Tubulis reported first‑in‑human data for its next‑generation ADC TUB‑040 showing a 59% overall response rate (ORR) across dose cohorts, validating the company’s Tubutecan payload and P5 conjugation platform. The Phase 1/2a trial data, presented at ESMO, showed activity in heavily pretreated ovarian and non‑small cell lung cancer patients and a confirmed disease control rate of 91% in evaluable patients. The clinical readout arrived days after Tubulis closed a $361 million Series C, underscoring investor appetite for ADC platforms with differentiated linker/payload chemistry. Management emphasized a wide therapeutic window and dose flexibility as potential advantages for tailoring therapy. The results and financing together position Tubulis to advance multiple ADC candidates and attract partnership interest as ADC competition intensifies.