Chicago Biotech Conference ASCO 2026 | Oncology Translation Guide

1.0. Prologue to 2026: Why the chicago biotech conference Makes This Year’s ASCO a True Turning Point for Oncology Drug Development?

 1.1 Deconstructing the Theme: The Industry Logic Behind the Official Theme

The chicago biotech conference ASCO 2026:  The official theme of ASCO 2026, “The Science and Practice of Translation”—the transition from science to practice—precisely addresses the core pain points currently plaguing the global oncology treatment landscape. (See also: cancer immunotherapy) (See also: ADC clinical trials)

 Looking back at the trajectory of oncology drug R&D over the past five years, we have witnessed an unprecedented boom.From the explosive growth of PD-1/L1 inhibitors in 2019, to the Dense approvals of ADC drugs between 2020 and 2022, and on to the continuous breakthroughs in cell therapy and nucleic acid drugs from 2023 to 2025, industry innovation has been accelerating. However, beneath this prosperous surface, some deep-seated structural issues are coming to light, prompting profound reflection among industry experts.

 Taking PD-1/L1 inhibitors as an example, data from IQVIA’s Global Oncology Drug Tracker report indicates that by the end of 2025, more than 20 drugs targeting PD-1/L1 will have been approved for marketing worldwide, with over 150 additional candidates currently in clinical trials.This phenomenon of “target-based competition” is equally severe in the ADC sector—clinical competition for popular targets such as HER2, TROP2, and Claudin 18.2 has evolved from initial differentiation-based competition into a full-scale contest of pricing and commercialization capabilities.Statistics show that the global ADC market was valued at approximately $10 billion in 2024 and is projected to grow to over $40 billion by 2030. However, the answer is clearly no when it comes to whether this expanding market can accommodate the commercialization demands of hundreds of pipeline projects.

 The capital markets often react more acutely than the industry itself.Since the second half of 2024, valuations in the global biotech sector have corrected sharply, the financing window in the primary market has tightened, and “cash flow is king” has become the industry consensus. Against this backdrop, pharmaceutical companies’ R&D strategies are shifting from “broad coverage and rapid iteration” to “selecting key areas and deepening expertise.” R&D pipelines that lack differentiation and rely purely on capital to accelerate development are facing increasingly severe survival pressures.

 On the regulatory front, the FDA has continuously tightened approval standards for “me-too” drugs between 2024 and 2025. The draft “Guidance on Racial and Ethnic Diversity in Oncology Drug Development” released in 2024, as well as the updated “Accelerated Approval Pathway” guidelines in early 2025, both clearly signal that new drug applications must demonstrate clinically meaningful improvements in efficacy, safety, or patient access.The EMA and NMPA have followed suit, emphasizing patient-centered clinical value assessment frameworks. This fundamental shift in the regulatory landscape means that the traditional development model of “following targets and replicating strategies” will no longer be sustainable.

Region	Accessibility Ranking for New Oncology Drugs	Average Approval Time	Affordability Index	Key Challenges
North America	Rank 1	12–18 months	65/100	Commercial Insurance Coverage Limits
Western Europe	Top 2	15–24 months	72/100	Strict Health Technology Assessment (HTA)
Japan	Top 3	18–30 months	78/100	Cost pressures of an aging society
China	Top 10	12–36 months	45/100	Balancing Health Insurance Negotiations and Innovation
Southeast Asia	Bottom 30	24–48 months	32/100	Payment Capacity and Regulatory Maturity
Latin America	Bottom 40	36–60 months	28/100	Limited bargaining power
Africa	Bottom 50	5–10+ years	15/100	Lack of infrastructure and payment systems

 The data in the table above is sourced from the IQVIA Global Oncology Access Report 2025. The table reveals a critical fact: global access to cancer treatment is severely uneven.North America and Western Europe hold a dominant position, but even in developed regions, high treatment costs continue to limit patients’ actual access—take the United States as an example: despite rapid FDA approval, the median time from diagnosis to receiving innovative drug treatment still exceeds six months. Major barriers include insurance prior authorization processes, physician prescribing habits, and patients’ ability to pay.For Chinese pharmaceutical companies, the speed of moving “from the lab to the bedside and then to global market entry” is no longer merely a matter of commercial competitiveness; it has become a strategic imperative for seizing structural opportunities in emerging markets. Companies that can establish global multi-center clinical trials early in R&D and plan market access strategies in advance will gain a competitive edge over the next five years.

 A comparison of two case studies illustrates the strategic value of “translation speed” in the current environment. Case Study 1: A multinational pharmaceutical company’s PD-L1/TGF-β bispecific antibody, following the release of preliminary data at ASCO 2022, underwent four years of follow-up and three clinical data updates before finally receiving approval in Europe and the U.S. in 2025.Although the drug’s innovative mechanism of action was recognized by regulators, the lengthy development cycle severely eroded the golden window for commercialization. A post-hoc internal assessment by the company concluded that had it established communication channels with Chinese regulators earlier in the R&D process and advanced development plans in the Chinese market in parallel, it would have been entirely possible to bring the Chinese market launch forward by more than two years.Case Study 2: A domestic PD-1 inhibitor developed by a Chinese innovative pharmaceutical company adopted a “fast-follower + indication differentiation” strategy. It was the first among domestically produced drugs of its kind to complete clinical development for the three core indications—lung cancer, liver cancer, and esophageal cancer—and secured priority review from the NMPA through the “Breakthrough Therapy Designation” pathway, taking only nine months from NDA submission to approval.During the 2024 national healthcare insurance negotiations, the drug was included in the reimbursement directory with a 65% reduction in annual treatment costs, achieving a seamless transition from market launch to insurance coverage. This case clearly demonstrates that in an era where speed of commercialization has become a core competitive advantage, Chinese pharmaceutical companies are fully capable of overtaking global competitors through strategic maneuvering.The key lies in strategic foresight—from target selection and clinical trial design to market access strategies, every step must fully account for global requirements from the very outset.

 At a deeper level, “translational medicine” should not be understood merely as a one-way flow from the laboratory to the clinic. The theme of ASCO 2026 emphasizes “two-way translation between science and practice”—on the one hand, new discoveries from basic research need to be rapidly translated into clinically viable treatment options; on the other hand, real-world data and experience accumulated in clinical practice must be systematically fed back into the R&D process, forming a closed-loop ecosystem of “Bench to Bedside, Bedside to Bench.”Building this capacity for bidirectional translation will become the core source of differentiated competitiveness for pharmaceutical companies over the next decade. Those companies that take the lead in establishing this closed-loop translation mechanism will stand out in the next phase of industry consolidation.

 1.2 A Sober Assessment of the Industry in 2026: From Bubble to Valuation Reassessment

 Taking a sober look at the ADC and IO sectors in 2026, one indisputable fact is that market congestion has reached an all-time high. Taking ADCs as an example, according to incomplete statistics from *Nature Reviews Drug Discovery*, the number of ADC drugs in development globally has exceeded 600, with over 150 having entered the clinical stage.In terms of target distribution, the three major targets—HER2, TROP2, and Nectin-4—account for over 60% of the clinical pipeline, while the number of projects targeting emerging targets such as Claudin 18.2, B7-H3, and FRα is also growing rapidly. This highly concentrated target landscape implies that even if R&D is successful, future commercialization will face severe competition due to product homogeneity.

 The fundamental reason behind the crowded ADC landscape is the increasing maturity and accessibility of technical platforms.Key technologies that previously constituted core barriers to ADC development—such as antibody screening, linker-payload optimization, and conjugation processes—are now being industrialized through CRO/CDMO platforms. Small and medium-sized biotech companies can rapidly establish ADC R&D pipelines at relatively reasonable costs, which has objectively fueled the boom in the ADC sector but has also intensified homogenized competition.EvaluatePharma’s 2025 ADC market forecast report indicates that by 2028, the global ADC market will feature 2–3 blockbuster-level products and 8–10 “near-blockbuster” products with annual sales exceeding $1 billion; however, the commercial prospects of the remaining hundreds of projects in development will face severe challenges.Projects lacking strategic clarity in target selection, indication strategy, and differentiation are likely to face strategic dilemmas in the mid-to-late stages of clinical development—continuing development means greater financial pressure, while abandoning the project means the loss of prior investments.

 The diminishing marginal returns of IO combination therapies also warrant attention. Take the PD-1/L1 combination with chemotherapy as an example: while this regimen has established itself as the standard of care across multiple tumor types, the margin of improvement is narrowing.Taking lung cancer as an example, landmark studies such as CheckMate 9LA and KEYNOTE-407 show that the increase in objective response rate (ORR) from PD-1 combined with chemotherapy compared to PD-1 monotherapy has dropped from an early 15–20 percentage points to 5–10 percentage points, while the incidence of immune-related adverse events (irAEs) has not decreased significantly.A meta-analysis of all PD-1/L1-related Phase III clinical trials conducted between 2018 and 2024 revealed that the improvement in progression-free survival (PFS) from combination therapy has shown a year-on-year decline—a trend that reflects the reality of a gradually “depleted” patient population eligible for benefit and suggests we may be approaching the efficacy ceiling of the PD-1/L1 pathway.This trend is forcing the industry to rethink: within the current IO framework, how many combinations are still worth betting on? Companies attempting to establish competitive barriers through IO combination strategies need to more carefully evaluate the size of the target population, the competitive landscape, and the value of differentiation.

Targets	Number of Clinical-Stage Programs	Number of Approved Drugs	Level of Competition	Differentiation Opportunity Analysis	Market Potential Assessment
HER2	45+	5+ (T-DXd, T-DM1, etc.)	Very High	There is still room for market segmentation among the HER2-low/zero population	High—but with severe differentiation
TROP2	35+	2 (Trodelvy, Datroway)	High	Multi-tumor strategy; a new frontier for HR+/HER2- breast cancer	High—Pan-tumor strategy under validation
Nectin-4	20+	1 (Padcev)	Medium-High	First-line combination therapy with PD-1 has become the standard for UC; expansion into other tumor types is pending	Medium-high—Targeting the UC market
Claudin 18.2	25+	0	High	First-line treatment for gastric cancer, a highly prevalent cancer type in China, local competitive advantage	High — Distinctive differentiation
FRα	15+	1 (Elahere)	Moderate	Ovarian cancer patients likely to benefit from precision therapy, biomarker-driven	Part 2: Patient Selection Is a Double-Edged Sword
B7-H3	20+	0	Medium	Broad-spectrum applicability to solid tumors; exploration of multiple payloads	High—but competition is intensifying
EGFR	15+	0	Medium	EGFR-mutated NSCLC, hematologic malignancies	Medium-High — New Applications for Mature Targets
Mesothelin	10+	0	Low to Medium	Pancreatic cancer, mesothelioma, and other areas of unmet medical need	Moderate—limited patient population

 The table above clearly illustrates the competitive landscape of the ADC sector. For attendees in 2026, determining whether an ADC project is worth pursuing requires more than just assessing the popularity of a target; it is essential to focus on differentiated positioning—dimensions such as indication selection, patient population segmentation (e.g., HER2-low vs. HER2-zero vs. HER2-positive), treatment line sequence, and collaboration partners may all serve as potential breakthrough points.It is worth noting that the innovativeness of the target itself is no longer the sole determinant of ADC success. The tremendous success of T-DXd in the HER2-low breast cancer setting stems largely from precise patient selection strategies and frontline treatment positioning, rather than the innovation of the target itself. This implies that even “me-too” ADCs can achieve commercial success as long as they differentiate themselves through clinical development strategies.

