Harbour BioMed Reports 2025 Interim Results
Harbour BioMed (HKEX: 02142) reported strong 2025 interim results, with total revenue reaching $101.3 million, up 327% year-over-year, and net profit soaring 51-fold to $73.0 million. The company's cash position strengthened to $320 million, a 92% increase from year-end 2024.
Key developments include the BLA acceptance for batoclimab by NMPA for gMG treatment, strategic collaborations with AstraZeneca ($105M equity investment), Windward Bio for HBM9378, and Otsuka for HBM7020. The company advanced multiple clinical-stage programs including porustobart and HBM1020, while expanding its next-generation portfolio with HBM7004 and HBM7020.
The company launched Élancé Therapeutics for obesity treatment and strengthened its platform potential through Nona Biosciences, establishing multiple global partnerships and introducing the AI-assisted -ٰ� drug discovery engine.
Harbour BioMed (HKEX: 02142) ha comunicato risultati interinali 2025 molto solidi: i ricavi totali hanno raggiunto $101,3 milioni, in crescita del 327% su base annua, mentre l'utile netto è schizzato di 51 volte a $73,0 milioni. La posizione di cassa si è rafforzata a $320 milioni, +92% rispetto alla fine del 2024.
Tra gli sviluppi principali, l'NMPA ha accettato la BLA per batoclimab nel trattamento della gMG; sono state avviate collaborazioni strategiche con AstraZeneca (investimento azionario di $105M), Windward Bio per HBM9378 e Otsuka per HBM7020. L'azienda ha fatto progressi in più programmi clinici, tra cui porustobart e HBM1020, ed ha ampliato il portafoglio di nuova generazione con HBM7004 e HBM7020.
È stata lanciata Élancé Therapeutics per terapie contro l'obesità e la piattaforma è stata potenziata con Nona Biosciences, siglando numerose partnership globali e introducendo il motore di scoperta di farmaci assistito dall'IA, -ٰ�.
Harbour BioMed (HKEX: 02142) presentó sólidos resultados interinos 2025: los ingresos totales alcanzaron $101.3 millones, un aumento del 327% interanual, y el beneficio neto se disparó 51 veces hasta $73.0 millones. La posición de caja se fortaleció hasta $320 millones, un 92% más respecto a finales de 2024.
Entre los hitos clave, la NMPA aceptó la BLA de batoclimab para el tratamiento de la gMG; se establecieron colaboraciones estratégicas con AstraZeneca (inversión en capital de $105M), Windward Bio para HBM9378 y Otsuka para HBM7020. La compañía avanzó en varios programas en etapa clínica, incluidos porustobart y HBM1020, y amplió su cartera de próxima generación con HBM7004 y HBM7020.
Se lanzó Élancé Therapeutics para el tratamiento de la obesidad y se reforzó el potencial de la plataforma con Nona Biosciences, estableciendo múltiples alianzas globales e introduciendo el motor de descubrimiento de fármacos asistido por IA -ٰ�.
Harbour BioMed (HKEX: 02142)� 2025� 중간 실적에서 강한 성과� 보고했습니다. 총매출은 $101.3백만으로 전년 대� 327% 증가했고, 순이익은 51� 상승� $73.0백만� 기록했습니다. 현금� 자산은 연말 2024� 대� 92% 증가� $320백만으로 강화되었습니�.
주요 성과로는 gMG 치료� batoclimab� 대� NMPA� BLA 접수, AstraZeneca와� 전략� 제휴(주식투자 $105M), Windward Bio와� HBM9378 협력, Otsuka와� HBM7020 협력� 포함됩니�. 회사� porustobart � HBM1020 � 여러 임상 단계 프로그램� 진전시키� HBM7004·HBM7020� 차세대 포트폴리오를 확장했습니다.
비만 치료� 위한 Élancé Therapeutics� 출범시키� Nona Biosciences� 통해 플랫� 잠재력을 강화했으�, 다수� 글로벌 파트너십� 체결하고 AI 보조 약물 발견 엔진 -ٰ�� 도입했습니다.
Harbour BioMed (HKEX: 02142) a publié de solides résultats intermédiaires 2025 : le chiffre d'affaires total a atteint 101,3 M$, en hausse de 327% en glissement annuel, et le bénéfice net a été multiplié par 51 pour atteindre 73,0 M$. La trésorerie s'est renforcée à 320 M$, en hausse de 92% par rapport à fin 2024.
