SHANGHAI, January 6, 2026 -- ImmuneOnco Biopharmaceuticals (Shanghai) Inc. (HKEX: 1541.HK) ("ImmuneOnco") today announced that Axion Bio, Inc. (“Axion”), a wholly-owned subsidiary of Instil Bio, Inc., has decided to discontinue clinical development of IMM2510/AXN-2510. Axion and ImmuneOnco have entered into an agreement terminating their license and collaboration agreement for IMM2510/AXN-2510 and IMM27M/AXN-27M (“Termination Agreement”). The termination will not affect the upfront and milestone payments of $35 million that ImmuneOnco has received from Axion.

Under the terms of the Termination Agreement, all rights previously licensed to Axion, including global development and commercial rights outside Greater China, have reverted to ImmuneOnco, subject to a limited license to Axion to wind down its clinical development activities.ImmuneOnco is pleased to regain the global rights of IMM2510/AXN-2510 and IMM27M/AXN-27M. The Company has strong confidence in the therapeutic potentials, and remains committed to accelerating the clinical development of these assets.

ImmuneOnco Biopharmaceuticals (Shanghai) Inc. was established in the PRC in June 2015. ImmuneOnco is a science-driven biotechnology company dedicated to the development of immuno-oncology therapies. ImmuneOnco is one of the few biotechnology companies globally adopting a systematic approach to harness both the innate and adaptive immune systems. Currently approved immunotherapies primarily focus on the adaptive immune system and are often confronted with limited clinical benefits due to low response rates and inevitable drug resistance and/or relapse in many cancer indications. Harnessing both the innate and adaptive immune systems allows us to overcome the limitations of current T-cell-based immunotherapies and address substantial unmet medical needs of cancer patients. For more information visit cn.immuneonco.com/