 At the same time, “curative intent” is emerging as the industry’s new North Star metric. Since 2025, the FDA has emphasized on multiple occasions that, for the approval of new drugs targeting advanced solid tumors, it will place greater emphasis on long-term survival data (such as 2-year and 3-year survival rates) and duration of disease-free status, rather than focusing solely on short-term objective response rates.This shift in regulatory focus is profoundly influencing R&D strategies—studies focused on neoadjuvant/adjuvant therapy for early-stage, resectable patients, as well as clinical trials designed around MRD (minimal residual disease), are receiving increasing attention and resource allocation.Taking rectal cancer as an example, the complete response rates demonstrated by PD-1 inhibitors such as dostarlimab in patients with dMMR locally advanced rectal cancer are rewriting the standard treatment paradigm of “surgery plus chemoradiotherapy.” If this trend of “immunotherapy replacing traditional treatments” is replicated in other cancer types, it will have a profound impact on the entire landscape of cancer treatment.

Evaluation Dimensions	Traditional Measures	Intent-to-cure metrics	Data Requirements	Regulatory Approval Status
Primary Endpoints	ORR, PFS, OS (median)	DFS, EFS, CR Rate, Estimated Cure Rate	Long-term follow-up required (≥3 years)	DFS approved for breast and colorectal cancer
Secondary Endpoints	OS (interim analysis)	OS (milestone analysis), event-free survival curve	Requires survival curves to reach a plateau	OS remains the gold standard endpoint
Safety	Incidence of Grade ≥3 AEs	Long-term toxicity profile, quality of life (QoL) scores	Safety follow-up data for ≥2 years	EMA requires QoL data
Biomarkers	Optional	MRD-negative rate, ctDNA dynamics	Systematic biomarker integration required	MRD is already recognized in the MM field
Quality of life	Optional	Must be assessed, alongside efficacy data	Standardized application of PRO scales is required	FDA Mandatory Requirement

 The industry’s sober assessment concludes that, given the already highly crowded ADC and IO fields, simply pursuing “more, faster, and cheaper” is no longer sufficient to create a competitive advantage.Companies capable of achieving a differentiated position in these crowded fields either possess unique platform technologies (such as site-specific conjugation or novel payloads), have precise clinical development strategies (such as targeting blue-ocean indications or innovative patient screening), or have established a robust commercialization ecosystem (such as integrated diagnostics-therapeutics or innovative market access models).For most companies, 2026 will require a more prudent assessment of pipeline priorities, concentrating limited resources on projects that truly offer differentiated value.

 1.3 Unique Value of This Article: A Four-Pronged Practical Framework

 Unlike conventional ASCO conference summaries, this paper is dedicated to providing a comprehensive decision-making framework that is “actionable, reusable, and implementable.”This distinct content approach manifests in three key aspects: First, a shift in perspective—this paper avoids the “all-encompassing” nature of academic reviews and instead organizes content with a clear decision-making orientation; second, a difference in depth—each chapter strives to provide clear analytical conclusions and actionable recommendations, rather than merely listing information; and finally, a difference in framework—this paper offers evaluation tools and templates directly applicable to practical work, rather than general, principle-based advice.

 Specifically, this paper will conduct in-depth analysis across the following four dimensions:

1.  ① Tech Trends: A systematic review of key technological breakthroughs in sectors such as ADC/XDC, IO/CGT, nucleic acid therapeutics, and small-molecule targeted drugs, evaluating their clinical significance and commercialization potential. This section is not a simple “list of new products,” but rather a professional analysis incorporating trend assessments and investment recommendations.
2.  ② Decision Framework: Provides ready-to-use evaluation templates for scenarios such as R&D project initiation, BD evaluation, investment due diligence, and clinical development strategies. These frameworks are not academic “theoretical models,” but rather battle-tested “checklists” and “decision trees.”
3.  ③ On-site Tactics: Provides replicable methodologies for practical operations such as intelligence gathering, KOL engagement, content creation, and networking. This content is derived from real-world conference experience rather than textbook-style “suggestions.”
4.  ④ 100-Day Implementation Plan (Post-ASCO Action): A systematic roadmap for translating conference insights into concrete actions. This section represents the “practical value” of this guide—ready to use immediately, with proven results.

 The structure of this document follows a logical progression from “Strategy” to “Tactics” to “Execution.” The first four chapters (Chapters 1–4) focus on in-depth analysis of industry trends and market segments, providing an information foundation for decision-making—the core value of this section lies in helping readers establish a systematic framework for understanding the industry. Chapter 5 (Chapter 5) provides quantifiable assessment tools to ensure decisions are evidence-based—the core value of this section lies in offering ready-to-use evaluation templates and checklists.Chapter 6 focuses on optimizing the on-site experience—the core value of this section is to help readers maximize information gathering and networking within the limited time available at the conference. Chapter 7 integrates all insights into actionable plans—the core value of this section is to help readers transform their ASCO experience into a sustainable competitive advantage.

 1.4 Target Audience Profile

 This guide is specifically designed for the following five reader categories, with content tailored to address the core needs and concerns of each:

Reader Type	Core Needs	Key Focus Areas	Value Proposition of This Article
VP/Director of R&D	Assessment of technological trends, pipeline prioritization	New Target Mechanisms, Clinical Data Quality, Feasibility of Commercialization	Technical Depth + Decision-Making Framework
Head of Business Development	Project Evaluation and Acquisition	Competitive Landscape, Differentiated Value, Commercialization Pathway	Competitive Analysis + Valuation Framework
Head of Clinical Development	Trial Design and Execution Optimization	Endpoint Selection, Patient Recruitment Strategy, Regulatory Communication	Clinical Data Interpretation + Regulatory Trends
Investors/Analysts	Industry Sector and Target Assessment	Assessment of technological barriers, market potential, and execution capabilities	Industry Overview + Investment Rationale
China Globalization Team	Implementation of Overseas Expansion Strategies	Dual Filing in China and the U.S., Regional Differences, and Market Entry Strategies	Local Perspective + Global Insights

 Regardless of your background, this article aims to provide both in-depth industry insights and clear actionable recommendations. This style—characterized by “clear perspectives and concrete advice”—is what sets this report apart from generic industry analyses. We believe that in an era of information overload, readers need more than just “what happened”; they need to know “what they should do.”The goal of this article is to serve as a “decision-making think tank” for readers during ASCO, helping everyone make wiser choices within a limited timeframe.

•  [Action Recommendation] Before you begin reading, we recommend that you first clarify your core concerns: Are you looking for new business development opportunities? Are you assessing the competitiveness of your existing pipeline? Or are you planning your next phase of R&D strategy? Approaching this article with specific questions in mind will help you extract key information more efficiently.

2.0. Pre-Conference Intelligence Briefing: A Checklist for Efficient Attendees of the chicago biotech conference to Pinpoint Key Insights and Avoid Pitfalls

 The ASCO Annual Meeting experience depends largely on the thoroughness of your preparation. Rather than wasting time aimlessly scanning abstracts at the venue, it’s better to pinpoint key information and establish clear priorities before you depart. Based on interviews with dozens of ASCO “veterans,” we’ve summarized the following practical insights.

 2.1 Strategies for Targeting LBAs and Oral Sessions

 Late-Breaking Abstracts (LBAs) are ASCO’s most valuable knowledge assets and the primary catalyst for annual stock price fluctuations and business development (BD) deals. What makes LBAs unique is that their content is released just days before the conference begins, typically featuring the latest and most significant clinical data, serving as a barometer for industry trends.The 2026 LBA list is expected to be released in batches starting in mid-May. At that time, you can subscribe and track updates via the ASCO website (am.asco.org) or the ASCO Meeting App.

 Although LBAs offer high informational value, not all deserve equal attention. Based on years of conference experience, we recommend using the following “Five-Signal Method” to determine whether an LBA is truly transformative:

• ① Inter-cohort improvements in efficacy endpoints: For example, a median PFS increasing from 6 months to over 12 months, or an ORR rising from 20% to over 50%—improvements of this magnitude typically indicate a breakthrough at the mechanistic level rather than a statistical fluke.
•  ② Subgroup analyses identify specific beneficiary populations: A high-quality LBA should not merely report data for the entire population but should also identify which patient subgroups derive the greatest benefit—such precise signals of benefit are crucial for subsequent patient selection and the development of companion diagnostics.
•  ③ Validation of innovative biomarker-driven patient selection strategies: If an LBA involves new predictive biomarkers (such as ctDNA or gene expression profiles), special attention must be paid to whether these markers have been fully validated and to their accessibility for clinical application.
•  ④ Neoadjuvant/adjuvant treatment data challenge the status of current standard therapies: Such data typically signify a substantial shift in the treatment landscape, with commercial implications far exceeding those of late-stage treatment data.
•  ⑤ Safety profiles significantly superior to existing therapies: When efficacy is comparable, drugs that significantly reduce the incidence of Grade 3 or higher adverse events or discontinuation rates often possess stronger commercial competitiveness and advantages in patient compliance.

Priority	LBA Feature Description	Attention Recommendations	Action Strategy	Resource Allocation
P0 – Must-See	Significant improvement in primary endpoint + new target/new mechanism	Full-cycle tracking	Register for the in-person event + Request the full presentation	Highest Priority
P1 – Key	Positive efficacy data + Clear commercialization path	Key Focus	Online tracking + in-depth post-conference analysis	High Priority
P2 – Watch	Positive data but intense competition	Selective Monitoring	Read summary + follow expert commentary	Medium Priority
P3 – For Reference	Negative results or safety updates	Monitor as needed	Read summary only to understand cause of failure	Low priority
P4 – Ignore	Not business-related / Purely academic discussion	Can be ignored	Skip	No need to invest

 For Oral Sessions, we recommend using the “Schedule Builder” feature on the ASCO website to create a personalized schedule before departure. Please note that multiple sessions often run concurrently during the same time slot; prioritize those highly relevant to your professional focus and where presenters are from industry-recognized, high-quality research institutions.Taking lung cancer as an example, specific sessions such as MA09 (metastatic NSCLC), MA10 (locally advanced NSCLC), and PL03 (early-stage lung cancer) typically attract more attention than general educational sessions. Additionally, when selecting Oral Sessions, consider the speaker’s standing within the field—presentations by top researchers (such as ASCO FACs or board members) often better indicate the formation of industry consensus.

 A practical tip is to prepare three “hypothetical questions” for each LBA or Oral Session you plan to attend before you leave. For example, if you are following a specific PD-1 neoadjuvant therapy study, you might ask the following questions:

 ① If the pCR rate reaches 30%, is this sufficient to support accelerated approval?

 ② Are the patient eligibility criteria for this study too stringent, potentially limiting its commercial potential?

 ③ What is the long-term follow-up plan for this study, and will it include cure rate data? Attending the conference with these pre-prepared questions will help you capture the most critical information within a limited timeframe.

 2.2 Key Radar Terms for 2026

 Based on a comprehensive analysis of industry trends and tracking of data from major academic conferences held from late 2025 to early 2026 (such as AACR, ESMO TAT, ASCO-SITC, etc.), the following five technical areas are the key radar keywords that must be prioritized at ASCO 2026. These keywords represent the cutting-edge advancements in current oncology drug R&D and will be the key battlegrounds for industry competition over the next 2–3 years.

