【與漢康讀懂腫瘤免疫新藥的抗癌革命】由漢康生技企劃製作

當生技新藥研發週期長達十年，如何有效控管財務與科學的雙重風險？
當提早授權能帶來現金，為什麼漢康選擇「延遲滿足」累積國際談判桌上的底氣？
當市場熱衷於追逐單一臨床數據，投資人該如何看懂新藥公司的真正價值？
本集我們邀請到漢康生技董事長——劉世高博士，深入解析漢康如何以雙支柱策略與極致的執行力，迎向 2026 年的創新板上市之路。

精彩內容：

• 風險管理的藝術： 從資金到位到科學驗證，漢康如何將下行風險（Downside Risk）降至最低，迎來價值增長的拐點？
• 臨床數據的突破： HCB101 在多項實體瘤展現驚人療效，為什麼高達 31 毫克的寬廣「安全治療窗」是成為百搭神藥的關鍵？
• 戰略性的授權佈局： 為什麼不急於現在進行全球授權？完整數據包如何成為未來爭取數億美元首付款的談判籌碼？
• 雙支柱（Dual Pillar）策略： 從腫瘤免疫跨足自體免疫疾病，重磅新星 HCB206 如何透過全新機制（MOA）震撼市場？
• 投資生技的三大指標： 市值與研發投入比、管線的廣度與深度、高階團隊的實戰經驗，教您看懂「見林也見樹」的投資邏輯。

【About This Episode】
When the R&D cycle for novel biologics spans a decade, how do you effectively manage both financial and scientific risks? While early out-licensing brings immediate cash, why does HanchorBio choose to delay gratification to build leverage for international negotiations? When the market obsessively chases single clinical data points, how should investors evaluate the true worth of a biotech company? In this episode, Dr. Scott Liu, Chairman and CEO of HanchorBio, breaks down how the company leverages a dual-pillar strategy and relentless execution to pave the way for its 2026 IPO.

【Key Takeaways】

• The Art of Risk Management: From securing robust funding to achieving scientific validation, how has HanchorBio minimized its downside risk to reach a valuation inflection point?
• Clinical Breakthroughs: With HCB101 showing remarkable efficacy across solid tumors, why is a wide therapeutic window (up to 31 mg) the key to becoming a versatile backbone therapy?
• Strategic Licensing: Why hold off on a global out-licensing deal? Discover how a comprehensive data package acts as leverage for a future multi-hundred-million-dollar upfront payment.
• The Dual Pillar Strategy: Expanding from immuno-oncology to autoimmune diseases, how will the rising star HCB206 disrupt the massive market with its novel Mechanism of Action (MOA)?
• Three Metrics for Biotech Investing: Market cap to R&D spend ratio, pipeline breadth and depth, and executive team track record—how to see the big picture in biotech evaluation.

漢康生技官網：https://www.hanchorbio.com/
漢康生技LinkedIn：https://reurl.cc/7b19y9

本節目旨在透過科學導讀與商業邏輯分享，幫助聽眾理解生技產業趨勢與漢康生技之核心價值。所有臨床數據均以公司正式發布之公告為準，內容不構成任何形式之投資建議。以上內容為創辦人基於產業經驗對產品潛力的評估，不代表公司對未來股價或獲利的保證。

【與漢康讀懂腫瘤免疫新藥的抗癌革命】由漢康生技企劃製作
當現有治療工具越來越多，甚至進入精準醫療時代，為什麼癌症還是會反覆復發？
為什麼殺死了大部分的腫瘤，卻殺不死最狡猾的「腫瘤幹細胞」？
當全球大廠在 CD47 靶點上因「溶血毒性」紛紛折戟，漢康生技如何透過巧妙的分子設計逆轉局勢？
本集我們邀請到漢康生技科學委員、德州大學西南醫學中心病理專家——陳明義教授，帶我們從第一線臨床視角，看懂下一代腫瘤免疫新藥的致勝關鍵。

精彩內容：

• 癌症復發的真相： 為什麼化療與放療在殺死腫瘤的同時，卻也讓「腫瘤幹細胞（Cancer Stem Cells）」成功逃逸並導致無止盡的復發？

• 靶向治療的終極條件： 為什麼完美的靶點必須符合「腫瘤高表達、正常細胞零表達」的嚴苛標準？

• 破解 CD47 的溶血魔咒： 漢康的 HCB101 如何透過 AI 結構生物學設計 SIRPα「誘餌（Decoy）」，精準毒殺腫瘤卻能完美避開紅血球？

• 1+1>2 的協同療法（Synergistic Therapy）： 為什麼「低劑量化放療」搭配「巨噬細胞免疫藥物」，能大幅降低全身毒性並提高長期存活率？

• FBDB 平臺的延伸潛力： 如何透過降低藥物的「抗原性（Antigenicity）」來延長有效循環時間？具備三個標靶手臂（Arm）的三特異性融合蛋白 HCB301，又將如何讓腫瘤無處可逃？

【About This Episode】
When there are more treatment tools than ever in the era of precision medicine, why do cancers still frequently relapse? Why do conventional treatments kill the bulk of the tumor but fail to eliminate the cunning "cancer stem cells"? As global pharma giants stumble over severe hemolytic toxicity in CD47-targeted therapies, how does HanchorBio reverse the tide with clever molecular design? In this episode, we invite Dr. Ming-Yi Chen, a pathology expert at UT Southwestern Medical Center and Scientific Committee member of HanchorBio, to reveal the winning strategies of next-generation immuno-oncology drugs from a frontline clinical perspective.

