This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
Adlai Nortye is a clinical-stage oncology company developing small-molecule therapeutics targeting RAS-driven cancers. Its lead candidate AN9025 is an oral pan-RAS(ON) inhibitor that dosed its first patient in a global Phase 1 trial in February 2026 for solid tumors harboring RAS mutations, including pancreatic, lung, and colorectal cancers. AN4035 is a CEACAM5-targeting antibody-drug conjugate armed with a first-in-class pan-RAS payload, still in preclinical development with IND filing planned for mid-2026. Preclinical animal studies are central to both programs: AN9025 demonstrated potent and durable efficacy in RAS-mutant cancer models, and AN4035 achieved a 73% objective response rate in a 26-tumor patient-derived xenograft trial while showing a favorable toxicology profile in cynomolgus monkeys.
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Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.
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