PD-1 vs PD-L1: Biological Logic and Clinical Trade-Offs Along the Immune Checkpoint Axis
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.










