Adlai Nortye is a clinical-stage biopharmaceutical company focused on developing cancer therapies, with no approved products and no product revenue. The company operates R&D teams in New Jersey and Hangzhou, China, and its pipeline centers on two areas: RAS-targeting therapies and cancer immunotherapies. The lead candidates are AN9025, an oral pan-RAS(ON) inhibitor in Phase I targeting a broad spectrum of RAS mutations across hard-to-treat cancers like pancreatic, lung, and colorectal adenocarcinomas; and AN4005, an oral small-molecule PD-L1 inhibitor in Phase I expansion that targets the same checkpoint pathway as approved biologics like pembrolizumab, but in pill form. Earlier-stage candidates include AN8025, a tri-specific antibody fusion protein modulating immune responses; AN4035, a CEACAM5-targeting ADC delivering a RAS inhibitor payload to tumors; and AN0025, an EP4 antagonist licensed from Eisai being tested as a chemoradiation sensitizer in rectal cancer. Adlai Nortye funds operations primarily through licensing deals and equity financing. Its licensing strategy splits rights geographically: the company has out-licensed China rights for AN9025 to ASK Pharm for up to ~$230M in total consideration, and China rights for AN4005 to Biotime for upfront payments already received plus up to ~$129M in milestones, while retaining ex-China rights to all candidates. Manufacturing is fully outsourced to CMOs. Long-term value creation depends on clinical success, particularly for AN9025 and AN4005.