LEADS BIOLABS-B (09887) saw its shares rise more than 10% during the morning trading session. At the time of writing, the stock was up 8.99%, trading at HKD 80.65, with a turnover of HKD 32.19 million. The surge follows the company's announcement that two abstracts detailing preclinical pipeline research results have been accepted for presentation at the 2026 Annual Meeting of the American Association for Cancer Research (AACR). The two studies highlight the company's innovative research in T-cell engager-drug conjugates (TDCs) and dual-targeting ADCs, further validating the synergistic R&D strategy of its three core proprietary technology platforms: LeadsBody (CD3 T-Cell Engager platform), X-body (4-1BB Engager platform), and TOPiKinectics (ADC technology platform). It is noteworthy that the company recently released its annual results, reporting full-year revenue of approximately RMB 177 million, derived from an upfront and recent milestone payment of RMB 177.3 million received under the licensing agreement with Dianthus Therapeutics for LBL-047. Research and development costs were approximately RMB 289 million, a year-on-year increase of 55.7%, primarily attributed to increased CMC development milestone expenses, mainly related to BLA submission preparations for LBL-024; increased clinical development expenses due to accelerated patient enrollment and clinical progress for LBL-024 and LBL-034; and increased preclinical expenses as the company advanced multiple pipeline assets to the IND preparation stage.