NovaBridge (NASDAQ: NBP) ramps R&D in 2025 with $210.8M cash runway to 2028
Rhea-AI Filing Summary
NovaBridge Biosciences reported a larger full-year 2025 loss while strengthening its balance sheet and advancing two lead drug programs. The company posted a net loss attributable to NovaBridge of $46.3 million from continuing operations, compared with $22.2 million in 2024, as research and development spending more than doubled to $62.9 million, driven mainly by in‑process R&D for VIS‑101 and the Bridge Health acquisition. Administrative expenses were $31.4 million, slightly higher year over year.
Cash, cash equivalents and short‑term investments reached $210.8 million as of December 31, 2025, aided by a $61.7 million underwritten equity offering, and are expected to fund operations through 2028. The pipeline is led by givastomig, a Claudin 18.2 × 4‑1BB bispecific antibody for first‑line gastric cancer, which showed a 75% objective response rate and 16.9‑month median progression‑free survival in Phase 1b, and has potential eligibility for the FDA’s Accelerated Approval Pathway with a registrational Phase 3 trial targeted as early as late 2026. VIS‑101, a VEGF‑A × ANG‑2 inhibitor for wet age‑related macular degeneration, delivered rapid, durable responses in Phase 2a with roughly half of treatment‑naïve patients remaining retreatment‑free at six months, and is planned to enter Phase 2b in the second half of 2026.
Positive
- None.
Negative
- None.
Insights
NovaBridge increased R&D and losses but now has multi‑year cash runway backing two de‑risked mid‑stage assets.
NovaBridge exited 2025 with no revenue and a net loss attributable to the company of $46.3 million, roughly double 2024, as it ramped R&D to $62.9 million to acquire and advance VIS‑101 and other assets. This reflects a deliberate shift toward a global platform model with four clinical‑stage programs.
The balance sheet is notably stronger: cash, cash equivalents and short‑term investments totaled $210.8 million at December 31, 2025, including $61.7 million in net proceeds from an underwritten offering, and management expects this to fund operations through 2028. Operating cash outflow from continuing operations narrowed to $20.6 million, helped by working‑capital movements and non‑cash IPR&D charges.
On the clinical side, givastomig’s Phase 1b data in first‑line gastric cancer show a 75% objective response rate and 16.9‑month median progression‑free survival across Claudin 18.2 expression levels, alongside FDA feedback supporting potential use of the Accelerated Approval Pathway for a planned Phase 3 starting as early as year‑end 2026. VIS‑101’s Phase 2a wet‑AMD results—mean BCVA gains above 10 ETDRS letters and about half of treatment‑naïve patients retreatment‑free at six months—support a possible best‑in‑class durability profile ahead of Phase 2b initiation in the second half of 2026 and a global Phase 3 in 2027.
Key Figures
Key Terms
Accelerated Approval Pathway regulatory
bispecific antibody medical
redeemable noncontrolling interests financial
Phase 2b medical
in-process R&D (IPR&D) financial
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
For the month of April 2026
Commission File Number: 001-39173
NovaBridge Biosciences
2440 Research Boulevard, Suite 400
Rockville, MD 20850
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F ☒ Form 40-F ☐
On April 7, 2026, NovaBridge Biosciences issued a press release, and a corporate presentation, copies of which are furnished herewith as Exhibit 99.1 and Exhibit 99.2, respectively.
EXHIBIT INDEX
Exhibit No. |
Description |
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99.1 |
Press Release - NovaBridge Reports Full Year 2025 Financial Results and Provides Business Update |
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99.2 |
Corporate Presentation - April 7, 2026 |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
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NovaBridge Biosciences |
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By |
: |
/s/ Xi-Yong Fu |
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Name |
: |
Xi-Yong (Sean) Fu |
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Title |
: |
Chief Executive Officer |
Date: April 7, 2026
Exhibit 99.1
NovaBridge Reports Full Year 2025 Financial Results and Provides Business Update
ROCKVILLE, MD, April 7, 2026 – NovaBridge Biosciences (Nasdaq: NBP) (“NovaBridge” or the “Company”), a global biotechnology platform company committed to accelerating access to innovative medicines, today announced financial results for the full year ended December 31, 2025, and highlighted recent pipeline progress and business updates for its two lead investigational programs, givastomig (Phase 2, directed to gastric cancer), and VIS-101 (Phase 2, targeting wet age-related macular degeneration, or wet AMD).
“2025 was a consequential year for NovaBridge, with our successful transformation to a global biotech platform. The accelerated momentum that we have experienced over the last quarter – marked by compelling proof-of-concept data for our two potential class-leading, blockbuster product candidates, givastomig and VIS-101 -- serves as strong validation of our strategy,” said Fu Wei, Executive Chairman of the Board of NovaBridge. “With the expansion of NovaBridge’s Board of Directors and the executive leadership team of both NovaBridge and our Visara subsidiary, I believe we have the experience to execute on our 2026 milestones and the next phase of growth. We remain steadfast in our commitment to bring innovative medicines to the global community and create value for our investors.”
“Compelling clinical results from the last quarter have reinforced the class-leading potential for givastomig and VIS-101 and meaningfully de-risked their clinical paths forward. For givastomig, the FDA confirmed potential eligibility for an Accelerated Approval pathway at a productive Type B meeting, following robust potential best-in-class Phase 1b efficacy and favorable overall tolerability results. At the same time, VIS-101 continues to advance in wet AMD following its successful Phase 2a readout showing rapid, robust, durable and potential best-in-class responses,” said Sean Fu, PhD, MBA, Chief Executive Officer of NovaBridge. “We are building on these outstanding achievements to initiate next-stage studies for both programs this year, bringing them one step closer to commercialization and to patients in need.”
Pipeline Overview and Potential Upcoming Milestones
NovaBridge’s late-stage potential class-leading pipeline is led by givastomig for the treatment of gastric cancer, and VIS-101 for the care of wet AMD:
Givastomig Update
Givastomig, a bispecific CLDN18.2 X 4-1BB antibody targeting Claudin 18.2-positive (CLDN 18.2+) tumor cells, is being developed for the treatment of first line (1L) metastatic gastric cancer. Currently, there are approximately 180,0001
patients diagnosed with 1L gastric cancer in the US/EU5 and Japan, among which, approximately 105,0002,3 cases are Her2-/CLDN18.2 positive.
NovaBridge reported positive Phase 1b dose expansion data in January 2026 demonstrating:
Givastomig has broad potential in gastric cancer and other CLDN18.2+ tumors such as pancreatic ductal adenocarcinoma and biliary tract cancer.
In March 2026, NovaBridge reported givastomig’s potential eligibility for an Accelerated Approval Pathway in 1L Her2-, CLDN18.2+, PD-L1+ patients with gastroesophageal carcinoma.
Upcoming Givastomig Milestones:
VIS-101 Update and Upcoming Milestones
VIS-101, a dual purpose-designed VEGF-A X ANG-2 inhibitor, is being developed for wet AMD, estimated to affect more than 20 million people globally4.
Visara reported positive Phase 2a data in February 2026 demonstrating:
VIS-101 has broad potential in retinal vascular diseases including wet AMD, diabetic macular edema (DME) and retinal vein occlusion (RVO), which, together, affect more than 57 million people globally4.
Upcoming VIS-101 Milestones:
2025 Selected Corporate Development Highlights:
Executive Appointments:
Strategic Business Development Transactions:
Full Year 2025 Financial Results
Cash Position
As of December 31, 2025, the Company had cash, cash equivalents, and short-term investments of $210.8 million. The Company’s current cash position is expected to support operations through 2028.
Shares Outstanding
As of December 31, 2025, the Company had 265,377,891 ordinary shares issued and outstanding, representing the equivalent of 115,381,692 ADSs, assuming the conversion of all ordinary shares into ADSs.
Research & Development Expenses
Research and development (R&D) expenses were $62.9 million for the year ended December 31, 2025, compared to $21.8 million for the year ended December 31, 2024, an increase of $41.1 million primarily attributable to the recognition of in-process R&D (IPR&D) expenses related to the acquisition of VIS-101 through the Visara transaction and the Bridge Health asset acquisition, partially offset by reimbursements recognized under an existing collaboration agreement with ABL Bio Inc. (ABL Bio) and lower employee benefit and compensation expenses resulting from a lower headcount.
Administrative Expenses
Administrative expenses were $31.4 million for the year ended December 31, 2025, compared to $29.7 million for the year ended December 31, 2024, an increase of $1.7 million. The increase was primarily attributable to a higher employee share-based compensation expense related to the market and service-based awards, as well as an increased professional service expenses in the current period, partially offset by lower legal expenses and reduced employee benefit and compensation expenses resulting from a lower headcount. The employee share-based compensation expense during the year ended December 31, 2024 included forfeitures in connection with the divestiture of our Greater China assets and business operations.
Interest Income
Interest income was $7.6 million for the year ended December 31, 2025, compared to $7.5 million for the year ended December 31, 2024. The increase was primarily attributable to slightly higher average investable cash balances.
Other Income (Expenses), Net
Other expenses, net were $1.7 million for the year ended December 31, 2025, compared to $4.7 million for the year ended December 31, 2024. The change was primarily attributable to the settlement of repurchase obligations associated with the TJ Biopharma redemptions in the prior period, smaller impacts from foreign exchange losses recognized in 2025, and recognition of an accumulated gain associated with the available-for-sale-debt securities, partially offset by the changes in the fair value and extinguishment of put-right liabilities, as well as fair value changes in our equity securities.
Equity in Loss of Affiliates
Equity in loss of affiliates was zero for the year ended December 31, 2025, compared to $1.0 million for the year ended December 31, 2024. The decrease was driven by no further recognition of allocated losses from our unconsolidated investee, as the investee no longer qualified for equity method accounting
Net Loss from Continuing Operations
Net loss from continuing operations was $88.3 million for the year ended December 31, 2025, compared to $49.7 million for the year ended December 31, 2024. Net loss per share from continuing operations attributable to ordinary shareholders was $(0.21) for the year ended December 31, 2025 compared to $(0.27) for the year ended December 31, 2024.
Gain (Loss) from Discontinued Operations
Net loss from discontinued operations was zero for the year ended December 31, 2025, compared to a net gain of $27.5 million for the year ended December 31, 2024.
Net Loss Attributable to Redeemable Noncontrolling Interests
Net loss attributable to redeemable Noncontrolling Interests (“NCI”) was $42.1 million for the year ended December 31, 2025, compared to $0.0 million for the year ended December 31, 2024. The loss represents the allocation of the operating losses incurred by our subsidiary Visara for the year ended December 31, 2025 to noncontrolling interests based on the liquidation preferences associated with the Series A Subscription Agreement. The allocation reduced the carrying value of the redeemable NCI to zero in our consolidated balance sheets as of December 31, 2025. There was no noncontrolling interest for the year ended December 31, 2024.
