Trinity Delta A month of notable pipeline progress

A month of notable pipeline progress

Lighthouse | 9 January 2026

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HUTCHMED has delivered a number of important objectives across its clinical pipeline over the past month. The first (16^th December) was the start of the global Phase I/IIa study with HMPL-A251, the lead asset from the novel ATTC (Antibody-Targeted Therapy Conjugate) platform. This is a first-in-class highly selective and potent PI3K/PIKK inhibitor payload conjugated to a humanised anti-HER2 IgG1 antibody via a cleavable linker. ATTCs, like ADCs (antibody-drug conjugates), combine the target specificity of a mAb (monoclonal antibody) with the lethality of cytotoxic cellular payloads but, importantly, should avoid the toxicities seen with many ADCs. Two further programmes from this emerging pipeline, HMPL-A580 and HMPL-A830, are on track to enter Phase I studies in H126 and H226. More detail on ATTCs can be found in our December 2025 Update.
In late December, the China NMPA accepted the NDAs and granted priority review status to two programmes: fanregratinib (HMPL-453) for the second-line treatment of ICC (intrahepatic cholangio-carcinoma) with FGFR2 fusion/rearrangement and savolitinib for the third-line treatment of MET-driven gastric cancers (GC). ICC is a highly aggressive cancer that accounts for 8%-15% of primary liver tumours and 10% to 15% of these have FGFR2 involvement. GC is one of the most common cancers in China and MET amplification is seen in 4%-6% of these GC patients. The NMPA granted Breakthrough Therapy Designation for savolitinib in GC in 2023.
In January, HUTCHMED announced the Phase III element of the study examining surufatinib in metastatic pancreatic ductal adenocarcinoma (PDAC) in China had started. PDAC is a highly aggressive cancer, with an average five-year survival of <10% (<20% of metastatic patients survive more than a year). It is evaluating the efficacy and safety of surufatinib combined with camrelizumab, nab-paclitaxel and gemcitabine (S+C+AG) against nab-paclitaxel plus gemcitabine (AG) in c 400 adults with metastatic pancreatic cancer who have not previously received systemic therapy.
Also in January, topline results of the Phase III registration part of ESLIM-02 showed that sovleplenib had met the primary endpoint of a durable Hb (haemoglobin) response in the treatment of warm antibody autoimmune haemolytic anaemia (wAIHA) in China. wAIHA is an autoimmune disorder that sees red blood cells destroyed, submission is targeted for Q226. Sovleplenib is also studied in idiopathic thrombocytopenic purpura (ITP), where resubmission, with this new formulation, is also planned for Q226.

Trinity Delta view: Pipeline progress, coupled to commercial execution, is the key valuation driver for HUTCHMED. Recent solid news flow highlights the progress of key programmes that are set to deliver the new indications, new markets, and new products that we discussed in our December 2025 Update note. The start of clinical trials of the lead ATTC programme will focus investor, and potential partner, attention on this novel platform’s significant potential as it seeks to circumvent the toxicity limitations of ADCs. Our valuation for HUTCHMED is $5.98bn/£4.66bn/HK$46.61bn, or $34.26/ADS and 548p/HK$53.4 per share.

Lighthouse

9 January 2026


Price (US ADS) (UK share) (SEHK share)	$14.66 218.0p HK$23.32
Market Cap	$2.58bn £1.87bn HK$20.37bn
Exchanges	NASDAQ AIM London SEHK
Sector	Healthcare
Company Codes	HCM HCM.L 0013.HK

Corporate client	Yes

Company description

HUTCHMED is a Hong Kong headquartered biopharma focused on discovering, developing and commercialising innovative targeted therapeutics and immunotherapies to treat cancer and immunological diseases for the China and global markets.

Analysts

Lala Gregorek
lgregorek@trinitydelta.org
+44 (0) 20 3637 5043

Franc Gregori
fgregori@trinitydelta.org
+44 (0) 20 3637 5041

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