Shares of SKB BIO (06990) rose more than 7%. At the time of writing, the stock was up 6.87% to HK$417, with a turnover of HK$94.42 million.

Catalyst for the Move

The company announced that results from its domestic registration Phase I/II clinical trial, OptiTROP-Lung05, for the first-line treatment of advanced PD-L1-positive non-small cell lung cancer (NSCLC) with sacituzumab tirumotecan (Sac-TMT, SKB264) in combination with pembrolizumab were presented as an oral presentation at the ASCO 2026 annual meeting. The findings were simultaneously published in The Lancet. This marks the first Phase I study globally where a TROP2 ADC combined with immunotherapy (IO) as a first-line treatment for NSCLC has met its primary endpoint.

Analyst Perspectives

Goldman Sachs views the clinical data as robust, sufficient to support regulatory approval and providing a strong reference for the upcoming global Phase III trial, TroFuse-07.

CICC noted that the combination of sacituzumab tirumotecan and IO demonstrated impressive progression-free survival (PFS) and overall survival (OS) benefits compared to IO monotherapy. Although the median PFS is not yet mature, current data suggests the combination's median PFS could potentially exceed levels seen with prior IO plus chemotherapy regimens. Furthermore, the safety profile showed a lower incidence of grade 3 or higher treatment-emergent adverse events compared to historical IO plus chemotherapy data.

CICC believes that, with a new drug application for this indication already submitted domestically, the therapy has the potential to reshape the treatment landscape for first-line PD-L1-positive NSCLC.