On November 10, 2025 Leucid Bio ("Leucid" or the "Company"), a privately-held biotechnology company developing innovative Chimeric Antigen Receptor T-cell (CAR-T) therapies using its proprietary lateral CAR platform, reported an update on the Phase I/IIa AERIAL trial evaluating the safety and clinical activity of LEU011 in patients with relapsed/refractory solid tumours.

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Preliminary data from the ongoing AERIAL trial have established proof-of-concept for LEU011 by demonstrating key biological activity through evidence of encouraging pharmacokinetic (PK) and pharmacodynamic (PD) profiles. In particular, analysis of post-treatment biopsies (as evaluated by ddPCR and RNAScope) has shown tumour infiltration by LEU011 cells.

To date, treatment with LEU011 has been generally well tolerated. In addition, disease control (based on RECIST criteria) has been observed in multiple patients treated with the lowest dose of LEU011. Dose-escalation in the AERIAL trial continues as planned, with additional data from the trial anticipated during the first half of 2026.

Filippo Petti, Chief Executive Officer, Leucid Bio , said: "Although preliminary, we are highly encouraged by these initial data from the AERIAL trial which establish proof-of-concept for LEU011 in the treatment of solid tumours. Furthermore, they highlight LEU011’s dual mechanism of action targeting NKG2D stress ligands for tumour recognition and using CXCR2 signalling to enhance T-cell infiltration into the tumour microenvironment."

Dr. John Maher, Chief Scientific Officer, Leucid Bio, added: "Traditionally, CAR-Ts have struggled to deliver robust clinical responses in the treatment of solid tumours. We believe these preliminary data highlight the functional activity of LEU011 in the treatment of solid tumours given its unique mechanism of action. We anticipate that the early signals observed to date for LEU011 will continue to improve as we advance through the dose-escalation segment of the AERIAL trial."

AERIAL is a multi-centre, dose-escalation trial designed to evaluate the safety and clinical activity of LEU011 in patients with relapsed/refractory solid tumours, following a single intravenous dose of LEU011 after preconditioning chemotherapy. Additional information on the AERIAL trial can be found on ClinicalTrials.gov under the identifier NCT06193902.

Details of the ongoing AERIAL trial were presented at the Society for Immunotherapy of Cancer (SITC) (Free SITC Whitepaper) Annual Meeting 2025.

Poster Title: A First-in-human Phase I/IIa dose escalation trial evaluating the safety and preliminary efficacy of LEU011, a novel CAR-T, in subjects with relapsed/refractory solid tumors (AERIAL)
Author / Presenter: R. Kristeleit
Session: Clinical Trials In Progress
Date: Saturday, November 8, 2025
Abstract Number: 578

About LEU011
LEU011 is a lateral CAR-T cell therapy targeting NKG2D stress ligands, which are overexpressed on more than 80% of human tumour cells and the cells within the surrounding tumour microenvironment. In addition to its novel architecture, LEU011 also co-expresses the chemokine receptor CXCR2 which is engineered to enhance cell trafficking and tumour infiltration, providing an extra mechanism to overcome significant limitations of CAR-T therapies currently in development for the treatment of relapsed/refractory solid tumours.

(Press release, Leucid Bio, NOV 10, 2025, View Source [SID1234659747])

On November 10, 2025 FibroGen, Inc. (NASDAQ: FGEN) reported financial results for the third quarter 2025 and provided an update on the company’s recent developments.

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"With the completion of the transformative sale of our FibroGen China operations, we have significantly simplified our capital structure and extended our cash runway into 2028. Notably, we initiated the Phase 2 monotherapy trial of FG-3246 and its companion diagnostic FG-3180, with an interim analysis anticipated in the second half of 2026," said Thane Wettig, Chief Executive Officer, FibroGen. "We remain on track to submit the Phase 3 protocol for roxadustat in LR-MDS in the fourth quarter of 2025 and continue to assess its development options. We are excited to continue building on the strong momentum we have gained throughout this year."