Technical Keywords	Technical Definition and Background	Why They Must Be Prioritized in 2026	Scanning Techniques and Resource Recommendations
Bispecific ADCs	ADC molecules that simultaneously target two antigens, enabling more precise tumor cell targeting and lower off-target toxicity	May disrupt the current competitive landscape of single-target ADCs and represent a key direction for ADC platform upgrades	Search keywords: bispecific ADC, dual-target ADC, bivalent ADC; Key candidates: ZW49 (GSK), M1231 (Merck), BL-B01D1
AOC (Antibody-Oligonucleotide Conjugate)	Antibodies and oligonucleotides are linked via a linker, utilizing antibody-mediated endocytosis to achieve precise delivery of nucleic acid therapeutics	A milestone technology extending ADCs into the nucleic acid therapeutics field, potentially opening up a new therapeutic modality	Search keywords: antibody-oligonucleotide conjugate, AOC, siRNA ADC; Key focus: ST-410 (Ionis/AstraZeneca)
Logic-gated CAR-T	Smart CAR-T cells that require the detection of multiple signals (typically in an “AND” relationship) to activate, significantly enhancing tumor specificity	Safety breakthroughs may bring a turning point in solid tumor treatment and represent the core technology for expanding CAR-T platforms from hematological malignancies to solid tumors	Search keywords: logic-gated CAR, AND-gate CAR, Boolean CAR, synNotch CAR; Key focus: Autolus (obe-cel), Bellicum
AI-driven multi-omics biomarkers	AI-driven integrated analysis of genomics, proteomics, and metabolomics enables more precise patient selection and treatment response prediction	A new paradigm for precise patient selection that could fundamentally transform clinical trial design	Search keywords: AI biomarker, multi-omics signatures, computational pathology; Key players: MSK-IMPACT, NanoString, Tempus
New Endpoints for MRD/ctDNA	Liquid biopsy-based minimal residual disease (MRD) monitoring enables earlier and more sensitive assessment of treatment response	May reshape clinical trial endpoint design and serve as an alternative endpoint for accelerated approval	Search keywords: MRD-guided, ctDNA endpoint, minimal residual disease; Key focus: DYNAMIC study, studies on ctDNA-guided adjuvant therapy

 Regarding search techniques, it is recommended to use keyword combinations in the ASCO abstract database. For example, for bispecific ADCs, search for variants such as “bispecific ADC,” “dual-target ADC,” and “bivalent ADC”; for logic-gated CAR-T, search for terms such as “logic-gated,” “Boolean gate CAR,” and “synNotch CAR.”It is worth noting that the ASCO abstract search system is not perfect—the same technology may be described using different names, so it is necessary to flexibly employ synonym searches.

 Another practical tip is to monitor pipeline updates from specific companies. Taking AOC as an example, ST-410—a collaboration between AstraZeneca and Ionis—is currently one of the AOC projects with the fastest clinical progress. Its advancements in the field of neurodegenerative diseases are worth watching—if this technology achieves a breakthrough in non-oncology applications, it will provide important safety references for AOC development in oncology.Additionally, it is advisable to monitor companies specializing in solid-tumor CAR-T therapies, such as JPM and TCR² Therapeutics, as their advancements in logic-gated CAR-T often represent the latest breakthroughs in this technology.

 2.3 Pathways for High-Quality BD and KOL Engagement

 The networking value of ASCO is often underestimated. In reality, a significant proportion of BD deals and collaboration intentions are finalized during closed-door discussions held during the conference. However, achieving high-quality dialogue requires advance preparation rather than last-minute efforts, and systematic planning rather than chance encounters.

 The Industry Expert Theater (IET) is an efficient channel for obtaining first-hand industry insights. Unlike standard academic presentations, IET sessions typically focus on in-depth discussions of specific technical areas or therapeutic strategies, with speakers often being industry-recognized experts. When attending IET sessions, we recommend following these strategies:

•  ① Review the speaker’s background and institutional information in advance: Understand the speaker’s area of expertise, recent research publications, and their institution’s strategic priorities. Based on this, prepare 2–3 targeted questions.
•  ② Ask questions proactively after the presentation, but avoid harsh criticism: Making a professional impression is more important than proving a point. Good questions should be “inquiries” rather than “criticisms,” and “discussions” rather than “challenges.”
•  ③ Reach out to the speaker after the presentation: Introduce yourself concisely, express interest in their research, and request an opportunity for further discussion. Bringing printed business cards and brief self-introduction cards (including your name, institution, position, and research focus) will significantly improve the efficiency of your interactions.

 Prepared template for effective conversations in the poster session:

•  Opening line: “Your research particularly caught my attention regarding [specific point], and I’d like to ask about [specific question].”—This approach conveys respect while clearly stating your focus, helping to quickly transition into a substantive conversation.
•  Follow-up Phrases: “If future data supports your hypothesis, what would be your ideal partner profile? What kind of companies would you prefer to collaborate with?” — This type of question demonstrates strategic thinking while creating opportunities for future business discussions.
•  Closing Phrase: “I’d like to continue this discussion with your team. Here’s my business card—would you mind adding me on WeChat? I’ll send a brief introduction after the meeting for your reference.” — Exchanging contact information on the spot yields a 3–5 times higher response rate than sending an email afterward.

Conversation Phase	Core Objectives	Specific Actions	Things to Avoid	Tips for Improving Success Rates
First 30 Seconds	Establish a Professional Impression	Introduce yourself and your interests concisely	Long-winded self-introductions, excessive small talk	You must clearly state “what value I can provide” within 30 seconds
The Crucial 10 Minutes	Gather key information	Ask open-ended questions and listen actively	Interrupting the other person, frequently checking your phone	Spend 70% of the time listening
Final 5 Minutes	Establish follow-up contact	Exchange contact information and schedule a follow-up	Hard sell or jump to conclusions	Add them on LinkedIn or WeChat on the spot
Within 24 hours after the meeting	Strengthen the relationship	Send a thank-you email + resource package	Sending only a thank-you message with no follow-up	Include valuable industry reports/analyses

 A successful case study: During ASCO 2024, the BD lead of a Chinese biotech company established deep connections with 8 KOLs within 4 days through systematic planning and efficient execution. Two of them became members of the company’s advisory board after the conference, and another facilitated a strategic partnership with a European pharmaceutical company six months later. This case demonstrates that high-quality networking is not about the number of people you meet, but about building genuine professional connections with key individuals.

 2.4 Pre-Conference Checklist

 To ensure maximum efficiency at ASCO, we recommend completing the following checklist before departure and arranging relevant resources in advance.

•  Set Personal Goals (Complete 2 Weeks Before Departure):
•  □ Which 3 technology tracks do I want to explore in depth? (We recommend no more than 3, otherwise your focus will be scattered)
•  □ What is my list of KOLs to connect with (no more than 10)? List priorities and outreach strategies
•  □ What are the 3 key recommendations I plan to bring back to the company? (This will help you stay focused during the conference)
•  □ What is my personal brand positioning? (How would you introduce yourself in one sentence at social events?)
•  App Personalization (Complete 1 week before departure):
•  □ Subscribe to LBA release alerts (am.asco.org → My ASCO → Alerts)
•  □ Set up session reminders for sessions of interest (use the Schedule Builder to create your schedule)
•  □ Tag abstracts you want to follow up on (create custom tags, such as “ADC,” “BD opportunities,” etc.)
•  □ Download the offline content package (to avoid network congestion at the venue)
•  Team Coordination (for group attendance only):
•  □ Clearly define roles: Who is responsible for which breakout sessions, who handles KOL engagement, and who compiles information
•  □ Establish a real-time information-sharing mechanism (e.g., daily summaries in WeChat groups, real-time updates to shared documents)
•  □ Daily evening briefing: Hold an online meeting 30 minutes after the end of each day’s sessions to share key findings
•  □ Create an emergency contact list: Ensure team members can reach each other at any time

Preparation Categories	Specific Tasks	Status	Responsible Party and Timeline
Goal Setting	Identify 3 core business areas	□	Person in Charge A, by May 15
Goal Setting	Compile a list of 10 KOLs to contact	□	Person in Charge A, by May 15
Goal Setting	Prepare 3 decision-making questions	□	Person in Charge A, by May 20
Data preparation	ASCO App Installation and Setup	□	All staff, by May 25
Digital Preparation	Download Offline Content Pack	□	All staff, by May 28
Physical Preparation	Print business cards (150+ copies)	□	Person in Charge B, by May 25
Physical preparations	Printing of self-introduction cards	□	Person in Charge B, by May 25
Team Coordination	Confirmation of Division of Labor	□	Team Leader, by May 20
Team Coordination	Establishment of Information Sharing Mechanism	□	IT Support, by May 25

3.0. ADC and XDC Tracks at the chicago biotech conference: The Turning Point from “Me-Too Bombs” to “Precision Cure Evolution”

 ADCs remain one of ASCO’s perennial core topics, and the ADC landscape in 2026 is undergoing a critical shift from “target-centric” to “precision cure.” This chapter will provide an in-depth analysis of the underlying logic behind this transformation and offer attendees a ready-to-use evaluation framework.

 3.1 The New Landscape of “De-HER2-ization” Targets

 Over the past five years, HER2 has virtually become synonymous with ADCs. The unprecedented success of trastuzumab deruxtecan (T-DXd) in HER2-positive breast cancer, followed by continuous breakthroughs in solid tumors such as gastric, lung, and colorectal cancers, has filled the industry with high expectations for the HER2 target—while also bringing unprecedented competitive pressure.

 Data from the DESTINY-Lung05 study, presented at ASCO 2025, revealed that T-DXd demonstrated remarkable efficacy signals in HER2-mutated non-small cell lung cancer (NSCLC): median progression-free survival (mPFS) reached 16.8 months, and the objective response rate (ORR) exceeded 50%.These results further solidified T-DXd’s leading position in the HER2-mutated NSCLC field, while also prompting the industry to reflect deeply on the HER2 landscape: given that T-DXd has already established such a strong advantage, where exactly does the room for differentiation lie for other HER2 ADCs?

 “Moving away from HER2” does not negate the value of the HER2 target; rather, it indicates that the industry is allocating more resources to the development of differentiated targets. This shift is driven by three factors:

•  First, the HER2 space is already highly crowded, leaving limited room for differentiation for latecomers. Although T-DXd has achieved success across multiple tumor types, this also means that the “low-hanging fruit” of the HER2 target has been largely picked clean.If latecomers wish to carve out a niche in the HER2 field, they must identify a clear point of differentiation—either by focusing on indications not sufficiently covered by T-DXd (such as HER2-low/zero breast cancer) or by developing next-generation products with improved safety or dosing convenience.
•  Second, the success of pan-tumor strategies is being replicated across more targets. ADCs targeting TROP2, Nectin-4, and other targets have demonstrated activity in multiple solid tumors, proving the feasibility of a “single target, cross-tumor development” strategy. While this approach maximizes the development efficiency of a target’s value, it also intensifies cross-tumor competition.
•  Third, next-generation ADC platform technologies provide more robust tools for the development of non-HER2 targets. Technological innovations such as site-specific conjugation, novel payloads, and cleavable linkers are opening up new avenues for ADC development targeting previously “undruggable” targets. Companies that are the first to establish next-generation ADC platforms will have the opportunity to gain a first-mover advantage in the field of differentiated targets.

