Allygen is trying to improve on conventional ADCs with its STAR platform, which uses tumor-microenvironment-triggered release and combines targeted chemotherapy with immune activation in ALG01, its PD-L1×TROP2 bispecific ADC. Its Series A of over RMB 300 million is intended to move ALG01 from preclinical work into Phase 1 while expanding the pipeline, making clinical validation the next key test.