Net Loss attributable to NovaBridge
Net loss attributable to NovaBridge was $46.3 million for the year ended December 31, 2025, compared to $22.2 million for the year ended December 31, 2024. Net loss per share attributable to ordinary shareholders was $(0.21) for the year ended December 31, 2025 compared to $(0.12) for the year ended December 31, 2024.
About Givastomig
Givastomig (TJ033721 / ABL111) is a bispecific CLDN 18.2 X 4-1BB antibody targeting Claudin 18.2 (CLDN18.2)-positive (CLDN 18.2+) tumor cells. It conditionally activates T cells through the 4-1BB signaling pathway in the tumor microenvironment where CLDN18.2 is expressed. Givastomig is being developed for potential treatment of gastric cancer and other Claudin 18.2+ gastrointestinal malignancies. In Phase 1 trials, givastomig has shown promising anti-tumor activity attributable to a potential synergistic effect of the proximal interaction between CLDN18.2 on tumor cells and 4-1BB on T cells in the tumor microenvironment, while minimizing toxicities commonly seen with other 4-1BB agents.
Givastomig is being jointly developed through a global partnership with ABL Bio, in which NovaBridge is the lead party and shares worldwide rights, excluding Greater China and South Korea, equally with ABL Bio.
About VIS-101
VIS-101 (also known as ASKG712 or AM712), purpose-designed to be best-in-class, is a dual VEGF-A X ANG-2 inhibitor in development for the treatment of retinal vascular diseases, such as wet age-related macular degeneration (wet AMD), diabetic macular edema (DME) and retinal vein occlusion (RVO), which, together, affect more than 57 million people globally4. VIS-101’s bispecific, tetravalent design format provides more binding sites and increased VEGF-A and ANG-2 affinity, for rapid, robust and class-leading durable responses. VIS-101 has completed initial safety and dose-escalation studies in both the US and China and a randomized, dose-ranging 2a study in China (NCT05456828). VIS-101 is expected to advance to a dose-determining Phase 2b study in 2026, with initiation of the global Phase 3 program in 2027.
NovaBridge is the majority shareholder of Visara, and Visara controls global rights to VIS-101 outside of greater China and certain countries in Asia.
Source information:
About NovaBridge
NovaBridge is a global biotechnology platform company committed to accelerating access to innovative medicines. The Company combines deep business development expertise with agile translational clinical development to identify, accelerate, and advance breakthrough assets. By bridging science, strategy, and execution, NovaBridge enables transformative therapies to progress rapidly from discovery toward patients in need.
The Company’s differentiated pipeline is led by givastomig, a potential first-in-class and best-in-class, Claudin 18.2 X 4-1BB bispecific antibody, and VIS-101, purpose-designed to be a best-in-class dual VEGF-A X ANG-2 inhibitor.
Givastomig conditionally activates T cells via the 4-1BB signaling pathway in the tumor microenvironment where Claudin 18.2 is expressed. Givastomig is being developed to treat Claudin 18.2-positive gastric cancer and other gastrointestinal malignancies. The product candidate is being evaluated in a global, randomized Phase 2 study, following the recent announcement of positive topline results from a Phase 1b, multi-center, open label study in first line gastric cancer. The Company is also collaborating with its partner, ABL Bio, for the development of ragistomig, a bispecific antibody integrating PD-L1 as a tumor engager and 4-1BB as a conditional T cell activator, in solid tumors. Additionally, NovaBridge owns worldwide rights outside of China to uliledlimab, an anti-CD73 antibody that targets adenosine-driven immunosuppression in cancer.
VIS-101 targets VEGF-A and ANG-2 to provide more rapid, robust and durable treatment responses for patients with retinal vascular diseases including wet age-related macular degeneration, diabetic macular edema, and retinal vein occlusion. VIS-101 has completed a randomized, dose-ranging Phase 2a study for wet AMD and expects to initiate a dose-determining Phase 2b study in H2 2026. NovaBridge is the majority shareholder of Visara, Inc., and Visara controls global rights to VIS-101, outside of Greater China and certain countries in Asia.
For more information, please visit www.novabridge.com and follow us on LinkedIn.
Forward Looking Statements
This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will”, “expects”, “believes”, “designed to”, “anticipates”, “future”, “intends”, “plans”, “potential”, “estimates”, “confident”, and similar terms or the negative thereof. NovaBridge may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the SEC), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements in this press release include, without limitation, statements regarding: the Company’s expectations regarding its cash runway; the strategy, clinical development, plans, results, safety and efficacy for givastomig, VIS-101 and its other drug candidates; the strategic and clinical development of NovaBridge’s drug candidates, including givastomig, VIS-101, ragistomig, and uliledlimab; anticipated clinical milestones and results, and related timing. Forward-looking statements involve inherent risks and uncertainties that may cause actual results to differ materially from those contained in these forward-looking statements, including but not limited to the following: the Company’s ability to demonstrate the safety and efficacy of its drug candidates; the clinical results for its drug candidates, which may or may not support further development or New Drug Application/Biologics License Application (NDA/BLA) approval or eligibility for or achievement of Accelerated Approval Pathway; the content and timing of decisions made by the relevant regulatory authorities, including the FDA, regarding regulatory approval of the Company’s drug candidates; the Company’s ability to achieve commercial success for its drug candidates, if approved; the Company’s ability to obtain and maintain protection of intellectual property for its technology
and drugs; the Company’s reliance on third parties to conduct drug development, manufacturing and other services; the Company’s limited operating history and the Company’s ability to obtain additional funding for operations and to complete the development and commercialization of its drug candidates; the impact of macroeconomic conditions, including inflation, tariffs, volatile interest rates, regulatory uncertainty, potential government shutdowns, volatility in the capital markets, and regional and other global events, including ongoing armed conflicts in different regions of the world; and those risks more fully discussed in the “Risk Factors” section in the Company’s annual report on Form 20-F filed with the SEC on April 7, 2026 as well as the discussions of potential risks, uncertainties, and other important factors in the Company’s subsequent filings with the SEC. All forward-looking statements are based on information currently available to the Company. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as may be required by law.
I-Mab Investor & Media Contacts
PJ Kelleher |
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LifeSci Advisors |
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+1-617-430-7579 |
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pkelleher@lifesciadvisors.com |
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IR@imabbio.com |
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NovaBridge Biosciences
Consolidated Balance Sheets
As of December 31, 2025 and 2024
(All amounts in thousands, except for share data, unless otherwise noted)
|
|
As of December 31, |
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|||||
|
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2025 |
|
|
2024 |
|
||
Assets |
|
|
|
|
|
|
||
Current assets |
|
|
|
|
|
|
||
Cash and cash equivalents |
|
$ |
210,632 |
|
|
$ |
68,263 |
|
Short-term investments |
|
|
210 |
|
|
|
105,135 |
|
Prepayments and other receivables |
|
|
6,678 |
|
|
|
3,295 |
|
Total current assets |
|
|
217,520 |
|
|
|
176,693 |
|
Property, equipment and software |
|
|
140 |
|
|
|
201 |
|
Operating lease right-of-use assets |
|
|
2,809 |
|
|
|
3,597 |
|
Investments at fair value, available-for-sale debt securities (amortized cost of $0 and |
|
|
— |
|
|
|
30,824 |
|
Investments at fair value, equity securities |
|
|
37,241 |
|
|
|
— |
|
Other non-current assets |
|
|
2,812 |
|
|
|
1,365 |
|
Total assets |
|
$ |
260,522 |
|
|
$ |
212,680 |
|
|
|
|
|
|
|
|
||
Liabilities and shareholders’ equity |
|
|
|
|
|
|
||
Current liabilities |
|
|
|
|
|
|
||
Accruals and other payables (including amounts with related parties of $1,131 and $0, |
|
$ |
16,823 |