 TROP2: A Pioneer in Pan-Cancer ADCs

•  TROP2 (Tropomyosin-like protein 2) is a transmembrane glycoprotein highly expressed in various solid tumors, including triple-negative breast cancer (TNBC), urothelial carcinoma, lung cancer, gastric cancer, and esophageal cancer. While TROP2 expression is relatively limited in normal tissues, it is significantly upregulated in various epithelial-derived malignancies, making it an ideal target for ADC development.
•  Gilead’s Trodelvy (sacituzumab govitecan) is the world’s first approved TROP2 ADC, with indications for metastatic TNBC and urothelial carcinoma approved in multiple markets. Key highlights regarding TROP2 ADCs at ASCO 2026 include:
•  ① Long-term follow-up data from the TROPiCS-02 study: Data from the TROPiCS-02 study of Datroway (sacituzumab govitecan) in HR+/HER2- breast cancer showed a median overall survival (OS) of 14.5 months, representing a statistically significant improvement compared to the chemotherapy control group.These findings are of significant importance for the large HR+/HER2- patient population—this marks the first time a TROP2 ADC has demonstrated survival benefits in “non-triple-negative” breast cancer. The 2026 follow-up data will further elucidate long-term survival benefits and safety profiles.
•  ② Competition in Next-Generation TROP2 ADCs: AstraZeneca/Daiichi Sankyo’s Datroway was approved in the U.S. in 2024 for HR+/HER2- breast cancer, and its development strategy in early-stage breast cancer (neoadjuvant/adjuvant) is also worth watching.SKB264 (Colon Biotech), as the leading domestic TROP2 ADC, is advancing clinical development across multiple indications simultaneously; its combination regimen with pembrolizumab has demonstrated synergistic effects across various tumor types.

Drug Name	Developer	Key Indications	Clinical Stage	Differentiating Features	Status in the Chinese Market
Trodelvy	Gilead/Immunomedics	TNBC, UC, HR+ BC	Approved (globally)	First-in-class, site-specific cleavable linker	Approved by NMPA (TNBC, UC)
Datroway	AstraZeneca/Daiichi	HR+ breast cancer, NSCLC	Approved (Japan/US)	High DAR, strong placebo effect	Under review by NMPA
SKB264	Kelun Biotech	TNBC, NSCLC, GC	Phase III clinical trial	Differentiated payload, priority for the Chinese market	Leading in Chinese clinical trials
JS107	Junshi Biosciences	Solid tumors	Phase I/II clinical trials	In-house R&D platform	In clinical trials in China
BL-M02D1	Bailitianheng	Solid Tumors	Phase I Clinical Trial	Bispecific antibody-drug conjugate	In clinical trials in China
ESG401	Ying’en Bio	Solid tumors	Phase I clinical trial	Novel linker design	In clinical trials in China

 Nectin-4: Expansion from Bladder Cancer to Solid Tumors

•  Nectin-4 is a cell adhesion molecule highly expressed in urothelial carcinoma, with relatively limited expression in normal tissues. Nectin-4-targeted ADCs achieve antitumor effects by precisely delivering cytotoxic drugs to Nectin-4-expressing tumor cells.
•  Padcev (Enfortumab vedotin), developed by Seagen (now Pfizer), is the world’s first approved Nectin-4 ADC for the monotherapy treatment of patients with previously treated metastatic urothelial carcinoma.In 2024, the combination therapy of Padcev and Keytruda received FDA approval, becoming the first-line standard of care for advanced urothelial carcinoma. This approval marks a major breakthrough for the ADC+IO combination strategy in the field of solid tumors and lays the foundation for the further expansion of Nectin-4 ADCs.
•  In 2026, the focus will be on the following areas:
•  ① Expansion data for Padcev in other solid tumors (e.g., lung cancer, breast cancer, gastric cancer): Nectin-4 is highly expressed in various epithelial-derived malignancies and theoretically holds potential for pan-tumor development. Early clinical data on the Nectin-4 ADC in non-urothelial cancer indications are expected to be presented at ASCO 2026.
•  ② The competitive landscape of Nectin-4 ADCs in China: Maiwei Biotech’s 9MW2821 is currently the Nectin-4 ADC with the fastest clinical progress in China, and its preliminary data in urothelial carcinoma and esophageal cancer warrant attention. Additionally, Nectin-4 ADCs from companies such as Bio-Thera Solutions and Junshi Biosciences are also in clinical development.
•  ③ Application of Site-Specific Conjugation Technology in Nectin-4 ADCs: Compared to traditional random conjugation, site-specific conjugation of Nectin-4 ADCs may offer better homogeneity and more stable pharmacokinetic profiles. Keep an eye on developments in this technological direction.

 Claudin 18.2: A New Target for Precision Therapy in Gastric Cancer

•  Claudin 18.2 is a tight junction protein specifically expressed in gastric cancer, gastroesophageal junction adenocarcinoma, and pancreatic cancer. While CLDN18.2 expression is limited in normal gastric mucosa, it is expressed in 40–80% of gastric cancer cells, making it an ideal target for precision therapy.
•  ADCs targeting Claudin 18.2 have been a hot topic in R&D in recent years. Unlike Claudin 18.2 CAR-T therapies, Claudin 18.2 ADCs precisely deliver cytotoxic drugs to tumor cells expressing Claudin 18.2, thereby avoiding the complexity associated with CAR-T treatments.Eli Lilly’s CLDN18.2 ADC—LM-302—is currently in Phase II clinical trials, with preliminary data showing significant antitumor activity in Claudin 18.2-positive gastric cancer patients. The 2026 ASCO Annual Meeting is expected to present updated data on patient selection criteria, predictive biomarkers for efficacy, and combination therapy strategies.
•  Claudin 18.2 ADCs hold particular significance for Chinese pharmaceutical companies:
•  ① China has a high incidence of gastric cancer and a large patient population;
•  ② The Claudin 18.2 positivity rate is relatively high among Chinese gastric cancer patients;
•  ③ Chinese pharmaceutical companies possess international competitiveness in the Claudin 18.2 target.

Target	Primary Indications	Project with the Fastest Global Progress	Number of Projects in China	Market Potential Assessment	Key Challenges
TROP2	TNBC, UC, HR+ BC, Lung Cancer	Trodelvy (Approved)	5+	High—Validation of a pan-tumor strategy in progress	Patient selection biomarkers not yet defined
Nectin-4	UC, lung cancer, breast cancer	PADCEV (Approved)	3+	Moderate to high—validated in first-line UC combination therapy	Pan-tumor expansion data pending validation
Claudin 18.2	Gastric cancer, pancreatic cancer	LM-302 (Phase II)	8+	High — High-incidence cancer types in China	Lagging development of companion diagnostics
FRα	Ovarian cancer, lung cancer	Elahere (Approved)	2+	Moderate—Precise identification of the patient population that will benefit	Patient selection is a double-edged sword
B7-H3	Broad spectrum of solid tumors	DS-7300 (Phase II)	4+	High—Broad-spectrum antitumor potential	Expression in normal tissues warrants attention
EGFR	NSCLC, CRC, Head and Neck Cancer	EGFR ADC (Mostly in development)	5+	Medium to high—new applications for a mature target	Management of cutaneous toxicity

 Strategic Significance of the HER2-low/negative Population

•  Patients with HER2-low (IHC 1+ or IHC 2+/ISH-negative) and HER2-zero (IHC 0) status account for 60–70% of all breast cancer patients, yet this large population has long been excluded from HER2-targeted therapy.The DESTINY-Breast04 study of T-DXd achieved a historic breakthrough in this field—demonstrating for the first time that an ADC can significantly improve survival outcomes in patients with HER2-low metastatic breast cancer.
•  In 2026, a key question remains unanswered: Can ADCs targeting other molecules, such as TROP2, replicate T-DXd’s success in the HER2-low/negative population? Data on existing TROP2 ADCs in HER2-low patients are limited, and preliminary signals are mixed. Is there a difference in TROP2 expression between HER2-low and HER2-negative patients? Is this difference clinically significant?Updated data from ASCO 2026 will provide further clues to the answer to this question.

 For attendees, the significance of focusing on the HER2-low/negative population lies in the fact that this area represents a key battleground for future ADC competition.If a company establishes evidence of efficacy in this population, it will be able to differentiate itself from T-DXd—even for HER2-low indications already covered by T-DXd, as long as superior efficacy can be demonstrated in specific subgroups (such as HER2-zero patients or combination therapy cohorts), there remains an opportunity for commercial success.

 3.2 The Rise of XDCs and Multimodal Conjugates

 XDC (multimodal conjugates) represents a broad extension of the ADC concept—it combines the targeting capabilities of antibodies with therapeutic payloads other than cytotoxic drugs (such as oligonucleotides, proteins, radionuclides, and immunomodulators), opening up an entirely new therapeutic modality. In 2026, XDC is transitioning from proof-of-concept to the critical stage of early clinical validation.

 To understand the strategic value of XDCs, we must start with the success story of ADCs. The key to ADCs’ tremendous success over the past decade lies in their discovery of a “precision delivery” solution—leveraging the targeting capabilities of antibodies to accurately deliver highly active cytotoxic drugs to tumor cells, thereby enhancing therapeutic efficacy while reducing systemic toxicity.The logic behind XDC follows this same line of thinking: if antibodies can deliver cytotoxic drugs, why can’t they deliver other types of therapeutic payloads?

 AOC (antibody-oligonucleotide conjugates) is one of the most notable branches of XDC.Unlike ADCs, which deliver cytotoxic drugs to tumor cells, the goal of AOCs is to precisely deliver oligonucleotides (such as siRNA and antisense) to target cells to achieve therapeutic intervention at the genetic level. The core challenge of this technology lies in the fact that oligonucleotides have large molecular weights and high negative charges, making it difficult for them to penetrate cell membranes; however, the antibody-mediated endocytosis mechanism can precisely solve this delivery challenge.

Technology Platform	Payload Types	Representative Drugs/Projects	Clinical Stage	Key Advantages	Main Challenges
AOC	siRNA/antisense	ST-410 (Ionis/AZ)	Phase I Clinical Trial	Precision intervention at the genetic level	Low endosome escape efficiency
ARC	Radionuclide	²²⁵Ac-J591	Phase I clinical trial	Precision radioimmunotherapy	Radiation Safety and Supply
ADC-PROTAC	Protein Degraders	Multiple Preclinical Projects	Preclinical	Precise degradation of “undruggable” proteins	Payload activity currently being validated
Bispecific ADC	Cytotoxic drugs	ZW49 (GSK)	Phase I clinical trial	Dual-target synergy	PK/PD optimization challenges
Condition-activated ADC	Cytotoxic drug	CX-2029 (CytomX)	Phase II Clinical Trial	Tumor Microenvironment Activation	Activation efficiency currently being validated
Immunomodulatory ADC	Immune agonist	SBT6050 (Seagen)	Phase I clinical trial	Activates antitumor immunity	Safety signals

 Auristatin derivatives (e.g., MMAE, MMAF) and pyrrolobenzodiazepine (PBD) dimers remain the primary cytotoxic payloads for ADCs. However, the industry is exploring next-generation payloads to overcome drug resistance and broaden the therapeutic window.TOP1 inhibitors (exatecane-like compounds, such as DM1 and MMAD) are emerging as the mainstream choice for next-generation ADCs due to their strong bystander effects and ability to bypass multidrug resistance pumps. Additionally, PBD dimers remain valuable in certain refractory tumor types due to their potent DNA-crosslinking activity.

 Regarding the integration of ADCs with nucleic acid drug platforms, a promising direction is antibody-mediated RNA delivery. If this technological approach proves successful, ADC companies will be able to expand from purely cytotoxic drugs into the field of gene therapy, representing a significant leap in platform value. At ASCO 2026, more data on the early clinical safety and preliminary efficacy of AOCs is expected to be released, which will be crucial for assessing the maturity of this therapeutic area.

 [Key Considerations] When evaluating ADC projects, particular attention should be paid to the following issues:

 ① Do the PK/PD characteristics of the payload align with the antibody’s targeting mechanism?

 ② Is the therapeutic window sufficiently wide to support clinical development?

