Kelun-Biotech's lung cancer updates at ESMO - a resounding success for OptiTROP-Lung06 and 04

Bernstein reviews Sichuan Kelun-Biotech's (6990.HK) ESMO presentations of two pivotal sac-TMT lung cancer studies. OptiTROP-Lung06, the first Ph3 readout in 1L PD-L1-negative nsq-NSCLC, showed that sac-TMT plus pembrolizumab delivered a strong PFS benefit with a statistically significant reduction in the risk of progression versus pembrolizumab plus chemotherapy, while OS remains immature but strongly favors the sac-TMT combination; the safety profile was more favorable, with lower overall TEAEs, mostly grade 1/2 stomatitis and less ILD than the chemo-pembro arm, supporting expansion into front-line lung cancer. OptiTROP-Lung04, the final OS analysis in 2L+ EGFR-TKI-failed nsq-NSCLC, confirmed a statistically significant and clinically meaningful OS benefit versus platinum-based chemotherapy at a longer follow-up, with the ADC-adjusted hazard ratio broadly unchanged and results comparing favorably with leading peers. The firm sees the data strengthening sac-TMT's differentiated profile