SHANGHAI, China, [December 18], 2025 – Leadingtac Biopharmaceutical Co., Ltd. (“Leadingtac”), a clinical-stage biopharmaceutical company dedicated to the discovery and development of novel Targeted Protein Degradation (TPD) drugs, today announced the successful completion of over RMB 200 million (approximately USD 28 million) in Series B financing.

The round was led by HanKang Capital, with participation from CDH Ventures Global Capital, Shizhen Capital, and Kangcheng Investment. Existing shareholder Lapam Capital also significantly increased its investment in this round.

Proceeds from the financing will be primarily utilized to:

● Advancing LT-002, the company’s lead IRAK4 degrader program, through Phase I indication expansion and Phase II clinical studies

● Initiating Phase I clinical trials for the KRAS G12D degrader, the company’s second core program

● Accelerating preclinical development of additional autoimmune and oncology programs

●Supporting full-scale operations and capacity expansion at Leadingtac’s Shaoxing R&D Center and continued growth of the R&D team.

Founded in 2019, Leadingtac is dedicated to the discovery and development of first-in-class and best-in-class small-molecule innovative medicines, leveraging Targeted Protein Degradation (TPD) as its core therapeutic platform. The company focuses on major disease areas with significant unmet medical needs, including autoimmune diseases and oncology, with the goal of delivering therapies that offer superior efficacy, improved safety, better patient compliance, and reduced treatment costs.

Leadingtac’s first independently developed program, LT-002, an IRAK4 degrader, has demonstrated excellent safety and tolerability in a completed Phase I study involving 143 healthy volunteers. Clinical data show that LT-002 achieves high exposure in skin tissue, induces robust degradation of IRAK4 protein in both skin and peripheral blood mononuclear cells (PBMCs), and significantly suppresses multiple pro-inflammatory cytokines.

LT-002 has now entered Phase Ic clinical trials across multiple indications, including atopic dermatitis and hidradenitis suppurativa, with development progress that is globally leading in the IRAK4 degrader field.

Dr. Feng Yan, Founder and CEO of Leadingtac, commented, "We are thrilled to close this Series B financing, especially against the backdrop of a challenging capital market. We sincerely thank our new and existing shareholders for their trust and support, our team for their outstanding dedication, and our partners for their continued collaboration. This investment is a strong validation of our team’s execution capabilities, our robust TPD platform, and the clinical potential of our pipeline. With this capital, we are well-positioned to transition from a discovery-focused biotech into a clinical-stage leader, bringing transformative therapies to patients worldwide.”

Dr. Lin Kan, Partner at lead investor HanKang Capital, stated, “Leadingtac has impressed us with their deep scientific expertise, particularly in overcoming the chemical manufacturing and oral bioavailability challenges often associated with PROTACs. The technological barriers established by its unique Nano-SPUD® platform, combined with the team's execution strength and the globally leading progress on the IRAK4 target, fully validate the platform's potential.” We look forward to work closely with Leadingtac to advance this transformative technology and deliver breakthrough therapeutic solutions for patients worldwide suffering from autoimmune diseases and cancer.

Mr. Gao Jielang, Senior Partner at CDH Ventures Global Capital, stated, "Leadingtac has established a clear first-mover advantage in the cutting-edge field of targeted protein degradation (TPD) through its differentiated Nano-SPUD® platform. We highly recognize its strategic focus on autoimmune and oncology pipelines, as well as the team's efficient R&D execution. We firmly believe Leadingtac has the potential to deliver transformative therapies with significant global clinical and commercial value.”

Mr. Han Chao, Chairman of Shizhen Capital, stated, "We have long focused on biotechnology platforms with disruptive potential. Leadingtac demonstrates both rigorous scientific depth and a clear global strategic vision in advancing its pipeline. Its lead pipeline is already positioned for global competition, while follow-on pipelines target true first-in-class opportunities. We believe the company is well positioned to pioneer a new therapeutic paradigm in protein degradation.”

Mr. Sun Feng, Chairman of Kangcheng Investment, commented, “The Leadingtac team has demonstrated exceptional integrated capabilities in efficiently translating cutting-edge science into clinical value. Its proprietary degradation platform is highly scalable, and the rapid advancement of its first pipeline, together with the successful incubation of follow-on pipelines, highlights the platform's sustainable innovation capacity.”

Mr. Liu Changnian, Partner at Lapam Capital, stated, "As an early investor in Leadingtac, we have witnessed the company's rapid advancement in the PROTAC space. Our continued investment reflects strong confidence in the long-term value and commercial potential of the company’s technology platform. We look forward to the success of its core pipeline and to seeing Chinese innovation address global unmet clinical needs!”