Parmi les développements majeurs, la NMPA a accepté la BLA pour batoclimab dans le traitement de la gMG ; des collaborations stratégiques ont été conclues avec AstraZeneca (investissement en actions de 105 M$), Windward Bio pour HBM9378 et Otsuka pour HBM7020. L'entreprise a fait progresser plusieurs programmes en phase clinique, dont porustobart et HBM1020, tout en élargissant son portefeuille de nouvelle génération avec HBM7004 et HBM7020.
Elle a lancé Élancé Therapeutics pour le traitement de l'obésité et renforcé le potentiel de sa plateforme via Nona Biosciences, en établissant de multiples partenariats mondiaux et en introduisant le moteur de découverte de médicaments assisté par IA -ٰ�.
Harbour BioMed (HKEX: 02142) meldete starke Zwischenergebnisse für 2025: der Gesamtumsatz erreichte $101,3 Mio., ein Anstieg von 327% gegenüber dem Vorjahr, und der Nettogewinn stieg um das 51‑Fache auf $73,0 Mio.. Die Cash-Position verbesserte sich auf $320 Mio., ein Plus von 92% gegenüber Ende 2024.
Zu den wichtigsten Entwicklungen gehört die Annahme der BLA für batoclimab durch die NMPA zur Behandlung von gMG; strategische Kooperationen wurden mit AstraZeneca (Eigenkapitalbeteiligung $105M), Windward Bio für HBM9378 und Otsuka für HBM7020 geschlossen. Das Unternehmen brachte mehrere klinische Programme wie porustobart und HBM1020 voran und erweiterte sein Next‑Generation‑Portfolio mit HBM7004 und HBM7020.
Es wurde Élancé Therapeutics für die Adipositasbehandlung gegründet und die Plattform durch Nona Biosciences gestärkt; zudem wurden mehrere globale Partnerschaften vereinbart und die KI‑gestützte Wirkstoff‑Entdeckungsplattform -ٰ� Բü.
- Revenue increased 327% YoY to $101.3 million
- Net profit surged 51-fold compared to H1 2024
- Strong cash position of $320 million, up 92% from 2024 year-end
- Strategic $105 million equity investment from AstraZeneca (9.15% stake)
- Multiple successful licensing deals with Windward Bio, Otsuka, and other global partners
- BLA acceptance for batoclimab by NMPA for gMG treatment
- Additional long-term safety data required for batoclimab BLA resubmission
- Initial data for HBM9378 POLARIS trial not expected until mid-2026
Insights
HBM reports extraordinary growth with 51x profit increase and 327% revenue jump, driven by licensing deals and collaborations with major pharma partners.
Harbour BioMed's first half of 2025 demonstrates exceptional financial performance with revenue reaching
This extraordinary growth stems primarily from the company's successful out-licensing strategy and collaborative partnerships, which have evolved into recurring revenue streams. The March 2025 AstraZeneca deal stands out as particularly significant - not only providing platform access but also including a
Throughout H1 2025, HBM has expanded its partnership network with strategic collaborations with Windward Bio, Otsuka Pharmaceutical, Insilico Medicine, and several others through its Nona Biosciences subsidiary. These deals validate the company's proprietary Harbour Mice® platform technology and create multiple future revenue opportunities through milestone payments and potential royalties.
The clinical pipeline continues to advance with several promising candidates. Batoclimab's BLA for gMG was accepted by China's NMPA in July 2024, positioning it as potentially the first anti-FcRn antibody approved in China. HBM9378 (anti-TSLP antibody) is progressing with Windward Bio initiating the global Phase 2 POLARIS trial for asthma. Porustobart (anti-CTLA-4) continues development across multiple tumor types with data publications in high-impact journals.
HBM's diversified business model, spanning therapeutics development, platform technology licensing, and innovation incubation, has created a robust ecosystem that's translating into substantial financial performance. The company's focus on next-generation biologics and expansion into new therapeutic areas like metabolic diseases and CNS disorders further broadens its potential market opportunities.
HBM's diversified pipeline shows clinical progress across autoimmune and oncology indications with strategic global partnerships accelerating development timelines.
