Over the past year, the PD-1 immunotherapy landscape has once again witnessed intensive progress. From multiple anti–PD-1 monoclonal antibodies achieving Phase III success in new indications to the rapid emergence of bispecific antibodies and increasingly sophisticated combination regimens that continue to push efficacy boundaries, PD-1–targeted therapies remain firmly positioned at the core of cancer immunotherapy.
This article provides a systematic overview of the global PD-1 development landscape, major drug modalities, and the latest clinical advances, helping readers understand where PD-1 targeted therapies currently stand in the evolving immuno-oncology ecosystem.

Between 2024 and 2025, Programmed Death-Ligand 1 (PD-L1) targeted therapies have once again become a focal point in global cancer immunotherapy. On one hand, PD-L1 based bispecific antibodies, such as PD-L1xVEGF and PD-L1xCTLA-4, have continued to release encouraging mid to late stage clinical data in lung cancer, hepatocellular carcinoma, and gastric cancer, demonstrating efficacy that may surpass traditional monoclonal antibodies. On the other hand, as first-generation PD-L1 monoclonal antibodies, including Atezolizumab, Durvalumab, and Avelumab, approach patent expiration, pharmaceutical companies worldwide are accelerating efforts toward differentiated innovation.
PD-L1 is no longer viewed merely as a standalone drug target. Instead, it has emerged as a central hub for immune combination therapies and multifunctional molecular designs, fundamentally reshaping the R&D landscape of PD-L1 targeted drugs.

Henlius Biotech’s innovative anti-PD-L1/VEGF bispecific antibody HLX37 has received approval for clinical trials by the China NMPA, marking a significant development in immuno-oncology. This dual-target antibody combines immune checkpoint inhibition and anti-angiogenesis, enhancing the synergy between immunotherapy and tumor microenvironment modulation. It underscores the growing influence of domestic biologics in the global immuno-oncology landscape and highlights the need for a deeper understanding of the PD-1/PD-L1 pathway’s structure, regulation, and signaling mechanisms for overcoming resistance and improving precision treatment strategies.

In recent years, immunotherapy targeting the PD-1/PD-L1 axis has rapidly evolved, moving beyond first-generation monoclonal antibodies to include PD-1/VEGF bispecific antibodies, PD-L1 ADCs, and various combination strategies. Clinical development and capital markets are shifting upstream, with landmark transactions like SSGJ-707 highlighting the commercial value of immune checkpoint inhibitors. Key industry insight: differentiation and long-term success depend not on pursuing immuno-oncology, but on choosing the right target and approach. Understanding the biological rationale and clinical implications of PD-1 versus PD-L1 targeting requires a deep dive into the signaling pathway itself.