|
|
$ |
7,532 |
|
Other current liabilities |
|
|
9,180 |
|
|
|
106 |
|
Operating lease liabilities, current |
|
|
891 |
|
|
|
816 |
|
Total current liabilities |
|
|
26,894 |
|
|
|
8,454 |
|
Operating lease liabilities, non-current |
|
|
2,176 |
|
|
|
3,066 |
|
Other non-current liabilities |
|
|
511 |
|
|
|
— |
|
Total liabilities |
|
|
29,581 |
|
|
|
11,520 |
|
|
|
|
|
|
|
|
||
Shareholders’ equity |
|
|
|
|
|
|
||
Ordinary shares ($0.0001 par value, 800,000,000 shares authorized as of |
|
|
27 |
|
|
|
19 |
|
Treasury stock |
|
|
(5,042 |
) |
|
|
(6,225 |
) |
Additional paid-in capital |
|
|
1,526,718 |
|
|
|
1,460,021 |
|
Accumulated other comprehensive income |
|
|
41,546 |
|
|
|
33,384 |
|
Accumulated deficit |
|
|
(1,332,308 |
) |
|
|
(1,286,039 |
) |
Total shareholders’ equity |
|
|
230,941 |
|
|
|
201,160 |
|
Total liabilities and shareholders’ equity |
|
$ |
260,522 |
|
|
$ |
212,680 |
|
NovaBridge Biosciences
Consolidated Statements of Comprehensive Loss
For the Years Ended December 31, 2025, 2024 and 2023
(All amounts in thousands, except for share and per share data, unless otherwise noted)
|
|
Year Ended December 31, |
|
|||||||||
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|||
Revenues |
|
|
|
|
|
|
|
|
|
|||
Licensing and collaboration revenue |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
632 |
|
Total revenues |
|
|
— |
|
|
|
— |
|
|
|
632 |
|
Expenses |
|
|
|
|
|
|
|
|
|
|||
Research and development expenses (including amounts with related |
|
|
(62,905 |
) |
|
|
(21,770 |
) |
|
|
(21,448 |
) |
Administrative expenses (including amounts with related parties of |
|
|
(31,364 |
) |
|
|
(29,656 |
) |
|
|
(28,160 |
) |
Impairment of goodwill |
|
|
— |
|
|
|
— |
|
|
|
(23,041 |
) |
Total expenses |
|
|
(94,269 |
) |
|
|
(51,426 |
) |
|
|
(72,649 |
) |
Loss from operations |
|
|
(94,269 |
) |
|
|
(51,426 |
) |
|
|
(72,017 |
) |
Interest income |
|
|
7,611 |
|
|
|
7,486 |
|
|
|
9,294 |
|
Other expenses, net |
|
|
(1,682 |
) |
|
|
(4,718 |
) |
|
|
(8,090 |
) |
Equity in loss of affiliates |
|
|
— |
|
|
|
(1,038 |
) |
|
|
(11,404 |
) |
Loss from continuing operations before income tax expense |
|
|
(88,340 |
) |
|
|
(49,696 |
) |
|
|
(82,217 |
) |
Income tax expense |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Loss from continuing operations |
|
$ |
(88,340 |
) |
|
$ |
(49,696 |
) |
|
$ |
(82,217 |
) |
|
|
|
|
|
|
|
|
|
|
|||
Discontinued operations: |
|
|
|
|
|
|
|
|
|
|||
Loss from operations of discontinued operations |
|
$ |
— |
|
|
$ |
(6,898 |
) |
|
$ |
(125,512 |
) |
Income tax expense |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Gain on sale of discontinued operations |
|
|
— |
|
|
|
34,364 |
|
|
|
— |
|
Gain (loss) from discontinued operations |
|
$ |
— |
|
|
$ |
27,466 |
|
|
$ |
(125,512 |
) |
|
|
|
|
|
|
|
|
|
|
|||
Net loss |
|
$ |
(88,340 |
) |
|
$ |
(22,230 |
) |
|
$ |
(207,729 |
) |
Net loss attributable to redeemable noncontrolling interests |
|
|
(42,071 |
) |
|
|
— |
|
|
|
— |
|
Net loss attributable to NovaBridge |
|
$ |
(46,269 |
) |
|
$ |
(22,230 |
) |
|
$ |
(207,729 |
) |
|
|
|
|
|
|
|
|
|
|
|||
Comprehensive income (loss): |
|
|
|
|
|
|
|
|
|
|||
Net loss |
|
$ |
(88,340 |
) |
|
$ |
(22,230 |
) |
|
$ |
(207,729 |
) |
Unrealized gain (loss) on available-for-sale debt securities, net of tax |
|
|
11,580 |
|
|
|
(8,168 |
) |
|
|
— |
|
Reclassification of accumulated gains on available-for-sale debt |
|
|
(3,412 |
) |
|
|
— |
|
|
|
— |
|
Foreign currency translation adjustments, net of tax |
|
|
(6 |
) |
|
|
1,781 |
|
|
|
5,605 |
|
Total other comprehensive loss |
|
$ |
(80,178 |
) |
|
$ |
(28,617 |
) |
|
$ |
(202,124 |
) |
Comprehensive loss attributable to redeemable noncontrolling interests |
|
|
(42,071 |
) |
|
|
— |
|
|
|
— |
|
Comprehensive loss attributable to NovaBridge |
|
$ |
(38,107 |
) |
|
$ |
(28,617 |
) |
|
$ |
(202,124 |
) |
|
|
|
|
|
|
|
|
|
|
|||
Weighted-average number of ordinary shares used in calculating net |
|
|
220,258,932 |
|
|
|
186,728,372 |
|
|
|
191,423,850 |
|
Net loss per share from continuing operations attributable to NovaBridge |
|
$ |
(0.21 |
) |
|
$ |
(0.27 |
) |
|
$ |
(0.43 |
) |
Net gain (loss) per share from discontinued operations - basic and diluted |
|
$ |
— |
|
|
$ |
0.15 |
|
|
$ |
(0.66 |
) |
Net loss per share attributable to NovaBridge - basic and diluted |
|
$ |
(0.21 |
) |
|
$ |
(0.12 |
) |
|
$ |
(1.09 |
) |
|
|
|
|
|
|
|
|
|
|
|||
Net loss per ADS attributable to NovaBridge from continuing operations |
|
$ |
(0.48 |
) |
|
$ |
(0.61 |
) |
|
$ |
(0.99 |
) |
Net gain (loss) per ADS from discontinued operations - basic and diluted |
|
$ |
— |
|
|
$ |
0.34 |
|
|
$ |
(1.51 |
) |
Net loss per share attributable to NovaBridge - basic and diluted |
|
$ |
(0.48 |
) |
|
$ |
(0.27 |
) |
|
$ |
(2.50 |
) |
NovaBridge Biosciences
Consolidated Statements of Cash Flows
For the Years Ended December 31, 2025, 2024 and 2023
(All amounts in thousands, unless otherwise noted)
|
|
Year Ended December 31, |
|
|||||||||
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|||
Cash flows from operating activities |
|
|
|
|
|
|
|
|
|
|||
Net loss |
|
$ |
(88,340 |
) |
|
$ |
(22,230 |
) |
|
$ |
(207,729 |
) |
Less: net gain (loss) from discontinued operations |
|
|
— |
|
|
|
27,466 |
|
|
|
(125,512 |
) |
Net loss from continuing operations |
|
|
(88,340 |
) |
|
|
(49,696 |
) |
|
|
(82,217 |
) |
Adjustments to reconcile net loss to net cash used in operating activities |
|
|
|
|
|
|
|
|
|
|||
Share-based compensation |
|
|
5,974 |
|
|
|
(1,949 |
) |
|
|
10,239 |
|
Change in fair value and extinguishment of put right liabilities |
|
|
— |
|
|
|
(13,852 |
) |
|
|
1,118 |
|
Equity in loss of affiliates |
|
|
— |
|
|
|
1,038 |
|
|
|
11,404 |
|
Depreciation of property, equipment and software |
|
|
68 |
|
|
|
261 |
|
|
|
475 |
|
Impairment of goodwill |
|
|
— |
|
|
|
— |
|
|
|
23,041 |
|
Settlement of TJ Biopharma repurchase obligations |
|
|
— |
|
|
|
12,388 |
|
|
|
— |
|
Amortization of right-of-use assets |
|
|
788 |
|
|
|
717 |
|
|
|
586 |
|
Impairment of fixed assets |
|
|
— |
|
|
|
1,246 |
|
|
|
— |
|
(Gain) loss on disposal of property and equipment |
|
|
16 |
|
|
|
(11 |
) |
|
|
— |
|
Change in fair value of short-term and other investments |
|
|
— |
|
|
|
— |
|
|
|
(221 |
) |
Fair value of acquired IPR&D asset expensed to R&D costs, net cash paid |
|
|
42,071 |
|
|
|
— |
|
|
|
— |
|
Recognition of accumulated gain associated with available-for-sale debt |
|
|
(3,412 |
) |
|
|
— |
|
|
|
— |
|
Change in fair value of equity securities |
|
|
5,164 |
|
|
|
— |
|
|
|
— |
|
Changes in operating assets and liabilities |
|
|
|
|
|
|
|
|
|
|||
Prepayments and other receivables |
|
|
(703 |
) |
|
|
(1,904 |
) |
|
|
28 |
|
Accruals and other payables |
|
|
18,081 |
|
|
|
(213 |
) |
|
|
(35,681 |
) |
Other non-current liabilities |
|
|
512 |
|
|
|
(106 |
) |
|
|
(894 |
) |
Operating lease liability, net |
|
|
(816 |
) |
|
|
(588 |
) |
|
|
(575 |
) |
Net cash used in operating activities from continuing operations |
|
|
(20,597 |
) |
|
|
(52,669 |
) |
|
|
(72,697 |
) |
Cash flows from investing activities |
|
|
|
|
|
|
|
|
|
|||
Proceeds from disposal of short-term and other investments |
|
|
154,885 |
|
|
|
109,834 |
|
|
|
85,000 |
|
Purchase of short-term and other investments |
|
|
(49,960 |
) |
|
|
(194,748 |
) |
|
|
(100,000 |
) |
Purchase of available-for-sale debt securities |
|
|
— |
|
|
|
(51,115 |
) |
|
|
— |
|
Purchase of property, equipment and software |
|
|
(7 |
) |
|
|
(48 |
) |
|
|
(164 |
) |
Proceeds from disposal of property and equipment |
|
|
47 |
|
|
|
62 |
|
|
|
— |
|
Net cash generated from (used in) investing activities from continuing |
|
|
104,965 |
|
|
|
(136,015 |
) |
|
|
(15,164 |
) |
Cash flows from financing activities |
|
|
|
|
|
|
|
|
|
|||
Proceeds from underwritten offering, net |
|
|
61,714 |
|
|
|
— |
|
|
|
— |
|
Payments of deferred offering costs |
|
|
(4,189 |
) |
|
|
— |
|
|
|
— |
|
Payment for stock repurchases |
|
|
— |
|
|
|
(335 |
) |
|
|
(8,644 |
) |
Proceeds from exercise of stock options |
|
|
200 |
|
|
|
— |
|
|
|
407 |
|
Net cash generated from (used in) financing activities from continuing |
|
$ |
57,725 |
|
|
$ |
(335 |
) |
|
$ |
(8,237 |
) |
NovaBridge Biosciences
Consolidated Statements of Cash Flows (Continued)
For the Years Ended December 31, 2025, 2024 and 2023
(All amounts in thousands, unless otherwise noted)
|
|
Year Ended December 31, |
|
|||||||||
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|||
Discontinued operations: |
|
|
|
|
|
|
|
|
|
|||
Net cash used in operating activities |
|
$ |
— |
|
|
$ |
(27,498 |
) |
|
$ |
(109,791 |
) |
Net cash (used in) generated from investing activities |
|
|
— |
|
|
|
(22,289 |
) |
|
|
26,077 |
|
Net cash (used in) generated from financing activities |
|
|
— |
|
|
|
(4,171 |
) |
|
|
9,911 |
|