Recent Developments and Key Highlights of Third Quarter 2025:

Completed the sale of FibroGen China to AstraZeneca for a total consideration of approximately $220 million, consisting of $85 million in enterprise value and approximately $135 million in net cash held in China.
Successfully repaid term loan to Morgan Stanley Tactical Value, further simplifying the Company’s capital structure
FibroGen maintains its rights to roxadustat in the U.S. and in all markets outside of China, South Korea, and those licensed to Astellas.
Initiated the Phase 2 monotherapy dose optimization study of FG-3246 in mCRPC. The trial will also evaluate FG-3180 as a companion PET imaging agent and a potential predictive patient selection biomarker.
Reached agreement with the FDA on important design elements for the pivotal Phase 3 trial for roxadustat for the treatment of anemia in patients with LR-MDS and high transfusion burden. FibroGen continues to assess both internal development or partnership opportunities for this program.
Upcoming Milestones:

FG-3246 (CD46 Targeting ADC) and FG-3180 (CD46 Targeting PET Imaging Agent)

Topline results from the investigator-sponsored Phase 1b/2 study, conducted by UCSF, of FG-3246 in combination with enzalutamide in patients with mCRPC are expected to be presented at a medical conference in the first quarter of 2026.
Interim results from the Phase 2 monotherapy trial are expected in the second half of 2026. The trial will also assess the diagnostic performance of FG-3180 to determine the potential correlation between CD46 expression and response to FG-3246.
Roxadustat

FibroGen remains on track to file the pivotal Phase 3 clinical trial protocol for roxadustat for the treatment of anemia in patients with LR-MDS and high transfusion burden in the fourth quarter of 2025.
Financial:

Total revenue from continuing operations for the third quarter of 2025 was $1.1 million, as compared to $0.1 million for the third quarter of 2024.
Net loss from continuing operations for the third quarter of 2025 was $13.1 million, or $3.25 loss per basic and diluted share, compared to a loss of $48.3 million, or $12.01 loss per basic and diluted share, one year ago.
On September 30, 2025, FibroGen reported cash, cash equivalents, accounts receivable, and investments of $121.1 million.
The Company expects its cash, cash equivalents, accounts receivable, and investments to be sufficient to fund operating plans into 2028.
Conference Call and Webcast Presentation
The FibroGen management team will host a conference call and webcast presentation to discuss the financial results and provide a business update. A live Q&A session will follow the brief presentation. Interested parties may access a live audio webcast of the conference call here. To access the call by phone, please register here, and you will be provided with dial in details. A replay of the webcast will also be available for a limited time on the Events & Presentations page on FibroGen’s website.

About FG-3246
FG-3246 (FOR46) is a potential first-in-class fully human antibody-drug conjugate (ADC), exclusively in-licensed from Fortis Therapeutics, and is being developed by FibroGen for metastatic castration-resistant prostate cancer and potentially other tumor types. FG-3246 binds to an epitope of CD46, a cell receptor target, that induces internalization upon antibody binding, is present at high levels in prostate cancer and other tumor types and demonstrates very limited expression in most normal tissues. FG-3246 is comprised of an anti-CD46 antibody, YS5, linked to the anti-mitotic agent, MMAE, which is a clinically and commercially validated ADC payload. FG-3246 has demonstrated anti-tumor activity in both preclinical and clinical studies.

FG-3246 is currently in an ongoing Phase 1b/2 study being conducted at UCSF as an investigator-sponsored trial to evaluate FG-3246 in combination with enzalutamide. An additional investigator-sponsored radiopharmaceutical marker trial using a zirconium-89 positron emission tomography (PET) tracer for CD46 that utilizes the YS5 antibody is also underway at UCSF. The Phase 2 monotherapy dose optimization trial for FG-3246 in metastatic castration-resistant prostate cancer has been initiated. FG-3246 is an investigational drug and not approved for marketing by any regulatory authority.

About Roxadustat
Roxadustat, an oral medication, is the first in a new class of medicines comprising HIF-PH inhibitors that promote erythropoiesis, or red blood cell production, through increased endogenous production of erythropoietin, improved iron absorption and mobilization, and downregulation of hepcidin.

