Tubulis reported first‑in‑human data for its NaPi2b‑targeting ADC, TUB‑040, showing a confirmed overall response rate of 59% across multiple dose cohorts in heavily pretreated patients. The company disclosed the clinical readout at ESMO and followed shortly after with a major Series C financing that raised hundreds of millions to scale its Tubutecan payload and conjugation platform. The Phase 1/2a dataset covered 66 evaluable patients with platinum‑resistant ovarian cancer and advanced non‑small cell lung cancer; Tubulis identified a wide therapeutic window and a maximum tolerated dose, and cited neutropenia and anemia as the most common grade ≥3 adverse events. Management said the clinical signal supports their P5 conjugation approach that aims to reduce off‑target toxicity. Investors responded to the clinical validation by backing the company with large venture rounds, underscoring market appetite for differentiated ADC platforms that can expand beyond current payload/linker chemistries.