Recently, Xijing Zhiyuan Biotech (Suzhou) Co., Ltd. (hereinafter referred to as “Xijing Zhiyuan” or the “Company”), an innovative enterprise focused on the development of TCR-T immune cell therapy drugs for solid tumors, announced the completion of a Series B financing round exceeding RMB 200 million. The round was co-led by Apricot Capital and a well-known industry fund, with participation from Delian Capital, Yuanhe Holdings, and Suzhou Angel Mother Fund, as well as continued strong support from existing shareholders Ton Hi Capital and GEM Co., Ltd. Halo Capital served as the exclusive financial advisor for this round of financing.

Founded in 2020 and headquartered in Suzhou, Xijing Zhiyuan is an innovative enterprise dedicated to the development of TCR-T immune cell therapy drugs for solid tumors. The Company has independently developed a high-throughput, high-sensitivity target antigen–natural TCR discovery platform. By combining computational and experimental validation with iterative feedback, it efficiently screens for natural high-affinity TCR sequences that specifically recognize tumor antigens, and has established CAST®, a world-leading, experimentally verified database of paired tumor target antigens and natural TCRs. The Company currently has multiple pipelines in clinical trials, with positive efficacy and favorable safety observed in clinical studies targeting various solid tumors.

Among them, NW-101C is the Company’s proprietary TCR-T cell therapy candidate targeting PRAME, and is the first product in China targeting this antigen to enter clinical development. It has demonstrated positive efficacy in multiple types of advanced/terminal solid tumors and is currently undergoing a Phase I registrational clinical trial for indications including ovarian cancer, malignant melanoma, esophageal squamous cell carcinoma, lung squamous cell carcinoma, soft tissue sarcoma, and triple-negative breast cancer.

NW-301V is the Company’s proprietary TCR-T cell therapy candidate targeting the KRAS G12V mutation. Its preliminary clinical results were presented as a proffered paper presentation at the 2025 ESMO Congress, marking the first systematic global disclosure of clinical data for a TCR-T drug targeting this antigen. In 14 evaluable patients with advanced colorectal cancer, pancreatic cancer, and other tumors enrolled as of July 2025, NW-301V demonstrated favorable safety and efficacy. In terms of safety, no dose-limiting toxicities or severe adverse events were observed. In terms of efficacy, among the 10 subjects treated in the medium- and high-dose cohorts, the objective response rate (ORR) reached 50% and the **disease control rate (DCR)** reached 100%.

The Company will use the proceeds from this round of financing primarily to support clinical studies of its core pipelines and the advancement of multiple preclinical pipelines, accelerating the progress of its innovative drugs toward clinical application, commercialization, and internationalization. With the support of this round of capital, Xijing Zhiyuan will continue to expand its布局 and bring benefits to patients as soon as possible.

Company & Investors Speak

Dr. Peng Songming, Founder of Xijing Zhiyuan, said: I would like to express my sincere gratitude to existing shareholders such as Ton Hi Capital for their steadfast support, to new shareholders such as Apricot Capital for their trust and recognition, and to all members of the Company’s team for efficiently advancing the steady implementation of various tasks. Xijing Zhiyuan has always focused on building a high-throughput, high-sensitivity target antigen–natural TCR discovery platform, and through the deep integration of “AI computation + high-throughput experimental validation,” it continues to improve the efficiency of target and TCR screening, functional verification, and clinical translation. Over the past two years, the Company has successfully advanced two TCR-T candidates into clinical development; the clinical potential of these pipelines is gradually emerging, and the platform’s capabilities have been effectively validated in real-world R&D scenarios. Looking ahead, new drug R&D remains a journey of exploration that requires long-term investment and continuous breakthroughs. Xijing Zhiyuan will continue to adhere to steady advancement and continuous improvement, use higher-quality innovative outcomes to serve patient needs, and repay the support and trust of all parties with long-term value.

Dr. Qiang Jing, Managing Partner of Apricot Capital, said: Under the efforts of Dr. Peng Songming and his team, Xijing Zhiyuan has built a world-leading TCR-T target discovery and validation platform, and has demonstrated unprecedented clinical signals in multiple solid tumor indications with significant unmet clinical needs. We are optimistic about Xijing Zhiyuan’s great potential to become a global leader in the TCR field. We believe that the team led by Dr. Peng Songming is standing at a historic opportunity to conquer solid tumors with innovative therapies, and we look forward to working with the Company to jointly define the future of cell therapy.

Ms. Wang Qi, Partner of Ton Hi Capital, said: Today, as tumor innovation drugs flourish, we see various technological paths being explored. Among them, although cell therapy has shown great potential, it also faces long-term challenges in cost, accessibility, and commercialization due to its personalized treatment nature. We chose to support Xijing Zhiyuan not because we ignore these challenges, but based on a clear judgment: those that can truly transcend cycles and ultimately achieve clinical value and commercial success must be teams that possess underlying platform capabilities and can continuously verify their replicability through data.

