InnoCare Pharma Limited (InnoCare) announced that the first healthy volunteer has been dosed in a Phase 1 clinical trial evaluating ICP-054 (ZB021), a novel oral IL-17AA/AF inhibitor being co-developed with Zenas BioPharma.

ICP-054 Profile • Small-molecule, oral inhibitor designed to block both IL-17AA homodimer and IL-17AF heterodimer signalling. • Preclinical data show potent anti-inflammatory activity, a favourable safety profile and strong ADME characteristics, including high oral bioavailability across multiple species. • No oral IL-17 inhibitors are approved or in late-stage global development, positioning ICP-054 as a potential first-in-class therapy offering ease of administration versus injectable biologics.

Phase 1 Trial Design • Conducted in China under the InnoCare–Zenas partnership. • Single ascending dose and multiple ascending dose cohorts will assess safety, tolerability and pharmacokinetics in healthy volunteers. • Results will inform proof-of-concept studies in autoimmune and inflammatory diseases driven by dysregulated IL-17 signalling.

Commercial Framework In October 2025, InnoCare’s U.S. subsidiary granted Zenas BioPharma an exclusive global licence to develop, manufacture and commercialise ICP-054 outside Greater China and Southeast Asia. InnoCare retains rights in those excluded territories.

Regulatory Note Pursuant to Hong Kong Listing Rule 18A.08(3), there is no assurance that ICP-054 will ultimately be successfully developed, marketed or commercialised. Shareholders and potential investors are advised to exercise caution when dealing in InnoCare shares.