Innocare (09969) saw its shares rise more than 4% in afternoon trading. At the time of writing, the stock was up 3.27% to HKD 12.32, with a turnover of approximately HKD 90.33 million.

The increase follows the company's announcement that the Phase 1 clinical trial for its novel, oral, potentially best-in-class IL-17AA/AF inhibitor, ICP-054 (also known as ZB021), has enrolled its first subject. Currently, there are no oral IL-17 inhibitors approved for market or in late-stage development globally. The oral small-molecule profile of ICP-054 has the potential to offer advantages in dosing convenience, patient adherence, and clinical accessibility over currently approved biologic IL-17 therapies.

Notably, in October 2025, the company's wholly-owned subsidiary, Innocare Pharma Inc., entered into a licensing agreement with Zenas BioPharma, Inc. Under this agreement, Innocare granted Zenas the exclusive rights to develop, manufacture, and commercialize the oral IL-17AA/AF inhibitor ICP-054 (ZB021) in all regions outside of Greater China and Southeast Asia.