Net cash used in discontinued operations |
|
|
— |
|
|
|
(53,958 |
) |
|
|
(73,803 |
) |
Effect of exchange rate changes on cash, cash equivalents and restricted cash |
|
|
276 |
|
|
|
573 |
|
|
|
5,197 |
|
Net increase (decrease) in cash and cash equivalents |
|
|
142,369 |
|
|
|
(242,404 |
) |
|
|
(164,704 |
) |
|
|
|
|
|
|
|
|
|
|
|||
Cash and cash equivalents, beginning of year |
|
|
68,263 |
|
|
|
310,667 |
|
|
|
475,371 |
|
Cash and cash equivalents, end of year |
|
$ |
210,632 |
|
|
$ |
68,263 |
|
|
$ |
310,667 |
|
|
|
|
|
|
|
|
|
|
|
|||
Additional ASC 842 supplemental disclosures |
|
|
|
|
|
|
|
|
|
|||
Cash paid for fixed operating lease costs included in the measurement of lease |
|
$ |
1,011 |
|
|
$ |
805 |
|
|
$ |
739 |
|
Right-of-use assets obtained in exchange for operating lease obligations |
|
$ |
— |
|
|
$ |
282 |
|
|
$ |
1,426 |
|
Non-cash activities |
|
|
|
|
|
|
|
|
|
|||
Accrued acquisition costs and deferred payments associated with Bridge Health |
|
$ |
2,375 |
|
|
$ |
— |
|
|
$ |
— |
|
Unrealized gain (loss) on available-for-sale debt securities |
|
$ |
11,580 |
|
|
$ |
(8,168 |
) |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|||
The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets: |
|
|||||||||||
Cash and cash equivalents |
|
$ |
210,632 |
|
|
$ |
68,263 |
|
|
$ |
291,506 |
|
Cash and cash equivalents in current assets of discontinued operations |
|
|
— |
|
|
|
— |
|
|
|
10,843 |
|
Restricted cash in non-current assets of discontinued operations |
|
|
— |
|
|
|
— |
|
|
|
8,318 |
|
Total cash and cash equivalents and restricted cash |
|
$ |
210,632 |
|
|
$ |
68,263 |
|
|
$ |
310,667 |
|
NovaBridge Biosciences
Consolidated Statements of Changes in Shareholders’ Equity
For the Years Ended December 31, 2025, 2024 and 2023
(All amounts in thousands, except for share data, unless otherwise noted)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated |
|
|
|
|
|
|
|
|||||||||||
|
|
Ordinary share |
|
|
|
|
|
|
|
|
|
|
|
other |
|
|
|
|
|
|
|
|||||||||||
|
|
($0.0001 par value) |
|
|
Treasury stock |
|
|
Additional |
|
|
comprehensive |
|
|
|
|
|
Total |
|
||||||||||||||
|
|
Number of |
|
|
|
|
|
Number of |
|
|
|
|
|
paid-in |
|
|
income |
|
|
Accumulated |
|
|
shareholders’ |
|
||||||||
|
|
shares |
|
|
Amount |
|
|
shares |
|
|
Amount |
|
|
capital |
|
|
(loss) |
|
|
deficit |
|
|
equity |
|
||||||||
Balance as of December 31, 2022 |
|
|
192,532,460 |
|
|
$ |
19 |
|
|
|
(1,652,541 |
) |
|
$ |
(3,006 |
) |
|
$ |
1,442,714 |
|
|
$ |
34,166 |
|
|
$ |
(1,056,080 |
) |
|
$ |
417,813 |
|
Foreign currency translation adjustments |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
5,605 |
|
|
|
— |
|
|
|
5,605 |
|
Net loss |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(207,729 |
) |
|
|
(207,729 |
) |
Share-based compensation |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
27,348 |
|
|
|
— |
|
|
|
— |
|
|
|
27,348 |
|
Exercise of stock options |
|
|
280,568 |
|
|
|
— |
|
|
|
126,874 |
|
|
|
120 |
|
|
|
287 |
|
|
|
— |
|
|
|
— |
|
|
|
407 |
|
Issuance of ordinary shares for RSUs |
|
|
1,260,701 |
|
|
|
— |
|
|
|
3,722,394 |
|
|
|
3,523 |
|
|
|
(3,523 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Repurchase of shares |
|
|
— |
|
|
|
— |
|
|
|
(10,656,794 |
) |
|
|
(8,644 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(8,644 |
) |
Proportionate share of share-based |
|
|
— |
|
|
|
— |
|
|
|
|
|
|
— |
|
|
|
7,784 |
|
|
|
— |
|
|
|
— |
|
|
|
7,784 |
|
|
Balance as of December 31, 2023 |
|
|
194,073,729 |
|
|
$ |
19 |
|
|
|
(8,460,067 |
) |
|
$ |
(8,007 |
) |
|
$ |
1,474,610 |
|
|
$ |
39,771 |
|
|
$ |
(1,263,809 |
) |
|
$ |
242,584 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Balance as of December 31, 2023 |
|
|
194,073,729 |
|
|
$ |
19 |
|
|
|
(8,460,067 |
) |
|
$ |
(8,007 |
) |
|
$ |
1,474,610 |
|
|
$ |
39,771 |
|
|
$ |
(1,263,809 |
) |
|
$ |
242,584 |
|
Foreign currency translation adjustments |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,781 |
|
|
|
— |
|
|
|
1,781 |
|
Net loss |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(22,230 |
) |
|
|
(22,230 |
) |
Unrealized loss on available-for-sale debt |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(8,168 |
) |
|
|
— |
|
|
|
(8,168 |
) |
Share-based compensation |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(13,510 |
) |
|
|
— |
|
|
|
— |
|
|
|
(13,510 |
) |
Issuance of ordinary shares for RSUs |
|
|
— |
|
|
|
— |
|
|
|
2,252,047 |
|
|
|
2,117 |
|
|
|
(2,117 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Repurchase of shares |
|
|
— |
|
|
|
— |
|
|
|
(413,214 |
) |
|
|
(335 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(335 |
) |
Proportionate share of share-based |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,038 |
|
|
|
— |
|
|
|
— |
|
|
|
1,038 |
|
Balance as of December 31, 2024 |
|
|
194,073,729 |
|
|
$ |
19 |
|
|
|
(6,621,234 |
) |
|
$ |
(6,225 |
) |
|
$ |
1,460,021 |
|
|
$ |
33,384 |
|
|
$ |
(1,286,039 |
) |
|
$ |
201,160 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Balance as of December 31, 2024 |
|
|
194,073,729 |
|
|
$ |
19 |
|
|
|
(6,621,234 |
) |
|
$ |
(6,225 |
) |
|
$ |
1,460,021 |
|
|
$ |
33,384 |
|
|
$ |
(1,286,039 |
) |
|
$ |
201,160 |
|
Foreign currency translation adjustments |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(6 |
) |
|
|
— |
|
|
|
(6 |
) |
Net loss |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(46,269 |
) |
|
|
(46,269 |
) |
Unrealized gain on available-for-sale debt |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
11,580 |
|
|
|
— |
|
|
|
11,580 |
|
Reclassification of accumulated gains on |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(3,412 |
) |
|
|
— |
|
|
|
(3,412 |
) |
Share-based compensation |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
5,974 |
|
|
|
— |
|
|
|
— |
|
|
|
5,974 |
|
Issuance of ordinary shares in underwritten |
|
|
76,666,659 |
|
|
|
8 |
|
|
|
— |
|
|
|
— |
|
|
|
61,706 |
|
|
|
— |
|
|
|
— |
|
|
|
61,714 |
|
Exercise of stock options |
|
|
— |
|
|
|
— |
|
|
|
347,843 |
|
|
|
327 |
|
|
|
(127 |
) |
|
|
— |
|
|
|
— |
|
|
|
200 |
|
Issuance of ordinary shares for RSUs |
|
|
— |
|
|
|
— |
|
|
|
910,894 |
|
|
|
856 |
|
|
|
(856 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Balance as of December 31, 2025 |
|
|
270,740,388 |
|
|
$ |
27 |
|
|
|
(5,362,497 |
) |
|
$ |
(5,042 |
) |
|
$ |
1,526,718 |
|
|
$ |
41,546 |
|
|
$ |
(1,332,308 |
) |
|
$ |
230,941 |
|
Company Presentation April 2026
Disclaimer This presentation has been prepared by NovaBridge Biosciences (the “Company”) solely for informational purposes. Certain of the information included herein was obtained from various sources, including certain third parties, and has not been independently verified by the Company. By viewing or accessing the information contained in this presentation, you hereby acknowledge and agree that no representations, warranties, or undertakings, express or implied, are made by the Company or any of its directors, shareholders, employees, agents, affiliates, advisors, or representatives (the “Company Relevant Persons”), or any sponsor, underwriter, placing agent, financial advisor, capital market intermediary or any of their respective directors, shareholders, employees, agents, affiliates, advisors, or representatives (collectively with the Company Relevant Persons, the “Relevant Persons”) as to, and no reliance should be placed on the truth, accuracy, fairness, completeness, or reasonableness of the information or opinions presented or contained in, and omission from, this presentation. 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The forward-looking statements in this presentation include, without limitation, statements regarding the following: the Company’s pipeline and capital strategy; the design and potential benefits, advantages, promise, attributes, and target usage of givastomig, ragistomig, uliledlimab and VIS-101; the impact of independent evaluations of our clinical trials results; the reliability and reproducibility of comparative clinical data; the projected development and advancement of the Company’s portfolio and anticipated clinical milestones, results and related timing; the Company’s expectation regarding the potential market opportunity of gastric cancer, pancreatic ductal adenocarcinoma, cholangiocarcinoma, neovascular age-related macular degeneration and diabetic macular edema; the market opportunity and the Company’s potential next steps (including the potential expansion, differentiation, or commercialization) for givastomig, ragistomig, uliledlimab and VIS-101; estimated future revenues from the Company’s drug candidates; the Company’s expectations regarding the impact of data from past, ongoing and future studies and trials; the benefits of the Company’s collaboration with development partners; the timing and progress of studies (including with respect to patient enrollment and dosing); the availability of data and information from ongoing studies; and the Company’s expectations regarding its anticipated cash runway, ability to obtain financing and future use of its cash position. 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Company Overview & Highlights
