Home Healthcare  Summary Adlai Nortye refocused after Buparlisib’s Phase 3 failure. Instead, they’re now shifting their attention to earlier RAS-targeting and immuno-oncology candidates. ANL’s recent PIPE financings and the ASK Pharm payment also considerably shored up their balance sheet. Today, AN9025 appears to be ANL’s main strategic asset, but it remains in Phase 1 and needs stronger clinical validation. Palupiprant is the most advanced active program, though I suspect management doesn’t consider it its main focus. Lastly, ANL’s valuation seems reasonable at just 1.6x its post-PIPE cash balances. But its IP still needs more data to warrant a bullish upgrade at this stage. Valerii Apetroaiei/iStock via Getty Images Adlai Nortye Ltd. ( ANL ) is a small biopharmaceutical company that develops preclinical/early-stage candidates in oncology. Specifically, they’re working on AN9025 for RAS-mutated solid tumors, AN4035 for solid tumors, and AN8025 for advanced tumors.…