51 slides from Innocare Pharma Ltd. Class A's earnings presentation, Mar 25, 2026
Slide 1: InnoCare Pharma 2025 Annual Results Earnings Call
InnoCare Pharma 2025 Annual Results Earnings Call Stock Code: 09969.HK, 688428.SH March 25, 2026 1
Slide 2: Disclaimer
Disclaimer These materials are for information purposes only and do not constitute or form part of an offer or invitation to sell or issue or the solicitation of an offer or invitation to buy or subscribe for securities of InnoCare Pharma Limited (the “Company”) or any of its holding company or subs
Slide 3: Our Mission & Vision
Our Mission & Vison: Science Drives Innovation For The Benefit of Patients To Become a Global Biopharmaceutical Leader that Develops and Delivers Innovative Therapies for Patients Worldwide Cancer Autoimmune Our Therapeutic Focus 3
Slide 4: 2025 InnoCare Achieved Breakeven Milestone with Significant Revenue Growth
2025 InnoCare Achieved Breakeven Milestone with Significant Revenue Growth ❖ Robust revenue growth result in first-year profitability ➢ Total revenue reached RMB 2.37bn, representing a 135.3% yoy growth ➢ Drug sales achieved RMB 1.44bn with 43.4% yoy growth Milestone ➢ Net profit of RMB 644.2M, mark
Slide 5: Strong Momentum with Multiple Drug Approvals and Expanding Pipeline
Strong Momentum with Multiple Drug Approvals and Expanding Pipeline Across Oncology and Autoimmune Diseases ❖ Orelabrutinib 1L CLL/SLL NDA approved and successfully included in NRDL, constantly expanding growth potential ❖ Tafasitimab BLA approved in China offering substantial benefits for r/r DLBCL
Slide 6: Innovative Pipeline: Accelerating Portfolio Towards Value Realization
Innovative Pipeline: Accelerating Portfolio Towards Value Realization Pre-IND Phase 1/2 Phase 3 Registration Approved Degrader Oral Mesutoclax (ICP-248) BCL2 Orelabrutinib BTK Orelabrutinib BTK Orelabrutinib BTK Autoimmune diseases r/r NHL(CHN, US) TN MCL (Global) r/r MCL (AU) TN CLL/SLL (CHN) AML(C
Slide 7: 2025 Total Revenue Achieved 135% yoy Growth
2025 Total Revenue Achieved 135% yoy Growth, Diversified Portfolio and BD Drives High Growth Total Revenue Drug Sales In RMB millions BD and service Drug sales In RMB millions • Total Revenue 135.3% yoy growth +135% Yoy growth +43% - Drug sales continue robust growth Yoy growth - R&D engine provides
Slide 8: Turning to Profit With Strong Topline Growth, Plus Strong Cash Position
Turning to Profit With Strong Topline Growth, Plus Strong Cash Position Provides Flexibility Profit/Loss for the Period R&D Expense Cash and related balance* In RMB millions In RMB millions In RMB millions +16.9% 644 952 7,763 7,814 814 -453 -646 -894 2024 FY 2025 FY 2024 Dec 31 2025 Dec 31 2022 202
Slide 9: Diversified Product Portfolio Driving Continued Commercial Growth
Orelabrutinib + Tafasitamab + Zurletrectinib: Diversified Product Portfolio Driving Continued Commercial Growth Orelabrutinib ✓ Excellent efficacy and safety profile Orelabrutinib Tafasitamab Zurletrectinib ✓ Once-daily dosing ✓ Largest patient population coverage in NHL (CLL/SLL, MCL, MZL) among BT
Slide 10: Unlocking Global Autoimmune Potentials Through Diversified Partnership Models
Unlocking Global Autoimmune Potentials Through Diversified Partnership Models Prolium Bioscience Funded by ➢ Orelabrutinib: Non-oncology right outside of Greater CD3×CD20 bispecific antibody China and Southeast Asia and global MS right Global non-oncology field and the oncology ➢ Pre-clinical assets
