Everest Medicines has unveiled significant advances in its proprietary AI-powered mRNA platform, positioning the Hong Kong-listed biopharmaceutical company as a global leader in next-generation therapeutics. During its 2025 R&D Day held in Shanghai, the company showcased breakthrough developments across its cancer vaccine pipeline and innovative in vivo CAR-T program.
The company's "dual-engine" strategy combines in-house innovation with global partnerships, marking an evolution from its initial license-in model to a balanced approach focused on high-value therapeutic areas. Central to this transformation is Everest's clinically validated mRNA platform, which CEO Rogers Luo described as capable of rivaling the best in class globally.
Fully Integrated mRNA Platform Capabilities
Everest has developed one of the few fully integrated mRNA platforms worldwide, with end-to-end capabilities spanning AI-powered antigen design, mRNA sequence optimization, proprietary lipid nanoparticle (LNP) delivery technologies, and GMP-compliant manufacturing. The third-generation system employs an AI-based algorithm called EVER-NEO-1 for autonomous antigen selection and design, achieving up to a fivefold increase in protein expression compared to earlier iterations.
The platform's clinical validation stems from PTX-COVID19-B, Everest's COVID-19 vaccine that demonstrated non-inferior immunogenicity and safety compared to Pfizer and BioNTech's Comirnaty in a Phase 2 head-to-head trial. This validation has provided the foundation for expanding into oncology and autoimmune diseases.
Chief Scientific Officer Jennifer Yang highlighted the company's internal library of over 500 ionizable lipids supporting its delivery capabilities. Multiple in vivo studies have demonstrated the system's ability to enable both liver and extrahepatic targeting through active and passive tissue- and cell-specific delivery strategies.
Cancer Vaccine Pipeline Advances
EVM16 Personalized Cancer Vaccine
EVM16, developed using Everest's EVER-NEO-1 neoantigen prediction algorithm, represents a breakthrough in personalized cancer immunotherapy. The system designs individualized mRNA sequences based on tumor-specific mutations unique to each patient, aiming to activate T-cell responses via LNP delivery.
The vaccine entered a Phase 1 investigator-initiated trial at two leading cancer hospitals in China in August 2024, with the first patient dosed in March 2025. Early clinical data showed strong immunogenicity and specific T-cell responses even at the lowest dose, demonstrating both the vaccine's potency and the reliability of the EVER-NEO-1 algorithm.
EVM14 Off-the-Shelf Therapeutic Vaccine
EVM14 targets five tumor-associated antigens commonly found in squamous cell carcinomas of the head and neck, lung, and esophagus. Developed for broader applicability than personalized approaches, the vaccine aims to elicit robust immune responses in predefined patient populations.
In preclinical models, EVM14 induced dose-dependent immune activation, significant tumor regression, and durable immune memory, even in tumor rechallenge settings. When combined with immune checkpoint inhibitors such as PD-1 or PD-L1, the candidate demonstrated enhanced anti-tumor activity with reduced recurrence and metastasis.
Following FDA IND clearance in March 2025, Everest launched a Phase 1 clinical trial (EVM14 C101) with MD Anderson Cancer Center and Shanghai Chest Hospital among participating sites. The first patient is expected to enroll in the third quarter of 2025. The first clinical-grade batch was released from Everest's Jiashan facility in June 2025 and is scheduled to arrive at US trial sites by mid-August.
Revolutionary In Vivo CAR-T Program
Everest's in vivo CAR-T program aims to bypass the logistical and clinical challenges of conventional CAR-T therapy by encoding CARs into mRNA and delivering them directly into T-cells using antibody-tagged LNPs. This approach eliminates the need for extracting and modifying T-cells externally, potentially enabling a more scalable and less invasive alternative to autologous approaches.
In non-human primates, the platform achieved sustained CAR expression and effective B-cell clearance, two critical markers of therapeutic activity in both cancer and autoimmune diseases. The targeted LNP delivery system enables in vivo generation of CAR-T cells without lymphodepletion, offering controllable dosing and an improved safety profile.
The approach demonstrated high T-cell transduction efficiency in both humanized mouse models and non-human primates, positioning it as a potential game-changer in oncology and autoimmune indications.
Market Validation and Industry Recognition
Industry momentum around in vivo CAR-T technology is building, as evidenced by AbbVie's $2.1 billion acquisition of Capstan Therapeutics in June 2025. The deal included CPTX2309, a Phase 1 CAR-T candidate for B-cell-mediated autoimmune diseases, and Capstan's proprietary platform for delivering RNA payloads to reprogram cell types in vivo.
Everest's stock performance reflects growing investor confidence, with shares gaining approximately 33% year-to-date in 2025, rising from HKD 48.65 at the start of the year to HKD 64.70 at market open on July 2, approaching its intraday high of HKD 69 recorded on March 24.
Global Partnership Strategy
CEO Luo revealed that Everest is currently in discussions with the world's top 20 pharmaceutical companies, with some parties having already signed non-disclosure agreements. The company aims to leverage global resources to accelerate international deployment of its assets while maintaining strategic patience to let clinical value emerge through ongoing trials.
The value proposition to partners lies in a platform that has demonstrated clinical feasibility across competitive areas in global drug development. According to Luo, "With end-to-end control of antigen design, sequence optimization, delivery systems, and large-scale production, Everest's platform is among the few globally that has demonstrated clinical proof-of-concept."
Market Outlook
Grand View Research projects the global mRNA therapeutics market will grow at a compound annual growth rate of approximately 17% from 2024-2030, expanding from $12.2 billion to $31.3 billion. Growth is expected to be most pronounced in the Asia Pacific region, including China, driven by rising investment, infrastructure development, and increased focus on precision medicine.
Everest's comprehensive mRNA capabilities and early clinical traction position the company to capitalize on this expansion while pursuing its vision of combining in-house innovation with strategic external partnerships across its three-pillar growth strategy anchored in platform innovation, differentiated products, and targeted market expansion.
