Exclusive Interview with Dr. Wang Yinxiang of Jacobio: Insights for China’s Biotech from Revolution’s Remarkable Turnaround-TONACEA

Exclusive Interview with Dr. Wang Yinxiang of Jacobio: Insights for China’s Biotech from Revolution’s Remarkable Turnaround

Update time:

2026-04-16 08:17

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The treatment landscape for pancreatic cancer is on the verge of being rewritten.

On April 13, Revolution Medicines announced positive top-line results from its Phase III RASolute 302 study. Once-daily oral daraxonrasib significantly improved progression-free survival (PFS) and overall survival (OS) in patients with previously treated metastatic pancreatic ductal adenocarcinoma (PDAC) compared with standard chemotherapy.

In the intent-to-treat population, the median OS was 13.2 months in the daraxonrasib arm versus only 6.7 months in the chemotherapy arm, with a hazard ratio of 0.40 (p<0.0001). The drug was generally well tolerated with a manageable safety profile and no new safety signals identified.

Based on the first interim analysis, all PFS and OS endpoints are considered final results. Revolution plans to submit a New Drug Application (NDA) to global regulatory authorities including the FDA, and intends to present the data at the 2026 ASCO Annual Meeting.

Revolution Medicines and Jacobio are representative companies in the KRAS field in the U.S. and China, respectively: the former pursues the molecular glue approach, while the latter focuses on small molecules. Following the announcement, Revolution’s share price surged for two consecutive days, with its latest market capitalization exceeding $29 billion (approximately RMB 197.8 billion), surpassing most Chinese biotech companies including domestic leaders such as Innovent Biologics and Akeso Biopharma.

Revolution has achieved a classic turnaround in more than a decade. What insights does this bring to China’s innovative drug sector? With this question, we conducted an exclusive interview with Dr. Wang Yinxiang, Chairman and Co-CEO of Jacobio, to explore the development path of China’s biotech industry and the breakthrough potential of “world-class innovative drugs from China” from the perspective of a local innovator.

Dr. Wang Yinxiang

Chairman and Co-CEO, Jacobio Pharmaceuticals

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One Target, Two Paths

Tongxieyi Editor: How do you view the latest Phase III RASolute 302 data released by Revolution?

Dr. Wang Yinxiang: Among all targeted anticancer drugs currently available, the RAS target covers the largest patient population. The first human RAS gene was discovered in 1982, nearly half a century ago. Generations of scientists have continued to tackle this target, yet it has remained one of the most difficult to break through in targeted oncology, with multiple prior attempts largely ending in failure.

Therefore, from a scientific perspective, validating the inhibition of RAS for cancer treatment carries profound significance. Humanity spent nearly 50 years overcoming this challenge, and in terms of time span, its difficulty is comparable to that of the moon landing. The successful clinical application of such a target is undoubtedly a milestone achievement.

Tongxieyi Editor: Jacobio is also one of the leading companies in the KRAS field, particularly in pan-KRAS, where your progress is second only to Revolution. Could you briefly outline Jacobio’s pan-KRAS strategy and its differentiation from Revolution?

Dr. Wang Yinxiang: Jacobio and Revolution started at roughly the same time in the KRAS field. Around 2018, nearly all pan-KRAS inhibitors in development were small-molecule inhibitors, a path chosen by multinational pharma companies including Novartis, Pfizer, and BMS, as well as Jacobio. However, Revolution acquired Warp Drive Bio and applied molecular glue technology to pan-KRAS drug development.

Currently, in the small-molecule track, Jacobio’s JAB-23E73 is the world’s most advanced and the first pan-KRAS small-molecule inhibitor to disclose clinical data globally. Across the entire pan-KRAS landscape, JAB-23E73 is only behind Revolution’s daraxonrasib in development speed.

Tongxieyi Editor: From a technical perspective, what are the respective advantages and disadvantages of molecular glues and small molecules?