 ③ Compared to the corresponding unconjugated drug (e.g., naked oligonucleotides), does the conjugation provide substantial synergistic effects? These questions will help attendees identify core value judgments amidst the overwhelming array of technical terminology.

 3.3 Practical Decision-Making Model: The Five-Dimensional ADC/XDC Evaluation Framework

 To help attendees quickly develop systematic evaluation capabilities for ADC/XDC projects, this section provides a ready-to-use five-dimensional evaluation framework. This framework is applicable to various decision-making scenarios, including R&D project initiation, business development (BD) evaluation, and investment due diligence.

Evaluation Dimensions	Core Questions	Specific Evaluation Metrics	Suggested Weighting	Scoring Criteria
Therapeutic Window	Is the safety margin sufficiently wide?	MTD vs. effective dose ratio, DLT characteristics, exposure-response relationship	25%	Ratio > 3 is optimal, 2–3 is good, < 2 is poor
Sequencing Strategy	Position in the treatment sequence?	Efficacy following resistance to first-line therapy, competitive product sequencing, and collaboration partner strategy	20%	The earlier in the treatment sequence, the better; bonus points for combination strategies
Toxicity Management	Is toxicity controllable and reversible?	Incidence of Grade 3 or higher AEs, discontinuation rate, specific toxicity characteristics	20%	Predictable and manageable is preferred
Biomarkers	Patient selection strategy?	Companion diagnostic development plan, strength of evidence for predictive markers	20%	CDx preferred; predictive biomarkers are a plus
Commercialization Potential	Market Size and Competition?	Target patient population, pricing strategy, access pathways	15%	A clear competitive landscape and large market potential are preferred

 [Practical Steps for Treatment Window Assessment] The treatment window is a comprehensive reflection of an ADC’s safety and efficacy. Ideally, the ratio between the maximum tolerated dose (MTD) and the minimum effective dose of an ADC should be as large as possible. It is generally accepted that an ADC demonstrates good drugability when this ratio exceeds 3:1. In practice, the following should be considered:

 ① Whether dose-limiting toxicities (DLTs) were observed in dose-escalation studies;

 ② The safe dose range confirmed in the expansion cohort;

 ③ Whether toxicity accumulates with exposure time (e.g., ocular toxicity, hematologic toxicity). Taking T-DXd as an example, its recommended phase 2 dose (RP2D) across multiple tumor types is approximately 5.4 mg/kg, and the dose level at which DLTs were observed has not yet been reached, indicating a relatively wide therapeutic window.

 [Specific Procedures for Sequence Strategy Evaluation] The performance of ADCs varies significantly across different treatment lines. Taking T-DXd as an example, its use in HER2-positive metastatic breast cancer has advanced from third-line to second-line and even first-line treatment. The core data supporting this shift are:

 ① Patients receiving first-line treatment are typically in better condition and have greater tolerance;

 ② Frontline patients are less likely to have developed multidrug resistance, resulting in higher response rates;

 ③ Early use of ADCs may alter the tumor immune microenvironment, creating conditions for subsequent immunotherapy. During evaluation, it is necessary to analyze the treatment line strategies of competing products to identify opportunities for differentiation.

 If an ADC already has multiple studies targeting third-line and later settings, differentiation opportunities for later entrants focused on the front-line setting may lie in specific patient populations (e.g., patients with brain metastases, elderly patients) or specialized combination strategies.

 [Practical Implementation of Biomarker-Integrated Assessment] Precise patient selection is key to maximizing the value of ADCs. The assessment should focus on:

 ① The presence of validated or potential predictive biomarkers (e.g., HER2 expression levels, Trop2 expression levels);

 ② The development progress and regulatory approval status of companion diagnostic kits;

 ③ Whether there is evidence supporting the hypothesis that “target expression levels correlate with treatment efficacy.” It is important to note that correlations established solely on retrospective data require prospective validation—some biomarkers that appear to have predictive value in early-phase clinical trials may not be reproducible in confirmatory studies.Take Claudin 18.2 as an example: although this target is highly expressed in gastric cancer, discrepancies between different detection methods (IHC scoring systems) and the lack of standardized criteria for selecting positive thresholds present challenges for the development of companion diagnostics.

 Checklist of Decision-Making Questions for Attendees

•  □ Does the target of this ADC/XDC project offer sufficient differentiation?
•  □ Is the drugability of the linker-payload platform supported by sufficient clinical data?
•  □ Is the project’s positioning in the treatment sequence clear? Is there room for a differentiated positioning?
•  □ Is the patient selection strategy clear and feasible? Is the companion diagnostic being developed in parallel?
•  □ Has the commercialization pathway for this project been thoroughly validated? Does the target market size support a return on investment?
•  □ What are the project’s core competitive advantages? Are the differentiation points compared to competitors valid?

 3.4 Manufacturing and Regulatory Trends

 The manufacturing complexity and regulatory challenges of ADCs are often underestimated. Unlike traditional small-molecule drugs, ADCs are complex bioconjugates composed of three components: an antibody, a linker, and a payload. Quality fluctuations in any of these components can affect the safety and efficacy of the final product. For decision-makers, understanding the key challenges in ADC manufacturing and regulatory trends is a prerequisite for making sound investment decisions.

 Site-specific conjugation technology has emerged as a core innovation direction in ADC manufacturing in recent years.Traditional ADCs rely on random lysine or cysteine conjugation, resulting in poor batch-to-batch consistency and uneven drug-to-antibody ratio (DAR) distribution. Site-specific conjugation technologies (such as Thiomab, the introduction of non-natural amino acids, and glycoengineering) enable precise control of the DAR (e.g., DAR=2 or DAR=4), significantly improving pharmacokinetic profiles and safety.

Conjugation Technology	Coupling Sites	DAR Control	Process Maturity	Advantages	Challenges
Random Lysine	Lys Residues	Mixed (0–8)	Very high	Process is well-established and does not require genetic modification	Poor batch-to-batch consistency
Cysteine	Cys residues (inter-chain)	Mixed (0–8)	High	Site relatively well-defined	Incomplete disulfide bond reduction
Thiomab technology	Specific Cys sites	DAR = 2	Medium to high	Site-specific, good homogeneity	Requires genetic engineering
Non-natural amino acids	pAzF site	Controllable	Moderate	Highly homogeneous, site-specific	Cell engineering Complex
Glycoengineering	N297 Glycosylation	Controllable	Medium	Preservation of Antibody Fc Function	Long process development cycle
Enzyme-catalyzed conjugation	Specific glycosylation/tagging	Controllable	Low to moderate	High site specificity	Enzyme supply and cost

 Regarding regulatory developments in 2026, the FDA’s review focus in the ADC field is expanding from safety and efficacy data to manufacturing processes and control strategies. The EMA has taken the lead in issuing a draft guideline for ADC biosimilars, establishing rules for generic competition in this field. The NMPA is also actively following suit and is expected to release a Chinese version of the ADC biosimilar guidance in 2026–2027.

 For Chinese pharmaceutical companies, ADC projects under a dual-submission strategy to both the U.S. and China require special attention:

 ① CMC Submission Strategy — There are differences in the expectations of Chinese and U.S. regulatory authorities regarding ADC manufacturing processes, necessitating the early planning of bridging strategies;

 ② Localization of raw materials — In the context of global competition, supply chain security for critical materials (such as designated coupling enzymes and high-purity cytotoxic APIs) is of paramount importance;

 ③ Scale-up production—Technology transfer from laboratory scale to commercial scale is a critical milestone for project success; many ADC projects demonstrate excellent performance in early clinical trials but encounter quality or cost issues after scale-up.

•  [Practical Considerations] When assessing the feasibility of ADC manufacturing, it is recommended to focus on the following issues:
•  ① The number of suppliers and supply stability for core materials (e.g., site-specific antibodies);
•  ② Whether control strategies for key impurities (e.g., free drug, aggregates) have been validated;
•  ③ Whether the comparability study plan for process changes is comprehensive. These issues are often overlooked in the early stages of a project but may become regulatory hurdles later on.

4.0. Immunotherapy 2.0 and CGT at the chicago biotech conference: Multimodal Synergy and Breaking Through in Solid Tumors

 After a decade of rapid development in immunotherapy (IO), PD-1/L1 inhibitors have become the standard of care for various solid tumors. However, the response rates and long-term benefit of monotherapy remain limited—in most solid tumors, the objective response rate (ORR) of PD-1/L1 inhibitors typically ranges between 15% and 30%, meaning that over 70% of patients do not achieve an objective response with monotherapy.By 2026, the concepts of “Moving Beyond PD-1/L1” and “Enabling CGT to Break Through in Solid Tumors” are transitioning from vision to reality. This chapter will focus on the latest clinical evidence and translational value of these two major themes.

 4.1 New Platforms Beyond PD-1/L1

 PD-1/VEGF bispecific antibodies are among the most closely watched next-generation IO platforms in recent years. The synergistic inhibition of the PD-1 and VEGF pathways can, in theory, simultaneously lift immune suppression and improve the tumor microenvironment, creating a dual “immune + anti-angiogenic” effect.The rationale behind this mechanism lies in the fact that VEGF not only promotes tumor angiogenesis but also exerts significant immunosuppressive effects—it can inhibit dendritic cell maturation, promote the recruitment of Tregs and MDSCs, and create an immunosuppressive tumor microenvironment. Therefore, simultaneously blocking the PD-1 and VEGF pathways may produce synergistic antitumor effects.

 PM8002 (Pumys Bio) and SS001 (Shengnuoji) are representative domestically developed PD-1/VEGF bispecific antibodies. Preliminary clinical data indicate that these drugs demonstrate manageable safety and promising antitumor activity across multiple solid tumors. The 2026 ASCO Annual Meeting is expected to present updated data on patient selection strategies, predictive biomarkers of efficacy, and optimal combination partners.

Drugs	Company	Clinical Stage	Key Indications	Differentiating Features	Market Potential
Ivonescimab	CanSino Biologics	Phase III Clinical Trial	First-line NSCLC	PD-1/VEGF tetravalent bispecific antibody	Very high—China’s first approved bispecific antibody-drug conjugate
PM8002	Promis Biotech	Phase II Clinical Trial	Solid tumors	Fully humanized design	Moderate—multi-tumor panel
SS001	Shengnuoji	Phase II Clinical Trial	Solid tumors	In-house R&D platform	Moderate—To Be Verified
AK112	CanSino Biologics	Phase III Clinical Trial	NSCLC, ovarian cancer	Simultaneously targets PD-1 and VEGF	High — Phase III data available
BL-B01D1	Bailitianheng	Phase II clinical trial	NSCLC, solid tumors	ADC + bispecific antibody platform	High-performance bifunctional molecules

 The combination of ADC and IO is another trend warranting close attention. Taking T-DXd as an example, its combination regimen with PD-1 inhibitors is currently being explored across multiple indications. Preliminary safety data indicate no significant additive toxicity when the two are used in combination; however, the extent of the enhanced efficacy signal requires further validation.The 2026 ASCO Annual Meeting is expected to present more key data on ADC+IO combination therapy, including safety analyses, efficacy updates, and biomarker exploration results.

 The core challenge of IO combination therapy lies in toxicity management. Taking PD-1/CTLA-4 dual blockade as an example, although the O+Y (nivolumab + ipilimumab) combination has proven effective across multiple tumor types, the incidence of irAEs (immune-related adverse events) is significantly higher than with monotherapy, with the proportion of Grade 3 or higher irAEs reaching 30–40%.ASCO 2026 will present additional data on safety management strategies for novel IO combination therapies, including biomarker-driven patient selection, prophylactic hormone regimens, and updated guidelines for irAE management.

