A Phase III Study of Ivonescimab + Chemo With/Without AK117 in Metastatic Pancreatic Cancer

Inclusion Criteria: 1. Voluntarily sign a written informed consent form. 2. Age at enrollment is ≥ 18 and ≤ 75 years, both males and females are eligible. 3. Eastern Cooperative Oncology Group (ECOG) performance status of 0 or 1. 4. Life expectancy of ≥ 3 months. 5. Histologically or cytologically confirmed, unresectable metastatic pancreatic ductal adenocarcinoma (PDAC). 6. No prior systemic anti-cancer treatment for metastatic PDAC. 7. At least one measurable lesion per Response Evaluation Criteria in Solid Tumors (RECIST) v1.1. 8. Adequate organ function. Exclusion Criteria: 1. Histologically or cytologically confirmed other types of pancreatic malignancies or mixed histology types. 2. Presence of active central nerve system (CNS) metastases. 3. Known germline BRCA1/2 or PALB2 mutations. 4. Clinically significant or recurrent pleural effusion, pericardial effusion, or ascites requiring drainage. 5. History of other malignancies within the past 5 years. 6. History of significant bleeding tendencies or coagulopathy; clinically significant bleeding events within 1 month before the first dose. 7. Previous anti-angiogenic therapy and immunotherapy. 8. Active autoimmune disease requiring systemic treatment within the past 2 years. 9. Pregnant or breastfeeding women. 10. Concurrent participation in another clinical trial, unless it is an observational or non-interventional study or in the follow-up phase of an interventional study.