DualityBio has announced board approval for a Shanghai Stock Exchange (SSE) STAR Market initial public offering (IPO) following a successful Phase III trial of HER2 antibody-drug conjugate (ADC) DB-1303, showing statistically significant progression-free survival (PFS) improvement versus control in HER2-positive metastatic breast cancer patients previously treated with trastuzumab and taxanes. The company reported RMB 1.23 billion revenue for H1 2025, primarily from licensing agreements with companies such a0073 Avenzo Therapeutics and 3SBio. Net losses widened to RMB 2.07 billion due to RMB 2.22 billion fair value changes in financial liabilities, offset by an improved operating cash inflow of RMB 590 million.

DualityBio's pipeline advancement plans include a biologics license application (BLA) submission for DB-1303 following an independent data monitoring committee recommendation, with commercial preparation underway through the 3SBio partnership. The ADC utilises a novel topoisomerase I inhibitor payload with potential best-in-class profile in later-line HER2-positive breast cancer setting. The STAR Market listing will fund continued development of clinical-stage assets including BNT323 (partnered with BioNTech), and earlier-stage programmes targeting solid tumours and haematological malignancies.

According to PharmCube's MedAlpha® database, debuted in the Hong Kong Stock Exchange (HKEX) in April this year. Click here to request a free trial for MedAlpha®.