Harbour BioMed's pipeline demonstrates notable strategic diversification across both immunology and oncology with a consistent focus on novel antibody mechanisms. Their lead candidate Batoclimab (anti-FcRn) represents a particularly promising approach for autoimmune conditions, with the NMPA accepting its BLA for myasthenia gravis in July 2024. The March 2024 publication in JAMA Neurology validates the durability of response and safety profile - critical factors for chronic autoimmune therapy adoption.
The anti-TSLP antibody HBM9378 targets a well-validated pathway in respiratory inflammation, with the company pursuing both asthma and COPD indications. The initiation of the Phase 2 POLARIS trial by Windward Bio suggests confidence in the preliminary data and provides an accelerated development pathway through partnership.
In oncology, the heavy-chain-only anti-CTLA-4 antibody Porustobart (HBM4003) represents a potentially significant advance over conventional CTLA-4 inhibitors. The enhanced ADCC-mediated Treg depletion could address the narrow therapeutic window that has limited broader ipilimumab usage. The publication of HCC combination data in Clinical Cancer Research and upcoming ESMO presentation for colorectal cancer indicates the company is generating credible evidence to support this mechanistic hypothesis.
The company's early-stage pipeline leverages bispecific and multispecific antibody platforms targeting emerging pathways like B7H7 (HBM1020), B7H4xCD3 (HBM7004), and BCMAxCD3 (HBM7020). These programs represent the next wave of innovation beyond current checkpoint inhibitors and could address resistance mechanisms in solid tumors.
HBM's expansion into metabolic disease through Élancé Therapeutics is a strategic move to apply their antibody expertise to the rapidly growing obesity market, focusing on muscle preservation - a key unmet need with current GLP-1 therapies. Similarly, the company's exploration of CNS applications addresses another frontier where novel antibody formats could overcome historical challenges with brain penetration and target engagement.
Dr. Jingsong Wang, Founder, Chairman, and CEOof Harbour BioMed, commented: "In the first half of 2025, Harbour BioMed achieved several significant milestones. During the reporting period, the company's profit grew more than fiftyfold year over year, demonstrating strong growth momentum. Out-licensing and collaborations based on our innovative products have contributed significantly to revenue growth and have becomea recurring source of income.
These results underscore the sustainability of our ability to translate innovation into commercial value and reflect the success of our diversified business model, which includes strategic partnerships, licensingcollaborations, platform collaborations, and innovation incubation. Leveraging our industry-leading Harbour Mice® platform and its extended 2.0 technology platform, Harbour BioMed has built a strong global collaboration ecosystem, positioning the Company as a cornerstone ofglobal antibody drug development.
Looking ahead, we will continue to focus on innovation and accelerate the development of next-generation biologics to deliver better treatment options for patients worldwide."
As of June 30, 2025, Harbour BioMed reported total revenue of approximately
During the reporting period, the company delivered strong performance, highlighting the success of its business model and solid financial position.
Advancing a Robust and Differentiated Pipeline
Harbour Therapeutics, a sub-brand parallel to Nona Biosciences, is now individually responsible for the development of the Company's products pipeline on immunology and oncology. Harbour Therapeutics has established a rich and differentiated pipeline and continues to expand collaborations with leading global pharmaceutical companies and academic institutions to efficiently advance its programs. During the reporting period, several key clinical-stage projects achieved significant progress, alongside continued advancement of a robust portfolio of next-generation therapies.
Key products in the clinical stage include:
Batoclimab (HBM9161) is the first anti-FcRn monoclonal antibody completed Phase I to pivotal trials in
HBM9378is a fully human monoclonal antibody against thymic stromal lymphopoietin (TSLP) generated from the H2L2 Harbour Mice® platform. It binds to the TSLP ligand and inhibits the TSLP mediated signaling pathway by blocking the interaction between TSLP and TSLP receptor. TSLP is a well-validated cytokine that plays a key role in the development and progression of a wide array of immunological conditions, including asthma and chronic obstructive pulmonary disease (COPD), where its inhibition has demonstrated benefit in a wide array of inflammatory phenotypes. HBM9378 has been engineered to achieve an extended half-life and effector silencing and is subcutaneously administered.
