$ALPHAMAB-B(09966.HK) ​ The drug failed to meet the primary endpoint, dropping nearly 40% in a single day. It reminds me of last year when $INNOCARE(09969.HK) ​ was "returned"—first a sharp drop, then a prolonged decline. Drugs for pancreatic cancer indications indeed carry high self-development risks and are more suitable for mid-to-large pharmaceutical companies with ample pipelines and stable profits. For 18A companies that haven't achieved stable profits yet, it's better to license partial rights to share the risks.

$AKESO(09926.HK) 's situation is somewhat different. The company was able to present AK112's clinical data at an event like ASCO, which, from the company's perspective, suggests that this Phase III clinical data is decent. However, the Phase III data was slightly weaker compared to Phase II, leading investors to lower their market expectations for the drug. As for suspicions about other issues, there's definitely more to it!