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Business Standard
21-07-2025
- Automotive
- Business Standard
Life atop China's car market starts to look tough for BYD as sales stall
BYD's core domestic car deliveries fell 8% in June as rivals like Geely, Xpeng, and Xiaomi gained ground, even as overseas and commercial sales were excluded from the tally Bloomberg Life at the top is proving complex for China's leading automaker, and there are fresh challenges on the horizon. BYD Co.'s monthly sales have stagnated of late and with the summer months being a traditionally slower time for consumer purchases, that trajectory isn't expected to reverse any time soon. Discounting is also now being looked sternly upon by Beijing, with China last week pledging to rein in 'irrational competition' in the electric vehicle sector, reflecting authorities' wish to tackle the deflationary price wars that are threatening economic and industrial growth. Some of BYD's international forays are also proving more challenging than expected, raising the question, is China's No. 1 automaker on shaky ground? The Shenzhen-based behemoth currently looks like it will undershoot its annual sales target for 2025, in what would be a rare miss after a multi-year bull run. The number of electric and hybrid vehicles BYD needs to sell each month through December has hit 560,000 units, in excess of levels it could hope to achieve typically in a single month. The most vehicles BYD has ever sold in a month was just shy of 515,000, in December last year. Analysts are now doubting whether BYD can hit 5.5 million units in 2025. Consensus estimates continue to be downgraded. Deutsche Bank AG earlier this month said it now expects 5 million in wholesales, or deliveries to dealers, for this year, comprised of 4 million domestic units and 1 million overseas, while Morgan Stanley last month lowered its projection to 5.3 million, pointing to a smaller number of new models. Bloomberg Intelligence's Joanne Chen says BYD will need to sacrifice some profit and maintain its hefty discounting in the second half if it wants to stay on track. 'Regulatory scrutiny will temper direct cuts to vehicle sticker prices but competition isn't going away and retail promotions are still needed to sustain sales momentum,' she said. 'New model roll outs and steady tech upgrade are also crucial.' Bing Yuan, a fund manager at Edmond de Rothschild Asset Management, said many market watchers now realistically expect sales of around 5 million. 'My sense is that is the consensus,' she said. Stripping out overseas and commercial sales, BYD's core car deliveries in China are shrinking. In June, they slipped 8 per cent year-on-year as vehicles from brands like Zhejiang Geely Holding Group Co., Xpeng Inc. and Xiaomi Corp. won over buyers. HSBC Holdings Plc data show that Geely was the largest gainer of market share in the first half, while BYD was among the biggest losers. Overseas sales are faring better and those are looking on target to reach BYD's forecast of 800,000. Indeed, BYD is already almost 60 per cent of the way there. But while higher margin international sales will help BYD offset aggressive domestic discounting, some foreign markets are presenting new difficulties. BYD has grand plans for Saudi Arabia, for example, hoping to triple its footprint after Tesla Inc. entered the country. But EVs account for just over 1 per cent of total car sales in the kingdom, with high costs, sparse charging infrastructure and extreme temperatures challenging EV adoption. India, a potentially huge market, has meanwhile consistently blocked BYD's efforts to expand and despite rapid growth from a low base in Europe, there are substantial tariff headwinds and increasing competition from legacy automakers that already have consumers' trust, not to mention more extensive after-sales networks. At home, regulatory scrutiny has also intensified around BYD as it continues to be at the fore of an EV price war. In late May, it slashed prices by as much as 34 per cent, triggering renewed sector-wide discounts. Its moves were later discouraged in a veiled warning by the Chinese Communist Party's mouthpiece the People's Daily, which slammed the 'rat-race competition.' Whether Beijing can actually stop price discounting by a privately held company is a point of debate. Tianlei Huang, a China program coordinator at the Peterson Institute for International Economics, said authorities may resort to administrative tools such as price reviews or cost investigations to establish a de facto price floor, or coordinate a concerted capacity reduction among leading EV makers, although he acknowledged those measures won't be easy. Regardless, BYD must be careful. As the company gears up to release first-half results later next month and July sales data within weeks, analysts will have their spreadsheets at the ready, waiting to see whether those 2025 targets look even further in the distance.