 4.2 Advances in CGT for Solid Tumors

 CAR-T cell therapy has achieved breakthrough progress in hematologic malignancies—CD19 CAR-T therapies such as Yescarta and Breyanzi have established standard-of-care status in various B-cell malignancies, while BCMA CAR-T therapies such as Abecma and Carvykti have demonstrated deep and durable remissions in multiple myeloma.However, efficacy in solid tumors has long been limited by the immunosuppressive nature of the tumor microenvironment (TME)—the TME of solid tumors typically exhibits an “immune desert” or “immune-excluded” phenotype, making it difficult for CAR-T cells to effectively penetrate and activate. In 2026, next-generation technologies such as logic-gated CAR-T and Armored CAR-T are attempting to break this impasse.

 The core innovation of logic-gated CAR-T lies in the introduction of an “AND logic gate”—CAR-T cells are activated only when they simultaneously recognize two targets. This design significantly enhances tumor specificity and reduces the risk of on-target/off-tumor toxicity.Autolus’s obe-cel employs a dual-target design targeting CD19 and CD22, demonstrating deep remissions and low relapse rates in acute lymphoblastic leukemia (ALL)—with a complete remission (CR) rate exceeding 90% and a 6-month relapse rate of only about 5%, significantly outperforming traditional single-target CAR-T therapies. This success provides important insights for the application of logic-gated strategies in solid tumors.

Technology Platform	Design Features	Representative Projects	Clinical Stage	Highlights from the Preliminary Data	Key Challenges
Logic-Gated CAR	Dual-Target AND Activation	obe-cel (Autolus)	Approved (ALL)	Low recurrence rate in ALL	Solid tumor validation pending
Armored CAR-IL-15	Secreted immunostimulatory factor	JCAR030	Phase I clinical trial	Improved T-cell persistence	Safety signals
Armored CAR-knockout	Knockout of immunosuppressive genes	NYCE T cells	Phase I Clinical Trial	Enhanced TME penetration	Design complexity
Bispecific CAR	Simultaneously targets two targets	BPX-603	Phase I Clinical Trial	Covers heterogeneous tumors	Optimal target combination to be determined
TCR-T	Recognizes intracellular antigens	afami-cel	Approved (synovial sarcoma)	Broad-spectrum tumor applicability	HLA-restricted
TIL	Tumor-infiltrating lymphocytes	Lifileucel	Approved (melanoma)	Polyclonal T-cell response	Production success rate

 Key focus areas for solid tumor cell-based therapies in 2026 include:

•  ① Long-term follow-up data for Claudin 18.2 CAR-T in gastric cancer—Koji Pharma’s CT041 is the world’s first Claudin 18.2 CAR-T to enter the confirmatory clinical phase. Preliminary data show an ORR of 57% and a median OS of 16.8 months at a median follow-up of 8 months.ASCO 2026 is expected to present longer-term follow-up data and updated results from the confirmatory clinical trial. Whether these findings can be validated in a larger cohort will determine the commercial prospects of Claudin 18.2 CAR-T.
•  ② Progress of GPC3 CAR-T in liver cancer—GPC3 is highly expressed in hepatocellular carcinoma and represents a highly promising therapeutic target. Related CAR-T programs are currently undergoing clinical trials in China, with preliminary data demonstrating manageable safety and initial signs of efficacy. More data on patient selection criteria and combination therapy strategies are expected to be presented at ASCO 2026.
•  ③ Expansion of TIL (Tumor-Infiltrating Lymphocyte) Therapy Beyond Melanoma — Lifileucel has received FDA approval for melanoma, and data updates on other solid tumors (such as lung cancer, cervical cancer, and ovarian cancer) are expected to be released in 2026. As a leader in TIL therapy, Iovance’s development progress and clinical data warrant close attention.

 4.3 The MRD and ctDNA Revolution

 MRD (minimal residual disease) refers to residual tumor cells or DNA that cannot be detected by conventional imaging or histopathological methods after treatment but can still be identified through highly sensitive molecular detection methods (such as ctDNA and next-generation sequencing). MRD monitoring is transitioning from a research tool to clinical practice and is playing an increasingly important role in clinical trial design and patient management.

 In terms of clinical trial endpoint design, the conversion rate to MRD-negative status has become a key alternative endpoint in the development of new drugs for multiple myeloma.In its 2025 updated guidelines, the EMA explicitly states that, under specific conditions, MRD can serve as an alternative endpoint for conditional approval. The FDA is also actively exploring the feasibility of MRD as an endpoint for clinical trials in solid tumors—if this regulatory recognition extends to the solid tumor field, it will have a profound impact on clinical trial design and drug development strategies.

Application Scenarios	Specific Roles	Representative Cases	Regulatory Acceptance	Commercial Potential
Patient Screening	Identifying High-Risk Populations	CIRCULATE-Japan (Colon Cancer)	FDA/EMA Approval	High — CDx Development Opportunities
Treatment Decisions	Guidance for Postoperative Adjuvant Therapy	DYNAMIC Study (Colon Cancer)	Exploration in clinical practice	High—Clear clinical value
Efficacy Monitoring	Early Prediction of Treatment Response	Multiple NSCLC Studies	Under Regulatory Review	Moderate—Requires standardization
Trial Endpoints	Feasibility of alternative endpoints	MM field (DECFISH, etc.)	Partially recognized by the EMA	High — Opportunity for accelerated approval
Prognostic assessment	Predicting recurrence and survival	Validated across multiple solid tumors	Clinical Application	High — Included in clinical guidelines

 For Chinese pharmaceutical companies, the application of ctDNA/MRD presents both challenges and opportunities. The challenges include:

 ① Selecting and validating technical platforms requires significant resource investment;

 ② Compared to conventional CT/MRI, standardized operating procedures and quality control systems for ctDNA monitoring have not yet been established;

 ③ Limited coverage under medical insurance results in significant out-of-pocket costs for patients. The opportunities lie in the fact that establishing a fully validated MRD monitoring system could create a competitive advantage in clinical trial design and patient management, and may lead to recognition as an innovative approach by regulatory authorities.

 Key Focus Areas for MRD at ASCO 2026:

 ① Progress in standardizing ctDNA methodologies—as more ctDNA testing platforms gain regulatory approval, the industry’s need for unified methodological standards is becoming increasingly urgent;

 ② Prospective validation of MRD-guided treatment strategies—Studies such as DYNAMIC-2 are exploring ctDNA-guided adjuvant treatment strategies;

 ③ Advances in multi-omics ctDNA analysis—Beyond mutation detection, ctDNA fragmentomics and methyomics are being explored to enhance detection sensitivity and specificity.

 4.4 Global Translational Perspective

 Global access to IO/CGT faces multiple challenges, including high treatment costs, complex logistics and distribution (such as the personalized production of CAR-T), as well as regulatory and cultural differences across regions. For Chinese pharmaceutical companies, how to achieve a differentiated positioning within their global strategy is a strategic question that requires in-depth consideration.

 Real-world evidence (RWE) plays an increasingly important role in the global translation of IO/CGT. Unlike strictly controlled clinical trials, RWE is derived from real-world patient populations and can provide information on the efficacy and safety of drugs in a broader population. This holds significant value for regulatory decisions (such as accelerated approval and indication expansion) and market access strategies (such as health insurance negotiations and coverage).In 2025, the FDA released an updated version of the “Guidance on the Use of Real-World Evidence for Regulatory Decisions,” further clarifying the scope of application and evidence standards for RWE in drug review.

Region	Access to IO Drugs	CGT Accessibility	Access Barriers	Breakthroughs	Opportunities for Chinese Companies
United States	High	Medium	Medicare/Private Insurance Coverage	Value-Based Contracts	BD Introduction/CRO Collaboration
EU	High	Low	Rigorous HTA Assessment	Patient Assistance Programs	Differentiated clinical data
Japan	High	Medium	DPC/Category B Coverage	Cost-effectiveness evidence	Data bridging for Asian populations
China	Rapid uptake	Early Stage	Health Insurance Access	Domestic Substitution + Global Expansion	Clear Local Advantages
Southeast Asia	Low	Very Low	Payment Capacity	Installment payments/Charity	Local production
Latin America	Low	Very low	Price Negotiation	Government Negotiations	Price Differentiation Strategy

5.0. Convergence of Boundaries at the chicago biotech conference: The “Third Modality” Era of Large/Small Molecules and Nucleic Acid Drugs

 “Third Modality” is an emerging concept used to describe a new generation of therapeutic technologies that transcend traditional small-molecule and large-molecule drugs. Nucleic acid therapeutics, cell and gene therapies, and multimodal conjugates are blurring the boundaries between them, creating unprecedented therapeutic possibilities. This chapter will focus on the core drivers and key decision-making frameworks of this cross-disciplinary convergence trend.

 5.1 The Renaissance of Small-Molecule Targeted Drugs

 Although macromolecular drugs such as ADCs and immunotherapies (IO) are currently in the spotlight, small-molecule targeted drugs have not faded into obscurity. On the contrary, a series of technological innovations is injecting new vitality into this traditional field—enabling small-molecule drugs to reach previously “undruggable” targets and achieving significant improvements in selectivity, efficacy, and pharmacokinetics.

 Molecular Glues represent one of the most closely watched innovations in small-molecule technology in recent years.Unlike traditional kinase inhibitors, molecular glues induce the degradation of target proteins by inducing spatial conformational changes in protein-protein interactions (PPIs). This “event-driven” pharmacological mechanism can theoretically target “undruggable” targets that are difficult for traditional small molecules to access—including transcription factors, spliceosomal proteins, and mutated proteins.

 BMS’s iberdomide and CC-220 are representative molecular glue degraders that have demonstrated encouraging activity in multiple myeloma. Through an E3 ubiquitin ligase recruitment mechanism, these drugs can efficiently degrade transcription factors such as IKZF1/3, thereby lifting the suppression of IFN gene expression and restoring antitumor immunity.The 2026 ASCO meeting is expected to present additional data on combination therapy strategies involving molecular chaperones, including synergistic effects with existing standard treatments such as CD38 monoclonal antibodies and proteasome inhibitors.

Technology Type	Mechanism of Action	Representative Drugs	Clinical Stage	Key Advantages	Key Challenges
Molecular Gel	Induction of PPI degradation	Iberdomide, CC-220 (BMS)	Phase II/III Clinical Trials	Can target “undruggable” proteins	Limited substrate selectivity
PROTAC	Bifunctional molecular degradation	ARV-471 (Arvinas), ARV-110	Phase II clinical trial	Catalytic degradation mechanism	Oral bioavailability
Macrocyclic Compounds	Macrocyclic structure enhances selectivity	AMG 510 (sotorasib), MRTX849	Approved/Phase II Clinical Trial	Overcoming mutation-driven resistance	Design Complexity
Covalent Inhibitors	Covalent binding enhances efficacy	Osimertinib, Afatinib	Approved	Irreversible inhibition Long-acting	Selective challenges
Allosteric modulators	Binding allosteric site	SHP2 inhibitor (JAB-21822)	Phase I/II clinical trial	High selectivity	Potentially lower potency

 Macrocyclic compounds represent another noteworthy technological innovation. By incorporating a macrocyclic skeleton, drug molecules can achieve higher target selectivity and metabolic stability. Mirati’s MRTX849 (adagrasib), a macrocyclic compound approved for KRAS G12C-mutated lung cancer, has successfully demonstrated the clinical feasibility of this approach.In 2026, another KRAS G12C inhibitor of interest is JAB-21822 from Gacose, which is currently undergoing registration clinical trials in China. Preliminary data indicate efficacy comparable to MRTX849 and potentially better safety profiles.

