HLX49 is a HER2 biparatopic antibody–drug conjugate (ADC) that incorporates HER2 binding domains from HLX22, a HER2-specific monoclonal antibody. HLX22 is developed in several oncology indications by Henlius under a license from AbClon, Inc., following a discovery collaboration which grants Alligator the right to participate in potential future revenues from both HLX22 and HLX49, and future derivatives. According to Henlius’ official communication, HLX49 is being developed based on Henlius’ proprietary ADC platform. Preclinical HLX49 data was presented in poster format as part of Henlius’ broader early‑stage innovation portfolio at AACR 2026.

“We view Henlius’ continued expansion of HER2‑directed research, including the presentation of HLX49 at AACR, as a sign of their sustained faith in the underlying biology of HLX22,” said Søren Bregenholt, CEO of Alligator Bioscience. “It is encouraging to see Henlius advancing a broad and coherent HER2 strategy while progressing HLX22 in late-stage clinical development.”

Under the terms of Alligator’s agreement with AbClon, Alligator is entitled to 35% of AbClon’s revenue from its sublicense to Henlius, including potential milestone payments and royalty revenues. This entitlement applies to HLX22 as well as to products developed by Henlius that are based on, derived from, or incorporate HLX22‑related antibody binding characteristics, which, if such products are successfully developed and approved, could represent a meaningful long‑term revenue opportunity for Alligator.