Kelun‑Biotech and Merck reported positive late‑stage data for sac‑TMT (a TROP2‑targeting ADC) combined with Keytruda as first‑line therapy in PD‑L1 positive non‑small cell lung cancer, showing improved progression‑free survival and a trend toward overall‑survival benefit. The trial is the first to pair an ADC with a checkpoint inhibitor and meet a first‑line NSCLC primary endpoint in China, prompting discussions of regulatory filings in that jurisdiction and global development plans. Investor interest in ADC platforms continues: Phrontline Biopharma closed a $60 million pre‑A+ round to advance bispecific ADC programs and dual‑linker payload technologies. The financing will accelerate preclinical to clinical translation for next‑generation ADC constructs that aim to broaden tumor types and improve therapeutic windows. The combination data and financing round together signal rising confidence in engineered payloads and immune combinations. Developers and investors will watch safety profiles closely and assess whether new ADC designs can replicate efficacy outside regional trials and scale for global registration programs.