Adlai Nortye (ANL) is developing Buparlisib, a PI3K inhibitor for recurrent/metastatic HNSCC post-anti-PD(L)1 treatment, with a phase III trial (BURAN) underway. Expected OS data in Q1 2025. ANL also has two other clinical drugs, AN4005 and AN0025, and a cash position of $98M as of June 2024.