Happy New Year | Embarking on the Next Golden Decade of Development

Dear colleagues,

Happy New Year!

The year draws to a close and another new year begins. 2025 marks the tenth anniversary of InnoCare Pharma. It is also a year in which we have written a brilliant chapter in the history of China’s biopharmaceutical innovation with our relentless efforts and pioneering spirit. Facing the global opportunities and challenges, all of our employees have stayed true to the core value of “Science drives innovation for the benefits of patients” and together we have achieved a series of milestones.

In 2025, we have reinforced our decade-long foundation with multiple "China-first" achievements:

• Accelerating globalization with transformative deals: The Company inked a transformative deal with Zenas with total amount exceeding $2 billion, setting a new record for licensing-out in the field of autoimmune small molecule in China. Coupled with another deal earlier in the year, our global expansion has gained remarkable momentum. These major transactions, combined with good commercial performance, enable the Company to achieve the breakeven milestone two years ahead, propelling us onto a new growth trajectory.
• Drug approvals to drive commercialization: Two innovative drugs were approved for marketing - tafasitamab, China’s first CD19 monoclonal antibody approved for diffuse large B-cell lymphoma (DLBCL), and zurletrectinib, China’s first developed next-generation TRK inhibitor. Orelabrutinib for first-line treatment of chronic lymphocytic leukemia/small lymphocytic lymphoma (CLL/SLL) was also approved for marketing in China and successfully included in the 2025 National Reimbursement Drug List (NRDL). As China’s first and only BTK inhibitor approved for marginal zone lymphoma, orelabrutinib has been benefiting more and more lymphoma patients.
• Innovation breakthroughs: Data from three studies of mesutoclax, China’s first BCL2 inhibitor granted Breakthrough Therapy Designation, were presented at the ASH annual meeting. Four clinical trials of mesutoclax for the treatment of CLL/SLL, MCL, AML, and MDS are advancing rapidly both in China and globally. Mesutoclax, orelabrutinib, and tafasitamab further strengthened our leadership in hemato-oncology. Orelabrutinib, the world’s first BTK inhibitor to demonstrate significant efficacy in a Phase II clinical trial for systemic lupus erythematosus (SLE), is approved to conduct Phase III registrational trials; Orelabrutinib for the treatment of ITP has completed the Phase III clinical study, and NDA submission is expected in the first half of 2026. Two TYK2 inhibitors are progressing rapidly in multiple registrational trials, with comprehensive coverage in the dermatology market to build a second growth curve of autoimmune diseases for the Company. ICP-B794, the first ADC drug developed from our proprietary ADC platform, entered clinical development, enhancing our competitiveness in solid tumors.

This year, we celebrated the past ten years of perseverance with remarkable milestones. And for now, we will embark on the grand voyage of the next golden decade!

• Commitment to innovation: During our rapid-growth of Stage 2.0, we aim to get five to six innovative drugs approvals in the market, develop five to ten differentiated preclinical molecules, convert more breakthrough innovations into real-world therapies, and accelerate our global footprint - to deliver Best-in-Class and First-in-Class therapies to patients worldwide.
• Accelerating globalization: We will keep strengthening the capability build-up of our overseas teams and steadily scale up global operations, aiming to globalize three to four products. From original innovation, clinical development, regulatory affairs to BD, we will build an end-to-end core competency of globalization.
• Entrepreneurship: In an environment full of uncertainties, we should maintain the passion of entrepreneurship and innovation, and accelerate rapid growth with deep insight and high-efficiency execution.

Behind every achievement lies the hard work and wisdom of all our employees, as well as the trust and support of our partners. In 2026, let us forge ahead together to write the next brilliant chapter for InnoCare!

Wish you and your families a happy, healthy, and successful 2026!

Dr. Jasmine Cui

Co-founder, Chairwoman and CEO of InnoCare