Markets

Tesla’s board proposes a new compensation plan potentially worth $900 billion for Elon Musk, contingent on achieving ambitious market cap and operational targets over the next decade, including reaching an $8.5 trillion market capitalization and delivering 20 million vehicles. If achieved, Musk’s ownership could double. This aims to retain Musk and prioritize Tesla, focusing on autonomous driving, robotaxis, and robots, shifting away from a solely EV-centric model. Success hinges on navigating strategic transitions and competition, amid concerns about inter-company transactions and potential conflicts of interest.

Innovent Biologics presented positive Phase 2 results for tigulixostat (IBI128), a xanthine oxidase inhibitor for gout, at APLAR 2025. The study (NCT06501534) in Chinese patients showed tigulixostat significantly reduced serum uric acid levels compared to febuxostat, with a favorable safety profile and no serious adverse events. Innovent plans to initiate Phase 3 trials in China in the second half of 2025, aiming to address the unmet need for safer and more effective gout treatments amidst concerns about existing therapies.

Dianthus Therapeutics (DNTH) will report topline results from its Phase 2 MaGic trial of claseprubart (DNTH103) in generalized Myasthenia Gravis (gMG) on September 8, 2025, at 8:00 a.m. EDT. The clinical-stage biotech company, focused on antibody complement therapeutics for autoimmune diseases, will host a conference call and webcast with a Q&A session. Investors can access the webcast via the company’s investor relations website, with a replay available afterward. Claseprubart targets the classical complement pathway, potentially offering a targeted gMG treatment.

SAIC-GM-Wuling (SGMW) and Huawei are deepening their partnership to advance autonomous driving, smart cockpits, and intelligent manufacturing. The collaboration will integrate Huawei’s technologies, including ADS 4 autonomous driving and HarmonySpace 5 smart cockpit, into SGMW vehicles, starting with the Baojun Huajing S SUV. This also includes using Huawei’s technologies to upgrade SGMW’s proprietary technologies and its Intelligent Island Manufacturing System (I²MS).

IDEAYA Biosciences and Hengrui Pharma presented Phase 1 trial data for IDE849 (SHR-4849), a DLL3-targeting TOP1 ADC, in advanced Small Cell Lung Cancer (SCLC). Across all SCLC lines, the Overall Response Rate (ORR) was 73.2% with a median Progression-Free Survival (PFS) of 6.7 months. In 2nd-line SCLC, the ORR was 77.1%, with median PFS not reached. Notably, patients with brain metastases showed a confirmed ORR of 66.7%. The safety profile was manageable. This data suggests IDE849 has a potential best-in-class profile and warrants further clinical development.

Daiichi Sankyo and Merck announced positive Phase 2 IDeate-Lung01 trial results for ifinatamab deruxtecan (I-DXd) in previously treated extensive-stage small cell lung cancer (ES-SCLC). I-DXd demonstrated a 48.2% objective response rate (ORR) in patients who had progressed after platinum-based chemotherapy, with a median duration of response of 5.3 months. Notably, a second-line subset achieved a 56.3% ORR. Discussions with regulatory authorities are underway. The safety profile was consistent with prior observations.

The Huawei China Tour 2025, coinciding with the World Intelligent Industry Expo in Chongqing, focuses on AI’s transformative role in manufacturing. Government officials and industry leaders explored AI-driven upgrades, with Huawei showcasing its strategic, technological, and collaborative ecosystem approach. Chongqing aims to become an AI-centric industrial hub, fostering collaboration with Huawei. The tour highlighted AI applications in various manufacturing aspects, including R&D, production, and supply chains, exemplified by success stories from Seres and Changan Automobile. Huawei is partnering to build a “manufacturing + AI” ecosystem in Chongqing.

RH (NYSE: RH) will release its second-quarter fiscal 2025 earnings on September 11, 2025, after market close. A letter from Chairman and CEO Gary Friedman and the full financial results will be available on the investor relations website at ir.rh.com. A live conference call and webcast will be held at 2:00 pm Pacific Time, offering further insights. Analysts will focus on supply chain, pricing, product performance, and expansion efforts. RH operates as a curator of design in the luxury lifestyle market.

The FLAURA2 Phase III trial demonstrated that TAGRISSO® (osimertinib) combined with chemotherapy significantly improved overall survival (OS) compared to TAGRISSO monotherapy in 1st-line EGFRm NSCLC. The combination therapy achieved a median OS of 47.5 months versus 37.6 months with monotherapy, reducing the risk of death by 23%. The safety profile was manageable, reinforcing TAGRISSO as a standard of care and backbone therapy across EGFRm lung cancer stages.

Nuvalent has initiated a rolling NDA submission to the FDA for zidesamtinib, a ROS1-selective inhibitor, for advanced ROS1-positive NSCLC patients previously treated with TKIs. The submission is supported by pivotal data from the ARROS-1 trial presented at WCLC 2025. Zidesamtinib has been granted RTOR designation, potentially accelerating its review. The drug is designed to overcome resistance mutations and improve treatment of brain metastases. Completion of the rolling submission is expected in Q3 2025. Nuvalent is also in discussion with the FDA regarding potential expansion of indications.