Shares of Mabwell-B (02493) surged more than 7% during intraday trading before paring gains, last up 1.56% at HK$20.84 with turnover of HK$6.99 million. The company recently released its 2026 interim results, reporting revenue of approximately RMB 312 million, a year-on-year increase of 209.06%, and gross profit of approximately RMB 236 million, up 198.67% from the prior year. Research and development costs rose around 10% to roughly RMB 431 million.

Revenue growth was primarily driven by increased licensing income from Kalexo and Disc, alongside higher sales revenue from the pharmaceutical product Junmaikang. According to the company announcement, its core product 9MW2821 has advanced into key clinical stages and has received multiple Breakthrough Therapy Designations (BTD).

Currently, four Phase III registrational clinical trials are underway, with interim analyses planned for 2026 across the urothelial carcinoma (UC) monotherapy and combination therapy arms, as well as the cervical cancer (CC) monotherapy arm. These analyses may support submissions for pre-NDA meetings. Looking ahead, the company intends to accelerate progress across its core product trial pipeline, with the self-developed Nectin-4-targeting ADC candidate 9MW2821 currently holding the leading clinical advancement position domestically and ranking second globally.

Notably, it is also the first same-target drug worldwide to advance into a Phase III registrational trial for cervical cancer. At present, three key indications—urothelial carcinoma as monotherapy, combination immunotherapy, and cervical cancer—are in the critical advancement phase of Phase III trials.