Exclusive Summary

• Best-in-class potential with a dual-target mechanism: UB698 is an innovative APRIL/BAFF fusion protein that comprehensively blocks autoantibody production at the upstream source, presenting a superior disease-modifying rationale compared to mainstream downstream C5/FcRn inhibitors.
• Exceptional compliance via extended dosing intervals: By incorporating anti-HSA VHH technology for half-life extension, it achieves subcutaneous (SC) dosing every 4 to 8 weeks (Q4W-Q8W), significantly outperforming the once-weekly dosing of the competitor Telitacicept.
• Distinctive preclinical efficacy advantages: In NHP models, UB698 demonstrated a substantially greater reduction in serum IgG levels compared to Telitacicept and Povetacicept, alongside dose-dependent inhibition of autoantibodies in disease models.
• High-value indications with FDA IND ongoing: Targeting severe autoimmune diseases with high commercial value like systemic Myasthenia Gravis (gMG) and Primary Membranous Nephropathy (PMN), with FDA IND underway, making it an ideal license-out asset for MNCs expanding their immunology portfolios.

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