WCLC 2026 Deep Dive: Refreshing the landscape of SCLC and NSCLC

Multiple bispecifics and ADCs showcased new data at the World Conference on Lung Cancer (WCLC) 2026 that concluded today. We reviewed efficacy and safety data across the leading SCLC and NSCLC assets and two themes emerged. First, survival outcomes in SCLC continue to improve materially in both first-line and relapsed settings. Second, in the much larger first-line PD-L1 all-comer NSCLC market, competition has intensified between bispecific antibodies and ADCs seeking to displace Keytruda plus chemotherapy. While bispecifics currently lead on ORR, we believe TROP2 ADCs offer the most balanced efficacy-safety profile and the clearest path to adoption. Among covered names, we remain most positive on Kelun's increasingly mature sac-TMT, while Innovent's IBI363 offers high upside possibility as an early stage program. In 1L ES-SCLC, the OS bar keeps moving higher, with tarlatamab showing median OS over 25 months from maintenance initiation and MediLink/Roche's B7H3 ADC YL201 reporting fron