Roxadustat is approved in China, Europe, Japan, and numerous other countries for the treatment of anemia of CKD in adult patients on dialysis (DD) and not on dialysis (NDD). FibroGen has the sole rights to roxadustat in the United States, Canada, Mexico, and in all markets not held by AstraZeneca or licensed to Astellas. Astellas and FibroGen are collaborating on the commercialization of roxadustat for the treatment of anemia in territories including Japan, Europe, Turkey, Russia, and the Commonwealth of Independent States, the Middle East, and South Africa.

(Press release, FibroGen, NOV 10, 2025, View Source [SID1234659712])

On November 10, 2025 Rakovina Therapeutics Inc. ("Rakovina" or the "Company") (TSX-V: RKV)(FSE: 7JO0) a biopharmaceutical company advancing cancer therapies through AI-enabled drug discovery, reported that new data will be presented in two posters at the Society for Neuro-Oncology (SNO) Annual Meeting, taking place November 19–23, 2025, in Honolulu, Hawaii.

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The presentations will highlight Rakovina’s AI-driven programs to discover and develop next-generation DNA-damage response (DDR) inhibitors engineered for central nervous system (CNS) penetration, supporting the development of potential new treatment options for primary and metastatic brain cancers.

Presentation Details:

Title: Discovery and development of a novel CNS-penetrating ATR inhibitor
Session: Poster Session – DNA Repair (DNAR-05)
Date/Time: November 21, 2025 | 11:30 a.m.–12:45 p.m. (HST)

Title: Discovery and development of novel CNS-penetrating PARP1-selective inhibitors
Session: Poster Session – DNA Repair (DNAR-06)
Date/Time: November 21, 2025 | 11:30 a.m.–12:45 p.m. (HST)

The first poster presents results from Rakovina Therapeutics’ kt-5000AI ATR inhibitor program, developed in collaboration with Variational AI. The program leverages the ENKI generative AI platform to design and optimize CNS-penetrant ATR inhibitors with favorable pharmacologic properties for the potential treatment of brain cancers. The data highlight the discovery of potent, selective ATR inhibitors that demonstrate activity against treatment-resistant tumor phenotypes.

The second poster presents progress from the Company’s kt-2000AI PARP inhibitor program, developed using the Deep Docking AI-accelerated drug discovery platform. The program applies ultra-large-scale virtual screening to evaluate billions of compounds in silico, rapidly identifying and optimizing PARP1-selective, CNS-penetrant inhibitors with desirable pharmacologic properties. The data illustrate how this approach enables deep exploration of chemical space and efficient discovery of next-generation candidates designed to address the limitations of first-generation PARP inhibitors.

"The Society for Neuro-Oncology Annual Meeting is a premier global forum for advances in brain cancer research, and we’re proud to share our latest data at this year’s conference," said Prof. Mads Daugaard, President and Chief Scientific Officer of Rakovina Therapeutics. "Our participation reflects Rakovina’s ongoing efforts to develop first-in-class DNA-damage response inhibitors designed to reach the brain. By combining AI-accelerated medicinal chemistry with the world-class infrastructure at the University of British Columbia’s Vancouver Prostate Centre, we are advancing next-generation therapies targeting ATR and PARP1 pathways aimed at improving outcomes for patients with aggressive and treatment-resistant brain cancers."

(Press release, Rakovina Therapeutics, NOV 10, 2025, View Source;utm_medium=rss&utm_campaign=rakovina-therapeutics-to-present-new-data-highlighting-cns-penetrant-atr-and-parp1-inhibitors-at-the-2025-society-for-neuro-oncology-annual-meeting [SID1234659728])

On November 10, 2025 Ontada, a leader in real-world oncology data and insights, reported it will present new research findings in an oral presentation at the ISPOR Europe 2025 conference, being held this week in Glasgow, Scotland. ISPOR is the leading professional society for health economics and outcomes research globally. The study, titled, "A Framework for Accelerating Clinical Development with Real-World External Control Arms (ECA) in Phase 2 Trials," addresses a critical gap in early-stage clinical research by offering a scalable approach to contextualizing single-arm trial data.

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This research highlights the potential of ECAs to enhance Phase 2 trials, which often lack traditional control groups and face challenges related to small sample sizes and slow patient accrual, particularly in oncology and rare diseases.

