Kelun Biotech (6990.HK): TroFuse-005 marks the first global ph3 win for sac-TMT

At ESMO2026 (LBA11), data were presented for the global ph3 TroFuse-005 in post-platinum/post-IO endometrial cancer. Sac-TMT beat physician's choice chemo (TPC) on every endpoint: mPFS 7.2m vs. 3.9m (HR 0.59), mOS 19.0m vs. 12.1m (HR 0.68) and ORR 35.1% vs. 17.3%, with longer mDOR (11.1m vs. 6.9m). The TPC arm is in line with historical chemo benchmarks, therefore affirming the treatment benefit of sac-TMT. Safety looks manageable, with 2X treatment duration for sac-TMT over TPC (31 vs. 15 weeks). G3+ TRAE was higher (54.4% vs. 41.4%, mostly anemia), but this did not convert into more discontinuations (3.1% vs. 4.9%), or TRAE-led deaths (equal at 0.8%). The data are largely consistent with the China ph2 KL264-01 4mpk cohort: ORR of 35% vs. 31%, mPFS of 7.2m vs. 6m, mDOR of 11.1m vs. 9.3m, and G3+ TRAE of 54% vs. 46%. We expect more global ph3 data (e.g. TroFuse-015 for 3L+ GEA, 004 for 3L+ EGFRmut NSCLC, 010 for chemo-naive HR+/HER2- BC) to add data points to the China-to-Global transl