Business Times
21-07-2025
- Automotive
- Business Times
Life atop China's car market is starting to look shaky for BYD
LIFE at the top is proving complex for China's leading automaker, and there are fresh challenges on the horizon. BYD's monthly sales have stagnated of late and with the summer months being a traditionally slower time for consumer purchases, that trajectory isn't expected to reverse any time soon. Discounting is also now being looked sternly upon by Beijing, with China last week pledging to rein in 'irrational competition' in the electric vehicle sector, reflecting authorities' wish to tackle the deflationary price wars that are threatening economic and industrial growth. Some of BYD's international forays are also proving more challenging than expected, raising the question, is China's No. 1 automaker on shaky ground? The Shenzhen-based behemoth currently looks like it will undershoot its annual sales target for 2025, in what would be a rare miss after a multi-year bull run. The number of electric and hybrid vehicles BYD needs to sell each month through December has hit 560,000 units, in excess of levels it could hope to achieve typically in a single month. The most vehicles BYD has ever sold in a month was just shy of 515,000, in December last year. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Analysts are now doubting whether BYD can hit 5.5 million units in 2025. Consensus estimates continue to be downgraded. Morgan Stanley last month lowered its projection to 5.3 million, pointing to a smaller number of new models, while Bloomberg Intelligence's Joanne Chen says BYD will need to sacrifice some profit and maintain its hefty discounting in the second half if it wants to stay on track. 'Regulatory scrutiny will temper direct cuts to vehicle sticker prices but competition isn't going away and retail promotions are still needed to sustain sales momentum,' she said. 'New model roll outs and steady tech upgrade are also crucial.' Bing Yuan, a fund manager at Edmond de Rothschild Asset Management, said many market watchers now realistically expect sales of around 5 million. 'My sense is that is the consensus,' she said. Stripping out overseas and commercial sales, BYD's core car deliveries in China are shrinking. In June, they slipped 8 per cent year-on-year as vehicles from brands like Zhejiang Geely Holding Group, Xpeng and Xiaomi won over buyers. HSBC Holdings data show that Geely was the largest gainer of market share in the first half, while BYD was among the biggest losers. Overseas sales are faring better and those are looking on target to reach BYD's forecast of 800,000. Indeed, BYD is already almost 60 per cent of the way there. But while higher margin international sales will help BYD offset aggressive domestic discounting, some foreign markets are presenting new difficulties. BYD has grand plans for Saudi Arabia, for example, hoping to triple its footprint after Tesla entered the country. But EVs account for just over 1 per cent of total car sales in the kingdom, with high costs, sparse charging infrastructure and extreme temperatures challenging EV adoption. India, a potentially huge market, has meanwhile consistently blocked BYD's efforts to expand and despite rapid growth from a low base in Europe, there are substantial tariff headwinds and increasing competition from legacy automakers that already have consumers' trust, not to mention more extensive after-sales networks. At home, regulatory scrutiny has also intensified around BYD as it continues to be at the fore of an EV price war. In late May, it slashed prices by as much as 34 per cent, triggering renewed sector-wide discounts. Its moves were later discouraged in a veiled warning by the Chinese Communist Party's mouthpiece the People's Daily, which slammed the 'rat-race competition.' Whether Beijing can actually stop price discounting by a privately held company is a point of debate. Tianlei Huang, a China program coordinator at the Peterson Institute for International Economics, said authorities may resort to administrative tools such as price reviews or cost investigations to establish a de facto price floor, or coordinate a concerted capacity reduction among leading EV makers, although he acknowledged those measures won't be easy. Regardless, BYD must be careful. As the company gears up to release first-half results later next month and July sales data within weeks, analysts will have their spreadsheets at the ready, waiting to see whether those 2025 targets look even further in the distance. BLOOMBERG
