A Phase I Study of YK012 in Primary Membranous Nephropathy

Inclusion Criteria: * Age 18-80 (inclusive), both gender. * Diagnosed with primary (idiopathic) membranous nephropathy by renal biopsy within 10 years. * Participants who meet the criteria of very high-risk primary (idiopathic) membranous nephropathy based on 2021 Kidney Disease: Improving Global Outcomes (KDIGO) Clinical Practice Guideline for the Management of Glomerular Diseases and who have failed available therapies for the treatment of pMN. * eGFR estimated using the Chronic Kidney Disease Epidemiology Collaboration (CKD-EPI) formula is ≥45 mL/min/1.73 m². * If taking angiotensin-converting enzyme inhibitor (ACEI), angiotensin II receptor blocker (ARB), or Sodium-Glucose Co-Transporter 2 (SGLT-2) inhibitor, the medication dosage must have been stable (≤50% change in dose) for at least 4 weeks prior to screening and continue being stable prior to the initiation of the investigational product. * Laboratory tests within 7 days prior to enrollment meet the pre-defined criteria. * Be able to understand and voluntarily participate in this clinical trial with written signed informed consent and available for scheduled visits, treatments, examinations, and other study procedures. Exclusion Criteria: * Diagnosed with secondary membranous nephropathy. * Any prior receipt of protocol-specified pharmacological treatment for membranous nephropathy. * History of malignant tumor within 5 years prior to screening. * Poorly controlled hypertension. * Participants with severe renal in…