Slide 11: A Leading Hemato-oncology Franchise
A Leading Hemato- oncology Franchise 11
Slide 12: Hemato-oncology: Leading Commercializing Proven Portfolio
Hemato-oncology: Leading Commercializing Proven Portfolio and Advancing Next-Generation Therapies for Broader Markets Assets Target Indication Clinical Trial Registration Market r/r CLL/SLL CHN r/r MCL CHN,SG r/r MZL CHN, SG Orelabrutinib BTK 1L CLL/SLL CHN 1L MCL Global Ph3 ongoing MZL Confirmatory
Slide 13: Tafasitamab: Best Medicine Potential for DLBCL Patients
Tafasitamab: Best Medicine Potential to Deliver Unique Clinical Value for DLBCL Patients Comparison of Selected Novel Therapy in r/r DLBCL Company Target Therapy Phase ORR CR mDOR mPFS mOS (%) (%) (m) (m) (m) Incyte/ CD19 Tafasitamab + Approved 57.5 40 43.9 11.6 33.5 InnoCare Lenalidomide ex-China A
Slide 14: Mesutoclax (ICP-248): A Novel BCL-2 Inhibitor
Mesutoclax (ICP-248): A Novel BCL-2 Inhibitor with Great Clinical Advantages Soft-spot blocked Advantages of Mesutoclax Eliminated major metabolite Venetoclax Pharmacological Properties Significantly higher exposure M27, a major metabolite of Venetoclax, shows ~80% AUC of the parent drug within 24 h
Slide 15: Favorable PK Profiles Compared with Venetoclax
Favorable PK Profiles Compared with Venetoclax in Clinical Studies Comparison of PK Profiles ICP-248 (100/125 mg, QD) vs Venetoclax (400 mg, QD) 10 ICP-248, 100 mg, n=12 ICP-248, 125 mg, n=3 Plasma concentration (μM) Venetoclax, 400 mg, n=9 8 6 ~3X ✓ PK exposure of ICP-248 at 125 mg QD is 3 times of
Slide 16: Mesutoclax: Differentiated Profile Driving High Possibility of Success
Mesutoclax (ICP-248): Differentiated Profile Driving High Possibility of Success BTKi + BCL-2i for 1L CLL/SLL Orela+Mesutoclax Ibru + Ven1 Acala + Ven2 Sample Size 42 106 291 ORR 100% 86.8% 92.8% Ph3 registrational trial Combo with Orelabrutinib CRR 57.1%* 36.7% NA for 1L CLL/SLL-FDT ongoing in CHN
Slide 17: Mesutoclax: Advancing AML and MDS Programs
Mesutoclax (ICP-248): Advancing AML and MDS Programs with Significant Global Market Potential 1L AML Mesutoclax Venetoclax1 Lisaftoclax2 Sonrotoclax3 N=35 N=286 N=39 N=79 CRR 85.7% 66.4% 51.3% 67.1% 1L AML: Dose expansion in China & global uMRD* 86.7% 23.5% NA 52.8% SAE 20.5% 83% 43.3% 77.2% 90-D 3.
Slide 18: Mesutoclax: Best-in-Class Potential and Significant Market Opportunity
Mesutoclax (ICP-248): Best-in-Class Potential and Significant Market Opportunity 1L CLL/SLL r/r MCL Fix-duration AML MDS Treatment ➢ The estimated CLL/SLL patient ➢ BTK inhibitors are broadly ➢ Global new AML cases are ➢ Global MDS patient population: population in China is established in treating M
Slide 19: Well Positioned Portfolio in Autoimmune Diseases
Well Positioned Portfolio in Autoimmune Diseases 19
Slide 20: Multiple Assets with Large Indications Progressed to Phase 3 Trials
Multiple Assets with Large Indications Progressed to Phase 3 Trials B cell pathway PPMS Global Ph3 registrational trial SPMS Global Ph3 registrational trial Orelabrutinib1 ITP Ph3 registrational trial completed, NDA 2026Q2 (BTKi) SLE FIC, Ph3 registrational trial, CHN AD Ph3 registrational trial T c
Slide 21: Orelabrutinib: Enormous Potential for Treating Autoimmune Diseases
Orelabrutinib: Enormous Potential for Treating Autoimmune Diseases Orelabrutinib MS1 ITP1 SLE1 • PPMS: Global Ph3 ongoing • The world's first and only BTKi • Ph3 registrational trial for the • SPMS: Global Ph3 being initiated treatment of ITP is underway in demonstrating efficacy in Ph2 trial • Best