Dr. Wang Yinxiang: The fundamental difference between small-molecule and molecular glue approaches lies in their mechanism: small molecules directly inhibit the KRAS protein, but the binding pocket is shallow, making it extremely difficult to identify high-affinity small molecules with favorable pharmacokinetic properties. Molecular glues act indirectly by recruiting another intracellular protein (Cyclophilin A) to form a ternary complex, with a relatively simpler screening process. Revolution has progressed more smoothly and rapidly, yet faces distinct challenges.

First, molecular glues offer vast patent space. With large molecular weight and high structural flexibility, numerous me-too drugs can be readily developed. A large number of companies in China and the U.S. are already actively developing and laying out molecular glue patents, leading to intense future competition.

Second, manufacturing costs are extremely high. The chemical synthesis of molecular glues requires more than 20 steps and contains six chiral centers, resulting in complex manufacturing processes. This dictates high drug pricing, raising issues of patient accessibility.

The advantages of the small-molecule approach are:

First, simpler synthesis. Once a high-affinity molecule is identified, manufacturing costs are far lower than those of molecular glues.

Second, strong patent barriers. Jacobio holds dozens of global patents in small-molecule pan-KRAS inhibitors, making it one of the earliest and most prolific patent holders. It will be very difficult for other companies to bypass our patents, meaning fewer future me-too drugs and lower competitive pressure.

Tongxieyi Editor: Cutaneous toxicity is the primary safety concern for pan-KRAS inhibitors. What are the safety differences between the two technical approaches?

Dr. Wang Yinxiang: Published clinical data already reveal distinct safety profiles. RMC-6236 shows a 90% incidence of cutaneous toxicity, including 7% grade 3 events. In contrast, JAB-23E73 has only a 10% incidence of cutaneous toxicity, all grade 1, with no grade 3 events observed to date. If this advantage is sustained, the small-molecule approach will hold clear benefits in future combination therapies and market competitiveness.

Former U.S. Senator Ben Sasse participated in the daraxonrasib clinical trial and experienced cutaneous toxicity. Source: The New York Times

Tongxieyi Editor: In December 2025, Jacobio and AstraZeneca entered a global license and collaboration agreement for JAB-23E73. Jacobio will receive a $100 million upfront payment, plus up to an additional $1.915 billion in development and commercialization milestones, setting a new record for Chinese small-molecule drug outbound licensing. Can you share the latest progress of this partnership?

Dr. Wang Yinxiang: Our key plan for 2026 is to advance the second- and later-line pancreatic cancer indication into registrational clinical trials in China. Meanwhile, the first-line combination regimen with chemotherapy (GP) has been approved and will be initiated simultaneously.

Pancreatic cancer is one of the most difficult-to-treat malignancies. The median OS of 13.2 months reported by Revolution represents a remarkable advance in the pancreatic cancer field.

In comparative context, osimertinib has achieved median OS of several years in lung cancer treatment, a stark contrast to the average OS in pancreatic cancer. The benefit ceiling for pancreatic cancer patients remains low with single-agent therapy. To truly benefit patients, especially those in early stages, combination with existing standard therapies is essential. The superior safety profile of small-molecule drugs provides greater room for combination strategies.

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“Ups and Downs Are the Norm for Biotech”

Tongxieyi Editor: Revolution targeted one of the hardest-to-drug targets and took a technical path distinct from all major pharmaceutical companies, inevitably facing greater challenges in clinical development and financing. Yet it persisted and delivered stunning data. What lessons do you think this story holds for Chinese biotech?

Dr. Wang Yinxiang: Ups and downs are the norm for biotech development. Revolution’s predecessor initially focused on antifungal drug resistance but made limited progress, later transitioning to oncology. Revolution’s pipeline strategy is quite similar to Jacobio’s: its first post-transition oncology program was an SHP2 inhibitor, initiated almost concurrently with our Sitneprotafib (JAB-3312). At that time, the world’s earliest three companies in SHP2 were Novartis, Jacobio, and Revolution, in that order. Both companies then shifted to the RAS target around 2016–2017, albeit via different technical routes.