- The Company received IND approval of HBM9378 for moderate-to-severe asthma from the NMPA in February 2022 and completed a Phase I clinical trial in healthy subjects in
China . In November 2024, the Company submitted an IND application for HBM9378 forCOPDto the NMPA, which was approved in January 2025. - In January 2025, the Company andKelun-Biotech entered into an exclusive license agreement with Windward Bio, under which Windward Bio was granted an exclusive license for the research, development, manufacturing and commercialization of HBM9378 globally (excluding
Greater China and several Southeast and West Asian countries). In July 2025, Windward Bio initiated the global phase 2 POLARIS trial to evaluate the dosing, safety, and efficacy of HBM9378/WIN378 in patients with asthma. Initial data are expected in mid-2026.
Porustobart(HBM4003)is anext-generation, fully human heavy-chain-only anti-CTLA-4 antibody discovered and developed using the HCAb Harbour Mice® platform. It is also the first fully human heavy-chain-only antibody which entered clinical development globally. Compared with conventional CTLA-4 antibodies, porustobart has unique, favourable properties, including significant Treg cell depletion and optimized pharmacokinetics for improved safety. Additionally, by enhancing antibody-dependent cellular cytotoxicity (ADCC), porustobart increases the potential to selectively deplete intratumoral Treg cells, helping to overcome the efficacy and toxicity bottleneck of current CTLA-4 therapies. The Company has implemented a global development plan for multiple types of solid tumors with an adaptive treatment design for porustobart. Positive efficacy and safety data have been observed in the monotherapy trial targeting advanced solid tumors, as well as in combination trials with PD-1 inhibitors for melanoma, CRC, NEN and HCC. Final data from the study of HBM4003 in combination with toripalimab for advanced HCC were published in Clinical Cancer Research in August 2025. Data from the Phase II study of HBM4003 in combination with tislelizumab for the treatment of microsatellite stable (MSS) metastatic colorectal cancer will be presented at the ESMO Congress 2025.
HBM1020is a first-in-class fully human monoclonal antibody generated from the H2L2 Harbour Mice® platform targeting B7H7. As a newly discovered member of the B7 family, B7H7 expression is found to be non-overlapping with PD-L1 expression in multiple tumor types, potentially playing a more significant role in tumor immune evasion. With its excellent product design and target features, HBM1020 presents great potential to address significant unmet medical needs for solid tumors. In September 2024, the Company presented the latest clinical data for patients with advanced solid tumors at the ESMO Congress 2024. The data demonstrated excellent safety and tolerability profiles for HBM1020. Of the 15 patients who received post-treatment tumor assessments, 7 patients (
Key products in the next-generation innovation portfolio include:
HBM7004is a novel B7H4xCD3 bispecific antibody. Using HBICE® bispecific technology and Harbour Mice® platform, this bispecific antibody was designed to provide innovative solutions for cancer immunotherapy from both efficacy and safety perspectives. The development of B7H4xCD3 bispecific HBICE® further consolidates the Company's bispecific immune cell engager platform, demonstrating the HBICE® platform's versatility and plug-and-play advantages. In preclinical studies, HBM7004 demonstrated an intratumor B7H4-dependent T cell activation manner. In multiple animal models, HBM7004 showed strong anti-tumor efficacy, remarkable in vivo stability, and reduced systemic toxicity. Additionally, in preclinical models, HBM7004 exhibited a strong synergistic effect when combined with a B7H4x4-1BB bispecific antibody at a low effector-to-target cell ratio, indicating an encouraging therapeutic window. The Company is currently conducting IND-enabling studies for HBM7004.
HBM7020 is a BCMAxCD3 bispecific antibody generated using the fully human HBICE® bispecific technology and Harbour Mice® platform. HBM7020 can crosslink targeted cells and T cells by binding to BCMA and CD3 on the cell surface, leading to potent T cell activation and cell elimination. By incorporating dual anti-BCMA binding sites for optimal cell targeting and monovalent-optimized CD3 activity to minimize CRS, HBM7020 demonstrated potent cytotoxicity with broad applications in both immunological and oncology diseases. In August 2023, HBM7020 obtained IND clearance from the NMPA to commence a Phase I trial for cancer in
R2006 (CD19xCD3 bispecific antibody) and HBM7026 (BCMAxCD19xCD3 trispecific antibody) are two T-cell engagers (TCEs) in preclinical development. TCEs have emerged as an important therapeutic strategy for autoimmune diseases, as B-cell depletion has been shown to help restore immune system balance in multiple autoimmune conditions. TCEs can achieve deep depletion of B cells in peripheral blood, lymph nodes, and bone marrow, thereby resetting the immune system. Newly generated B cells subsequently return to a naïve and non-pathogenic state, potentially reducing inflammation and autoimmune responses. CD19 is a marker broadly expressed on precursor and mature B cells, while BCMA is highly expressed on mature B cells and plasma cells. Leveraging its fully human HCAb technology and optimized anti-CD3 antibodies, Harbour BioMed is developing TCEs with enhanced safety, reduced immunogenicity, and lower risk of cytokine release syndrome.
