Biokin Pharmaceutical released its Q3 2025 financial report, with quarterly revenue of 1.895 billion yuan, a year-on-year increase of 1625.08%; net profit attributable to the parent company was 623 million yuan.
This means that the company has confirmed the previously announced $250 million milestone payment from Bristol-Myers Squibb (BMS) in this quarter. However, from a cash flow perspective, this amount has not yet been received.
At the same time, the company continues to invest strongly in research and development.
In the third quarter, R&amp;D investment reached 734 million yuan, a year-on-year increase of 89.51%. This indicates that the cash generated from collaborations is being efficiently reinvested in innovation to strengthen its technological moat.
The confirmation of this milestone payment provides the clearest answer to the market's previous questions regarding Biokin Pharmaceutical's core ADC drug iza-bren (BL-B01D1) and its historic collaboration with BMS.
<h2>Analysis of the $250 Million Milestone's Value</h2>
According to the agreement, the collaboration between Biokin Pharmaceutical and BMS for iza-bren has a potential total transaction value of up to $8.4 billion, which includes an $800 million upfront payment, up to $500 million in near-term contingent payments, and up to $7.1 billion in later milestone payments. The $250 million received this time is the first payment from the $500 million near-term contingent payments.
The trigger condition for this payment is not a timeline but a key clinical event: the completion of the first patient dosing in the global Phase II/III pivotal registration clinical trial IZABRIGHT-Breast01, which confirms that the collaboration is progressing rapidly as planned.
From the signing in December 2023, to receiving the upfront payment in March 2024, and reaching the first clinical milestone in Q3 2025, the collaboration has been tight and efficient, reflecting BMS's strong confidence in iza-bren.
For a licensed collaboration, the realization of value for the licensor highly depends on the licensee's willingness to develop and execution efficiency.
BMS triggered this payment by initiating a costly global pivotal registration clinical trial, which itself is a public endorsement of iza-bren's enormous potential. This action significantly reduces future uncertainties of the entire collaboration and greatly enhances market expectations for the realization of larger milestone payments in the future.
<h2>Clinical Dominance and Strong Product Pipeline of Iza-bren</h2>
Behind the $250 million is a reflection of scientific strength.
The value of iza-bren was prominently showcased at the 2025 European Society for Medical Oncology (ESMO) annual meeting. The meeting presented the results of the Phase III BL-B01D1-303 study in patients with recurrent/metastatic nasopharyngeal carcinoma (R/M NPC) in a high-profile oral presentation.
Data showed that in advanced patients who had undergone multiple lines of treatment, iza-bren demonstrated overwhelming advantages:
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Objective Response Rate (cORR): The iza-bren group was 54.6%, while the standardized chemotherapy control group was only 27.0%, achieving a doubling
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Median Progression-Free Survival (mPFS): The iza-bren group achieved 8.38 months, nearly double the chemotherapy group's 4.34 months, with a 56% reduction in the risk of disease progression or death (hazard ratio HR=0.44).
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Duration of Response (DoR): The iza-bren group had 8.51 months, significantly better than the chemotherapy group's 4.76 months.
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Clinically, for end-line patients with no other options, being able to double both the response rate and progression-free survival is a breakthrough result with the potential to change clinical practice. It is this potential for &#34;first-in-class&#34; or &#34;best-in-class&#34; that supports a transaction valuation of up to $8.4 billion.
At the same time, the company also announced the first global Phase I study data of iza-bren in patients with non-small cell lung cancer (NSCLC) at ESMO.
The significant research results show that iza-bren demonstrated consistent efficacy and safety across diverse global patient populations who had undergone multiple lines of treatment.
In the difficult-to-treat cancer type of small cell lung cancer (SCLC), iza-bren achieved a confirmed objective response rate of up to 75% in the second-line treatment patient subgroup, with a median overall survival of 15.1 months, which is impressive data.
BMS and Biokin Pharmaceutical are advancing key registration clinical studies globally in major cancer types such as breast cancer (IZABRIGHT-Breast01), lung cancer (IZABRIGHT-Lung01), and bladder cancer (IZABRIGHT-Bladder01). Additionally, iza-bren has received breakthrough therapy designation from the U.S. FDA for EGFR mutation non-small cell lung cancer, further highlighting its broad application prospects.
These excellent data fundamentally validate the success of iza-bren's unique molecular design. As a bispecific antibody-drug conjugate (ADC) targeting EGFR and HER3, it carries an innovative topoisomerase I inhibitor (Topo1i) payload.
The success of iza-bren is not an isolated case; it was born from Biokin Pharmaceutical's carefully constructed innovation system.
The company has established multiple globally leading technology platforms, including the HIRE-ADC platform, GNC (multispecific antibody) platform, and HIRE-ARC (radioisotope conjugated drugs) platform. Based on these platforms, the company has over 14 candidate drugs in clinical stages, forming a well-structured product pipeline with sufficient momentum and the capability to continuously innovate by adding 3 to 5 clinical pipelines each year.
This layout has built a sustainable innovation ecosystem.
The success of iza-bren, produced by the ADC platform, has realized value monetization through collaboration with BMS, obtaining substantial funding and scientific validation. These resources are then reinvested to drive the next generation of technology platform assets into clinical development.
Through the cycle of &#34;innovation—validation—reinvestment,&#34; Biokin Pharmaceutical has achieved a virtuous closed loop of R&amp;D and capital, effectively reducing the traditional biotech company's reliance on a single product and providing a mature model for the globalization of Chinese biopharmaceutical enterprises

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Cash generated from collaboration is being efficiently reinvested in innovation

Year-on-year increase of 1625.08%, Biokin Pharmaceutical confirms milestone revenue of 250 million USD in Q3