Watch for initial safety and efficacy data from the Phase I trial of AN4035 as monotherapy and in combination with cetuximab. The collaboration with two major pharma companies adds credibility but the stock remains binary on clinical readouts.
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Executive Summary
Adlai Nortye announced clinical trial collaboration and supply agreements with Lilly and Merck KGaA, Darmstadt, Germany to evaluate its first-in-class pan-RAS(ON) inhibitor-based ADC, AN4035, in combination with cetuximab in an ongoing global Phase I trial for CEACAM5-enriched RAS-addicted solid tumors. The partnerships provide cetuximab at no cost, reducing trial expenses and validating the scientific rationale for the combination. This is a positive de-risking event for a pre-revenue biotech, but no financial terms or clinical data were disclosed.
Key Facts
- Adlai Nortye entered clinical trial collaboration and supply agreements with Lilly and Merck KGaA, Darmstadt, Germany for cetuximab (ERBITUX).
- AN4035 is a first-in-class investigational pan-RAS(ON) inhibitor-based ADC targeting CEACAM5.
- The ongoing global Phase I trial will evaluate AN4035 as monotherapy and in combination with cetuximab in CEACAM5-enriched RAS-addicted solid tumors.
- Lilly will supply cetuximab at no cost for U.S. trial sites; Merck KGaA, Darmstadt, Germany will supply at no cost for Australia and China trial sites.
- Adlai Nortye is the sponsor of the trial.
- No financial terms, upfront payments, or milestone payments were disclosed.
Financial Impact
No financial terms disclosed; cost savings from free drug supply for the trial, but no revenue or milestone payments.
Risk Factors
- Phase I trial may fail to demonstrate safety or efficacy.
- No financial terms disclosed; value of collaboration is limited to drug supply.
- Pre-revenue clinical-stage biotech with high cash burn and no approved products.
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001213900-26-109576 |
| Document: ea0308707-6k_adlai.htm | 0001213900-26-109576 |
| Document: 0001213900-26-109576-index-headers.html | 0001213900-26-109576 |
| Document: 0001213900-26-109576-index.html | 0001213900-26-109576 |
| Document: 0001213900-26-109576.txt | 0001213900-26-109576 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 15, 2026 12d ago | 6-K | $12.09 $10.58 | ▼ −12.49% | ▼ −11.48% | $10.58 (−12.49%) |
Oct 15, 2026 12d ago | Press Release | $12.09 $10.58 | ▼ −12.49% | ▼ −11.48% | $10.58 (−12.49%) |
Sep 30, 2026 26d ago | 6-K | $16.00 $14.05 | ▼ −12.19% | ▼ −14.10% | $10.58 (−33.88%) |
Sep 30, 2026 27d ago | 6-K | $16.00 $14.05 | ▼ −12.19% | ▼ −14.10% | $10.58 (−33.88%) |
Sep 16, 2026 5w ago | EFFECT | $15.52 $15.75 | ▲ +1.48% | ▼ −0.34% | $10.58 (−31.83%) |
Aug 26, 2026 8w ago | 6-K | $15.06 $13.86 | ▼ −8.00% | ▼ −7.88% | $10.58 (−29.75%) |
Aug 19, 2026 9w ago | 6-K | $14.33 $15.06 | ▲ +5.09% | ▲ +5.48% | $10.58 (−26.17%) |
Aug 14, 2026 10w ago | 6-K | $13.25 $13.70 | ▲ +3.40% | ▲ +4.76% | $10.58 (−20.15%) |
Aug 14, 2026 10w ago | Press Release | $13.25 $13.70 | ▲ +3.40% | ▲ +4.76% | $10.58 (−20.15%) |
Aug 3, 2026 12w ago | 6-K | $12.99 $13.23 | ▲ +1.85% | ▼ −0.18% | $10.58 (−18.55%) |
US Market Status
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