China healthcare lung-cancer assets presented at WCLC 2026 Report Interpretation

Overview

The report summarizes clinical data presented on 14-15 September at WCLC 2026 for three China-origin lung-cancer programs: the DB-1311/BNT324 and BNT327 combination, LBL-024 plus chemotherapy, and RC148. Nomura characterizes the results as encouraging because of high response rates in several patient groups and favorable reported safety.

Core views

WCLC 2026 was held in Seoul on 12-15 September. After three other China assets reported results on 13 September, Nomura reviewed additional data released on 14 and 15 September for three next-generation oncology programs targeting small-cell and non-small-cell lung cancer. DualityBio and BioNTech updated Phase Ib/II data for DB-1311/BNT324, a B7-H3 antibody-drug conjugate, combined with BNT327, a PD-L1×VEGF bispecific antibody, in advanced lung cancer. Based on the 7 July 2026 data cutoff, 71 evaluable small-cell lung cancer patients achieved a 70.4% objective response rate and a 93.0% disease-control rate. Results varied by treatment line: ORR was 92.3% in first-line patients, based on 13 patients, 77.3% in second line and 52.4% in third line or later. The declining response rate in later treatment lines provides the report's principal cross-cohort comparison, while the overall disease-control rate indicates that most evaluable patients experienced either a response or disease stabilization. Nomura also highlights tolerability: among 193 treated patients, Grade 3 or higher treatment-related adverse events occurred in 23.3%, and no dose-limiting toxicities were observed. Leads Bio presented updated Phase II data for LBL-024, also known as opamtistomig, a PD-L1/4-1BB bispecific antibody used with chemotherapy in first-line non-small-cell lung cancer. Among 62 evaluable patients, ORR reached 71.0%, up from 65.0% at the prior 3.6-month follow-up. DCR was 95.2%, while the six-month progression-free-survival rate was 70.6%. The squamous NSCLC subgroup produced the strongest reported results, with an 87.1% ORR and an 86.7% six-month PFS rate. The update therefore combines evidence of a higher response rate with longer follow-up and a particularly strong result in the squamous subgroup. Leads Bio is identified as not rated. RemeGen released Phase Ib data for RC148, a PD-1/VEGF bispecific antibody, in first-line NSCLC. At the 22 June 2026 cutoff, the study had enrolled 61 patients with squamous NSCLC in cohort 1 and 60 patients with non-squamous NSCLC in cohort 2. In the 10 mg/kg subgroup, ORR was 90.0% for squamous disease; among patients with PD-L1 TPS below 1%, it was 93.3%. In non-squamous disease, the corresponding 10 mg/kg subgroup achieved a 75.9% ORR, including 71.4% in patients with PD-L1 TPS below 1%. Nomura also describes RC148's safety profile as good, although the report does not supply a numerical adverse-event breakdown. The appendix maintains Neutral ratings on RemeGen's 688331 CH and 9995 HK shares. The A-share price was CNY115.43 on 15 September 2026, against a CNY119.71 target price derived from a discounted-cash-flow model using a 10.8% WACC and 3.0% terminal growth; its benchmark is the CSI 300. The H-share price was HKD76.00 on 14 September 2026, against an HKD89.44 target based on the same DCF assumptions; its benchmark is the Hang Seng Index. The stated RemeGen risks are faster clinical progress or better overseas data for RC18 and RC148 and better-than-expected commercialization on the upside, versus a slower-than-expected sales ramp and discouraging clinical results on the downside.

Analysis framework

Nomura organizes the update by clinical program. It first establishes the conference and data-cutoff context, then compares objective response and disease-control rates across treatment lines, histology groups, dose groups and PD-L1 status. Six-month progression-free survival is used where available to add an early durability measure, while treatment-related adverse events and dose-limiting toxicities inform safety. For RemeGen, the clinical discussion is supplemented with stock ratings, market prices and DCF-derived target prices.

Methodology notes

• Other

  Clinical-trial endpoint and subgroup readout

  The report assesses early-stage oncology programs through objective response rate, disease-control rate, six-month progression-free survival and safety outcomes, then compares results by treatment line, tumor histology, dose and PD-L1 status.

• Valuation methodsDCF (Discounted Cash Flow)

  Discounted cash flow valuation

  Nomura derives RemeGen target prices of CNY119.71 and HKD89.44 by discounting expected future cash flows using a 10.8% weighted average cost of capital and a 3.0% terminal growth assumption.

Asset mapping & comparison

Structured mapping from thesis to named assets (strengths, weaknesses, peers, risks).

