Company
Allink Biotherapeutics (安领科)
Shanghai ADC startup that put two antibody-drug conjugates into global Phase 1 within about 18 months of founding.
1. Core Product / Service
Allink develops antibody-drug conjugates (ADCs), bispecific ADCs, masked T-cell engagers and multi-specific antibodies for autoimmunity [1]. Its two lead assets are both in global Phase 1 in patients with advanced solid tumors:
- ALK201 — an FGFR2b-targeted ADC (humanized antibody, hydrophilic cleavable linker, exatecan payload). It received FDA IND clearance and dosed its first patient in Australia [1][7].
- ALK202 — an EGFR/cMET bispecific ADC aimed at non-small cell lung cancer [1][5].
In July 2026 China's NMPA cleared a Phase 2 IND for ALK201 combined with Akeso's ivonescimab (PD-1/VEGF bispecific) as first-line therapy for squamous NSCLC [1][6]. Earlier programs (masked TCE platform for solid tumors, autoimmune bi/multi-specifics) are at undisclosed stages [1].
2. Target Users & Pain Points
- Patients: FGFR2b-overexpressing gastric and other solid tumors, and EGFR/cMET-driven NSCLC where resistance to EGFR TKIs is common.
- Future partners: global pharma seeking clinical-stage, combination-ready ADCs. Allink's December 2025 release said it planned front-line combination studies for both assets [5]; no out-licensing deal had been disclosed as of that date [1].
3. Competitive Landscape
| Player | Positioning | Vs. Allink |
|---|---|---|
| FGFR2b antibodies / ADCs from global pharma | Naked FGFR2b antibody and other FGFR2b ADCs in gastric cancer | ALK201 competes on payload (topoisomerase-I) and combination with ivonescimab |
| EGFR×cMET bispecifics and bispecific ADCs (China and global) | Crowded modality led by large Chinese ADC houses | ALK202 must differentiate on tolerability and efficacy against bigger players |
| lingtai-tianrun | 2023 Shanghai ADC startup, autoimmune focus | Same founding year and modality, different indication strategy |
| scibrunch | 2024 startup that out-licensed a preclinical asset | Opposite monetization path: sell early vs. Allink's run-it-yourself to clinic |
4. Unique Observations
- Speed as the product: investors highlight that two ADCs entered the clinic within ~1.5 years of founding [1]. Allink and scibrunch together illustrate the post-2023 Chinese playbook — compress time-to-tradable-asset, then either license or take it to global Phase 1 [2].
- Pedigree over academic spinout: the founder came from the Junshi Biosciences ecosystem; most top-funded 2023+ Chinese non-AI biotechs are serial-founder or spin-off companies rather than university spinouts [2].
- Wet-lab model (inferred, not confirmed): no job postings or lab-footprint disclosures were found. The company says core R&D is "anchored in Asia, based in Shanghai" [5]. Industry norms suggest that moving two ADCs into the clinic this fast requires outsourcing antibody discovery and/or conjugation plus CMC to CRO/CDMOs, with a small in-house team owning design and key biology — the dominant model for Chinese startups of this vintage [1][9].
- Combination with a domestic blockbuster: pairing ALK201 with ivonescimab in China gives a fast, low-cost route to front-line data that a US-only startup could not easily replicate [6].
5. Financials / Funding
| Round | Date | Amount | Investors |
|---|---|---|---|
| Angel | 2023 (presumed) | Undisclosed | Med-Fine Health Fund (lead), Gaorong Ventures [1] |
| Series A | 2024-11-28 | US$42M | Lanchi Ventures (lead); Yuansheng, Legend Capital, C&D Emerging; existing Gaorong, Med-Fine [3] |
| Series A extension | 2025-12-16 | ≈US$47M (Chinese media: "nearly US$50M") | Legend Capital (existing) and Meituan Longzhu (new) co-led; Lanchi, Yuansheng, 5Y Capital, Longpan, Runzhang followed [4][5] |
- Total disclosed: roughly US$90M+ excluding the angel round [1].
- No revenue; no disclosed licensing income.
6. People & Relationships
- Founder & CEO: 冯辉 (Feng Hui) — Tsinghua undergraduate, PhD from Albert Einstein College of Medicine, formerly an antibody engineer at AstraZeneca, joined Junshi Biosciences in Dec 2013 (single media source; "Junshi co-founder" label not confirmed by a primary source) [1][8]. Holds ≈37.8% per registry data cited in media [1].
- Founded: 2023-06-27 per business registration cited in media; one database lists 2021 [1].
- Investors: Lanchi Ventures, Legend Capital, Meituan Longzhu, Gaorong, Med-Fine, 5Y Capital and others.
- Partner: Akeso (ivonescimab combination).
- Peers: lingtai-tianrun, scibrunch, vivatides.
Last compiled: 2026-10-14