Xijing Zhiyuan has shown us this possibility. Its platform has driven multiple self-developed TCR-T pipelines to rapidly enter clinical stages, and has presented encouraging early data at international academic conferences, as well as entered into licensing collaborations with leading pharmaceutical companies, proving that its development system has reproducible R&D capabilities and strong industrialization execution—this is the foundation for addressing R&D risks and ultimately optimizing cost and scalability issues.

We believe that such a combination of team and platform is best positioned to anchor direction amid uncertainty and translate scientific breakthroughs into patient-accessible treatment options. We look forward to standing side by side with such a solid team to jointly explore the next phase of solid tumor treatment and create sustainable value on a challenging path.

Mr. He Xiaopeng, Executive Director of Delian Capital, said: Targeting unmet clinical needs and China’s comparative advantages, Delian Capital is optimistic about the clinical potential and commercial prospects of cell therapy; domestic T cell engineering capabilities and clinical progress are already leading the world. We focus on high-efficiency teams and high-potential pipelines in the track. Based on rich industrial practice and profound insights, Xijing Zhiyuan’s core team has built a unique natural TCR discovery platform. The two pipelines targeting KRAS G12V and PRAME developed by the Company have demonstrated excellent efficacy and safety in patients with difficult-to-treat tumors such as pancreatic cancer, colorectal cancer, and ovarian cancer. In addition, with the adoption of fully automated equipment and comprehensive continuous breakthroughs such as the replacement of domestic reagents and consumables, the cost of domestic cell therapy products is ushering in an inflection point, and accessibility is expected to be significantly improved, benefiting more patients.

The Project Lead at Yuanhe Holdings said: We are very pleased to participate in the new round of financing of Xijing Zhiyuan. Relying on its unique technology platform and world-leading target antigen–natural TCR library, Xijing Zhiyuan has significantly improved the quality and efficiency of TCR discovery and broken through key bottlenecks in solid tumor immunotherapy. The Company’s core team has scarce product development and clinical operation experience in both China and the United States, with high execution efficiency and solid research, and has shown strong innovation capabilities under the leadership of Dr. Peng. Yuanhe Holdings is optimistic about the great value of the Company’s platform and data assets, firmly supports its continuous innovation and clinical translation, and hopes to advance hand in hand with the Company to bring new treatment hope to more solid tumor patients.

Mr. Sun Yuandong, General Manager of Suzhou Angel Mother Fund, said: We firmly believe in the core value of TCR-T therapy in the treatment of advanced solid tumors. Since its establishment in 2020, Xijing Zhiyuan has always focused on the core pain points of the industry. Relying on its unique high-throughput target antigen–TCR screening platform, it has successfully broken through the technical bottlenecks of efficient discovery and pairing of neoantigens and high-affinity natural TCRs, and built a world-leading natural TCR library and data asset barrier. The team led by Dr. Peng Songming has both technical insight and execution capabilities, with outstanding core competitiveness. We will empower the enterprise based on local resource advantages, work with all parties to support its technology translation, help it lead the industry, bring hope to patients, and achieve multi-win results.

Dr. Kang Zisheng, Managing Director of Halo Capital, said: It is a great honor to once again serve the Xijing Zhiyuan team in completing financing. Dr. Peng Songming has led an experienced team to exceed expectations in completing multiple R&D milestones in a short period of time. Autologous cell therapy is still under pressure in today’s capital market, but Xijing Zhiyuan has won market recognition with excellent clinical data, truly embodying the principle that “to forge iron, one must be strong oneself.” Currently, the Company’s KRAS G12V pipeline and PRAME pipeline are among the world’s leading in terms of competitive position and clinical performance. In addition, the Company’s target antigen–natural TCR discovery platform also has great commercial value, having previously received recognition through a licensing collaboration with BeiGene, and there will be opportunities to further release the platform’s commercial potential in the future. We believe that with the support of capital, Xijing Zhiyuan will further consolidate its leading position in the industry and advance the clinical development of its core pipelines to benefit patients as soon as possible.

About Apricot Capital

Shanghai Apricot Investment Management Co., Ltd. (“Apricot Capital”) was established in 2015 and is composed of more than 20 professionals and advisors with extensive investment experience in the healthcare industry globally. The name “Apricot Capital” is intended to integrate resources in the large health industry through equity investment and capital power, promote industry development, and bring benefits to humanity. Currently, the firm manages six RMB funds with total assets under management (AUM) of nearly RMB 6.5 billion.