NovaBridge: Accelerating Access to Innovation Global biotech platform with a portfolio of potential first- and best-in-class programs Two lead assets with compelling clinical proof-of-concept supporting differentiated positioning Givastomig: CLDN18.2 × 4-1BB bispecific antibody demonstrating robust and durable responses over broad Claudin 18.2 expression levels and first-in-class/best-in-class potential in 1L gastric cancer VIS-101: Differentiated VEGF-A/ANG-2 bispecific with favorable safety profile and rapid, robust, and durable responses supporting potential best-in-class durability $210.8M in cash providing operational runway through 2028 to support key clinical milestones Multiple near-term catalysts across oncology and ophthalmology programs
Notes: mAb = monoclonal antibody; bsAb = bispecific antibody; PoC = Proof of Concept; PD-L1 = programmed death-ligand 1; CLDN18.2 = Claudin18.2 Our Evolution to Pioneer the Next Frontier in Global Innovation Pivot & Focus Asset-based Model Clinical-stage China Biotech 1.0 Clinical-stage US Biotech 2.0 Global Biotechnology Platform 3.0 Immuno-oncology Autoimmune disorders 11 assets CD47 mAb / CD73 mAb / αGM-CSF Fast-to-market China strategy Fast-to-PoC global strategy Precision immune-oncology 3 assets CLDN18.2x4-1BB bsAb / PD-L1x4-1BB bsAb / CD73 mAb Fast-to-market ex-China strategy Therapeutic area-agnostic 4 assets CLDN18.2x4-1BB bsAb / VEGFxAng-2 bsAb / PD-L1x4-1BB bsAb / CD73 mAb Global business development strategy Fast-to-PoC global strategy 2020-2023 Global Vision Platform Model 2023-2025 2025 onwards
Notes: mAb = monoclonal antibody; bsAb = bispecific antibody; PD-L1 = programmed death-ligand 1; CLDN18.2 = Claudin 18.2 Driving Accelerated Development and Value Creation of Innovations in a Quality-oriented and Approach Our Platform-based Business Model Accelerate innovative asset development with at scale value creation Emerging innovation for asset sourcing Attractive exit/spin-off Deeply rooted in emerging innovation ecosystem with incomparable networks Oncology Co Ophthal Co Future New Co Givastomig（CLDN18.2 x 4-1BB bsAb） Ragistomig（PD-L1 x 4-1BB bsAb） Uliledlimab（CD73 mAb） … VIS-101（VEGF x Ang-2 bsAb） … … Strong exit through acquisition or robust options of financing to fuel continued growth and value creation Our Competitive Edge BD-in Clinical Development BD-out Enhanced by CBC Group Healthy cash runway with strong fund-raising capabilities Abundant know-how of platform Co targeting different TA Distinctive PoC approach with deep expertise Strong exit track record Leadership with deep BD and finance expertise Unparalleled healthcare ecosystem access Unique strategies for accelerated asset development Cross-functional drug development expertise and experience Long standing presence in US with strong capability to provide bespoke solutions for biotech/MNCs
Givastomig also known as ABL111, ragistomig also known as ABL503 BMS agreed to manufacture, supply and grant us a license to use nivolumab (OPDIVO®) in our Phase 1 trial to evaluate givastomig’s combination with nivolumab and mFOLFOX6 Trial conducted by TJ Biopharma, NCT04322006 Global rights, ex-Greater China, ex-South Korea Global rights, ex-China Notes: mAb = monoclonal antibody; bsAb = bispecific antibody; 1L = first line; nivo = nivolumab; tori = toripalimab (TUOYI®); CPI = checkpoint inhibitor; GEA = gastroesophageal adenocarcinoma, including gastric cancer, gastroesophageal junction cancer, and esophageal adenocarcinoma; BTC = biliary tract cancer; PDAC = pancreatic ductal adenocarcinoma; NSCLC = non-small cell lung cancer; Wet AMD = wet age-related macular degeneration; DME = diabetic macular edema; FPI = first patient in; PD-(L)1 = inhibitors of PD-L1 or PD-1; CLDN18.2 = Claudin18.2; CLDN18.2 Low = CLDN18.2 < 75%; PD-L1 Low = CPS < 1 Our Expanding Pipeline — Four Clinical-stage Assets Asset/ Target Indication(s) Regimen PHASE 1 PHASE 2 REGISTRATIONAL/ PHASE 3 NCT # MILESTONES PARTNER Givastomig1,2 CLDN18.2 X 4-1BB 1L GEA Giva + Chemo + Nivo vs. Chemo + Nivo NA Potential to begin as early as YE 2026 Giva/Nivo/Chemo v. Nivo/Chemo NCT07432295 Phase 2 data 2027 Giva + Chemo + Nivo NCT04900818 Phase 1b Topline data Jan-2026 Giva + Chemo Phase 1b FPI Q4 2025 1L BTC Giva + Chemo + CPI Phase 1b FPI Q1 2026 1L PDAC Giva + Chemo Phase 1b FPI Q1 2026 Ragistomig1 PD-L1 X 4-1BB Solid Tumors Ragi + PD-(L)1 NCT04762641 Phase 1b Topline data 2H 2026 Uliledlimab CD73 NSCLC Uli + PD-(L)1 ± Chemo NCT06984588 Phase 1b/2 PFS data 2H 20263 VIS-101 VEGF-A X ANG-2 Wet AMD Mono NCT05456828 Phase 2b FPI 2H 2026 DME Mono NCT05940428 Phase 1 complete Core Product Ongoing Clinical Trials Clinical Trials to be Initiated 4 5 5 Oncology programs Ophthalmology programs Potential Accelerated Approval Pathway CLDN18.2 Positive CLDN18.2 Positive CLDN18.2 Low / PD-L1 Low CLDN18.2 Positive CLDN18.2 Positive CD73 Positive Planned Phase 2b
Visionary and Seasoned Management Team A seasoned management team composed of industry veterans with extensive regional and functional expertise Years of Industry Experience # 12 Wei Fu Director and Executive Chairman of our Board 25 Sean Fu PhD, MBA Chief Executive Officer Phillip Dennis MD, PhD Chief Medical Officer 28 Kyler Lei Chief Financial Officer 8 Sean Cao PhD Chief Business Development Officer 29 Claire Xu MD, PhD Senior Vice President, Clinical Development 18
Oncology Program Givastomig Claudin 18.2 X 4-1BB bsAb with Best-in-Class Potential
5th most common cancer , 4th leading cause of cancer mortality worldwide1 Over 60% of patients are diagnosed at an advanced or metastatic stage2 5-year survival rates are only ~7%2 Sung 2021; Markets include U.S., five E.U. countries, and Japan in 2025 based on Data Monitor Biomed Tracker The American Cancer Society; based on patients diagnosed with metastatic gastric cancers between 2014 and 2020; https://doi.org/10.1016/j.ctarc.2024.100845 Markets include U.S., five E.U. countries, and Japan by 2030 for potential sales based on Data Monitor Biomed Tracker Study results included in FDA approval labels; CHECKMATE-649 used CapeOX in certain patients; comparisons are not based on data from head-to-head trials and are not direct comparisons VYLOY (zolbetuximab-clzb) FDA label, where Claudin 18.2 positivity defined as immunohistochemistry 2+ or 3+ Shitara, K., Xu, RH., Ajani, J.A. et al. Global prevalence of claudin 18 isoform 2 in tumors of patients with locally advanced unresectable or metastatic gastric or gastroesophageal junction adenocarcinoma. Gastric Cancer 27, 1058–1068 (2024) Notes: ORR = objective response rate; mPFS = median progression free survival; 1L = first line, IHC = immunohistochemistry; GI = gastrointestinal; I/O = immuno-oncology; CLDN18.2 = Claudin 18.2; CLDN18 = Claudin 18.2 and Claudin 18.1 Current 1L Standards of Care Leave Significant Room for Improvement4 ORR – (%) mPFS – (months) CHECKMATE-649 SPOTLIGHT CHECKMATE-649 SPOTLIGHT Givastomig has wide potential CLDN18.2 therapeutic reach Current givastomig studies are evaluating patients with a wide range of CLDN18.2 exression (≥1%), representing 72% of patients Zolbetuximab limited to CLDN18.2 expression (≥75%)6, which represents only 36% of patients Distribution of Claudin 18.2 Expression5 Significant Unmet Need in Gastric Cancer, Givastomig Has Potential to Address >70% of the CLDN18.2 Market
Revised from Nat Rev Clin Oncol. 2024 May;21(5):354-369 Notes: scFv = single chain Fragment-variable region; IgG1 = Immunoglobin G1; ADCC = antibody-dependent cell-mediated cytotoxicity; CDC = complement-dependent cytotoxicity; TME = tumor microenvironment; PFS = progression free survival; CLDN18.2 = Claudin 18.2; 1L = first line; mAb = monoclonal antibody;, PD-L1 = programmed death-ligand Givastomig: Best-in-Class, First-in-Class Broad Potential for Gastric Cancer and Other Solid Tumors Broadest coverage in the Claudin 18.2 class Superior/substantial efficacy across all levels of Claudin 18.2 expression Potential eligibility for FDA’s Accelerated Approval Pathway Tolerable safety profile Unique Molecular Design Balances Anti-Tumor Efficacy and Safety CLDN18.2 4-1BB scFv Highly Potent CLDN18.2 mAb Silenced FC: IgG1 (N297A) Conditional 4-1 BB agonist Higher affinity than zolbetuximab Binds to tumor cells with a wide range of CLDN18.2 expression No ADCC or CDC Designed to minimize unintended systemic immune activation driven by FcgR-mediated 4-1BB clustering Localized T cell activation in TME leading to tumor killing and minimal 4-1BB-mediated liver toxicity or systemic immune response