Slide 22: Orelabrutinib in ITP: Large Market Opportunity Approaching NDA
Orelabrutinib in ITP: Large Market Opportunity Approaching NDA Disease & Patient Population Current Treatment Gaps • ITP (Immune Thrombocytopenia) is a chronic Current Therapy Limitations autoimmune bleeding disorder with significant Steroids & IVIG Short-term benefit, significant side effects relap
Slide 23: Orelabrutinib in SLE: Global First-in-Class BTK Inhibitor
Orelabrutinib in SLE: Global First-in-Class BTK Inhibitor with Large Market Opportunity First-in-Class potential, unlocking a multi-billion-dollar market opportunity. ➢ 2026 Q1: Ph3 registrational trial initiated SLE Orelabrutinib’s Advantage • SLE is a chronic autoimmune disease affecting • Selecti
Slide 24: Phase IIb Study Design of Orelabrutinib in SLE
Phase IIb Study Design of Orelabrutinib in SLE (ICP-CL-00124) A Phase 2b, Randomised, Placebo Controlled Study Investigating the Efficacy and Safety of Orelabrutinib in Subjects with Systemic Lupus Erythematosus SOC Olera 50mg QD + SoC (n=62) • Steroids（Dose-tapering according to protocol） ✓ Dose-ta
Slide 25: Phase IIb Study in SLE Met Its Primary Endpoint
The Phase IIb Study in SLE Met Its Primary Endpoint with Statistically Significant Improvement ➢ At Week 48, the SRI-4 response rate in the orelabrutinib 75 mg QD group was significantly higher than that of the placebo group (57.1% vs. 34.4%, p < 0.05) ➢ Orelabrutinib demonstrated rapid onset of act
Slide 26: Phase IIb SLE Study Efficacy: Subgroup Analysis
Phase IIb SLE Study Efficacy: Subgroup Analysis Placebo-Adjusted Treatment Difference for Orelabrutinib 75 mg QD* Δ 43% Δ 36% Δ 30% 80.0% 68.0% 70.0% 62.5% 70.0% 63.2% SRI-4 Response Rate（%） SRI-4 Response Rate（%） SRI-4 Response Rate（%） 70.0% 60.0% 60.0% 60.0% 50.0% 50.0% 50.0% 40.0% 33.3% 40.0% 40.
Slide 27: More Patients Achieved Target Steroid Doses
More Patients in the Orelabrutinib 75 mg QD Group Achieved Target Steroid Doses, with Lower Cumulative Steroid Exposure ➢ At Week 48, a significantly higher proportion of patients in the Orelabrutinib 75 mg QD group reduced to the target steroid dose (≤7.5 mg/day) compared with placebo (71.1% vs. 43
Slide 28: Phase III Clinical Trial Design of Orelabrutinib in SLE
Phase III Clinical Trial Design of Orelabrutinib in SLE A randomized, double-blind, placebo-controlled, multicenter Phase III study evaluating the efficacy and safety of Orelabrutinib in adult patients with SLE Placebo + SoC Safety Screening 1:1 Follow-up Orelabrutinib 75 mg QD + SoC Week 0 Week 52
Slide 29: ICP-332, ICP-488: TYK2 Inhibitors with Different Selectivity Profiles
ICP-332, ICP-488: TYK2 Inhibitors with Different Selectivity Profiles Active site binding Allosteric site binding JH2 (pseudokinase domain) Blocking the ATP binding site Inactive state JH1 (kinase domain) IC50 (nM) IC50 (nM) @1 mM ATP Inhibitor TYK2 JH2 TYK2 JH1 JAK1 JAK2 JAK3 ICP-332 2319 0.5 19
Slide 30: ICP-332 Shows Superior EASI 75 Improvement in Phase 2 AD
ICP-332 Shows Superior EASI 75 Improvement and Rapid Itch Reduction in Phase 2 AD Trial Soficitinib Ph2 AD Pruritus Numerical Rating Scale Phase 2 data indicates that soficitinib demonstrates significant efficacy in treating AD, showing the best efficacy on EASI 75 (placebo-adjusted) compared to sev
Slide 31: ICP-488: Strong Efficacy in Phase 2 Plaque Psoriasis Trial