About Leadingtac:

A clinical-stage biopharmaceutical company, Leadingtac has rapidly emerged as a leader in China's Target Protein Degradation (TPD) drug discovery field since its founding in 2019. The company maintains advanced R&D centers in Shanghai Zhangjiang and Shaoxing, Zhejiang—China's core hubs for innovative drug development. The company focuses its R&D efforts on the cutting-edge field of Target Protein Degradation (TPD) and has independently developed the highly efficient, versatile SPUD® (Specific Protein Ubiquitination and Degradation) technology platform. This platform enables rapid execution of multiple critical screenings, including: Nano-SPUD® for Target Proteins: For target protein degradation activity screening.

Nano-SPUD® for E3 Ligases: For screening novel E3 ligase ligands.

Lyso-SPUD® for Lysosome: For activity screening of lysosome-dependent degradation (LYTAC).

Leadingtac has strategically targeted multiple “hard-to-drug” targets using this platform. Its first pipeline candidate, an IRAK4 degradator for autoimmune diseases, holds significant market potential. It has received FDA and CDE approval for clinical trials, completed Phase I healthy subject dose escalation studies, and is currently expanding into indications including atopic dermatitis and hidradenitis suppurativa. Subsequent pipelines target hard-to-drug targets such as KRAS and STAT, aiming to tackle major diseases including lung cancer, pancreatic cancer, and colorectal cancer, with R&D progress leading globally.

About HanKang Capital:

HanKang Capital is a venture capital fund dedicated to the pharmaceutical and healthcare industries. Guided by the mission "Empowering Pharmaceutical Innovation, Safeguarding Human Health," the fund collaborates with top scientists and entrepreneurs to develop breakthrough therapies for major diseases. Rooted in China with a global perspective, HanKang Capital has cultivated multiple portfolio companies into industry leaders, including Ying'en Biotech (09606.HK), Veritas Biotech (09887.HK), MicroCore Bio (688321.SH), and Opromai (688293.SH).

About CDH VGC:

Founded in 2002, CDH is one of China's earliest alternative asset management firms, established by experienced investment professionals in partnership with institutional investors such as GIC (Government of Singapore Investment Corporation). Today, its footprint extends from China to Southeast Asia. As a comprehensive multi-asset management platform, CDH covers private equity, venture capital, real assets, and credit. This broad scope enables the firm to provide tailored support at every stage of a company's growth. throughout its history, CDH has supported over 350 industry-leading enterprises, successfully facilitating the listing of more than 100 companies on domestic and international capital markets.

About Shizhen Capital:
Shizhen Capital is an investment fund specializing in the biopharmaceutical sector. The Shizhen team possesses extensive and proven investment experience in innovative drugs, biotechnology, cutting-edge medical devices, and healthcare services. Since its inception, Shizhen has backed numberous pioneering pharmaceutical companies, guided by the investment philosophy of “growing alongside entrepreneurs and creating genuine value for enterprises.”  With a strong commitment to identifying disruptive technologies and transformative products, Shizhen works closely with visionary founders to drive meaningful clinical innovation and advance therapeutic progress.

About Kangcheng Investment:
Shanghai Kangcheng Investment Management Co., Ltd. (referred to as “Kangcheng Investment”) was established in 2014. It is one of the first private equity investment institutions to complete fund manager registration with the Asset Management Association of China following the implementation of new private fund regulations, with the registration number P1008717.

Since 2016, the company has strategically focused on life sciences and healthcare investments. The firm has built a highly professional investment team anchored by multiple medical doctors and established a Chief Scientist system. Members of founding team bring an average of more than 18 years of industry or capital market experience. Kangcheng Investment is committed to building a “premium life sciences and healthcare investment institution” integrating industry research, equity investment, M&A funds, and strategic investments in listed companies. To date, it has invested in and incubated dozens of innovative enterprises.

About Lapam Capital:
Headquartered in Beijing, Lapam Capital is a leading biopharmaceutical venture capital firm in China. With RMB 10 billion under management, Lapam has 5 RMB funds and 1 USD fund under management, with a total size of more than RMB 10 billion. Lapam is by far the only biopharmaceutical investor that has been backed by two of China's top RMB LP funders, the National Social Security Fund (NSSF) and the National Small and Medium Enterprises Development Fund (NSMEDF).

Lapam focuses on innovative drugs and medical devices, primarily investing in seed, early, and mid-stage companies. It has invested in over 200 enterprises, including more than 160 innovative drug companies and 30 innovative medical device companies. Notable portfolio companies include: HK.09995), Aibonode (SH.688050), Yahong Pharmaceutical (SH.688176), Kain Technology (SH.688687), Yiming Angke (HK.01541), Continy Pharma (NASDAQ: GYRE), Huahao Zhongtian (HK.02563), V-Life Biotech (HK.09887), Binhui Bio, Wuhua Bio, Bendao Gene, Weizhizhuo, and Xinhanglu, among numerous other star projects.

With more than 20 years of experience in R&D and management in the international and domestic biopharmaceutical industry, Lapam's management team is empowered to provide comprehensive value-added services to investee companies.