Rakuten Medical is a clinical and commercial-stage biotech advancing its Alluminox™ photoimmunotherapy platform, which combines a drug and device to treat cancers. Its lead asset, ASP-1929, an EGFR-targeted antibody-dye conjugate, is in a global Phase 3 trial with anti-PD-1 therapy and has been approved in Japan since 2021 for unresectable or recurrent head and neck cancer, with 800+ commercial treatments completed. In December 2024, the company enrolled the first patient in its global Phase 3 1L study, following strong ASCO 2024 data (24-month OS 52.4%, CR 23.5%, with a well-tolerated safety profile). Real-world post-marketing data further confirm efficacy and safety. Rakuten Medical is seeking partners to license and co-develop its technology globally.