In March 2025, Harbour BioMed launched Élancé Therapeutics ("Élancé"). Harnessing Harbour BioMed's proprietary HCAb-based bispecific antibody technology, Élancé aims to develop innovative therapies addressing key challenges in current obesity treatment, including muscle preservation and long-term efficacy. Élancé is building a metabolic disease pipeline of multiple preclinical bispecific antibody programs. By integrating dual-targeting strategies with enhanced safety profiles, these therapies have the potential to complement and expand upon existing treatment options, including various agonists of GLP-1 receptor, GIP receptor, and GCG receptor and further expand the boundaries of obesity treatment.
Harbour BioMed is leveraging its fully human antibody and HCAb platforms to develop next-generation biologics for central nervous system (CNS) disorders, including bispecific antibodies and other "Antibody-Plus (Ab+)" therapies. The pipeline in this area is currently under development, with the goal of creating more complex molecules to address the treatment challenges of CNS disorders, including neurodegenerative diseases and neuroinflammation.
Maximizing Platform Potential Through Diversified Collaborations
Harbour BioMed remains committed to global collaboration. In March 2025, the Company entered into a global strategic collaboration with AstraZeneca to discover and develop next-generation multi-specific antibodies for immunology, oncology and beyond. The strategic collaboration includes an option to license multiple programs utilizing Harbour BioMed's proprietary Harbour Mice® fully human antibody technology platform in multiple therapeutic areas. Furthermore, AstraZeneca acquired
During the reporting period, Harbour BioMed also signed several licensing and collaboration agreements with global partners. In January 2025, the Company and Kelun-Biotech entered into a licensing agreement with Windward Bio for HBM9378/SKB378 (also known as WIN378), granting Windward Bio to research, develop, manufacture, and commercialize HBM9378/SKB378 globally, excluding
In February 2025, Harbour BioMed entered into a strategic collaboration with Insilico Medicine, a clinical-stage biotechnology company powered by generative AI, to accelerate the discovery of novel therapeutic antibodies by combining complementary strengths in antibody discovery and artificial intelligence.
Leveraging its technological advantages, Harbour BioMedestablished Nona Biosciences to better empower industry innovators and support collaborators by providing integrated solutions from "Idea to IND" (I to ITM). As a global biotechnology company, Nona Biosciences has established innovative platforms in antibody discovery, protein engineering, antibody-drug conjugation, HCAb-CAR screening, and drug delivery technologies, to accelerate the development of next-generation therapiesacross academic institutions, leading biotech companies, and multinational pharmaceutical companies.
In December 2024, Nona Biosciences entered into a collaboration with Kodiak Sciences (Nasdaq: KOD). This partnership aims to advance the discovery of novel multi-target antibodies to treat ophthalmic diseases, leveraging Nona's proprietary Harbour Mice® fully human antibody platform. In the same month, Nona Biosciences announced a research collaboration and license agreement with Candid Therapeutics to discover next-generation TCEs. In the first half of 2025, Nona Biosciences further expanded its global partnerships, entering into collaborations with Invetx, the University of
In addition, Nona Biosciences continues to expand the capabilities of its technology platforms. In March 2025, Nona Biosciences launched -ٰ�, an innovative AI-assisted drug discovery engine integrates seamlessly with the company's proprietary Harbour Mice®technology platform, aiming to accelerate antibody discovery across multiple key therapeutic areas, including neurodegenerative and metabolic diseases, and more.
These collaborations further highlight the Company's unique strengths in advancing innovation. Building on its industry-leading technology platforms and flexible business model, the Company will continue to expand capabilities, strengthen partnerships, and maximize platform value.