Throughout this process, Revolution secured continuous financing. U.S. venture capital firms prioritize technology itself and are willing to support companies with solid data. It was this patient capital that allowed Revolution to emerge from its trough and turn the corner.

Of course, this is far from the finish line. Commercial performance and valuation trajectory post-launch will take time to validate. Yet the industry’s greatest charm lies precisely in this volatility.

Tongxieyi Editor: So for biotech, resilience and the ability to withstand failure are critical to survival.

Dr. Wang Yinxiang: Yes, this industry is characterized by a “nine deaths, one survival” dynamic—90% of companies will disappear, with fewer than 10% surviving. Pursuing genuine innovation is the ultimate guarantee of survival.

In recent years, China’s biotech industry has made remarkable progress, yet it suffers from excessive me-too innovation, leading to severe homogeneous competition.

Me-too products confined to the domestic market face a brutal outcome. Take PD-1 as an example: Merck’s Keytruda achieves annual sales exceeding $30 billion, while the combined sales of more than a dozen approved Chinese PD-1 products are far lower. The root cause is the lack of access to global markets, trapping companies in domestic price wars.

Therefore, the next direction for Chinese biotech is to push products into the global market. This journey is long and fraught with fluctuations, but temporary setbacks and failures do not define the outcome.

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When Will China’s Own “Revolution” Emerge?

Tongxieyi Editor: From your experience, what is the most critical factor for biotech to secure long-term investor support for foundational innovation?

Dr. Wang Yinxiang: This is a complex issue determined by multiple factors, not a single variable.

First, the team’s own credibility is paramount. Research background and entrepreneurial track record are key considerations for investors.

Second, the attractiveness of the program itself determines whether it gains investor recognition. Today’s investors are relatively professional, yet there remains a stark contrast between Chinese and Wall Street VC styles: Chinese VCs lean toward short-term, incremental small innovations and quick-to-market projects; Wall Street focuses on long-term 布局，prioritizes genuine technological innovation, and is willing to bear higher risk.

While China’s biotech industry has advanced significantly, truly foundational innovation remains scarce, with most progress being engineering-based improvements. We convert monoclonal antibodies to bispecifics, bispecifics to trispecifics, or apply chemical modifications—what we call “engineer’s dividends.” Such incremental innovation is indeed a core strength of Chinese companies and has fueled the growth of numerous firms.

However, this type of innovation is like mining: resources are finite. In recent years, sectors such as bispecifics, ADCs, and PD-1 have become saturated, with “mineral deposits” nearly exhausted, forcing exploration into more niche areas such as dual targets and dual payloads, with rising difficulty.

Tongxieyi Editor: Do you believe China can produce its own “Revolution” within the next 5–10 years? If so, what key breakthroughs are needed?

Dr. Wang Yinxiang: I believe it is possible. A number of Chinese biotechs have accumulated extensive experience, and new technology platforms are gradually maturing. A company will surely achieve foundational innovation at a specific technical node in the future.

Yet beyond technology itself, several enabling conditions are required. First, capital market support. For example, Akeso Biopharma’s bispecific asset licensed to Summit supported a market cap exceeding $10 billion with a single product. However, products limited to the domestic market without global backing can hardly reach such heights.

The same applies to Revolution: backed by capital markets, FDA approval in the U.S. grants access to global markets.

Thus, technological breakthrough, capital markets, and global markets must work in synergy. Technological advancement alone is insufficient, nor is capital market support alone. All three are indispensable for success.

— Final Thoughts —

From the discovery of the RAS gene in 1982 to today, humanity has spent nearly half a century unlocking this “iron gate.” Biotech innovation is never easy, yet Chinese biotech is no longer a bystander but a participant, and increasingly a leader.

As Dr. Wang Yinxiang noted, the true rise of “world-class innovative drugs from China” lies not in the speed of progress on a single target or the success or failure of one clinical trial, but in the commitment to explore uncharted territory and bet boldly in the darkest hours.

The next “Revolution” may well be nurtured in today’s “cold benches” and “hard nuts to crack.”

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