Key Data Findings

Real-world data (RWD) curation: The framework outlines a systematic approach to identifying and curating structured and unstructured RWD sources to build robust ECAs.
Trial emulation: It applies rigorous eligibility criteria from the trial to real-world cohorts, ensuring comparability.
Adaptive matching strategies: To address limited trial sample sizes, the framework uses simulation techniques to create synthetic datasets that support more robust patient matching.
Pilot application: The framework was successfully applied to a Phase 2 single arm trial of Tucatinib and Doxil in HER2+ metastatic breast cancer, demonstrating feasibility and value.
"Phase 2 trials are essential for identifying promising therapies, but their inherent design poses challenges to achieving rapid and robust inferences," said Jessica K. Paulus, ScD, vice president, Real World Research, Ontada. "This framework leverages high-quality real-world data and extends state-of-the-science methods in ECA development to overcome barriers in Phase 2 trial conduct, offering a practical path to accelerate development while maintaining scientific rigor. It’s a meaningful step toward more efficient clinical research."

Study Methodology

The framework was developed through a literature review of best practices in Phase 3 ECA design and adapted for Phase 2 single-arm trials. It incorporates simulation-based matching to address the challenge of limited trial patient data and was piloted using real-world data for a newly launched Phase 2 trial in HER2+ metastatic breast cancer.

Research at ISPOR Europe 2025

Ontada is showcasing its research capabilities at ISPOR with five accepted abstracts on topics such as evolving trends in patient demographics and diagnosis in gastric cancer, improving data quality in oncology electronic health record-derived databases, assessing secular trends in ovarian cancer diagnoses, and real-world associations between smoking status and genetic driver mutations in metastatic lung cancer. For a complete list of Ontada presentations, visit Ontada’s ISPOR Europe 2025 site. Additionally, visit Ontada at booth #616 at the Scottish Event Campus in Glasgow, November 10–12, to explore our latest research and real-world oncology solutions.

"At Ontada, we are committed to advancing oncology research through innovative applications of real-world data," said Christine Davis, president, Ontada. "Our presence at ISPOR Europe reflects the depth and diversity of our real-world research capabilities. From advancing trial design with external control arms to uncovering trends in cancer diagnosis and treatment, our work is helping shape the future of oncology through data-driven insights."

Ontada is a part of McKesson, which has an unmatched portfolio of oncology and multispecialty solutions and partners that provide research, insights, technologies and services that help to address barriers and improve cancer and multispecialty care.

(Press release, Ontada, NOV 10, 2025, View Source [SID1234659748])

On November 10, 2025 Galecto, Inc. ("Galecto") reported the completion of the acquisition of Damora Therapeutics, Inc. ("Damora"), a privately held biotechnology company advancing a pipeline of antibody therapeutics aimed at transforming the treatment of mutant calreticulin- (mutCALR)-driven Myeloproliferative Neoplasms (MPNs), including Essential Thrombocythemia (ET) and Myelofibrosis (MF). The acquisition gives the combined company a pipeline covering a broad spectrum of hematological cancers and leverages the deep expertise of both teams, and positions Galecto to advance Damora’s complementary assets for people living with blood cancers, with the goal of developing safer, more effective, and more convenient disease-modifying therapies.

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A concurrent private placement of Series C non-voting convertible preferred stock was led by Fairmount with participation from the following institutional investors: Viking Global Investors, Venrock Healthcare Capital Partners, Commodore Capital, Janus Henderson Investors, Wellington Management, RA Capital Management, TCGX, Forbion, BB Biotech, Blackstone Multi-Asset Investing, Perceptive Advisors, Vestal Point Capital, Balyasny Asset Management, Andreessen Horowitz (a16z Bio + Health), and a leading life sciences investment firm. The private placement resulted in gross proceeds to Galecto of approximately $284.9 million and is expected to fund operations into 2029, enabling advancement of Damora’s lead program, DMR-001, through key Phase 1 proof-of-concept data expected in 2027, as well as pipeline programs, DMR-002 and DMR-003, into Phase 1 studies.

MPNs are a group of rare, chronic blood cancers characterized by the abnormal production of blood cells in the bone marrow. MutCALRs drive uncontrolled proliferation and disease progression in 25% of ET and 35% of MF cases. There are approximately 42,000 patients in the United States living with mutCALR-driven MPNs.

