[Edaily Reporter Shin Ha-yeon] On the 12th, Yuanta Securities noted that preclinical results for the pipeline based on #Y-Biologics’ next-generation immuno-oncology platform “Multi-AbKine” have been released, and assessed that attention should be paid to future development progress. The firm did not provide an investment opinion or target price.

Ha Hyun-soo, an analyst at Yuanta Securities, stated, "At the AACR conference, the company disclosed preclinical research results for AR170 (PD-1xVEGFxIL-2) and AR166 (PD-1xLAG-3xIL-2)," "Both pipeline candidates are scheduled to undergo CMC and GLP toxicity studies within the year, with the goal of submitting an Investigational New Drug (IND) application in 2027."

AR170 demonstrated superior tumor suppression effects compared to ivonescimab in cell experiments and was effective even in immune cell exhaustion states. The company explained that animal studies also confirmed an extension in overall survival (OS) compared to ivonescimab.

AR166 also demonstrated tumor-suppressing effects in PD-1 antibody-resistant cell models, and its inhibitory effects were confirmed even when the same tumor cells were re-injected.

Yuanta Securities assessed that preparations for clinical trials are proceeding smoothly. Researcher Ha explained, “We are collaborating with two of the top five hospitals to secure patient-derived tumor cells and plan to evaluate tumor suppression effects in PDX models,” adding, “In ongoing toxicity evaluations using non-human primate models, safety has been confirmed up to 7.5 mpk, and we plan to evaluate up to 25 mpk.”

Attention was also drawn to the IL-2 optimization strategy. Analyst Ha analyzed, “While IL-2 can activate immune cells to enhance anti-tumor effects, its tumor-suppressing effect may weaken when Tregs are activated,” adding, “Multi-AbKine can increase selectivity for T cells within the tumor microenvironment through the PD-1 antibody.”

He continued, “In addition to its two Multi-AbKine pipeline candidates, the company also presented the results of screening studies on various IL-2 variants at the AACR.” He added, “We confirmed excellent tumor suppression effects when IL-2 variants were combined with multi-antibodies, and we ensured tolerability without observing significant weight loss.”

The company further explained, “Among the screened IL-2 variants, we apply the optimized variant based on the combination with Multi-AbKine’s target antigen,” adding, “AR170 utilizes α-biased IL-2, while AR166 uses non-α IL-2 to enhance safety.”