• Leads Bio (9887 HK)

  Developer of LBL-024, a PD-L1/4-1BB bispecific antibody evaluated with chemotherapy in first-line NSCLC.

  Strengths

  The updated study reported a 71.0% overall ORR, 95.2% DCR and particularly strong squamous-subgroup results.

  Comparison

  The overall ORR increased from 65.0% at the prior 3.6-month follow-up to 71.0%.

• DualityBio (9606 HK)

  Developer of DB-1311/BNT324 and partner of BioNTech in the B7-H3 ADC plus PD-L1×VEGF bispecific-antibody combination.

  Strengths

  The combination achieved a 70.4% ORR, 93.0% DCR and no dose-limiting toxicities in the reported datasets.

  Weaknesses

  Response rates were lower in later treatment lines, declining from 92.3% in first line to 52.4% in third line or later.

  Comparison

  Not rated by Nomura.

• BioNTech (BNTX US)

  DualityBio's partner for DB-1311/BNT324 and developer of the combination agent BNT327.

  Strengths

  The partnered combination showed high response and disease-control rates with a favorable reported safety profile.

  Comparison

  Not rated by Nomura.

• RemeGen (9995 HK / 688331 CH)

  Developer of RC148, a PD-1/VEGF bispecific antibody tested in first-line squamous and non-squamous NSCLC.

  Strengths

  The 10 mg/kg subgroups achieved ORRs of 90.0% in squamous and 75.9% in non-squamous disease, with strong responses also reported for PD-L1 TPS below 1%.

  Comparison

  Nomura rates both listings Neutral; the A-share benchmark is the CSI 300 and the H-share benchmark is the Hang Seng Index.

  Risks

  Slower-than-expected sales ramp-up or discouraging clinical results; upside risks include faster progress or better overseas data for RC18 and RC148 and better-than-expected commercialization.

Key data

• WCLC 2026 dates12-15 September 2026The reviewed China-asset data were released on 14 and 15 September.
• DB-1311/BNT324 plus BNT327 efficacy70.4% ORR; 93.0% DCRBased on 71 evaluable SCLC patients at the 7 July 2026 cutoff.
• DB-1311 combination ORR by treatment line92.3% in 1L; 77.3% in 2L; 52.4% in 3L or laterThe first-line result was based on 13 patients.
• DB-1311 combination safety23.3% Grade ≥3 TRAEs; no dose-limiting toxicitiesSafety population comprised 193 treated patients.
• LBL-024 overall efficacy71.0% ORR; 95.2% DCR; 70.6% six-month PFS rateBased on 62 evaluable first-line NSCLC patients; ORR rose from 65.0% at the prior 3.6-month follow-up.
• LBL-024 squamous NSCLC subgroup87.1% ORR; 86.7% six-month PFS rateThis subgroup recorded the strongest LBL-024 results cited in the report.
• RC148 enrollment61 squamous and 60 non-squamous NSCLC patientsPhase Ib first-line trial enrollment at the 22 June 2026 cutoff.
• RC148 squamous cohort efficacy90.0% ORR at 10 mg/kg; 93.3% for PD-L1 TPS <1%Results for cohort 1.
• RC148 non-squamous cohort efficacy75.9% ORR at 10 mg/kg; 71.4% for PD-L1 TPS <1%Results for cohort 2.
• RemeGen A-share valuationCNY115.43 current price; CNY119.71 target priceNeutral rating; price dated 15 September 2026; DCF assumes 10.8% WACC and 3.0% terminal growth.
• RemeGen H-share valuationHKD76.00 current price; HKD89.44 target priceNeutral rating; price dated 14 September 2026; DCF assumes 10.8% WACC and 3.0% terminal growth.

Impact & implications

Nomura views the readouts as evidence of encouraging antitumor activity across three differentiated lung-cancer approaches. The DB-1311 combination showed high disease control and stronger responses in earlier treatment lines, LBL-024 improved its response rate with additional follow-up and performed especially well in squamous NSCLC, and RC148 produced high response rates even in PD-L1-negative subgroups. The findings support continued clinical development, but the report does not assign ratings to Leads Bio, DualityBio or BioNTech and retains Neutral ratings on RemeGen.

Risks

• RemeGen could benefit from faster clinical progress or better overseas data for RC18 and RC148.
• Better-than-expected commercialization is an upside risk to RemeGen's target prices.
• A slower-than-expected sales ramp-up is a downside risk for RemeGen.
• Discouraging clinical results are a downside risk for RemeGen.