Sichuan Biokin Pharmaceutical Co., Ltd. has released its financial report for the third quarter of 2025, revealing a quarterly revenue of 1.895 billion yuan, a remarkable increase of 1625.08% year-on-year, with a net profit attributable to shareholders of 623 million yuan.

This confirms the previously announced milestone payment of $250 million from Bristol-Myers Squibb (BMS). However, the cash flow indicates that this payment has not yet been received.

At the same time, the company has maintained strong investments in research and development, with R&D expenditures in the third quarter reaching 734 million yuan, a year-on-year increase of 89.51%. This suggests that cash generated from collaborations is being efficiently reinvested into innovation, enhancing its technological moat.

The confirmation of this milestone payment provides clear answers to the market's previous uncertainties surrounding the historic partnership between Sichuan Biokin's core ADC drug, iza-bren (BL-B01D1), and BMS.

Analyzing the Significance of the $250 Million Milestone According to the agreement, Sichuan Biokin's collaboration with BMS on iza-bren has a potential total deal value of $8.4 billion, which includes an upfront payment of $800 million, up to $500 million in near-term or milestone payments, and up to $7.1 billion in future milestone payments. The $250 million received is the first installment of the $500 million in near-term or milestone payments.

The trigger for this payment is not merely a timeline but a key clinical event: the completion of the first patient dosing in the global Phase II/III pivotal registration clinical trial, IZA-BRIGHT-Breast01. This detail demonstrates that the collaboration is advancing rapidly as planned.

From the signing in December 2023 and the receipt of the upfront payment in March 2024 to reaching the first clinical milestone in the third quarter of 2025, this cooperation has been notably efficient, reflecting BMS’s strong confidence in iza-bren.

For a licensing collaboration, the value realization for the licensor is highly dependent on the licensee's development willingness and execution efficiency. By initiating a significant global pivotal registration clinical trial, BMS triggers this payment, which itself is a public endorsement of iza-bren's immense potential. This action significantly reduces future uncertainties associated with the collaboration, while also markedly enhancing market expectations for greater milestone payments to come.

Clinical Dominance and Robust Product Pipeline of Iza-bren Behind the $250 million milestone is an embodiment of scientific strength.

The value of iza-bren was prominently showcased at the 2025 European Society for Medical Oncology (ESMO) annual meeting, where pivotal Phase III results of the BL-B01D1-303 study in patients with recurrent/metastatic nasopharyngeal carcinoma (R/M NPC) were presented in a late-breaking oral presentation.

The data shows an overwhelming advantage for iza-bren in advanced patients who have undergone multiple lines of treatment:

- Objective Response Rate (cORR): 54.6% in the iza-bren group, compared to 27.0% in the standardized chemotherapy control group, achieving a twofold increase. - Median Progression-Free Survival (mPFS): 8.38 months in the iza-bren group, nearly double that of the chemotherapy group's 4.34 months, with a 56% reduction in the risk of disease progression or death (hazard ratio HR=0.44).

- Duration of Response (DoR): 8.51 months in the iza-bren group, significantly better than 4.76 months in the chemotherapy group.

In clinical scenarios where patients have no other options, a doubling of both the response rate and the progression-free survival is a groundbreaking result that holds potential to transform clinical practice. Such "first-in-class" or "best-in-class" potential underpins the high $8.4 billion transaction valuation.

Additionally, the company presented the initial global Phase I study data of iza-bren in non-small cell lung cancer (NSCLC) patients at ESMO. Remarkable results indicated that iza-bren demonstrated consistent efficacy and safety across various populations of globally treated patients.

In the challenging small cell lung cancer (SCLC), iza-bren achieved an impressive objective response rate of 75% in the second-line treatment subgroup, with a median overall survival of 15.1 months, showcasing stunning data.

BMS and Sichuan Biokin are advancing pivotal registration clinical studies globally for multiple major cancer types including breast cancer (IZABRIGHT-Breast01), lung cancer (IZABRIGHT-Lung01), and bladder cancer (IZABRIGHT-Bladder01). In addition, iza-bren has received breakthrough therapy designation from the US FDA for EGFR-mutated non-small cell lung cancer, further underscoring its broad application prospects.

These outstanding results fundamentally validate the successful design of iza-bren's unique molecular structure. As a bispecific antibody-drug conjugate (ADC) targeting EGFR and HER3, it incorporates an innovative topoisomerase I inhibitor (Topo1i) payload.

The success of iza-bren is not an isolated case; it has emerged from Sichuan Biokin's carefully built innovative ecosystem.

The company has established multiple world-leading technology platforms, including the HIRE-ADC platform, GNC (multispecific antibody) platform, and HIRE-ARC (radioimmunoconjugate) platform. Based on these platforms, the company has more than 14 clinical-stage candidates, forming a well-structured and robust product pipeline, with the capability of adding 3 to 5 new clinical programs each year.

This layout constructs a sustainable innovative ecosystem.

The iz-bren ADC, through its collaboration with BMS, has realized its value, attracting substantial funding and scientific validation. These resources have been reinvested to facilitate the entry of next-generation technology platforms into clinical development.

Through a cycle of "innovation—validation—reinvestment," Sichuan Biokin achieves a virtuous loop between R&D and capital, effectively reducing traditional biotech companies’ dependency on single products, and providing a mature model for Chinese biopharmaceutical enterprises' globalization.