ANL · Adlai Nortye Ltd.

This $150.0 million private placement represents a strategically timed capital raise for Adlai Nortye, a clinical-stage biotechnology company with dual R&D operations in the U.S. and China. The offering is structured as an unregistered securities sale under Section 4(a)(2) of the Securities Act, targeting both new and existing institutional investors — a composition that reflects broad-based validation of the company’s pipeline, particularly its pan-RAS(ON) inhibitor AN9025 and CEACAM5-targeting ADC AN4035. The disclosed use of proceeds explicitly ties the capital to advancing these assets through key upcoming milestones: AN9025’s Phase 1a dose escalation completion in H1 2027, AN4035’s IND submission in mid-2026, and clinical updates for AN8025 and AN4005 in 2026. Critically, the Company has committed to filing a resale registration statement with the SEC, addressing a primary concern for private placement investors by enabling future liquidity. The oversubscription and participation from prominent healthcare-focused funds — including Perceptive Advisors and MPM BioImpact — suggest strong demand for exposure to novel RAS-targeting mechanisms amid limited clinical-stage alternatives. Given Adlai Nortye’s pre-revenue status and reliance on external financing to sustain operations and clinical execution, this transaction materially extends its cash runway and de-risks near-term development timelines, directly impacting valuation sensitivity to pipeline progression.