combination with KEYTRUDA, reducing the risk of recurrence or death by 49% compared to KEYTRUDA alone.

mRNA-4359: Moderna’s Phase 1/2 study of mRNA-4359, an investigational wholly-owned cancer antigen therapy, is ongoing. The Phase 2 portion of the study includes cohorts in first-line metastatic melanoma, second-line+ metastatic melanoma and first-line metastatic NSCLC.

Rare disease therapeutics:

Propionic acidemia (PA) therapeutic: The Company’s PA candidate, mRNA-3927, is in a registrational study and target enrollment has been reached. Moderna expects potential data in 2026.

Methylmalonic acidemia (MMA) therapeutic: The Company deferred its decision on a pivotal trial for mRNA-3705 until PA registrational data readout.

Moderna Corporate Updates

Appointed Ester Banque to Chief Commercial Officer of Moderna, effective June 15, 2026.

Appointed Michael McDonnell, former Chief Financial Officer of Biogen, to Moderna’s Board of Directors, effective July 8, 2026.

Company Accolades

Moderna was ranked no. 1 by TIME on its list of the World’s Most Impactful Companies.

Key 2026 Investor and Analyst Event Dates

Analyst Day: November 12

Investor Call and Webcast Information

Moderna will host a live conference call and webcast at 8:00 a.m. ET on July 31, 2026. To access the live conference call via telephone, please register at the link below. Once registered, dial-in numbers and a unique pin number will be provided. A live webcast of the call will also be available under "Events and Presentations" in the Investors section of the Moderna website.

Telephone: View Source

Webcast: View Source

The archived webcast will be available on Moderna’s website approximately two hours after the conference call and will be available for one year following the call.

(Press release, Moderna Therapeutics, JUL 31, 2026, https://feeds.issuerdirect.com/news-release.html?newsid=7044027068145026&symbol=MRNA [SID1234669583])