Oncology’s meeting in Berlin this week underscored a shift in the therapeutic landscape as antibody–drug conjugates (ADCs), bispecific antibodies and kinase blockers produced headline-making results that analysts say could change standards of care. The most notable data came from a later-line metastatic colorectal cancer program: analysts at William Blair hailed zanzalintinib’s results, saying the drug set “a new survival bar in the third-line or later mCRC setting.” Exelixis, which developed the compound, said it will take the data to the U.S. Food and Drug Administration and anticipates filing within the year.

The conference showcased a range of modalities, from engineered bispecifics designed to recruit immune cells directly to tumors, to next-generation ADCs that deliver potent cytotoxics selectively to malignant cells, and kinase inhibitors that target oncogenic signaling more precisely. For companies and clinicians, the advances offer fresh therapeutic options in diseases long resistant to incremental improvements.

Not all late-breaking data delivered unqualified optimism. Summit Therapeutics released early results from its Phase III HARMONi study of a PD-1/VEGF inhibitor combination. The drug produced significant improvements in progression-free survival, but the trial fell short on overall survival, complicating its near-term regulatory prospects and underscoring the persistent challenge of translating delayed disease progression into longer lives. Summit and partner Akeso were among several teams presenting new trial updates at the meeting, reflecting broad activity across both established and experimental targets.

The scientific news translated into immediate market and regulatory movement. Replimune’s shares jumped after the FDA accepted a resubmitted biologics license application, a sign of continued investor appetite for companies clearing regulatory milestones. Separately, the FDA announced the first winners of the Commissioner’s National Priority Voucher program, a new mechanism that industry observers say could accelerate review pathways for eligible candidates, although the agency has provided limited detail on eligible indications and operational mechanics.

Amid the science and approvals, corporate leadership and pricing dynamics intruded on the conference narrative. Novo Nordisk experienced another leadership shake-up at a moment of heightened political scrutiny: President Trump has publicly promised to significantly slash prices for GLP-1 drugs, a class of therapies that has driven rapid revenue growth and broad public debate over affordability. The promise of aggressive price action has ramifications for corporate strategy, investor expectations and patient access to both metabolic and off-label indications.

For clinicians, regulators and patients, ESMO 2025 delivered a mixed but forward-looking set of outcomes: meaningful survival gains in at least one late-line setting, promising but incomplete signals from immunotherapy combinations, and a regulatory environment that is simultaneously more stimulative and politically fraught. As companies such as Exelixis move toward filings and others await confirmatory data, the immediate challenge will be to convert scientific advance into durable, equitable benefit for patients while navigating cost pressures and the evolving priorities of regulators.