ICP-488: Shows Strong Efficacy in Phase 2 Plaque Psoriasis Trial Patients achieving PASI 75 at Week 12 (FAS) PASI 75 Response Rate by visit (FAS) Placebo(N=43) Placebo(N=43) ICP-488 6mg QD(N=44) ICP-488 6mg QD(N=44) ICP-488 9mg QD (N=42) ICP-488 9mg (N=42) 90.00% 90.0% *Unilateral p<0.05 *** *** ***
Slide 32: ICP-332: Enormous Potential for Treating Inflammatory Skin Diseases
ICP-332: Enormous Potential for Treating Inflammatory Skin Diseases ICP-332 ICP-332 ICP-332 ICP-332 ICP-332 Atopic Dermatitis (AD) Vitiligo CSU Psoriasis Prurigo Nodularis (PN) • Ph3 ongoing, data • Ph2/3 trial ongoing, Ph2 • Ph2/3 ongoing, with • Ph2 ongoing, with • Global Ph2 ongoing. Readout Expe
Slide 33: ICP-488: Unlocking Broader Market Potential
ICP-488: Leveraging Strong Efficacy and Safety Profile, Unlocking Broader Market Potential ICP-488 ICP-488 ICP-488 ICP-488 Psoriasis CLE Sjögren’s syndrome Broad immunology platform • Ph2 IND submitted. • Ph3 ongoing, data • Ph2 ongoing. • SLE: ~8 million patients • TYK2 allosteric inhibitor globall
Slide 34: Innovative Therapies for Comprehensive Coverage of Autoimmune Diseases
Innovative Therapies for Comprehensive Coverage of Autoimmune Diseases Orelabrutinib (BTKi) Soficitinib (ICP-332) (TYK2/JAK1i) Nephrology LN MN ICP-488 (TYK2i) Gastroenterology UC CD ICP-538 (VAV1 molecular glue) Prurigo Dermatology AD PSO Vitiligo Nodularis CSU ICP-054 (IL-17 small molecule) Hemato
Slide 35: VAV1 Program Development Strategy
VAV1 Program Development Strategy ❑ VAV1 is a promising target involved in both T-cell and B-cell pathways that could be used for the treatment of various autoimmune diseases ❑ It’s proposed that VAV1 targeted therapy could provide much better efficacy in some of the hard-to-treat autoimmune disease
Slide 36: ICP-538: A Potent CRBN-Mediated VAV1 Molecular Glue Degrader
ICP-538: A Potent CRBN-Mediated VAV1 Molecular Glue Degrader with Strong Anti-Inflammatory Efficacy Dose-response VAV1 Rapid and deep VAV1 ICP-538 Inhibits Rat CIA degradation degradation Progression Normal Vehicle, PO, QD ICP-538, 0.3 mg/kg, PO, QD 12 ICP-538, 1 mg/kg, PO, QD VAV1 degradation dynam
Slide 37: IL-17: A Valid Autoimmune Disease Target
IL-17: A Valid Autoimmune Disease Target Mechanism of Action of IL-17 Inhibitor Target Indications 37 Reference: https://media.nature.com/full/naturecms/uploads/ckeditor/attachments/8204/interleukin17.pdf
Slide 38: ICP-054: A Novel Small-Molecule IL-17 Inhibitor
ICP-054: A Novel Small-Molecule IL-17 Inhibitor for Autoimmune Diseases with Potent Activity Against Both IL-17AA and IL-17AF ICP-054 is potent against both IL-17AA and AF in vivo efficacy in rat CIA model Normal control Vehicle, PO, QD Anti-IL-17 biologic ICP-054 ICP-054, 0.3 mg/kg ICP-054, 1 mg/kg
Slide 39: Innovative Solid Tumor Assets
Innovative Solid Tumor Assets 39
Slide 40: Zurletrectinib (ICP-723): 2nd Generation TRKi, NDA Approved Dec. 2025
Zurletrectinib (ICP-723): 2nd Generation TRKi for NTRK Tumors – NDA Approved in Dec. 2025 • 2nd Generation TRKi for Tumors with NTRK Gene Abnormalities – NDA for adults and adolescents submitted under priority review, approved in Dec. 2025 • Registration trial for NTRK gene abnormalities in adults a
Slide 41: Design & Advantage of InnoCare's Proprietary ADC Platform
Design & Advantage of InnoCare’s Proprietary ADC Platform Novel antibody Linker Cleavable Novel Connector Hydrophilic Linker Effective Payload • Irreversible connector • Allows high DAR • Potent • Prevents thiol exchange • Improves stability • Bystander effect • Tumor-specific release • Rapid cl