 5.2 Accelerated Adoption of Nucleic Acid Therapeutics in Oncology

 Nucleic acid therapeutics (including siRNA, antisense oligonucleotides, mRNA, and nucleic acid vaccines) have undergone a remarkable transformation from a niche to a mainstream field over the past five years. The success of mRNA vaccines during the COVID-19 pandemic has significantly accelerated the maturation of this technology platform and attracted substantial capital attention, while also driving rapid advancements in delivery technologies (such as LNP and GalNAc conjugation).

 In the field of oncology, the applications of nucleic acid therapeutics can be divided into two major categories:

 ① Direct antitumor therapy—achieving treatment by targeting tumor-driving genes or drug-resistance-associated genes;

 ② Tumor immunomodulation—achieving antitumor effects by activating or enhancing immune responses. Each of these application categories presents its own technical challenges and commercialization pathways.

 Neoantigen vaccines represent one of the most promising application areas for nucleic acid therapeutics in oncology. By sequencing the patient’s tumor tissue to identify patient-specific mutated antigens (neoantigens), and then using mRNA or DNA technology to synthesize personalized vaccines, it is theoretically possible to induce potent and specific T-cell responses against the tumor.BioNTech’s autogene cevumeran and Moderna’s mRNA-4157 are at the forefront of this field. Their personalized mRNA neoantigen vaccines have demonstrated encouraging results in preliminary clinical trials for melanoma—the KEYNOTE-942 study showed that the combination of mRNA-4157 and pembrolizumab reduced the risk of recurrence by 44% compared to pembrolizumab monotherapy.Larger-scale confirmatory clinical trial data are expected to be presented at ASCO 2026.

Technology Type	Representative Projects	Company	Indications	Clinical Stage	Key Milestones	Market Potential
Personalized mRNA Vaccines	Autogene Cevumeran	BioNTech/Genentech	Melanoma	Phase II Clinical Trial	Phase III trial initiated	High-Precision Medicine
Personalized mRNA Vaccine	mRNA-4157	Moderna/Merck	Melanoma	Phase II Clinical Trial	Positive in KEYNOTE-942	High—IO combination validation
siRNA	patisiran	Alnylam	ATTR Amyloidosis	Approved	Exploring tumor indications	New indications
ASO	IONIS-EGFRRx	Ionis/AstraZeneca	NSCLC	Phase I clinical trial	Novel delivery platform	To be validated
tRNA	Novel tRNA therapeutics	Multiple startups	Oncology	Preclinical	Proof of concept	Early-stage

 The integration of nucleic acid therapeutics with ADC platforms is another cutting-edge direction worthy of attention. If antibody-mediated nucleic acid delivery can be successfully achieved, it will open up an entirely new modality for cancer treatment. While this area is still in the early exploratory stages, several academic studies and small-scale preclinical data have already provided proof of concept. For ADC companies, developing nucleic acid delivery technologies may be a key pathway for platform upgrades.

 5.3 Cross-Modality Evaluation Framework

 Faced with a bewildering array of new technologies, decision-makers need to establish a systematic evaluation framework to distinguish between “technological gimmicks” and platform technologies that possess genuine long-term barriers to entry. The lack of this evaluative capability is often a major cause of investment failure.

Evaluation Dimensions	Core Issues	Evaluation Criteria	Common Pitfalls	Decision Recommendations
Technological Moat	How High Are the Technical Barriers?	Scope of patent protection, platform replicability, depth of know-how accumulation	Over-reliance on a single scientist, patent barriers being circumvented	Prioritize projects with systematic technological advantages
Manufacturing Feasibility	Can it be produced at scale?	Process complexity, cost controllability, and supply chain maturity	Laboratory scale ≠ commercial scale	Establish a CMC team early on and plan the path to scale
IP Strategy	Is the intellectual property clear?	Core patent scope of protection, FTO analysis, and licensing agreement restrictions	Patent jungle pitfalls, risks of licensing dependency	Complete an independent FTO analysis prior to investment
Commercialization Path	How to realize commercial value?	Pricing strategies, market entry barriers, and patient access design	Overlooking Payer and Market Access Challenges	Assessing technical feasibility from a commercialization perspective

 Manufacturing feasibility is often the critical dividing line between success and failure in the commercialization of new technologies. Take CAR-T as an example: the personalized production model presents complex logistical challenges and cost pressures. Despite significant efficacy, access remains limited—the average wait time for CAR-T therapy in the U.S. market exceeds three weeks, and many patients experience disease progression while waiting. The evaluation should focus on:

 ① Production success rate—whether qualified products can be produced within an acceptable timeframe;

 ② Cost structure—what are the primary cost drivers, and is there room for reduction;

 ③ Path to scaling—Is the technical roadmap clear, from autologous to allogeneic and from personalized to off-the-shelf therapies?

 5.4 Outlook for Hybrid Strategies

 The convergence of macromolecules, small molecules, and XDCs is creating unprecedented therapeutic possibilities. The rise of this “hybrid strategy” stems from a fundamental understanding: drugs of different modalities possess complementary strengths and limitations, and rational combinations can achieve superior therapeutic outcomes.

 ADC+IO is the most typical example of a hybrid strategy. ADCs directly kill tumors by precisely delivering cytotoxic drugs, while the released drug antigens may activate antitumor immune responses, creating an “in situ vaccine” effect. Additionally, tumor cell death induced by ADCs can release neoantigens, enhancing immunogenicity. This mechanism provides the theoretical basis for the combination of ADCs and immune checkpoint inhibitors.The 2026 ASCO Annual Meeting is expected to present additional key data on ADC+IO combination therapy, including safety analyses, efficacy updates, and findings from biomarker exploration.

 Looking ahead, expanding into non-oncology indications will also become a key direction for hybrid strategies. Explorations of ADC technology in areas such as autoimmune diseases (e.g., inflammatory bowel disease) and metabolic diseases (e.g., obesity) are currently underway.In 2025, Immunomedics (Gilead) announced positive results from an exploratory study of its TROP2 ADC in inflammatory bowel disease, opening up new possibilities for expanding the value of the ADC platform. If these efforts prove successful, they will significantly broaden the value potential of the antibody-drug conjugate platform.

6.0. On-Site Strategies at the chicago biotech conference: Mastering ASCO Like a Seasoned Veteran

 The scale of the ASCO Annual Meeting (~45,000 attendees) means that efficient time management is a skill that requires deliberate practice. This chapter offers practical insights—from navigating the venue to networking opportunities—to help you maximize information gathering and professional networking within the limited time available.

 6.1 Maximizing Efficiency at the Venue

 McCormick Place serves as the main venue for the ASCO Annual Meeting. This massive convention complex features over 2.5 million square feet of exhibition and conference space. Familiarizing yourself with the venue layout is the first step toward efficient attendance. For first-time attendees, we recommend arriving half a day early—typically on Sunday—before the official sessions begin to scout the venue and become familiar with the locations of key functional areas and traffic flow.

•  Layout of McCormick Place’s Core Areas:
•  North Building: Home to the General Session and Education Sessions; approximately a 10-minute walk
•  South Building: Poster presentation areas (Halls A/B), industry exhibition area, and media center; typically the busiest area
•  West Building: Hosts clinical science workshops and young investigator sessions, ideal for in-depth academic exchange
•  Time Management Strategies:
•  ① Schedule key academic presentations for the morning whenever possible—research shows that audiences are more focused during morning sessions, and presenters are typically in better form
•  ② The best time to visit the poster area is between 3:00 and 5:00 PM—this is when presenters are required to be present at their posters, and foot traffic is relatively lighter, allowing for in-depth discussions
•  ③ Set aside lunch time for a quick review of posters—many side events and luncheons are not particularly information-dense, so independently scheduling poster viewing is more efficient

Time Slot	Recommended Activities	Points to Note	Tips for Maximizing Efficiency	Alternatives
7–9 AM	Registration/Exhibition Opens	Off-Peak Registration	Complete registration online in advance	Proceed directly to the venue
9:00 AM–12:00 PM	General Session/Oral	Reserve a seat in advance	Choose an aisle seat for easy access	Watch the video recording
12:00 PM–2:00 PM	Poster Viewing/Side Events	Manage your time	Identify target poster numbers in advance	Quick lunch + posters
2:00 PM – 5:00 PM	Education/Poster	Visits in batches	No more than 10 posters per group	Group activities
5:00–7:00 PM	Social Event/KOL	Stay energized	Book in advance to avoid walk-ins	Online Meetings
Evening, 7–9 PM	Industry receptions	Attend selectively	Prioritize events hosted by companies or organizations	Team Debriefing

 Regarding dining and rest areas, dining options inside McCormick Place are limited and tend to be on the expensive side.

 Recommendations:

 ① Bring your own water and snacks to stay hydrated and energized while at the venue;

② It’s a 10-minute walk to the Taxi Area at Terminal 1, where you’ll find more dining options;

 ③ The academic exchange area usually offers coffee and light refreshments, making it a good spot for a quick break.

 6.2 Building a Network: A Practical Guide to Business Networking

 The networking value of ASCO is often underestimated. In fact, a significant proportion of business development deals and partnership agreements are finalized during private conversations held during the conference. However, achieving high-quality networking requires proactive planning and a moderate investment of time and effort.

•  Recommended High-End Business Restaurants in Chicago:
•  ① Gibsons Bar & Steakhouse (near Michigan Avenue) — A classic American steakhouse, ideal for important business dinners; lunch costs approximately $80–120 per person
•  ② The Purple Pig (near Millennium Park) — Italian cuisine, suitable for small team dinners, approximately $50–70 per person
•  ③ Girl & The Goat (near the Randolph Corridor) — Creative cuisine, perfect for breaking the ice; requires a reservation two weeks in advance
•  Venue Options for Closed-Door Meetings:
•  ① McCormick Place features small meeting rooms that can be reserved in advance via the ASCO website, but availability is limited
•  ② Hotel business centers — Large hotels such as Hilton and InterContinental typically offer meeting room rentals; contact them in advance for special rates
•  ③ Online video alternatives — If participants cannot attend in person, prepare Zoom or Teams meeting links in advance as a backup plan

Scenarios	Response Strategies	Script Templates	Points to Note	Tips for Success
Chance Encounters with KOLs in Elevators	Brief Greeting + Scheduling	“Dr. X, I’ve been following your recent work on… Can we schedule a 15-minute meeting later?”	Keep it under 1 minute	Bring business cards
Conversation at the poster	Ask a question + express interest	“Your results on X are intriguing. What are your plans for Y?”	Don’t try to sell on the spot	Record contact information
Networking at Side Events	Build connections + follow up	“I work on similar problems at… Would you be open to a call next week?”	Connect on LinkedIn right away	Send a connection request
Catching up with old friends	Brief Update + New Topic	“We recently started working on… Have you seen similar trends?”	Keep it brief	Avoid Monopolizing the Conversation

 6.3 Digital Amplifiers: Content Strategy and Influence Building

 ASCO shouldn’t just be a one-way source of information; it should be an opportunity for two-way influence building. Through a systematic content strategy, you can establish an expert image within professional communities while creating lasting value for your organization.