Notes: GEC = gastroesophageal cancer; GEJ = gastroesophageal junction; EAC = esophageal adenocarcinoma; mFOLFOX6 = standard of care chemotherapy regimen; nivo = nivolumab; Q2W = every two weeks; Giva = givastomig; ORR = objective response rate; PK = pharmacokinetic; PD = pharmacodynamic; BoR = best overall response; DoR = duration of response; PFS = progression free survival; OS = overall survival; 1L = first line; PD-L1 = programmed death-ligand 1; CLDN18.2 = Claudin 18.2 Givastomig Development Plan: Phase 1b Study Design in Combination with Nivolumab + Chemotherapy Eligibility: 1L unresectable or metastatic GEC/GEJ/EAC HER2-negative CLDN18.2 ≥1+ on ≥1% of tumor cells PD-L1 all comers Sites: All U.S.-based Endpoints: Primary: Safety Secondary: Response rate: ORR, BoR, DoR Survival: PFS, OS PK/PD/exposure Dose Escalation Lead-In (n=5) Dose Escalation (n=17) Dose Expansion (n=42) Dose Escalation (n=6) Giva 12 mg/kg + nivo + mFOLFOX6 Q2W Dose Escalation (n=6) Giva 8 mg/kg + nivo + mFOLFOX6 Q2W Giva 5 mg/kg + nivo + mFOLFOX6 Q2W Dose Expansion 8 mg/kg (n=21) Giva 8 mg/kg + nivo + mFOLFOX6 Q2W Dose Expansion 12 mg/kg (n=21) Giva 12 mg/kg + nivo + mFOLFOX6 Q2W
Feature(s) 8 mg/kg (n=27) Giva combo 12mg/kg (n=27) 12 mg/kg (n=27) 8 mg/kg or 12 mg/kg (n=54) Age Median (y) 64 58 61 Gender Male 63% 41% 52% Female 37% 59% 48% Race Asian 15% 11% 13% White 59% 63% 61% Black 7% 11% 9% NR 19% 15% 17% ECOG PS 0 52% 48% 50% 1 48% 52% 50% 2 0% 0% 0% NR 0% 0% 0% CLDN18.2 ≥ 75 63% 44% 54% < 75 33% 56% 44% NR 4% 0% 2% PD-L1 ≥ 1 89% 63% 76% < 1 11% 37% 24% NR 0% 0% 0% MSI High 4% 4% 4% Notes: Data cutoff as of December 2, 2025, NR = Not Reported; PD-L1 = programmed death-ligand 1; CLDN18.2 = Claudin 18.2; ECOG PS = Eastern Cooperative Oncology Group performance status, MSI = microsatellite instability Givastomig Combination Dose Escalation and Expansion Baseline Patient Characteristics
Cohort / Study: Givastomig Phase 1b Combination CHECKMATE-6493 SPOTLIGHT4 ILUSTRO6 8 mg/kg esc + exp (n=27) 12 mg/kg esc + exp (n=27) 8 & 12 mg/kg esc + exp (n=53) mFOLFOX6 / CapeOX + Nivo (n=789) mFOLFOX6 + Zolbe (n=283) Zolbe+Nivo+ Chemo (n=77) Efficacy-evaluable (n)1 26 26 52 71 ORR % (n) 77 (20/26) 73 (19/26)2 75 (39/52) 47 NA 62 (36/58)5 PD-L1 CPS ≥ 1 74 (17/23) 75 (12/16) 74 (29/39) 49 NA NA PD-L1 CPS < 1 100 (3/3) 70 (7/10) 77 (10/13) 38 NA NA CLDN18.2 ≥ 75 76 (13/17) 67 (8/12) 72 (21/29) NA 40 68 (32/47) CLDN18.2 1-74 78 (7/9) 79 (11/14) 78 (18/23) NA NA NA CLDN18.2 50-74 NA NA 78 (7/9) NA NA 40 (4/10) DCR % (n) 96 (25/26) 100 (26/26) 98 (51/52) NA NA NA 8 mg/kg esc + exp (n=26) ORR: % (n) PD-L1 ≥ 1 PD-L1 < 1 CLDN18.2 ≥ 75 73 (11/15) 100 (2/2) CLDN18.2 < 75 75 (6/8) 100 (1/1) 12 mg/kg esc + exp (n=26) ORR: % (n) PD-L1 ≥ 1 PD-L1 < 1 CLDN18.2 ≥ 75 71 (5/7) 60 (3/5) CLDN18.2 < 75 78 (7/9) 80 (4/5) Efficacy evaluable = at least one evaluable on-treatment scan Includes three subjects ongoing with unconfirmed partial responses still on treatment Janjigian 2021; The Lancet, Volume 398, Issue 10294, 27 - 40 Shitara et al. 2023; The Lancet, Volume 401, Issue 10389, 1655 – 1668 Biomarker data were not available for all 58 patients Shitara et al. 2026 Notes: Data cutoff as of December 2, 2025. NA = data not available; ORR = objective response rate; CLDN18.2 = Claudin 18.2; DCR = disease control rate; esc = escalation; exp = expansion; PD-L1 = programmed death-ligand 1; CPS = combined positive score; CLDN18.2 Low = CLDN18.2 < 75%; PD-L1 Low = CPS < 1. Givastomig is an investigational early-phase therapy. Information in the tables above is not intended to be a direct comparison to approved treatments. The comparisons in the tables above are not based on data from head-to-head trials. Differences in trial designs, patient groups, trial endpoints, study sizes, and other factors may impact the comparisons. Patients with PD-L1 Low and CLDN18.2 Low: ORR of 83% (5/6) Expansion Data Confirm Prior Efficacy Signals Observed in Escalation
Biomarker Key: PD-L1 CPS < 5 or CLDN18.2 < 75 51/52 Subjects Experienced Tumor Shrinkage Notes: Data cutoff as of December 2, 2025. PD-L1 = programmed death-ligand 1; CPS = combined positive score; CLDN = Claudin 18.2;; CLDN18.2 = Claudin 18.2; SD = stable disease; uPR = unconfirmed partial response; PR = confirmed partial response; PD = progressive disease; CR = complete response
Rapid Responses That Deepen Over Time Dose level 8 mg/kg (n=26)1 12 mg/kg (n=26)2 Median time to response (mo., Min, Max) 1.8 (1.3, 7.5) 2.5 (1.5, 5.4) PD-L1 CPS ≥ 1 1.8 (1.3, 7.5) 1.8 (1.5, 3.9) PD-L1 CPS < 1 5.7 (1.7, 5.7) 3.6 (1.9, 5.4) CLDN18.2 ≥ 75 1.9 (1.5, 5.7) 1.8 (1.7, 3.9) CLDN18.2 < 75 1.7 (1.3, 7.5) 3.1 (1.5, 5.4) 8 mg/kg 12 mg/kg One patient at 8 mg/kg lost to follow up One patient at 12 mg/kg not evaluable for response Notes: Data cutoff as of December 2, 2025. PD-L1 = programmed death-ligand 1; CPS = combined positive score; CLDN18.2 = Claudin 18.2
Phase 1b PFS in efficacy evaluable patients Based on patients in the dose escalation and dose expansion cohorts Cohort / Study: Givastomig Phase 1b Combination Study CHECKMATE-6492 SPOTLIGHT3 ILUSTRO4 8 mg/kg esc + exp (n=27) 12 mg/kg esc + exp (n=27) 8 & 12 mg/kg esc + exp (n=54) mFOLFOX6 / CapeOX + Nivo (n=789) mFOLFOX6 + Zolbe (n=283) Zolbe+Nivo+ Chemo (n=77) Efficacy evaluable patients (n) 26 271 53 71 Median follow-up (months) 10.7 6.8 8.0 Events n (%) 12 (46%) 5 (19%) 17 (33%) 31 (44%) Censored n (%) 14 (54%) 22 (81%) 36 (68%) 40 (56%) Median PFS (months, 95% CI) 16.9 (6.8, NA) 7.7 (6.9, NA) 16.9 (7.4, NA) 7.7 (7.1, 8.5) 10.6 (8.9, 12.5) 14.8 (8.3, NA) 6-month PFS rate (95% CI) 73% (51.7, 86.2) 91% (69.0, 97.7) 82% (67.6, 90.0) 73 (NA) DOR (months, 95% CI) 15.2 (5.6, NA) NA 15.2 (6.0, NA) Patients remaining on study 11 18 29 Promising Progression Free Survival Data Observed The 12 mg/kg cohort includes one additional patient for survival analysis who was ineligible for response analysis Janjigian 2021; The Lancet, Volume 398, Issue 10294, 27 - 40 Shitara et al. 2023; The Lancet, Volume 401, Issue 10389, 1655 – 1668 Shitara et al. 2026 Notes: Data cutoff as of December 2, 2025. PFS = progression free survival; DOR = duration on response; NA = not yet reached. Givastomig is an investigational early-phase therapy. Information in the tables above is not intended to be a direct comparison to approved treatments. The comparisons in the tables above are not based on data from head-to-head trials. Differences in trial designs, patient groups, trial endpoints, study sizes, and other factors may impact the comparisons.
Givastomig is an investigational early-phase therapy. Information in the tables above is not intended to be a direct comparison to approved treatments. The comparisons in the tables above are not based on data from head-to-head trials. Differences in trial designs, patient groups, trial endpoints, study sizes, and other factors may impact the comparisons. Efficacy Breakdown of Givastomig vs. Zolbetuximab in 1L GEC (ILUSTRO) Givastomig Efficacy Comparisons in Combination with nivolumab + FOLFOX Inclusion of CLDN high patients (≥75%) Inclusion of CLDN intermediate patients (≥ 50% - 74%) Inclusion of CLDN low patients (1% - 49%) ORR > 70% in all patients mPFS > 16 months in ITT 6-month landmark PFS > 80% in all patients 12-month landmark OS > 60% Zolbetuximab
Cohort/Study Givastomig Phase 1b Combination Study CHECKMATE-6491 SPOTLIGHT2 ILUSTRO3 8 mg/kg (n=27) 12 mg/kg (n=27) mFOLFOX6 / CapeOX + Nivo (n=782) mFOLFOX6 + Zolbe (n=279) Zolbe+Nivo+ Chemo (n=77) TEAE All Grades 100% 100% NA >99% 98.7% ≥ Grade 3 70% 70% NA 87% 66.2% TRAE any drug All Grades 100% 100% 94% 99% 98.7% ≥ Grade 3 56% 56% 60% 79% NA TRAE any drug CLDN agent withdrawn All Grades 22% 11% NA 20% 5.2% (TEAE) TRAE any drug any drug withdrawn All Grades 41% 26% 36% 14% 49.4% (TEAE) TRAE leading to death 0% 0% 2% 5% NA SAE all causality All Grades 59% 41% 54% 45% 37.7% SAE related any drug All Grades 19% 19% 22% NA 23.4% Givastomig Safety: Comparable to Other 1L Combinations in GEC Janjigian 2021; The Lancet, Volume 398, Issue 10294, 27 - 40 Shitara et al. 2023; The Lancet, Volume 401, Issue 10389, 1655 – 1668; VYLOY [package insert]. Northbrook, IL: Astellas Pharma US, Inc.. Shitara et al. 2026 Notes: Data cutoff as of December 2, 2025. TEAE = treatment emergent adverse event; TRAE = treatment related adverse event; 1L = first line; GEC = Gastroesophageal cancer; SAE = serious adverse event. Givastomig is an investigational early-phase therapy. Information in the tables above is not intended to be a direct comparison to approved treatments. The comparisons in the tables above are not based on data from head-to-head trials. Differences in trial designs, patient groups, trial endpoints, study sizes, and other factors may impact the comparisons.