Associated Press
02-06-2025
- Business
- Associated Press
OnCusp Therapeutics Announces Encouraging Initial Phase 1a Results from Ongoing First-in-Human Study Evaluating its CDH6-Directed Antibody-Drug Conjugate, CUSP06, in Platinum-Refractory/Resistant Ovarian Cancer and Other Advanced Solid Tumors at the 2025 ASCO Annual Meeting
CUSP06 is a CDH6-directed ADC with a differentiated profile and potentially best-in-class activity CUSP06 demonstrated a manageable safety profile, consistent with other TOP1-inhibitor ADCs Promising signs of efficacy were observed in patients with heavily pretreated platinum-resistant high-grade serous ovarian cancer (HGSOC) without CDH6 pre-selection PRINCETON, N.J., June 2, 2025 /PRNewswire/ -- OnCusp Therapeutics, Inc., a clinical-stage biopharmaceutical company dedicated to transforming cutting-edge preclinical innovation into clinically validated treatments for cancer patients, today announced initial Ph1a data from its ongoing Phase 1 open-label, multicenter dose escalation and expansion study evaluating CUSP06, a CDH6-directed antibody-drug conjugate (ADC) with a differentiated profile, in patients with platinum-refractory/resistant ovarian cancer and other advanced solid tumors. The data are being presented today at the 2025 American Society of Clinical Oncology (ASCO) Annual Meeting being held in Chicago, Illinois. 'We are excited by the early results, especially in platinum-resistant HGSOC, which demonstrated promising activity in a heavily pretreated population without requiring CDH6 biomarker selection,' said Dr. Bing Yuan, Co-Founder and CEO of OnCusp Therapeutics. 'These data, together with previously presented preclinical findings, underscore the best-in-class potential of CUSP06. We look forward to observing promising data in the Phase 1b study and to bringing this therapy to patients with ovarian cancer and other CDH6-expressing solid tumors.' The Phase 1 trial is an open-label, multicenter, first-in-human study of CUSP06. The primary objective of the study is to assess the safety, tolerability, pharmacokinetics, and preliminary efficacy of CUSP06 in patients with platinum-refractory/resistant ovarian cancer and other advanced solid tumors. The Phase 1a portion will determine the recommended doses for expansion and the Phase 1b portion will focus on further characterizing safety and efficacy in select tumor types. As of May 13, 2025, data are available for 37 patients who have received CUSP06 once every three weeks (Q3W) at doses ranging from 1.6 to 5.6 mg/kg. These patients were heavily pretreated, with a median of 4 prior lines of therapy. Promising efficacy was observed in patients with heavily pretreated platinum-resistant HGSOC without CDH6 pre-selection. The overall response rate (ORR) was 36% in HGSOC (9/25; 5 confirmed (including 2 responders who had previously received mirvetuximab treatment) and 4 unconfirmed partial responses (PRs)). All patients with unconfirmed PRs remain on treatment. The ORR reached 50% at both 4.0 mg/kg + prophylactic granulocyte colony-stimulating factor (G-CSF) and 4.4 mg/kg + G-CSF cohorts (3/6 and 1/2 patients, respectively); all responders remain on treatment. The clinical benefit rate (CBR) was 92% (23/25). CA-125 responses occurred in 45% of Gynecologic Cancer InterGroup (GCIG)-evaluable HGSOC patients, further supporting clinical activity. Responses were seen in low and high-CDH6-expressing tumors. CUSP06 has been well tolerated, with manageable hematologic toxicities as the most common treatment-related adverse events. These Phase 1a safety and efficacy results support continued evaluation of CUSP06 in platinum-resistant HGSOC and other CDH6-positive tumors in Phase 1b expansion cohorts. CUSP06 was recently granted Fast Track designation by the U.S. Food and Drug Administration for the treatment of patients with platinum-resistant ovarian cancer. Poster Presentation Details: Title: