LEADS BIOLABS-B (09887) surged more than 3%, reaching HK$53.6 by the time of writing, with a trading volume of HK$51.26 million. The company announced that during the 67th ASH Annual Meeting held in Orlando, Florida, from December 6 to 9, 2025, its self-developed GPRC5D/CD3 bispecific antibody, LBL-034, designed for treating relapsed/refractory multiple myeloma (RRMM), was featured in the first oral presentation on the opening day.

The Phase I/II clinical study of LBL-034, led by Professor Lu Jin from Peking University People's Hospital and conducted across 17 centers in China, demonstrated promising safety and significant anti-tumor activity in RRMM patients, including those with high-risk refractory subgroups. The results highlight its potential as a best-in-class therapy.

According to Frost & Sullivan data, as of November 2024, LBL-034 ranks second globally in clinical progress for GPRC5D-targeted CD3 T-cell engagers, trailing only Johnson & Johnson, while leading in China. In October 2024, LBL-034 received Orphan Drug Designation (ODD) from the FDA for the treatment of multiple myeloma.