Janjigian 2021; The Lancet, Volume 398, Issue 10294, 27 – 40 Notes: TRAE = treatment emergent adverse event, ORR = objective response rate, PFS = progression free survival, OS = overall survival Givastomig is an investigational early-phase therapy. Information in the text above is not intended to be a direct comparison to approved treatments. The comparisons in the text above are not based on data from head-to-head trials. Differences in trial designs, patient groups, trial endpoints, study sizes, and other factors may impact the comparisons. Givastomig Safety Profile Suitable for Combination in 1L Gastric Cancer Most common givastomig-related TRAEs were nausea, vomiting, and fatigue, with Grade 3 incidence of these AEs ≤11% Most common any drug-related TRAEs were fatigue, nausea, neutropenia Grade 3 incidence was low in each cohort (8 mg/kg and 12 mg/kg, respectively): fatigue (7%, 11%) nausea (7%, 4%) neutropenia (26%, 26%) Only Grade 4 TRAE was neutropenia (4% at 8 mg/kg and 7% at 12 mg/kg) No Grade 5 TRAEs were reported Incidence of immune-related adverse events similar to those observed in CHECKMATE-6491 except for immune-related gastritis Observed in 33% of patients: Grade 3 incidence low (≤ 12% at each dose), no Grade 4 Clinically manageable with medication and treatment interruption, median onset 2-3 months after tumor response, associated with improved clinical outcomes (ORR, PFS and OS)
Shitara et al. 2026 Shitara et al. 2023; The Lancet, Volume 401, Issue 10389, 1655 – 1668 Notes: ORR = objective response rate, PFS = progression free survival, OS = overall survival, AE = adverse event; CPI = checkpoint inhibitor *Givastomig is an investigational early-phase therapy. Information in the text above is not intended to be a direct comparison to approved treatments. The comparisons in the text above are not based on data from head-to-head trials. Differences in trial designs, patient groups, trial endpoints, study sizes, and other factors may impact the comparisons. Givastomig Demonstrated BIC/FIC Potential in 1L GEC Comparison of givastomig + immunochemotherapy vs. zolbetumimab + immunochemotherapy (ILUSTRO study1)* Coverage: Givastomig Provides the Broadest Coverage in CLDN18.2 Asset Class Givastomig includes CLDN18.2 ≥1% at ≥1+ intensity Zolbetuximab development limited to CLDN18.2 ≥75% at ≥2+ intensity Efficacy: Givastomiag Provides Superior Efficacy in 1L Gastric Cancer ORR: 75% for Givastomig vs 62% for zolbetuximab in combination with immunochemotherapy. Efficacy observed across all CLDN18.2 and PD-L1 levels Median PFS: 16.9 Months for givastomig vs 14.8 for zolbetuximab Safety: Givastomig well tolerated when combined with immunochemotherapy alone Little 4-1BB historically reported liver toxicity Incidence of immune-related AE similar to immunochemotherapy alone (except for gastritis) Reported in 33% of patients at both dose levels, few Grade 3 events Clinically manageable with withholding of givastomig/CPI, initiation of corticosteroids Observed after tumor responses (4-5 months) and associated with improved ORR, PFS and OS
Expansion Data Reinforces Givastomig's Best-in-Class Potential Robust efficacy, with 77% ORR observed at 8 mg/kg and 73% ORR observed at 12 mg/kg Responses observed across a wide range of PD-L1 and CLDN18.2 expression levels Durable responses with 16.9-month mPFS observed at 8 mg/kg Well tolerated in combination with immunochemotherapy, without dose dependent toxicity Broad potential in gastric cancer and other CLDN18.2+ tumors such as PDAC and BTC Detailed Phase 1b expansion data to be presented at a medical conference in 2026 Notes: Data cutoff as of December 2, 2025. scFv = single chain Fragment-variable region; ORR = objective response rate; PD-L1 = programmed death-ligand 1; CLDN18.2 = Claudin 18.2; mPFS = median progression free survival CLDN18.2 4-1BB scFv
Markets include U.S., five E.U. countries, and Japan in 2025 based on Data Monitor Biomed Tracker, based on 1L treatment HER2-negative status of 78%. Van Cutsem E, Bang YJ, Feng-Yi F, et al. HER-2 screening data from ToGA: targeting HER2 in gastric and gastroesophageal junction cancer. Gastric Cancer 2015;18(3):476-84 CLDN18.2 positive status of ~70%. Kohei Shitara, et al, 2023 ASCO Annual Meeting (June 2-6), poster #4035 Markets include U.S., five E.U. countries, and Japan by 2030 for potential sales based on Data Monitor Biomed Tracker Based on Frost & Sullivan – Internal Report, on file Ventana Assay Validation Report – Internal Report, on file Potential peak sales numbers shown do not consider gross-to-net, probability of success adjustments, or revenue splits. Includes only U.S., five E.U. countries, and Japan Notes: 1L = first line; IO = immuno-oncology; FIC = first-in-class; BIC = best-in-class;; PD-L1 = programmed death-ligand 1; CLDN18.2 = Claudin 18.2; CPS = combined positive score; BTC = biliary tract carcinoma; PDAC = pancreatic ductal adenocarcinoma Significant Market Opportunity in Gastric Cancer and Beyond Givastomig Potentially FIC & BIC Givastomig Potentially BIC Zolbetuximab4 100% 10% 1% >1% ≥75% CLDN18.2 Level PD-L1 CPS 1L HER2-negative GEC Therapeutic Landscape Metastatic Gastric Cancer ~$12Bn4 >70%6 1L Pancreatic Ductal Adenocarcinoma ~$3.7Bn5 60-85%6 1L Biliary Tract Carcinoma ~$1.2Bn5 ~70%6 ~$5Bn Across 1L GEC / BTC / PDAC Gastroesophageal Cancer (GEC) Promising peak sales potential + + Estimated global peak sales7 of givastomig ~$3Bn 1L GEC Only Currently, ~180k1 patients diagnosed with 1L gastric cancer US/EU5/Japan, among which ~105k2,3 cases are HER2-negative & CLDN18.2-positive Total Addressable Market by 2030 % as prevalence of CLDN18.2 expression
Visara, Inc. NovaBridge’s 1st Spoke 23
Transaction Structure Visara, Inc. NovaBridge AffaMed ESOP 65% 30% 5% NovaBridge invested cash for 65% equity interest in Visara AffaMed contributed its rights and interests in VIS-101 for 30% of the equity interest in Visara The remaining 5% equity interest in Visara reserved for an ESOP VIS-101-related ownership interests shown schematically Emmett T. Cunningham, Jr., MD, PhD, MPH Co-Founder and Executive Chairman, Visara; Vice-Chairman, NovaBridge World-renowned ophthalmologist; Former Senior Managing Director, Blackstone Group 25+ years of experience as an entrepreneur and investor Co-founder of 5+ companies, with a track record of serial entrepreneurial successes (IPO or acquired by MNCs) Internationally recognized specialist in infectious and inflammatory eye disease with over 450 publications Led the development of Macugen®: a first-in-class VEGF-A inhibitor for AMD and DME Cadmus Rich, MD, MBA Chief Medical Officer (CMO) Carlos Quezada-Ruiz MD, FASRS Chairman, Scientific Advisory Board, Visara 18+ years experience as an Executive level R&D professional with deep ophthalmology experience at multiple pharmaceutical and biotechnology companies including Lassen Therapeutics, Aura Biosciences and Alcon Strong experience working with FDA, EMA and MHRA on multiple, varied research and development projects NewCo Leadership Visara is Led by an Exceptional and Experienced Leadership Team 15+ years experience in ophthalmology holding various roles as a vitreoretinal surgeon, translational science & drug development executive, clinical R&D & TA head CMO, Alkeus Pharmaceuticals. Most recently the medical lead for VABYSMO® at Roche, and played a pivotal role in the global development and approvals of VABYSMO® and SUSVIMO ®, leading design, execution, readouts, fillings and launch
VIS-101 – Purpose-Designed to be Best-in-Class for Retinal Vascular Diseases 25 Anti-Ang-2 Anti-VEGF-A Modified Fc Phase 2a wet AMD Update Safe and well-tolerated Rapid, robust, and durable treatment responses Mean BVCA > 10 ETDRS letters Mean CST 100-150 µm Potentially best in class durability: ~Two-thirds retreatment free at 4 months, ~Half retreatment free at 6 months
$15B Total Branded Anti-VEGF-A Market1 DME Wet AMD RVO 20M+ 21M+ 16M+ More than 57M people affected globally2 Data source: 1. Ophthalmic Anti-VEGF Therapeutics Market Size & Share 2025 – 2034, published December 2025, 2. Invest Ophthalmol Vis Sci. 2021 Nov 24; 62 (14): 26. doi: 10.1167/iovs.62.14.26, wet age-related macular degeneration (wet AMD), diabetic macular edema (DME), retinal vein occlusion (RVO) 26
Global revenue projected to grow to >$20B by 2030 Increased revenue correlates with improved durability Lucentis® Q4W Eylea® Q8W Revenue 2y from Launch $1.8B $2.8B Vabysmo® Q8-16W Eylea HD® Q8-16W $4.4B $1.5B VIS-101 $1B+* Early Data Support VIS-101’s Potential for Best-in-Class Durability Q8-24W+ Anti-VEGF Ophthalmology Market Growth Driven by Efficacy and Durability Improvements Data source: Global data & Evaluate Pharma; sales revenue forecasts for Lucentis, Eylea, Vabysmo and Eylea HD, *Estimated VIS-101 revenue, Visara estimate 27
Bispecific, Tetravalent design: increased binding sites and increased VEGF-A and ANG-2 affinity Optimized Fc region for shortened plasma half-life Humanized anti-VEGF-A mAb ~2X inhibitory activity Anti-Ang-2 inhibitory peptides (18mers) ~17X inhibitory activity, for class leading durability ~Half of VIS-101 Patients in Phase 1 and Phase 2a Remain Retreatment-Free at 6 months* ~ 154 kDa biologic VIS-101: Purpose-Designed to be Best-in-Class Dual VEGF-A X ANG-2 Inhibitor *Based on treatment naïve groups from evaluated patients in two clinical studies; The Phase 1 study was conducted in the U.S, the Phase 2a study was conducted in China 28
4 doses Up to 16 weeks Study Assessed Safety and Tolerability of VIS-101, Time to Retreatment After Loading Doses 6 mg (n=25) 3 mg (n=13) Monthly follow-up to Week 36 or retreatment Patient criteria: Aged 50-80 years with wet AMD (both treatment naïve and pre-treated) BCVA ETDRS letter score 78-19 CST ≥250 µm on OCT Endpoints: BCVA (ETDRS letters) CST Safety VIS-101: Phase 2a Study Overview *Specific Disease Activity Criteria defined in the clinical protocol N=38, randomized 2:1 Retreatment rate Study designed to evaluate time to retreatment after 3 loading doses Retreatment based on defined Disease Activity Criteria based on BCVA or CST and wet AMD disease activity Loading Doses 29
Baseline characteristics were similar between the 6mg and 3mg cohorts Patient Characteristics 6mg (N=25) 3mg (N=13) Total (N=38) Age (average), years 69.5 71.5 Sex, (n, %) Male 17 (68.0) 8 (61.5) 25 (65.8) Female 8 (32.0) 5 (38.5) 13 (34.2) Baseline BCVA (Letters) 54.7 52.3 53.9 Baseline CST (μm) 417.2 407.6 413.9 Previously received anti-VEGF therapy, n (%) Yes 13 (52.0) 4 (30.8) 15 (44.7) No 12 (48.0) 9 (69.2) 21 (55.3) Phase 2a Study Demographics Represent Wet AMD Patients Source: ASKG712-CT-I-1_Phase 1/2a Top Line Table 14.1.3 30