【Key Takeaways】
The Truth About Cancer Relapse: Why do chemotherapy and radiation kill mature tumors but inadvertently allow "cancer stem cells" to escape and cause endless recurrence?
The Ultimate Criterion for Targeted Therapy: Why must a perfect target adhere to the strict standard of being highly expressed on tumors but completely absent on normal cells?
Breaking the CD47 Hemolytic Curse: How does HanchorBio's HCB101 use an AI-designed SIRPα "decoy" to precisely target tumors while perfectly avoiding red blood cells?
Synergistic Therapy (1+1>2): Why does combining "low-dose chemo/radiation" with "macrophage-directed immunotherapy" drastically reduce systemic toxicity and improve long-term survival?
The Extended Potential of the FBDB Platform: How does reducing a drug's "antigenicity" prolong its effective circulation time? And how will HCB301, a tri-specific antibody with three targeting arms, leave tumors with nowhere to hide?

【與漢康讀懂腫瘤免疫新藥的抗癌革命】由漢康生技企劃製作

如果技術決定了一家公司能不能開始，那麼什麼決定了它能不能走到最後？
當許多人認為專利只是為了「防拷貝」，為什麼在生技產業，IP 卻是決定你能否上桌談判的入場券？
當 HCB101 接連在 2025 年與 2026 年拿下美國與日本兩大高門檻專利，這背後隱藏了什麼樣的商業變現與全球擴張底氣？
本集我們邀請到漢康生技商發長——叢越華博士，深入解析如何將看不見的智慧財產權，轉化為堅不可摧的商業壁壘與談判籌碼。

精彩內容：

• IP 的商業底層邏輯：為什麼專利不只是防守工具，更是參與全球生技賽局的「入場券（Right to play）」與談判桌上的關鍵籌碼？

• 美日專利雙殺的意義：拿下 2025 年美國專利（黃金標準）與 2026 年日本專利（最嚴格的 CMC 壓力測試），如何為漢康打通進軍高階醫藥市場的任督二脈？

• 無形資產的強力變現：專利認可如何直接轉化為 1,000 萬美元的授權首付款與超過 2,000 萬美元的募資里程碑？

• 平臺型的專利護城河：從核心資產 HCB101 到後續的 HCB301、HCB206，漢康如何利用 FBDB 平臺，建立多維度（適應症、製程、營業秘密）的防禦陣地？

• 投資人必問的三大 IP 問題：沒有技術背景怎麼辦？商發長教你從「自由營運權（FTO）」、「專利佈局密度與廣度」、「競爭者版圖」精準評估公司的真實價值。

【About This Episode】
If technology determines whether a company can get started, what determines if it can go the distance?
While many perceive patents merely as defensive tools against imitation, why is Intellectual Property (IP) actually the ultimate ticket to play and a crucial bargaining chip in the biotech industry?
With HCB101 securing patents in both the U.S. (2025) and Japan (2026)—two of the world's most rigorous markets—what commercial leverage and global expansion strategies lie beneath the surface?
In this episode, Dr. Cong Yuehua, Chief Business Officer at HanchorBio, decodes how invisible intellectual property is transformed into an impenetrable economic moat and powerful negotiation leverage.

【Key Takeaways】
The Commercial Logic of IP: Why is IP not just a defensive shield, but a "right to play" and a vital bargaining chip in global biotech partnerships?
Conquering the U.S. and Japan Markets: How do the 2025 U.S. patent (the gold standard) and the 2026 Japan patent (a massive CMC stress test) pave the way for entering high-end pharmaceutical markets?
Monetizing Intangible Assets: How does patent validation directly translate into a $10 million licensing upfront payment and over $20 million in fundraising success?
Building a Platform-Level Moat: From the lead asset HCB101 to subsequent programs like HCB301 and HCB206, how does HanchorBio leverage its FBDB platform to create a multi-layered defense (covering formulation, manufacturing, and trade secrets)?
Three Must-Ask IP Questions for Investors: No technical background? Dr. Cong explains how to evaluate a company's true worth by asking about "Freedom to Operate (FTO)," "portfolio density and geographic coverage," and the "competitor landscape."


漢康生技官網：https://www.hanchorbio.com/
漢康生技LinkedIn：https://reurl.cc/7b19y9

本節目旨在透過科學導讀與商業邏輯分享，幫助聽眾理解生技產業趨勢與漢康生技之核心價值。所有臨床數據均以公司正式發布之公告為準，內容不構成任何形式之投資建議。以上內容為創辦人基於產業經驗對產品潛力的評估，不代表公司對未來股價或獲利的保證。