DUALITYBIO-B (09606) rose more than 6%. As of the time of writing, the stock was up 6.04%, trading at HKD 340.6, with a turnover of HKD 154 million. On the news front, according to Pharmaceutical Intelligence, the U.S. clinical trials registry website showed on January 26 that BioNTech initiated the first Phase III clinical trial for BNT324 (DB-1311). This drug is the fifth B7-H3 ADC to enter Phase III development. BNT324 is a B7-H3 ADC developed by DUALITYBIO, which was licensed to BioNTech in April 2023; BioNTech holds the development, production, and commercialization rights for the drug outside of China. Guolian Minsheng Securities pointed out that clinical data for ADC+IO combinations and core monotherapies are expected to be read out intensively in 2026. Multiple clinical data points from the combination of three ADC pipelines co-developed by DUALITYBIO and BioNTech with IO bispecific antibodies are scheduled for readout in 2026. The brokerage believes that DUALITYBIO is leading the wave of ADC iteration and is poised to achieve commercialization by 2026. DUALITYBIO continues to develop next-generation novel ADCs, including bispecific ADCs, ADCs with novel mechanism payloads, and ADCs for autoimmune diseases. Among them, two bispecific ADCs have already entered the clinical stage, while ADC DB-1316, which features a unique novel MOA payload and is expected to address resistance to existing ADCs, is set to enter the clinical stage soon.