(7/9) (7/11) (3/9) (5/11) * * (16 vs. 24 weeks post loading doses) (7/9) (7/11) (3/9) (5/11) * Source: nAMD China Phase 2a final raw dataset (tab BCVA001_1) – not final analysis Notes: *12 randomized, one patient in the 6mg naïve patient cohort dropped out after week 8 follow-up. #One patient did not have reading on W32. VIS-101 - Sustained BCVA and CST Improvements (treatment naïve) Mean BCVA >10 ETDRS letters Mean CST ~100-150 µm (after 3 loading doses) ~Two-thirds retreatment free at 4 months ~Half retreatment free at 6 months 31 # ~Half of patients are retreatment free through 36 weeks BCVA CST VIS-101 (3 loading doses) (4 mos) (6 mos)
Q12W VIS-101 (3 intravitreal injections) Faricimab 6mg (All Treatment Naïve) Treatment free Less loading doses Faricimab (4 intravitreal injections) Treatment Interval: 12-16 weeks Faricimab, Q16W (n=31) Ranibizumab, 0.5mg, Q4W (n=16) Faricimab, Q12W (n=24) Q16W 1.Cross trial comparison, Faricimab data source: Adapted from Figure 5 in Khanani et al., The STAIRWAY Phase 2 Randomized Clinical Trial. JAMA Ophthalmol. 2020 Sep 1;138(9):964-972. Source: nAMD China Phase 2a final raw dataset (tab BCVA001_1) – not final analysis Notes: *12 randomized, one patient in the 6mg naïve patient cohort dropped out after week 8 follow-up. Also note that one patient in the 6 mg treatment group did not have reading on W32. Treatment Naïve and Pre-Treated VIS-101 patients compare favorably to faricimab Phase 2 STAIRWAY trial1 Fixed Treatment Regimen of 12 and 16 weeks VIS-101 – Robust Efficacy, Best-in-Class Potential 32 3mg (n=9 randomized) 6mg (n=122 randomized) Treatment Free: up to 28 weeks Treatment-Naïve, Retreatment free Patients
Source: nAMD China Phase 2a final raw dataset (tab TREAT001_1) Faricimab Phase 3 data; 16 weeks after loading. Efficacy, durability, and safety of intravitreal faricimab up to every 16 weeks for neovascular age-related macular degeneration (TENAYA and LUCERNE): two randomised, double-masked, phase 3, non-inferiority trials. Lancet 2022; 399: 729–40. Retreatment Criteria based on Disease Activity Criteria in the Phase 2a clinical protocol ASKG 712-CT-I-1 Faricimab comparison is not based on a head-to-head study. VIS-101 is an investigational agent that has not been approved in any geography. Neovascular age-related macular degeneration (nAMD), optical coherence tomography (OCT), best corrected visual acuity (BCVA) VIS-101 Retreatment free Rates by Visit (Treatment Naïve) Faricimab ~45%1 ~Half of patients are retreatment free through 36 weeks VIS-101 - Best-in-Class Durability Potential (4 mos) (6 mos) 33 Retreatment Criteria2 Change in CST ≥75 μm compared previous lowest CST BCVA decreases of ≥5 letters compared to the mean BCVA of the last two visits OR decreases by ≥10 letters compared to the previous highest BCVA New or recurrent retinal/subretinal fluid on OCT Presence of new macular hemorrhage related to nAMD
Source: ASKG712-CT-I-1_Phase 1/2a Top Line Table 14.3.2.5, *2 events one with a grade change, System Organ Class/Preferred Term (SOC/PT) SOC/PT 3mg (N=13) n(%) E 6mg (N=25) n(%) E Total Treatment Related TEAE 0 2 ( 8 ) 4 Eye Disorder 0 2 ( 8 ) 4 Uveitis 0 1 ( 4 ) 3* Vitreous opacities 0 1 ( 4 ) 1 *Uveitis was asymptomatic and did not include change in vision or vasculitis Favorable safety profile with only 2 patients with related AEs VIS-101 was Safe and Well-Tolerated with Only 2 Related Events and No Safety Signals Identified in Treatment Emergent Adverse Events VIS-101 - Favorable Safety Profile with No Dose-Limiting Toxicity 34
VIS-101 – Purpose-Designed to be Best-in-Class for Retinal Vascular Diseases 35 Anti-Ang-2 Anti-VEGF-A Modified Fc Phase 2a wet AMD Update Safe and well-tolerated Rapid, robust, and durable treatment responses Potentially best in class durability Next Steps: Phase 2b study expected to be initiated H2 2026 Global Phase 3 program expected to begin in 2027
Other Oncology Programs Ragistomig Uliledlimab
ASCO 2024 poster Cancer Discovery 2022 Notes: The comparisons in the table above are not based on data from head-to-head trials and are not direct comparisons. Differences in trial designs, patient groups, trial endpoints, study sizes, and other factors may impact the comparisons. bsAb = bispecific antibody; ORR = objective response rate; DCR = disease control rate; CR complete response; PR = partial response; SD = stable disease; AST = aspartate aminotransferase; ALT = alanine aminotransferase; Q2W = every two weeks; BIC = best-in-class; PD-L1 = programmed death-ligand 1; TRAE = treatment related adverse event Ragistomig: A Potential Next-Generation Immuno-oncology Backbone for Cancer Treatment Key Differentiators Highly differentiated PD-L1 and 4-1BB bsAb molecule design Reduced cytokine release and lower hepatic and systemic immunotoxicity Higher specificity for 4-1BB binding Compelling Clinical Data in Phase 1, Including Significant Checkpoint Inhibitor Exposed Patients Safety Data in Phase 1 Trial Ragistomig1 Acasunlimab (GEN1046)2 Diagnosis Advanced or refractory solid tumors Advanced or refractory solid tumors Treatment Monotherapy 0.7 mg – 10 mg/kg, Q2W Monotherapy 25 –1,200 mg, Q3W Efficacy Evaluable 26 (sum of 3 mg/kg and 5 mg/kg) 61 (25 – 1,200 mg) 30 (80 – 200 mg) ORR 26.9% (7/26) 6.6% (4/61) 13.3% (4/30, 80 – 200 mg) Prior PD-(L)1 exposure of responders 71.4% (5/7) 50% (2/4) DCR (CR+PR+SD) 69.2% (18/26) 65.6% (40/61) Safety 24.5% (13/53) Grade 3 AST / ALT 10% Grade 3 AST / ALT Ragistomig Differentiation Potential BIC PD-L1 x 4-1BB with better ORR data in Phase 1 as monotherapy Compelling clinical data in checkpoint inhibitor relapsed/refractory and PD-(L)1 naïve patients All Grades Grade≥3 Any TRAE 40 (75.5%) 22 (41.5%) TRAE in >= 10% of patients ALT Increased 17 (32.1%) 12 (22.6%) AST Increased 16 (30.2%) 11 (20.8%) Pyrexia 8 (15.1%) 1 (1.9%) Nausea 7 (13.2%) - Rash 7 (13.2%) 2 (3.8%) Fatigue 6 (11.3%) 1 (1.9%) Platelet Count Decreased 6 (11.3%) 1 (1.9%) Novel Bispecific PD-L1 x 4-1BB with Differentiated Molecular Design
Patient disposition based on ASCO 2023 Poster from a cohort of 70 enrolled patients with unresectable/metastatic disease, including 67 efficacy evaluable and 64 patients who received at least one post baseline tumor assessment per iRECIST. Overall study (up to n=190) enrolled 5 cohorts (3 NSCLC sub-types, 1 ovarian, 1 all comers): data in this deck are from the treatment naïve, Stage IV NSCLC patients. Source: AACR2021 Notes: ORR = objective response rate; MTD = maximally tolerated dose; Q3W = every three weeks; AE = adverse events; CPI = checkpoint inhibitors; TRAEs = treatment-related adverse events; ASCO 2023 = the American Society of Clinical Oncology 2023 Annual Meeting; toripalimab (used in this study) = Approved/China and the US (Shanghai Junshi Biosciences / Coherus Biosciences) Uliledlimab: A Potential Best-in-Class CD73 Therapeutic Key Differentiators Complete inhibition of CD73 in a typical dose-response curve without the “hook effect” vs. other mAbs Non-competitive inhibitory effect that is not blunted by high levels of CD73 enzyme substrates, offering a clear edge over small molecules Patient selection based on CD73 expression supported by clinical data, with a demonstrated safety profile comparable to CPI monotherapy studies Dose-dependent CD73 Inhibition without the “Hook Effect” Uliledlimab + Toripalimab Data Support Patient Selection Based on CD73 Expression and Show Manageable Toxicity CD73 Enzyme Activity Inhibition Uliledlimab Concentration Uliledlimab CD73 dimer CD73 Enzyme Activity Inhibition Oleclumab CD73 dimer Oleclumab Concentration ORR% (n) PD-L1 All PD-L1>1% CD73High 53% (10/19) 63% (10/16) CD73Low 18% (8/45) 20% (5/25) Pembro (KN-042) PD-L1>1% NA 27% (174/637) Phase 2 ORR Data from Front-line NSCLC Cohort1 Safety profile of combination comparable to CPI monotherapy studies Well tolerated up to the highest doses tested (45mg/kg Q3W), without MTD Most TRAEs/AEs were Grade 1 or 2 Safety Observations for Uliledlimab, Administered to >200 Patients in Combination Studies with CPIs Anti-CD73
Financial Overview and Upcoming Catalysts
Financial Overview No outstanding debt Cash, cash equivalents & short-term investments To support planned operations $210.8 million1 Runway to Q4 2028 Unlevered balance sheet Represents consolidated cash balance of NovaBridge (including Visara) as of December 31, 2025
Notes: 1L = first line; GEA = Gastroesophageal adenocarcinoma, including gastric cancer, gastroesophageal junction cancer, and esophageal adenocarcinoma; BTC = biliary tract cancer; PDAC = pancreatic ductal adenocarcinoma; NSCLC = non-small cell lung cancer; Wet AMD = wet age-related macular degeneration; DME = diabetic macular edema; PD-(L)1 = inhibitors of PD-L1 or PD-1; PFS = progression free survival Illustrative timeline reflects management’s current expectations Near-term Catalysts Clinical Development Data Readout VIS-101 Topline data from randomized monotherapy Phase 2 study in wet AMD 2H26 Ragi Topline data from Phase 1b study for late-line treatment of solid tumors in combo with PD-(L)1 Uli PFS data from Phase 1b/2 study for late-line treatment of NSCLC in combo with PD-(L)1 ± chemo 1Q26 Giva Topline data of dose expansion cohorts from Phase 1b study for 1L treatment of GEA in combo with chemo + PD-1 2027 Giva PFS data from Phase 2 study for 1L treatment of GEA in combo with chemo + PD-1 Giva Complete Phase 2 study for 1L treatment of GEA in combo with chemo + PD-1 YE26 Initiate Phase 3 to support Accelerated Approval Pathway (as early as YE 26) Giva Giva Initiate randomized global Phase 2 study for 1L treatment of GEA in combo with chemo + PD-1 and have the first patient enrolled 1Q26 Giva Initiate additional Phase 1b cohorts for 1L treatment of PDAC in combo with chemo and have the first patient enrolled Initiate additional Phase 1b cohorts for 1L treatment of BTC in combo with chemo + PD-L1 and have the first patient enrolled Giva Presentation of dose expansion Phase 1b combination data at major medical meeting Initiate Phase 3 wet AMD studies in the US and China VIS-101 2H27 2H26 VIS-101 Initiate Phase 2b Study in China to finalize Phase 3 wet AMD dosing regimen 2026
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