HCW Biologics Inc. has announced updated preclinical data for its lead product candidate, HCW11-040, a second-generation, tetra-valent pembrolizumab-based immune checkpoint inhibitor. The data were presented at the 40th Annual Meeting of the Society for Immunotherapy of Cancer (SITC2025), held from November 5 to 9, 2025. HCW11-040 is a multi-functional fusion protein constructed using the company's TRBC platform and includes IL-15 and IL-7 domains as well as a TGF-β trap. Preclinical results demonstrated that HCW11-040 has PD-1/PD-L1 blocking activity comparable to pembrolizumab and showed enhanced expansion and activation of memory T cells, as well as improved anti-tumor activity against pancreatic cancer and leukemia cells in organoid models, without inducing excessive inflammatory responses. The company indicated plans to advance further IND-enabling studies for HCW11-040.