Incubating Breakthrough Therapiesfor the Future
Harbour BioMed continues to explore the scalability of its platform applicationsto fully unlock their potential. The Company is incubating several joint ventures focused on next-generation therapies,including multivalence antibodies, cell therapies, and more.By expanding the application scope of its platform technologies, Harbour BioMed aims to create additional value and accelerate next-generation innovation.
- In November 2024 and July 2025, NK Cell-Tech (an incubated company of Harbour BioMed) announced the completion of its Series A++ and Series A+++ financing rounds, respectively, to further advance its pipeline development and clinical progress.
- In February 2025, HBM Alpha Therapeutics, a joint venture between Harbour BioMed and Boston Children's Hospital (an affiliate of Harvard Medical School), announced a strategic collaboration and license agreement with a business partner.
- In March 2025, Harbour BioMed launched Élancé Therapeutics, a new venture leveraging the Company's proprietary HCAb-based bispecific antibody technology to develop innovative therapies addressing key challenges in current obesity treatment, including muscle preservation and long-term efficacy. In addition, Élancé will refine and expand Nona Biosciences' Hu-mAtrIxTM AI platform to support bispecific antibody discovery, with AI applications guiding antibody sequence discovery, enrichment, optimization, bispecific geometry design, and developability/immunogenicity/pharmacokinetics (PK) assessments, as well as patient biomarker studies.
Prospects and Outlook: Innovation and Collaboration
The achievements and growth momentum Harbour BioMed demonstrated in the first half of 2025give us strong confidence in the future. Harbour BioMed has proven its ability to successfully navigate a complex market environment and is well-positioned to deliver innovative therapies for patients with immunology and oncology diseases in the near future.
Since its establishment, Harbour BioMed has been committed to developing innovative therapies for patients worldwide and has grown into an innovative biopharmaceutical company distinguished by its proprietary technologies and differentiated pipeline. In 2024, the Company successfully completed the BLA submission for HBM9161. Harbour BioMedwill further accelerate the advancement of its portfolio, progressing multiple clinical trials for innovative programswhich target both novel and established pathways,including HBM4003, HBM9378, and HBM1020. In addition, Harbour BioMed is expanding the capabilities of its platforms into immunology and inflammation, leveraging its powerful Harbour Mice®and HBICE®drug discovery engines to continue identifying novel high-quality candidates.
The value of Nona Biosciences' antibody discovery platform and flexible collaboration model has been fully validated through a series of partnershipssince its establishment in 2022. Building on this foundation, Harbour BioMed continues to strengthen global collaborations, offering one-stop solutions to academic institutions, biotech startups, and multinational pharmaceutical companies, and unlocking the full potential of its platforms through business partnerships. Looking ahead, Harbour BioMed will continue to advance its globalization strategy. As its preclinical products mature, the company expects to welcome more global collaboration opportunities in 2025.
Accordingly, Harbour BioMed will further optimize internal resource allocation, focus on advancing self-developed assets from its proprietary platforms, and continue expanding Nona Biosciences' collaboration network—injecting fresh momentum into the Company's long-term sustainable growth.
About Harbour BioMed
Harbour BioMed (HKEX: 02142) is a global biopharmaceutical company committed to the discoveryand developmentof novel antibody therapeutics in immunology and oncology. The company is building a robust and differentiated pipeline through internal R&D capabilities, strategic global collaborations in co-discovery and co-development, and selective acquisitions.
Harbour BioMed's proprietary antibody technology platform, Harbour Mice®,generates fully human monoclonal antibodies in both the conventional two heavy and two light chain (H2L2) format and the heavy chain-only (HCAb) format. Building upon HCAb antibodies, the HCAb-based immune cell engagers (HBICE®) bispecific antibody technology enables tumor-killing effects that traditional combination therapies cannot achieve. Additionally, the HCAb-based bispecific immune cell antagonist (HBICATM) technology empowers the development of innovative biologics for immunological and inflammatory diseases. By integrating Harbour Mice®, HBICE®, and HBICATMwith a single B-cell cloning platform, Harbour BioMed has built a highly efficient and distinctive antibody discovery engine for developing next-generation therapeutic antibodies. For more information, please visit.
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