First-in-human (FIH) Phase 1 study of CUSP06, a cadherin-6 (CDH6)-directed antibody-drug conjugate (ADC), in patients with platinum-refractory/resistant ovarian cancer and other advanced solid tumors. Session Title: Developmental Therapeutics—Molecularly Targeted Agents and Tumor Biology Date and Time: June 2 – 1:30 PM CDT Abstract Number: 3042 Poster Number: 357 Location: Hall A About CUSP06 CUSP06, a CDH6 ADC, is composed of a proprietary antibody with high CDH6 binding affinity, a protease-cleavable linker, and an exatecan payload (a potent and clinically validated topoisomerase-1 inhibitor). The linker is designed to complement the exatecan payload, enabling a stable and homogeneous ADC. The payload is a weak substrate for BCRP/P-gp, which are drug efflux pumps that drive chemoresistance to many therapies. In preclinical data, this linker-payload has been shown to have an increased 'bystander effect' compared with competitor ADCs. CUSP06 has a drug-to-antibody ratio of eight. OnCusp obtained the exclusive global rights (outside of China) to lead the development and commercialization of CUSP06 from Multitude Therapeutics in 2022. CUSP06 is being evaluated in a Phase 1 study in patients with platinum refractory/resistant ovarian cancer and other advanced solid tumors. Additional information on the CUSP06-1001 (NCT06234423) trial can be found at About OnCusp Therapeutics OnCusp Therapeutics, Inc., headquartered in Princeton, New Jersey, is a clinical-stage biopharmaceutical company dedicated to transforming cutting-edge preclinical innovation into clinically validated treatments for cancer patients. OnCusp was co-founded by Dr. Bing Yuan, Dr. Eric Slosberg, and Dr. Andy Fu, and has built a strong team of accomplished veterans with proven track records in building biotech startups, leading successful preclinical and clinical programs, and creating value through global partnerships. The company is committed to accelerating the advancement of globally competitive oncology assets for patients. OnCusp raised an oversubscribed $100 million Series A financing round in January 2024, co-led by Novo Holdings, OrbiMed, and F-Prime Capital. Contact: OnCusp Investors & Media: Argot Partners [email protected] View original content: SOURCE OnCusp Therapeutics
Yahoo
02-06-2025
- Business
- Yahoo
OnCusp Therapeutics Announces Encouraging Initial Phase 1a Results from Ongoing First-in-Human Study Evaluating its CDH6-Directed Antibody-Drug Conjugate, CUSP06, in Platinum-Refractory/Resistant Ovarian Cancer and Other Advanced Solid Tumors at the 2025 ASCO Annual Meeting
CUSP06 is a CDH6-directed ADC with a differentiated profile and potentially best-in-class activity CUSP06 demonstrated a manageable safety profile, consistent with other TOP1-inhibitor ADCs Promising signs of efficacy were observed in patients with heavily pretreated platinum-resistant high-grade serous ovarian cancer (HGSOC) without CDH6 pre-selection PRINCETON, N.J., June 2, 2025 /PRNewswire/ -- OnCusp Therapeutics, Inc., a clinical-stage biopharmaceutical company dedicated to transforming cutting-edge preclinical innovation into clinically validated treatments for cancer patients, today announced initial Ph1a data from its ongoing Phase 1 open-label, multicenter dose escalation and expansion study evaluating CUSP06, a CDH6-directed antibody-drug conjugate (ADC) with a differentiated profile, in patients with platinum-refractory/resistant ovarian cancer and other advanced solid tumors. The data are being presented today at the 2025 American Society of Clinical Oncology (ASCO) Annual Meeting being held in Chicago, Illinois. "We are excited by the early results, especially in platinum-resistant HGSOC, which demonstrated promising activity in a heavily pretreated population without requiring CDH6 biomarker selection," said Dr. Bing Yuan, Co-Founder and CEO of OnCusp Therapeutics. "These data, together with previously presented preclinical findings, underscore the best-in-class potential of CUSP06. We look forward to observing promising data in the Phase 1b study and to bringing this therapy to patients with ovarian cancer and other CDH6-expressing solid tumors." The Phase 1 trial is an open-label, multicenter, first-in-human study