Rapid Advancement Across Core R&D Pipeline
- The global, multicenter Phase I/II clinical trial of CS2009 (PD-1/VEGF/CTLA-4 trispecific antibody) is actively enrolling patients in Australia and China, and the Phase II IND application has been approved in the US. CS2009 demonstrates an excellent safety profile with a ≥Grade 3 TRAE rate of 23%, along with broad-spectrum anti-tumor activity. Notably, monotherapy data in lung cancer are encouraging: in first-line NSCLC patients with PD-L1 TPS ≥50%, the ORR reached 90% with a DCR of 100%, while the ORR was 25% in IO-pretreated NSCLC (AGA-negative). Furthermore, significant benefits were observed in patients with heavily pre-treated “cold tumors,” achieving an ORR of 40% in non-clear cell renal cell carcinoma (nccRCC) and 33.3% in soft tissue sarcoma (STS).
- The global Phase Ib multicenter trial of CS5001 (ROR1 ADC) is being advanced rapidly and efficiently in Australia and China, with its R&D progress ranking among the top two globally. In combination with R-CHOP as a first-line treatment for DLBCL (at doses of 50–90 μg/kg), the CR rate exceeds 90%, and the ORR reaches 100%. Additionally, the combination cohort for later-line DLBCL has also shown favorable safety and a high ORR.
Continued Expansion of Global Commercialization Footprint
- Since 2025, sugemalimab has secured two new strategic partnerships and received approvals for two additional indications. Its global commercialization footprint now spans over 60 countries and regions, with further collaborations and regulatory filings actively underway.
Breakthroughs in Local Manufacturing and Reimbursement Access
- GAVRETO® (pralsetinib) successfully obtained approval for local manufacturing in China and was included in the National Reimbursement Drug List (NRDL) for the first time, positioning it for significant sales growth.
- The domestic supply of AYVAKIT® (avapritinib) has officially commenced, complementing its successful NRDL renewal at the end of last year.
Emerging Preclinical Innovation Pipeline
- Three internally developed next-generation ADC candidates—CS5007 (EGFR/HER3 ADC), CS5008 (SSTR2/DLL3 ADC), and CS5006 (ITGB4 ADC)—will present preclinical research findings at AACR 2026, with IND submissions planned for 2026.
Solid Financial Position
- Revenue was RMB269.6 million for the year ended December 31, 2025. The revenue from sales of pralsetinib decreased substantially, which is primarily due to price adjustments of pralsetinib made in preparation for the NRDL negotiation, along with related one-off channel compensation. Upon pralsetinib’s inclusion in NRDL, the anticipated revenue ramp-up in 2026 and beyond is expected to outweigh the short-term negative impact on revenue in 2025. License fee income also decreased substantially, primarily due to the recognition of significant one-time upfront fees and milestone payments received in 2024.
- Cash and cash equivalents and time deposits were RMB918.7 million as of December 31, 2025.
SUZHOU, China, March 26, 2026 /PRNewswire/ — CStone Pharmaceuticals (“CStone,” HKEX: 2616), an innovation-driven biopharmaceutical company focused on the research and development of therapies for oncology, immunology, inflammation, and other key disease areas, today announced its 2025 annual results and recent business highlights.
Dr. Jason Yang, CEO, President of R&D, and Executive Director at CStone, stated, “2025 represents a pivotal strategic inflection point for CStone as we advance our Pipeline 2.0 and accelerate our commercial transformation. Over the past year, we have made highly efficient progress across our innovative pipeline, with our core asset, CS2009, demonstrating compelling efficacy in the latest clinical data. We are on track to initiate multiple global multi-regional Phase III trials by the end of 2026, reinforcing its potential as a next-generation immuno-oncology backbone.
On the commercial front, we continued to expand the global footprint of sugemalimab, while achieving important milestones in China for pralsetinib and avapritinib, including localization and reimbursement access. These efforts have reignited growth momentum in the China market and strengthened the foundation of our commercial platform.
Importantly, while driving business growth, we have maintained a solid financial position, with a cash balance of RMB 918.7 million as of the end of 2025. This financial strength enables us to continue investing in innovation while ensuring disciplined and sustainable operations.
Looking ahead, we remain committed to maximizing the commercial value of our established products while advancing our Pipeline 2.0 with focus and discipline. Through continued innovation and execution, we aim to drive long-term value creation and deliver sustainable returns for our shareholders.”
Business Highlights
For the year ended December 31, 2025, and up to the date of this results announcement, we advanced our innovative pipeline and maximized the commercial value of our in-market assets. Our Pipeline 2.0 achieved significant progress, highlighted by the clinical program CS2009 advancing to Phase II and delivering the first global clinical data for a PD-1/VEGF/CTLA-4 trispecific antibody. We also expanded our therapeutic focus into autoimmune and inflammatory diseases. Commercially, we secured two international agreements for the global commercialization of sugemalimab and obtained regulatory approvals in the European Union (EU) and United Kingdom (U.K.) for Stage III NSCLC. In China, AYVAKIT® (avapritinib) was successfully renewed on the NDRL, while GAVRETO® (pralsetinib) achieved its first-time inclusion. These accomplishments underscore our sustained commitment to developing innovative therapies for patients worldwide.
Clinical Stage Core Assets