Slide 42: Next-Generation ADC Platform with a Broad Therapeutic Window
Next-Generation ADC Platform with a Broad Therapeutic Window Monkey HNSTD: 10 mg/kg Monkey HNSTD: 30 mg/kg Competitor 1’s TW: InnoCare’s TW: Competitor 1 (30/3)x4=40 (10/0.15)x4= 267 MED in NCI-H526 mouse model: 3 mg/kg TW: Therapeutic window HNSTD: Highest non-severely toxic dose MED: Minimal effec
Slide 43: Low Free Payload in Human Plasma Observed
Low Free Payload in Human Plasma Observed, Consistent with Preclinical Findings Competitor PK curve after single-dose ICP-B794 PK curve after single-dose infusion infusion 10 5 10 5 10 4 Dose (mg/kg) 10 4 Dose (mg/kg) 0.8 (n=3) Dose 1 0.8 1 Dose Concentration (ng/mL) Concentration (ng/mL) 10 3 1.5 (
Slide 44: Optimized Payload: Higher Potency, Lower P-gp Sensitivity
Optimized Payload: Higher Potency, Lower P-gp Sensitivity, Enhanced Bystander Effect More potent & less sensitive to P-gp Enhanced bystander effect ➢ Competitor 3 ➢ Competitor 1 Bystander effect ➢ Competitor 4 100 NCI-H1155 Normalized live cell ratio NCI-H1155 B7-H3 KO 80 ICP-104271 60 Potency Exate
Slide 45: Superior in vivo Efficacy of InnoCare B7-H3 ADC
Superior in vivo Efficacy of InnoCare B7-H3 ADC Compared to Other Platforms Superior anti-tumor activity Superior efficacy in large tumors Mouse CDX model Xenograft CDX model (NSCLC) NCI-H1155 xenograft CDX model (NSCLC) NCI-H1155 CDX mouse model 2700 3000 Vehicle, Vehicle, IV IV, Single dose, n=8 2
Slide 46: ICP-B794 Overcomes Resistance to Competitor
ICP-B794 Overcomes Resistance to Competitor 1 Robust activity against tumors that are unresponsive to Competitor 1 NCI-H1155 CDX model (NSCLC) Vehicle DS7300, 10 Competitor mpk 1, 10mpk 2800 DS7300, 10 Competitor mpk 1, 10mpk ICP-B794, 5 mpk ICP-B794, 0.3 mpk 2400 • ICP-B794 demonstrated robust anti
Slide 47: CDH17: A Potent Target for the Treatment of GI Cancers
CDH17: A Potent Target for the Treatment of GI Cancers CDH17positive cells CDH17negative cells Normal cells: CDH17 is hidden in tight junctions Cancer cell - - - - Nucleus Cancer cells: redistribution of CDH17, and making it accessible Lysosome Cell apoptosis CDH17 ICP-B208 Payload TOPO1 47
Slide 48: ICP-B208 (CDH17 ADC) Demonstrates Robust Anti-tumor Activity
ICP-B208 (CDH17 ADC) Demonstrates Robust Anti-tumor Activity Even in CDH17-low Tumors SUN-16 (CDH17-high gastric cancer) Gp2d (CDH17-low colorectal cancer) SNU-16 CDX model Gp2d CDX model Vehicle 1200 Vehicle, IV 1600 ICP-B208, 0.3 mg/kg ICP-B208, 0.3 mg/kg, IV ICP-B208, 1 mg/kg ICP-B208, 1 mg/kg, I
Slide 49: The Three Biologic Pillars at InnoCare for Oncology
The Three Biologic Pillars at InnoCare for Oncology Flexible combo approach for further synergy Next Gen Immuno-Oncology ADC TCE • Conditional activation within the • Irreversible connector, hydrophilic • Novel multi-specific approach to tumor microenvironment linker address tumor microenvironment •
Slide 50: Key Near Term Catalyst
Key Near Term Catalyst Assets Milestones Ph3 registrational trial for combination with ICP-248 in 1L CLL/SLL-FDT fully enrolled; awaiting data maturity with potential NDA submission. Orelabrutinib & Completion of patient enrollment for the registration trial for BTKi-treated MCL Mesutoclax Hemato-on
Slide 51: Thank you for your attention
Thank you for your attention！ 51