Damora is the sixth company launched based on assets developed by Paragon Therapeutics. DMR-001 is a potentially best-in-class anti-mutCALR monoclonal antibody demonstrated to have enhanced activity in Type 1 and Type 2 mutCALR-driven preclinical models, with approximately 10-fold greater potency against Type 2 mutCALR-driven cell proliferation, as compared to internal data generated using a reference molecule in clinical development, supporting its potential to address the full spectrum of mutCALR mutations in both ET and MF. DMR-001 is engineered with validated half-life extension technology to enable infrequent low-volume, subcutaneous dosing. An IND submission for DMR-001, with anticipated first-in-human administration via subcutaneous administration, is expected to occur in mid-2026.

"The acquisition of Damora marks a pivotal milestone for Galecto as we evolve our focus toward advancing Damora’s highly differentiated mutCALR portfolio, which addresses significant unmet need across the full spectrum of blood cancers driven by mutCALR," said Dr. Hans Schambye, President and CEO of Galecto. "This pipeline, led by DMR-001, is designed to overcome the limitations of current candidates in early clinical development and has the potential to establish a new standard of care in the treatment of ET and MF. With a strong balance sheet, we believe we are well-positioned to drive these programs rapidly into the clinic and ultimately deliver meaningful benefit to patients."

"The immediate access to public capital markets and the strengthened financial position achieved through this acquisition and concurrent private placement provides momentum to accelerate the development of our highly specialized portfolio," added Peter Harwin, incoming Galecto Board Member and Managing Member at Fairmount. "Our team is eager to leverage Galecto’s infrastructure to rapidly transition DMR-001 from IND-enabling studies to first-in-human trials by mid-2026, ensuring these assets, focused on superior efficacy and convenience, reach patients as quickly as possible."

In addition, Galecto is excited to combine these newly acquired complementary pipeline assets with its investigational candidate GB3226, a dual ENL-YEATS and FLT3 inhibitor for multiple genetic subsets of acute myeloid leukemia (AML). As previously disclosed, GB3226 will be featured in two poster presentations at the 67th American Society of Hematology (ASH) (Free ASH Whitepaper) Annual Meeting and Exposition, taking place December 6 – 9, 2025, in Orlando, Florida. Galecto also announced that it received constructive feedback from the U.S. Food and Drug Administration (FDA) in response to its pre-Investigational New Drug (pre-IND) submission and plans to submit an IND application in the first quarter of 2026 to enable future clinical evaluation of GB3226 in AML.

Management & Organization

In conjunction with the transaction, Galecto Board Members will include:

•
Carl Goldfischer, MD (current Chair)

•
Jayson Dalls, MD (current)

•
Amit Munshi (current)

•
Hans Schambye, MD, PhD (current)

•
Peter Harwin, Managing Member, Fairmount

•
Chris Cain, PhD, Director of Research, Fairmount

•
Julianne Bruno, Growth Partner, Fairmount

About the Acquisition and Financing Transaction

The acquisition was approved by the Board of Directors of Galecto and the Board of Directors and stockholders of Damora. The closings of the transactions are not subject to the approval of Galecto’s stockholders. On an as-converted basis and after accounting for these transactions (and without giving effect to any beneficial ownership limitations), the total number of shares of Galecto common stock will be 61,998,882.

Lucid Capital Markets is serving as financial advisor to the Board of Directors of Galecto. Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C., is serving as legal counsel to Galecto. Wedbush PacGrow is serving as financial advisor to Damora. Jefferies, Leerink Partners, UBS, and LifeSci are serving as the placement agents to Damora, and Gibson, Dunn & Crutcher LLP is serving as legal counsel to Damora.

Webcast Details

The company will host a webcast on November 10, at 8:00 a.m. ET to discuss the transaction as well as Damora’s approach and pipeline assets. To access the call, please dial 1-646-357-8766 (International) or 1-888-880-3330 (toll-free). To access the live webcast, please go to View Source A replay of the webcast presentation will be temporarily archived on the Investors section of Galecto’s website following the presentation.

(Press release, Galecto Biotech, NOV 10, 2025, View Source [SID1234659713])