Background and Objectives: This study investigates the combination of Visugromab (CTL-002), a novel anti-GDF-15 antibody, with Nivolumab for the second-line treatment of non-small cell lung cancer (NSCLC) patients who have limited response to prior immune checkpoint inhibitors (CPI). GDF-15 is a protein that plays an immunosuppressive role in the tumor microenvironment, and its inhibition may enhance the efficacy of immunotherapy. ## Study Design and Progression: This is a Phase 2b, randomized, placebo-controlled, double-blind, multi-center study. Part A will conduct a safety pilot study, followed by Part B and Part C, which will compare four treatment arms. An initial cohort of 15 patients will receive a high dose of Visugromab, followed by an interim safety and preliminary efficacy analysis, and subsequent enrollment of the remaining patients. The primary endpoint is the safety profile and signal detection, while secondary endpoints include progression-free survival (PFS) and overall survival (OS). ## Differentiation and Expected Outcomes: Visugromab is the first antibody targeting GDF-15, representing a strategy to overcome the limitations of existing CPI and chemotherapy regimens. The current standard second-line treatment involves Docetaxel alone or in combination with an immune checkpoint inhibitor such as Nivolumab. By inhibiting GDF-15 and converting the immunosuppressive environment, the combination therapy may improve treatment response rates. ## Investment and Industry Impact: If this study demonstrates positive signals, the pipeline value of CatalYm will significantly increase, and there will be expanded opportunities for further investment and partnerships targeting GDF-15. Conversely, if the efficacy is limited or safety concerns arise, interest in this target may decrease, and focus will remain on existing immune-chemotherapy combinations. Given the early stage of the clinical trial, the short-term market impact will be limited, but success could play a significant role in diversifying the immuno-oncology portfolio in the medium to long term.