Innovative Immuno-Oncology Drugs to Watch After Keytruda | Lee Kyung-ho, Yoon Ju-han, Vincent, Pyeon Da-song

키트루다 이후 주목해야 할 혁신적 면역항암제 | 이경호, 윤주한, 빈센트, 편다송 [밥 보다 투자 하나]
Watch on YouTube ↗  |  January 15, 2026 at 03:46  |  57:43  |  3PRO TV (삼프로TV)
Speakers
Lee Kyung-ho — CFO, Y-Biologics
Yoon Ju-han — Research Director, Y-Biologics

Summary

Pyeon Da-song and Vincent interview Lee Kyung-ho, CFO, and Yoon Ju-han, Research Director, of Y-Biologics about next-generation immuno-oncology after Keytruda. The discussion explains why the roughly 70% of patients who do not respond to Keytruda are the main unmet need and why bispecific antibodies, cytokines, cancer vaccines, and CAR-T are key areas. Y-Biologics highlights its multi-cytokine platform and an upcoming AACR data presentation as a potential catalyst.

  • Keytruda benefits only about 30% of patients, leaving a large unmet need.
  • Bispecific antibodies, especially PD-1xVEGF, are a major pharma deal-making trend.
  • Cytokine therapies such as PD-1/IL-2 are being validated by large upfront deals.
  • Cancer vaccines and in vivo CAR-T are emerging areas to watch.
  • Y-Biologics is developing a PD-1 + cytokine + bispecific platform.
  • The company points to AACR in April as a near-term data catalyst.
  • Korean biotech sentiment is improving, with differentiation as the 2025 theme.
  • Insider buying by the research director was mentioned as a confidence signal.
Ideas
Lee Kyung-ho CFO, Y-Biologics 2:21
Next-gen immuno-oncology platform targets Keytruda-resistant patients.
Y-Biologics is developing a next-generation immuno-oncology platform that combines a PD-1 antibody, an optimized cytokine, and a bispecific third axis to address the roughly 70% of patients who do not respond to Keytruda. Management expects AACR abstracts and clinical/preclinical data to attract global pharma interest, and the research director has been buying shares as a confidence signal. The company believes this multi-cytokine approach can surpass current PD-1xVEGF bispecifics.
338840.KQ HIGH
Lee Kyung-ho CFO, Y-Biologics 6:57
Bispecific antibodies lead oncology deal-making.
Bispecific antibodies are the current core of large oncology deal-making. Among oncology deals above $100 million, bispecifics account for about 60%, and upfront payments have risen sharply, showing big pharma is pricing the technology as a present rather than future theme.
Bispecific antibodies HIGH
Lee Kyung-ho CFO, Y-Biologics 8:05
Korean biotech sector enters differentiation phase.
The Korean biotech market is entering a differentiation phase in 2025. Domestic biotech ETFs have already delivered very strong returns, and new technologies such as bispecifics, cytokines, mRNA vaccines, and AI drug discovery are accelerating. He remains positive on the sector despite recent correction.
Korean biotech sector MED
Lee Kyung-ho CFO, Y-Biologics 16:11
Next-gen immuno-oncology addresses Keytruda's 70% non-responders.
Keytruda helps only about 30% of patients, and the remaining 70% represent the main unmet need in oncology. Big pharma is increasingly focused on next-generation immuno-oncology, with bispecific and cytokine deals validating the shift, so this is a current rather than distant investment theme.
Next-generation immuno-oncology HIGH
Yoon Ju-han Research Director, Y-Biologics 41:59
Cancer vaccines advance with faster sequencing.
Cancer vaccines are entering clinical trials at scale. Faster gene sequencing allows identification of tumor neoantigens, which can be delivered to activate dendritic cells and T cells against tumors. He says this is an area investors should watch, though it likely needs combination with other immuno-oncology drugs.
Cancer vaccines MED
Yoon Ju-han Research Director, Y-Biologics 46:44
In vivo solid-tumor CAR-T is key.
CAR-T is highly effective in blood cancers but not solid tumors because of the tumor microenvironment and the cost/time of manufacturing. He would be most attracted to companies developing in vivo CAR-T that can also target solid tumors, making this a key screening theme.
In vivo CAR-T / solid-tumor CAR-T MED
Yoon Ju-han Research Director, Y-Biologics 47:37
PD-1xVEGF bispecifics are major post-Keytruda trend.
PD-1xVEGF bispecific antibodies are the closest and most active post-Keytruda trend, with large pharma upfront deals and clinical data showing improved progression-free survival versus Keytruda, though efficacy limitations remain. He sees the area as a major deal-making theme to monitor.
PD-1xVEGF bispecific antibodies MED
Yoon Ju-han Research Director, Y-Biologics 48:39
PD-1/IL-2 cytokines show promise in resistant tumors.
Cytokine therapies, especially PD-1/IL-2 constructs, can reduce systemic toxicity while activating T cells in checkpoint-resistant tumors. The large upfront Daiichi Sankyo deal for InnoVent validates the approach, and Y-Biologics is building on this concept.
PD-1/IL-2 cytokine therapies MED
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This 3PRO TV (삼프로TV) video, published January 15, 2026, features Lee Kyung-ho, Yoon Ju-han discussing 338840.KQ, Bispecific antibodies, Korean biotech sector, Next-generation immuno-oncology, Cancer vaccines, In vivo CAR-T / solid-tumor CAR-T, PD-1xVEGF bispecific antibodies, PD-1/IL-2 cytokine therapies. 8 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Lee Kyung-ho, Yoon Ju-han  · Tickers: 338840.KQ, Bispecific antibodies, Korean biotech sector, Next-generation immuno-oncology, Cancer vaccines, In vivo CAR-T / solid-tumor CAR-T, PD-1xVEGF bispecific antibodies, PD-1/IL-2 cytokine therapies