Since its establishment, Apricot Capital has focused on investing in outstanding early-stage and growth-stage enterprises in the life sciences industry, with investment areas covering innovative biopharmaceuticals, medical devices (including high-end life science instruments), and the innovative service industry chain. Its portfolio companies include JS Global Life (01877.HK, 688180.SH), Akeso (09926.HK), China Antibody (03681.HK), Rongchang Biologics (688331.SH, 09995.HK), Lepu Medical Technology (02160.HK), MicroPort EP (688351.SH), Ambrx (NYSE:AMAM), GenFleet Therapeutics (02595.HK), Innocan Pharma, Bowang Pharmaceuticals, Yilian Biotech, Qihe Bio, Tianze Yuntai, Weicheng Pharma, Lingtai Tianrun, Elpiscience, Sheng Bio-Logistics, Pharmcube, and nearly 80 other high-growth star enterprises.

About Ton Hi Capital

Ton Hi Capital was founded in 2014 and has long focused on investments in the healthcare, information security, and industrial automation sectors, with multiple strategic deployments across the life sciences and drug R&D industry chain. The firm’s founding partners each have nearly 20 years of equity investment experience, and its current portfolio includes many outstanding companies such as Bide Pharm, Colasoft, and Fenglei Technology. Data-driven and research-intensive, Ton Hi Capital adheres to a value- and growth-oriented investment philosophy. Leveraging its high-quality investment team and professional expert network, the firm is committed to identifying technology-driven enterprises with high growth potential, and supporting them through comprehensive assistance to achieve value enhancement and realization.

About Delian Capital

Delian Capital was founded in 2011 and has consistently focused on technology and innovative healthcare, with key attention to sectors such as pan-semiconductors, energy technology, intelligent equipment, artificial intelligence, innovative drugs, and medical technology. The firm actively identifies early-stage investment opportunities driven by technological innovation and has invested in over 100 projects, including: ChipSemi, Anqiwei, Nanjing Hongtai, InnoHorizon, Rokae Robotics, Mech-Mind, FeiZhi Cloud, Lepu Medical (Qiming Medical), Amunix, CoreMedic, Chengfan Pharma, and SeekGene.

About Yuanhe Holdings

Yuanhe Holdings is a state-owned investment enterprise controlled by the state-owned assets of Suzhou Industrial Park and jointly owned by provincial state-owned assets in Jiangsu Province. Since its establishment in 2001, Yuanhe Holdings has consistently focused on investing in innovative enterprises, providing science and technology industry services, attracting and cultivating scientific and technological talents, and integrating technology and finance. Adhering to national missions and government guidance, as well as market-oriented, professional, and internationalized operations, the company has grown into a first-class domestic equity investment institution with total assets under management (AUM) exceeding RMB 130 billion. Deeply rooted in the equity investment sector, Yuanhe Holdings strives to preserve and increase the value of state-owned assets and promote the coordinated development of regional industries. Strategic emerging industries account for 95% of its investment portfolio, including biopharmaceuticals, high-end manufacturing, and integrated circuits, covering the entire lifecycle of technology enterprises. As of the end of December 2025, Yuanhe Holdings has managed a total of over RMB 130 billion in funds, made direct investments in more than 1,700 projects, nurtured 122 listed companies (including 51 on the STAR Market), and invested in 213 sub-funds through its fund-of-funds platform.

About Suzhou Angel Mother Fund

Suzhou Angel Venture Capital Guidance Fund Management Co., Ltd. was established on January 4, 2021. As the core angel investment platform under the Suzhou Ventures Group, it is a professional fund management institution set up by the Suzhou Municipal Party Committee and Municipal Government to optimize the venture capital ecosystem and attract and nurture cutting-edge talent. The Company manages two major policy-driven fund-of-funds: the Suzhou Angel Investment Guidance Fund (Angel Mother Fund) and the Suzhou 10-Billion Talent Fund. The Angel Innovation No.1 Direct Investment Fund, established in December 2023, serves as a crucial financial platform supporting early-stage technological innovation and empowering talent-driven entrepreneurship in Suzhou.

About GEM Co., Ltd.

GEM Co., Ltd. is a world-leading green ecological manufacturer. Founded in Shenzhen in 2001 and listed on the Shenzhen Stock Exchange in 2010, GEM is the originator and pioneer of the industrial philosophy “Limited Resources, Infinite Recycling.” The company has been honored with numerous prestigious awards, including the “Forbes 2021 China Most Innovative Companies Top 50,” “China Enterprise Patent Top 500,” “China Listed Companies Market Value Top 500,” “2020 Paulson Sustainability Prize – Green Innovation Award,” and “2018 Davos Global Circular Economy Award.” As a leading enterprise in the global new energy materials industry chain, GEM is an outstanding practitioner of the concepts of circular society development and green development.