DFZQ released a research report stating that the recent release of the 2026 ASCO abstracts shows comprehensive breakthroughs by domestic innovative drugs across multiple tumor types, including lung and breast cancer, with significantly enhanced international influence. In the field of lung cancer, domestic second-generation IO and ADC data are impressive, with several clinical results challenging first-line standard treatments. In other solid tumors, the clinical value of new-generation CDK inhibitors, ADCs targeting HER2, TROP2/HER3, EGFR/HER3, and small molecules like KRAS inhibitors is being progressively validated, with multiple mechanisms and indications advancing simultaneously. Overall, the research realization rate of domestic innovative pharmaceutical companies continues to improve, and high-quality varieties are expected to reshape treatment paradigms. The main views of DFZQ are as follows:

The abstracts for the 2026 ASCO meeting (Oral, Rapid Oral, and Poster sessions) have been officially released. According to the disclosed abstracts, domestic innovative drugs cover mainstream and cutting-edge molecular forms, including monoclonal antibodies, bispecific antibodies, multispecific antibodies, ADCs, and bispecific ADCs, achieving breakthroughs in multiple fields such as lung cancer, breast cancer, and gastrointestinal tumors. The Plenary Session and LBA abstracts will be announced on the day of presentation (starting May 29), with a total of 13 Chinese studies (1 Plenary Session and 12 LBAs) selected.

Lung Cancer Field: Fierce Competition, Focus on Second-Generation IO and ADC Lung cancer is one of the most fiercely competitive areas at this ASCO conference. Domestic second-generation IO and ADC drugs are seeing a concentrated emergence, with several key data points impacting first-line standard treatments: 1) Innovent Biologics' IBI363 combined with chemotherapy achieved an ORR of 86.4% in a Phase I clinical trial for first-line PD-L1 negative/low expression NSCLC, with the non-squamous subgroup reaching as high as 87.5%, significantly outperforming Keytruda combined with chemotherapy (non-head-to-head study); 3SBio's SSGJ-707 achieved an overall ORR of 67.6% in first-line NSCLC, with a more significant benefit in the squamous subgroup; Huahai Pharmaceutical's HB0025 combined with chemotherapy for first-line non-squamous NSCLC showed a mPFS of 14.65 months, with impressive efficacy. 2) ADC: In the Phase III clinical trial of Kelun-Bota's SKB264 combined with Keytruda for first-line treatment of PD-L1 positive NSCLC, the ORR reached 70.2%, with PFS significantly better than Keytruda monotherapy (HR=0.35), and OS showing a positive benefit trend (HR=0.55); ADCs such as Fosun Pharma's HLX43 and Baili Heng's BL-M14D1 also demonstrated excellent efficacy in later-line NSCLC/SCLC.

Multiple Tumor Types in Full Bloom, Dense Breakthroughs in ADC and Small Molecules In other tumor types, ADCs and small molecules are flourishing: 1) Breast Cancer: CDK4i and CDK2/4/6i show potential to iterate on existing CDK4/6 inhibitors. Baili Heng's BL-M07D1 (HER2 ADC) achieved an ORR as high as 90.4% in a Phase II clinical trial for first-line treatment of HER2+ BC; Jiangsu Alphamab's JSKN016 (TROP2/HER3 bispecific ADC) demonstrated excellent efficacy and safety in later-line HER2- BC. 2) Gastrointestinal and Other Solid Tumors: ADCs targeting HER2, CLDN18.2, GPC3, Nectin-4, and EGFR/HER3 continue to be validated, and several KRAS inhibitors are making breakthroughs one by one, filling clinical gaps.

Domestic innovative drugs overall exhibit the characteristics of multiple mechanisms operating in parallel and multiple specific indications advancing simultaneously, promising to become new treatment options and even rewrite current treatment paradigms.

Risk warnings include the risk of failure in innovative drug research and development, the risk of intensified market competition, and the risk associated with the commercialization of innovative drugs.