Dongwu Securities: In vivo TCE takes the lead in cashing in and is optimistic about its application prospects in the field of oncology and autoimmune diseases

The Zhitong Finance App learned that Dongwu Securities released a research report saying that in vivo TCE changed the dosage form, from a pulsed form of exogenous infusion to a sustained-release form synthesized in vivo. Peak concentrations were reduced, effective exposure was extended, and the management method for the first dose reaction was also different from protein TCE. The global pattern shows the division of labor promoted by overseas platform-based companies and the supply of early assets by domestic companies. The bank is optimistic about its application prospects in the field of oncology and autoimmune diseases. It is recommended to focus on laying out related pipelines and platform-based companies with LNP delivery and mRNA drug development capabilities.

The main views of Dongwu Securities are as follows:

In vivo TCE does not change this killing mechanism; it changes the form of administration

A T-cell connector (TCE) is a bispecific antibody that binds T-cell CD3 at the end and a target cell surface antigen at the other end. It bypasses MHC restrictions to bring T cells closer to target cells, form an immune synapse, and kill them via the perforin-granulase pathway. The mRNA encoding TCE is injected into the body, and the host cells translate it themselves and continue to be secreted. As a result, drug exposure changed from pulsed form of exogenous infusion to a slow-release form synthesized in the body. Peak concentrations were reduced, effective exposure was prolonged, and the management method of the first dose response was also different from protein TCE.

The global landscape shows the division of labor promoted by overseas platform-based companies and the supply of early assets by domestic companies

Moderna's mRNA-2808 has entered phase I/II dose escalation, and the second TCE and the first in vivo CAR-T project were disclosed in June 2026; Biontech's BNT142 was terminated due to 1 CRS death, making it the route's first broken asset. Domestic Abbott Biotech and Jietai Technology produced the first batch of human data in the fields of self-immunity and solid tumors respectively. Among them, ABO2203 has verified the human concept for self-immunity and completed external licensing. Novartis obtained an exclusive global license with a down payment of 575 million US dollars, and the platform value is confirmed by transaction pricing.

The focus of indications is shifting from hematoma to self-immunity

The approved TCE targets are still focused on CD19, CD20, and BCMA. Self-immunized patients have low toxicity tolerance and are dependent on long-term outpatient administration. The risk of CRS poses a direct obstacle to the promotion of existing treatments, and subcutaneous administration of slow exposure and subcutaneous administration without pretreatment fits this demand. The ITP data for ABO2203 and the associated authorized pricing all appear in the direction of self-immunity. The maturity of evidence for the three types of scenarios is declining one by one: human data and transaction pricing are already available; comparison of hematomas is already a marketed product; solid tumors are still limited to animal models.

Risk warning: R&D progress falls short of expectations, clinical data interpretation risks, commercialization and competition risks, licensing transactions falling short of expectations, policy and regulatory risks, etc.