China healthcare oncology assets at WCLC 2026 Report Interpretation

Overview

This WCLC 2026 data readout reviews newly released clinical results for China-developed lung-cancer therapies. Nomura sees the results as encouraging, led by an overall-survival benefit for Akeso's ivonescimab in first-line PD-L1-positive NSCLC and record-setting second-line SCLC survival data from Hansoh's HS-20093, alongside supportive results for MediLink's YL201.

Core views

At the World Conference on Lung Cancer in Seoul on 12–15 September 2026, three anticipated clinical outcomes for China assets were released. Nomura focuses on evidence that the assets delivered overall-survival benefits, an endpoint it describes as the gold standard for evaluating oncology-drug efficacy. Akeso reported positive overall-survival data from HARMONi-2 (AK112-303), comparing ivonescimab monotherapy with pembrolizumab monotherapy in first-line PD-L1-positive NSCLC. As of 20 August 2026, median follow-up was 36 months and 234 overall-survival events had occurred. In the intention-to-treat population, median overall survival was 30.8 months for ivonescimab versus 22.6 months for pembrolizumab, with a hazard ratio of 0.73 and p=0.009. The result was stronger in the PD-L1 tumour-proportion-score-at-least-50% subgroup, where the overall-survival hazard ratio was 0.58. Nomura notes that the regimen had previously met its progression-free-survival endpoint in May 2024, at 11.1 months versus 5.8 months for pembrolizumab, with a hazard ratio of 0.51 and p<0.0001. The updated survival result therefore indicates that the earlier progression-free-survival advantage has translated into an overall-survival benefit. The firm also considers the data supportive for the global HARMONi-7 study, run by Summit Therapeutics, which compares ivonescimab with pembrolizumab in first-line PD-L1-high NSCLC; HARMONi-2 enrolled China patients only. In second-line SCLC, Hansoh Pharma's B7-H3 antibody-drug conjugate HS-20093 (risvutatug rezetecan) met its primary overall-survival endpoint in ARTEMIS-008. Median overall survival was 18.5 months, compared with 10.3 months for topotecan, for a hazard ratio of 0.46. Nomura calls this a new record for second-line SCLC treatment. Grade 3-or-higher treatment-related adverse events were 60.9% for HS-20093 versus 78.2% for topotecan, indicating a lower severe-treatment-related adverse-event rate versus the comparator. MediLink's unlisted B7-H3 ADC YL201 (tambotatug pelitecan) also met its overall-survival primary endpoint in second-line SCLC in TAISHAN-302. Median overall survival was 13.3 months versus 9.4 months for topotecan, again with a hazard ratio of 0.46. Grade 3-or-higher treatment-related adverse events were 46.4% for YL201 and 74.7% for topotecan. Nomura views the matching 0.46 overall-survival hazard ratios as validation of B7-H3 through its first Phase III win. It also notes that China’s NMPA recently accepted biologics license applications for both assets, while ex-China rights have been out-licensed to GSK and Roche, respectively, supporting the report's view of China assets' potential at the global frontier of SCLC drug development.

Analysis framework

Nomura summarizes late-breaking WCLC clinical abstracts, comparing each therapy with its trial comparator using median overall survival, hazard ratios, statistical significance where reported, and grade 3-or-higher treatment-related adverse events. It then links the updated clinical evidence to earlier efficacy data, ongoing global development and regulatory or licensing milestones.

Methodology notes

• Event-Driven and Behavioral FinanceEvent-driven analysis

  Clinical-trial data readout analysis

  The report assesses newly released WCLC trial results as event-driven evidence, emphasizing whether prespecified overall-survival endpoints were met and how results compare with standard therapies.

Asset mapping & comparison

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

• Akeso (9926 HK)

  Developer of ivonescimab, which showed an overall-survival benefit versus pembrolizumab in HARMONi-2.

  Strengths

  Median overall survival of 30.8 months versus 22.6 months in the ITT population; hazard ratio of 0.58 in the PD-L1 TPS ≥50% subgroup.

  Comparison

  Compared with pembrolizumab monotherapy in first-line PD-L1-positive NSCLC.

  Risks

  Inferior HARMONi-3 data, slower-than-expected sales growth, and clinical setbacks for other assets may impede achievement of the target price.

• Hansoh Pharma (3692 HK)

  Developer of HS-20093, a B7-H3 ADC that met its overall-survival endpoint in second-line SCLC.

  Strengths

  Median overall survival of 18.5 months versus 10.3 months for topotecan, with a hazard ratio of 0.46; lower grade ≥3 treatment-related adverse events.

  Comparison

  Nomura describes the result as a new record for second-line SCLC treatment.

• MediLink

  Developer of unlisted B7-H3 ADC YL201, which met its overall-survival primary endpoint in second-line SCLC.

  Strengths

  Median overall survival of 13.3 months versus 9.4 months for topotecan, with a hazard ratio of 0.46; grade ≥3 treatment-related adverse events of 46.4% versus 74.7%.

  Comparison

  Compared with topotecan in TAISHAN-302.

Key data

• Ivonescimab median overall survival, HARMONi-2 ITT30.8 months vs 22.6 months for pembrolizumabFirst-line PD-L1-positive NSCLC; hazard ratio 0.73, p=0.009; data as of 20 August 2026.
• Ivonescimab overall-survival hazard ratio in PD-L1 TPS ≥50% subgroup0.58Stronger relative survival result in the PD-L1-high subgroup.
• Ivonescimab prior progression-free survival11.1 months vs 5.8 months for pembrolizumabMay 2024 primary-endpoint result; hazard ratio 0.51, p<0.0001.
• HS-20093 median overall survival, ARTEMIS-00818.5 months vs 10.3 months for topotecanSecond-line SCLC; hazard ratio 0.46.
• HS-20093 grade ≥3 treatment-related adverse events60.9% vs 78.2% for topotecanLower severe treatment-related adverse-event rate versus comparator.
• YL201 median overall survival, TAISHAN-30213.3 months vs 9.4 months for topotecanSecond-line SCLC; hazard ratio 0.46.
• YL201 grade ≥3 treatment-related adverse events46.4% vs 74.7% for topotecanLower severe treatment-related adverse-event rate versus comparator.

Impact & implications

Nomura argues that the overall-survival results validate the B7-H3 target in Phase III SCLC studies and demonstrate the growing relevance of China-developed oncology assets. For ivonescimab, the updated survival benefit strengthens the clinical rationale for the related global HARMONi-7 trial in PD-L1-high NSCLC.

Risks

• For Akeso, Nomura identifies inferior HARMONi-3 data, slower-than-expected sales growth, and clinical setbacks for other assets as risks that may impede achievement of its target price.

What to watch

• Further results from Akeso's global HARMONi-7 Phase III trial of ivonescimab versus pembrolizumab in first-line PD-L1-high NSCLC.
• Clinical progress and regulatory development for the two B7-H3 ADCs following NMPA acceptance of their biologics license applications.