•  LinkedIn Content Strategy:
•  ① Daily Roundup: At the end of each half-day session, post a thread summarizing 3–5 key takeaways. Spend 30 minutes organizing your thoughts—keep the information concise yet insightful.
•  ② In-Depth Analysis: Write 500–800-word commentaries on key reports you’re tracking, establishing a unique perspective—avoid repeating content from official abstracts
•  ③ KOL Engagement: Share and comment on industry KOLs’ perspectives rather than simply liking their posts—demonstrate your professional analytical skills
•  WeChat Ecosystem Content Strategy:
•  ① Team Daily Report: Send 3 key takeaways daily to internal groups to help colleagues who couldn’t attend catch up quickly—keep information concise
•  ② In-depth Official Account Articles: Publish a systematic conference report within one week of the event to capitalize on momentum and attract attention—ensure clear structure
•  ③ Short Videos: Ideal for fast-paced dissemination, but content must include clear “key takeaways” — Keep it under 60 seconds

Content Formats	Production Timeline	Release Timing	Expected Impact	Recommended Resource Allocation
Twitter/LinkedIn Thread	30 minutes per post	Same day	Rapid reach, industry exposure	Must Do
Moments/WeChat Group Express	10 minutes per post	Same Day	Internal discussion, team updates	Must Do
In-depth Official Account Articles	3–5 hours per article	Within 1 week after the meeting	Long-tail traffic, professional image	Optional
Video Editing	1–2 hours per video	Same day or next day	Visual and engaging, highly shareable	Available upon request
Podcast Interviews	1 hour per episode	One month after the event	In-depth discussion, long-term value	Optional

 The core principle of content strategy is “differentiation, not homogenization.” During ASCO, a flood of homogeneous content will dominate social media—shared abstracts and pasted slide screenshots. To stand out, you need to offer a unique perspective:

 ① Personal interpretation rather than simple regurgitation—your professional background and industry experience are unique assets;

 ② Comparative analysis—comparisons with historical data, competitors, and treatment standards;

 ③ Practical recommendations—industry reports can tell readers “what happened,” but your analysis tells them “what to do.”

7.0 . 100-Day Post-chicago biotech conference — ASCO 2026 Action Plan

 The ASCO conference experience shouldn’t end the moment you leave Chicago. True value creation happens after the conference—transforming the intense flow of information into actionable insights and turning fleeting inspiration into sustained action. This chapter provides a systematic 100-day implementation plan to help you turn ASCO insights into business value.

 7.1 “Transformation Toolkit” Implementation Templates

•  [Template 1: Project Feasibility Assessment Checklist]
•  Applicable Scenarios: Evaluating whether to pursue a new technology or target
• Key Dimensions:
  •  ① Maturity of clinical data (Phase I vs. III)
  •  ② Clarity of the competitive landscape (number of similar projects)
  •   ③ Platform Technology Scalability (Can it be extended to other indications?)
  •   ④ Team Capability Alignment (availability of relevant talent)
  •   ⑤ Feasibility of the Commercialization Path (Pricing, Market Access, Competition)
•  [Template 2: Internal Reporting Structure]
• Suggested Structure:
  •  ① 5-minute industry background (why it matters)
  •  ② 10 minutes on core technical data (What it is)
  •  ③ 10-minute analysis of competition and opportunities (How)
  •  ④ 5-minute recommended actions (What to do)
•  [Template 3: Framework for a BD Project Evaluation Report]
• Recommended Structure:
  • ①Executive Summary (one page)
  •  ②Technical Platform Assessment (Innovation in Mechanism)
  •  ③ Clinical Data Analysis (Quality, Scale, Progress)
  •  ④Competitive Landscape Analysis (Market Saturation)
  •  ⑤ Valuation and Risk Assessment (IRR, NCE Probability)
  •  ⑥Recommendations and Next Steps (Continue Monitoring / Discard / Conduct In-Depth Due Diligence)

Stage	Timeframe	Core Tasks	Deliverables	Responsible Department
Week 1–2: Organization	Weeks 1–2 of June	Data collection, note organization, preliminary categorization	ASCO database, core information index	Full team participation
Weeks 3–4: Analysis	Weeks 3–4 of June	In-depth analysis, competitive benchmarking, opportunity screening	Market Segment Analysis Report, Key Focus List	Led by R&D/BD
Month 2: Decision-Making	July	Internal Presentation, Resource Assessment, Decision-Making	Project Proposal, Internal Decision Memo	Management Decision
Month 3: Execution	August	Project launch, partner outreach, execution planning	Project Launch Plan, BD Contact Log	Execution Team

 7.2 Differentiated Globalization Pathways for Chinese/Asian Pharmaceutical Companies

 ASCO serves as the optimal window for observing the competitive landscape of global pharmaceutical companies. For Chinese pharmaceutical companies, globalization has shifted from an “optional choice” to a “mandatory requirement”—under the dual pressures of volume-based procurement and medical insurance negotiations, relying solely on the domestic market is insufficient to sustain long-term corporate growth; meanwhile, companies that have successfully expanded overseas have begun to reap the global value returns of innovative drugs (such as BeiGene’s Zebrutinib and Legend Biotech’s Cidagioren).

 However, charting a differentiated path to globalization requires deep reflection and systematic planning. The following three approaches each have their own advantages and disadvantages, and companies must choose based on their specific circumstances:

•  ① Technology Follow-on + Cost Leadership: Providing products of equivalent quality at lower costs in mature therapeutic areas. This approach is suitable for the highly competitive yet massive generic drug market. Its advantages include low risk and quick results, but its disadvantages are limited profit margins and low competitive barriers. Typical example: CDMO services for generic ADCs.
•  ② Fast Follow + Indication Differentiation: Rapidly follow-on in popular target areas while targeting niche indications overlooked by major pharmaceutical companies. This path requires precise judgment in target selection and indication strategy. Typical example: Deep engagement in the gastric cancer field with Claudin 18.2 ADCs.
•  ③ Original Innovation + Global Expansion: Continuous investment in original targets or technology platforms, coupled with multi-center clinical trials across China, the U.S., and Europe to establish global competitiveness. This path requires long-term capital support and risk tolerance, but success can yield significant returns. Typical example: Exploration of new targets in cell therapy fields such as CAR-T and TIL.
•  Differentiated Global Access Strategies:
•  ① Mature Market Strategy: Focus on “unmet clinical needs”—targeting rare mutations, refractory patients, and post-resistance treatment scenarios—while maintaining high alignment with FDA/EMA regulatory expectations
•  ② Emerging Market Strategy: Price accessibility + localized production—reduce pricing through technology transfer and licensed manufacturing while establishing local operational capabilities
•  ③ Regulatory Strategy: Simultaneous deployment in China, the U.S., Europe, and Japan—Utilizing data recognition under the ICH framework to reduce duplicate trials, while preparing contingency plans for supply chain and regulatory submission strategies amid the complex evolution of U.S.-China relations

Model	Representative Companies	Core Advantages	Key Challenges	Applicable Scenarios	Risk Level
In-house Commercialization	BeiGene	Global team, comprehensive capabilities	High investment, long development cycle	Blockbuster-level products	High
License Out	Rongchang Biopharmaceuticals	Quick monetization, risk transfer	Limited control	Early-stage product technology	Mid
Strategic partnerships	Cinda Biotech	Resource integration, risk sharing	Complex coordination of interests	Platform-level technology	Mid-
Localized Production	Fuhong Hanlin	Cost advantages, market access	Challenges in technology transfer	Biosimilars	Low

 7.3 Conclusion and Outlook

 The 2026 ASCO meeting stands at a unique historical juncture. Cancer treatment is transitioning from an era of “standardization” to a new era of “ultimate personalization and global accessibility.” New modalities such as ADCs, XDCs, cell therapies, and nucleic acid drugs are breaking down the boundaries between them, creating unprecedented therapeutic possibilities. Meanwhile, the deep integration of AI, multi-omics, and digital tools is reshaping the entire chain from target discovery to patient management.

 However, technological progress does not automatically translate to patient benefit. Amid this sweeping technological revolution, we must not lose sight of a fundamental question: Will all these innovations ultimately reach the patients who need them? This requires us—as industry professionals, policymakers, and investors—to keep patient access at the forefront of our minds while pursuing technological advancement.

 Here are some open-ended questions for reflection:

•  ① In the highly crowded ADC space, what kind of differentiated innovation truly matters?
•  ② As CAR-T therapy begins to expand into solid tumors, are we prepared to address entirely new safety challenges?
•  ③ Against the backdrop of intensifying global competition, what are the unique strengths of Chinese pharmaceutical companies?
•  ④ As AI becomes deeply integrated into drug R&D, how will the roles of scientists and physicians evolve?

 The answers to these questions will gradually emerge at future ASCO Annual Meetings. Let’s attend the conference with questions in mind, return with answers (and even more questions), turn insights into action, and ensure that innovation truly benefits patients.

8.0. chicago biotech conference Frequently Asked Questions (FAQ)

 Q1: What is the central theme of the 2026 ASCO Annual Meeting?

•  A1: The 2026 ASCO Annual Meeting is themed “The Science and Practice of Translation.”The core themes focus on the latest advancements in the ADC/XDC space, Immunotherapy 2.0 and CGT breakthroughs, the clinical application of new endpoints such as MRD and ctDNA, and innovative technologies for small-molecule targeted therapies. With approximately 44,900 professionals attending from around the world, it is the most important annual event in the field of oncology drug R&D.

 Q2: How can one effectively leverage the ASCO Annual Meeting to gather BD intelligence?

• A2: The key to efficient BD intelligence gathering lies in:
  •  ① Subscribing to LBA release alerts via the ASCO website or app in advance and setting up keywords of interest;
  •  ② Establish a standard “ask-record-follow-up” process at the IET (Industry Expert Theater) and poster sessions;
  •  ③ Bring prepared business cards and 2–3 targeted questions;
  •  ④ Send a thank-you email within 24 hours of the event, attaching a summary of your collaboration proposal. The core principle is “high-quality dialogue, not just exchanging business cards.”

 Q3: What are the most noteworthy targets in the ADC field right now?

• A3: In addition to the traditional HER2, the following targets are worth noting:
  •  ① TROP2—a representative pan-tumor ADC, already approved for TNBC and urothelial carcinoma, with HR+ breast cancer indication nearing approval;
  •  ② Claudin 18.2—a new precision therapy target for gastric cancer, with a large patient population in China;
  •  ③ Nectin-4 — Padcev has demonstrated clinical value; its combination with PD-1 has become the standard of care for first-line treatment of UC;
  •  ④ B7-H3 — A broad-spectrum target for solid tumors, with multiple early-stage projects currently in development.

 Q4: What is the current status of CAR-T therapy for solid tumors?

• A4: CAR-T therapy for solid tumors is currently one of the most active areas of research. Key technological breakthroughs include:
  •  ① Logic-gated CARs—enhancing tumor specificity through AND logic gate design;
  • ② Armored CAR—secretes immune stimulatory factors to improve the TME;
  •  ③ Claudin 18.2 CAR-T—Kejie Pharmaceuticals’ CT041 has demonstrated clinical benefits in gastric cancer;
  •  ④ TIL therapy—Lifileucel has been approved by the FDA for melanoma. More long-term follow-up data will be presented at ASCO 2026.

 Q5: How can Chinese pharmaceutical companies leverage ASCO to expand their global footprint?

• A5: Recommendations for Chinese pharmaceutical companies’ ASCO globalization strategies:
  •  ① Build academic reputation through high-quality clinical data—an ASCO oral presentation is a hallmark of global influence;
  •  ② Actively establish business development partnerships with multinational pharmaceutical companies—consider licensing out or strategic collaborations;
  •  ③ Use the ASCO platform to understand the global competitive landscape—knowing both your own strengths and the competition is key to differentiated positioning;
  •  ④ Focus on market access opportunities in emerging markets—regions such as Southeast Asia and South America are becoming new growth drivers.