Sichuan Kelun Pharmaceutical Research Institute

Executive Summary

Sichuan Kelun Pharmaceutical Research Institute, the R&D arm of Kelun Group, is advancing a pipeline of innovative small molecules and complex generics in oncology and infectious diseases. Its lead programs include a PD-1/CTLA-4 bispecific antibody (KL-M) and a TROP2-directed antibody-drug conjugate (KL-T), both in late-stage clinical trials. The institute has demonstrated robust clinical data, with KL-M showing promising efficacy in non-small cell lung cancer and KL-T exhibiting strong anti-tumor activity in various solid tumors. With an integrated research platform and a focus on high-value targets, Kelun is well-positioned to capitalize on China's growing biopharma landscape. The company's private status allows for long-term strategic development, and potential out-licensing deals or regulatory milestones could unlock significant value.

Upcoming Catalysts (preview)

• Q3 2026Phase 2 data readout for KL-M (PD-1/CTLA-4 bispecific) in NSCLC60% success
• Q4 2026NMPA acceptance of NDA for KL-T (TROP2 ADC) in solid tumors70% success
• TBDGlobal licensing deal for KL-M or KL-T50% success