Tubulis unveiled first‑in‑human data for its NaPi2b‑targeting ADC TUB‑040 showing a 59% overall response rate (ORR) across dose cohorts in heavily pretreated patients, and reported a wide therapeutic window and disease control rates that attracted investor interest. The data were released shortly after the company closed a large financing round that underpinned a $361 million Series C, validating investor appetite for engineered ADC platforms. Tubulis emphasized its Tubutecan payload and P5 conjugation technology as drivers of activity with potentially moderated systemic toxicity.