Kelun Biotech (6990.HK): Lung06 met primary endpoint; further validates sac-TMT as 1L NSCLC backbone

Research evidence excerpt

Kelun Biotech (6990.HK): Lung06 met primary endpoint; further validates sac-TMT as 1L NSCLC backbone

Equity Research

15 July 2026 | 12:31PM HKT

Kelun Biotech (6990.HK): Lung06 met primary endpoint; further

validates sac-TMT as 1L NSCLC backbone

PFS superiority announced for OptiTROP-Lung06: On July 15th, Kelun Biotech Ziyi Chen

+852-2978-0526 | ziyi.chen@gs.com

announced positive topline for the China ph3 OptiTROP-Lung06 trial (1L nsq-NSCLC Goldman Sachs (Asia) L.L.C.

with PD-L1 TPS<1%) meeting the primary endpoint (PFS). In a head-to-head Linhai Zhao, Ph.D.

comparison with the SOC (pembro plus pemetrexed/platinum combo), +852-3966-4059Goldman Sachs (Asia)| linhai.zhao@gs.comL.L.C.

sac-TMT/pembro combo demonstrated significantly prolonged PFS and a positive

OS trend, as well as a manageable safety profile with no new safety findings. The

positive topline of OptiTROP-Lung06 marks another significant China ph3 success in

1L NSCLC after the bar-setting success of OptiTROP-Lung05 (PFS HR of 0.35 in 1L

NSCLC with PD-L1 TPS≥1%) at ASCO2026 (see our takeaways, LINK, LINK), and more

importantly provided direct evidence of superiority of sac-TMT/pembro combo over

the pembro/chemo combo (vs. Lung05 trial which used pembro mono as the control

arm).

Eyes on ESMO for data details, reiterate expectation of 9-12m PFS: With the

positive topline announcement, we expect detailed data to be shared at an

upcoming conference, noting that mgmt were considering the ESMO LBA submission

(see our Corp Day takeaway). We reiterate our previous expectations of 9-12m of

PFS for Lung06, based on 1) the China ph2 OptiTROP-Lung01 trial that showed

12.4m of PFS in the TPS<1% subgroup for sac-TMT/A167 combo, and 2) the

incremental information from Lung05 trial that we estimated mPFS of 13-15m for