of CUSP06. The primary objective of the study is to assess the safety, tolerability, pharmacokinetics, and preliminary efficacy of CUSP06 in patients with platinum-refractory/resistant ovarian cancer and other advanced solid tumors. The Phase 1a portion will determine the recommended doses for expansion and the Phase 1b portion will focus on further characterizing safety and efficacy in select tumor types. As of May 13, 2025, data are available for 37 patients who have received CUSP06 once every three weeks (Q3W) at doses ranging from 1.6 to 5.6 mg/kg. These patients were heavily pretreated, with a median of 4 prior lines of therapy. Promising efficacy was observed in patients with heavily pretreated platinum-resistant HGSOC without CDH6 pre-selection. The overall response rate (ORR) was 36% in HGSOC (9/25; 5 confirmed (including 2 responders who had previously received mirvetuximab treatment) and 4 unconfirmed partial responses (PRs)). All patients with unconfirmed PRs remain on treatment. The ORR reached 50% at both 4.0 mg/kg + prophylactic granulocyte colony-stimulating factor (G-CSF) and 4.4 mg/kg + G-CSF cohorts (3/6 and 1/2 patients, respectively); all responders remain on treatment. The clinical benefit rate (CBR) was 92% (23/25). CA-125 responses occurred in 45% of Gynecologic Cancer InterGroup (GCIG)-evaluable HGSOC patients, further supporting clinical activity. Responses were seen in low and high-CDH6-expressing tumors. CUSP06 has been well tolerated, with manageable hematologic toxicities as the most common treatment-related adverse events. These Phase 1a safety and efficacy results support continued evaluation of CUSP06 in platinum-resistant HGSOC and other CDH6-positive tumors in Phase 1b expansion cohorts. CUSP06 was recently granted Fast Track designation by the U.S. Food and Drug Administration for the treatment of patients with platinum-resistant ovarian cancer. Poster Presentation Details: Title: First-in-human (FIH) Phase 1 study of CUSP06, a cadherin-6 (CDH6)-directed antibody-drug conjugate (ADC), in patients with platinum-refractory/resistant ovarian cancer and other advanced solid Title: Developmental Therapeutics—Molecularly Targeted Agents and Tumor BiologyDate and Time: June 2 – 1:30 PM CDTAbstract Number: 3042Poster Number: 357Location: Hall A About CUSP06 CUSP06, a CDH6 ADC, is composed of a proprietary antibody with high CDH6 binding affinity, a protease-cleavable linker, and an exatecan payload (a potent and clinically validated topoisomerase-1 inhibitor). The linker is designed to complement the exatecan payload, enabling a stable and homogeneous ADC. The payload is a weak substrate for BCRP/P-gp, which are drug efflux pumps that drive chemoresistance to many therapies. In preclinical data, this linker-payload has been shown to have an increased "bystander effect" compared with competitor ADCs. CUSP06 has a drug-to-antibody ratio of eight. OnCusp obtained the exclusive global rights (outside of China) to lead the development and commercialization of CUSP06 from Multitude Therapeutics in 2022. CUSP06 is being evaluated in a Phase 1 study in patients with platinum refractory/resistant ovarian cancer and other advanced solid tumors. Additional information on the CUSP06-1001 (NCT06234423) trial can be found at About OnCusp Therapeutics OnCusp Therapeutics, Inc., headquartered in Princeton, New Jersey, is a clinical-stage biopharmaceutical company dedicated to transforming cutting-edge preclinical innovation into clinically validated treatments for cancer patients. OnCusp was co-founded by Dr. Bing Yuan, Dr. Eric Slosberg, and Dr. Andy Fu, and has built a strong team of accomplished veterans with proven track records in building biotech startups, leading successful preclinical and clinical programs, and creating value through global partnerships. The company is committed to accelerating the advancement of globally competitive oncology assets for patients. OnCusp raised an oversubscribed $100 million Series A financing round in January 2024, co-led by Novo Holdings, OrbiMed, and F-Prime Capital. Contact: OnCusp Investors & Media: Argot Partners OnCusp@ View original content: SOURCE OnCusp Therapeutics Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
