Duality Biotherapeutics Narrows Adjusted Loss as Lead ADCs Hit Key Clinical Milestones

Duality Biotherapeutics, Inc. ( (HK:9606) ) just unveiled an announcement.

Duality Biotherapeutics reported 2025 revenue of RMB1.85 billion, slightly lower than a year earlier, while its net loss widened to RMB2.59 billion, largely driven by fair value changes linked to pre-IPO preferred shares. Adjusted loss narrowed to RMB388.8 million, and strong fundraising and operations lifted cash and bank balances to RMB3.32 billion and turned a prior equity deficit into positive equity of RMB2.43 billion, strengthening the balance sheet for future R&D.

Operationally, the company advanced its oncology pipeline, now at 10 clinical-stage ADCs with over 3,200 patients enrolled globally and about half of 2025 recruits coming from outside China. Key assets showed momentum, with HER2-targeted ADC trastuzumab pamirtecan meeting its primary endpoint in a pivotal Phase 3 breast cancer trial in China, and B7-H3 ADC DB-1311 delivering encouraging efficacy and safety data across metastatic prostate, cervical and ovarian cancers, laying the groundwork for a first global Phase 3 trial in metastatic castration-resistant prostate cancer in 2026.

The most recent analyst rating on (HK:9606) stock is a Buy with a HK$493.00 price target. To see the full list of analyst forecasts on Duality Biotherapeutics, Inc. stock, see the HK:9606 Stock Forecast page.

More about Duality Biotherapeutics, Inc.

Duality Biotherapeutics, Inc. is a Cayman Islands–incorporated biopharmaceutical company focused on developing antibody-drug conjugates (ADCs) for oncology. The group has built a diversified pipeline of 10 clinical-stage ADC candidates and is running global trials that increasingly enroll patients outside China, targeting major markets including the U.S., Europe and Australia.

Average Trading Volume: 736,438

Technical Sentiment Signal: Strong Sell

Current Market Cap: HK$25.26B

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