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. 2025 Nov 25;14(6):1063–1077. doi: 10.21037/hbsn-2025-68

Survival impact of conversion therapy for Barcelona Clinic Liver Cancer (BCLC) stage B and C hepatocellular carcinoma—a propensity score matching analysis

Karin K Y Ho 1, Chi Leung Chiang 2, Tiffany Wong 1, Wing Chiu Dai 1, Simon Tsang 1, Sui Ling Sin 1, Kin Pan Au 1, Miu Yee Chan 1, Tan To Cheung 1, Albert C Y Chan 1,
PMCID: PMC12690321  PMID: 41383668

Hepatocellular carcinoma (HCC) is the third-leading cause of cancer-related mortality worldwide (1). While upfront surgical resection has been established as an effective curative treatment for early-stage disease, up to 53.6% of patients present with moderate-to-advanced stage disease (2). Traditional recommendations as per the latest Barcelona Clinic Liver Cancer (BCLC) 2022 update have advised for palliative transarterial chemoembolization (TACE) or systemic treatment (3), leaving this patient group with only modest response rates of 5% to 40% (4). However, with oncological advancements in recent years, conversion therapy has emerged as an effective strategy to change the therapeutic trajectory of patients with BCLC stage B and BCLC stage C HCC, showing significantly improved long-term outcomes compared to systemic therapy alone (5).

Numerous studies have investigated the range of locoregional and systemic options available for unresectable HCC (2,6), laying the groundwork for the development of conversion therapy regimens. The landmark IMbrave150 (7) and CheckMate 040 (8) trials demonstrated the superiority of combination immunotherapy, and the HIMALAYA (9) trial the superiority of combination targeted therapy. Cross-modality therapy also demonstrated survival benefits, including targeted therapy with radiotherapy (10,11), TACE with radiotherapy (12) and systemic therapy (13). The START-FIT trial (4) was the first to report a sequential trimodality regimen and demonstrated promising results of 55% conversion and 42% complete response; the use of synergistic effect to target different aspects of tumour biology optimised results in tumour downstaging (14,15). Building upon the basis of these findings, this study evaluates the efficacy of conversion therapy for BCLC stage B and stage C tumours.

Retrospective review of data from a tertiary referral centre in Hong Kong was performed for patients with BCLC-B and BCLC-C from January 2010 to December 2022 at Queen Mary Hospital. HCC was diagnosed by pathology or imaging based on American Association for the Study of Liver Disease (AASLD) and European Association for the Study of the Liver (EASL) criteria. Patients were discussed by a multi-disciplinary tumour board; those ineligible for upfront resection were candidates for conversion therapy with reassessment for resection, or were candidates for TACE. The study was conducted in accordance with the Declaration of Helsinki and its subsequent amendments. and informed consent was obtained from all patients.

The inclusion criteria were (I) BCLC-B and BCLC-C HCC patients treated by upfront resection, or conversion [by TACE, systemic chemotherapy, targeted therapy, stereotactic body radiation therapy (SBRT), or trimodal START-FIT therapy (4)] followed by resection, or TACE; (II) aged 18 to 94 years old; (III) Child-Pugh A or B liver function; (IV) Eastern Cooperative Oncology Group (ECOG) performance status of 0 or 1; and had (V) adequate organ function (white blood cell count >2.5×109 L, platelet count ≥20×109 L, bilirubin <50 µmol/L, albumin >28 g/L, prothrombin time <4 seconds over control, creatinine ≤180 µmol/L). The exclusion criteria were (I) severe cardiac, pulmonary, or renal disease; (II) concomitant primary malignancy; (III) extra-hepatic disease; (IV) prior treatment with radiofrequency ablation (RFA), microwave ablation (MWA), or high-intensity focused ultrasound (HIFU) before conversion; and (V) loss to follow-up or incomplete data.

Resection included open and laparoscopic hepatic resection. Conventional TACE consisted of lipiodol with cisplatin (1 mg/mL) in 1:1 ratio. Trimodal conversion therapy has been described in detail in our previous START-FIT study (4). Tumour responses were evaluated using computed tomography or positron-emission tomography every 1–2 treatment cycles.

The primary endpoints were overall survival (OS) and disease-free survival (DFS). Propensity score matching (PSM) was adopted to minimise the impact of confounding factors using the nearest neighbour method in 2:1:1 ratio, including age, sex, tumour size, and tumour number. Data analyses were performed using SPSS version 28.0.

A flowchart for this study is illustrated in Figure 1. From January 2010 to December 2022, 4,031 patients were identified with BCLC-B and BCLC-C HCC no extra-hepatic disease or severe co-morbidities. After exclusion according to criteria, 2,254 patients were analysed; 533 underwent upfront resection, 126 conversion therapy followed by resection, and 383 TACE. Sub-analysis was further performed for the BCLC-B and BCLC-C groups.

Figure 1.

Figure 1

Flow chart of BCLC-B and BCLC-C patients in the study. BCLC, Barcelona Clinic Liver Cancer; ECOG, Eastern Cooperative Oncology Group; HIFU, high-intensity focused ultrasound; MWA, microwave ablation; PSM, propensity score matching; RFA, radiofrequency ablation; TACE, transarterial chemoembolization.

Baseline demographics are shown in Tables 1,2. The upfront resection group was slightly younger (62 vs. 65 years in BCLC-B), had more hepatitis B (79.8% vs. 72.4% BCLC-B and 75.9% vs. 73.2% BCLC-C), and ECOG 0 patients (94.1% vs. 96.6% in BCLC-C). Both upfront resection and conversion groups had no more than one tumour (median value), but maximum tumour diameter tended to be smaller in the upfront resection group (6.0 vs. 6.5 cm, P=0.01, for both BCLC-B and BCLC-C). After PSM, baseline demographics and tumour characteristics were comparable between the upfront resection and conversion groups. There were no significant differences in serum alpha-fetoprotein (AFP) or Model for End-Stage Liver Disease (MELD) score.

Table 1. BCLC-B patient baseline demographics, surgical and postoperative characteristics, and pathological examination results.

Variables Before matching After matching
Upfront resection (n=109) Conversion (n=29) TACE (n=46) P value Upfront resection (n=58) Conversion (n=29) TACE (n=29) P value
Age (years) 62.0 [32–81] 65.0 [45–84] 63.0 [31–85] 0.25 63.0 [32–81] 65.0 [45–84] 63.0 [31–85] 0.46
Sex 0.08 0.85
   Male 92 27 34 52 27 26
   Female 17 2 12 6 2 3
Aetiology 0.31 0.99
   Hepatitis B 87 (79.8) 21 (72.4) 33 (71.7) 42 (72.4) 21 (72.4) 21 (72.4)
   Hepatitis C 4 (3.7) 1 (3.4) 5 (10.9) 3 (5.2) 1 (3.4) 3 (10.3)
   Hepatitis B and C 1 (0.9) 0 (0.0) 0 (0.0) 1 (1.7) 0 (0.0) 0 (0.0)
   Alcoholic liver 13 (11.9) 5 (17.2) 5 (10.9) 9 (15.5) 5 (17.2) 4 (13.8)
   NASH 4 (3.7) 2 (6.9) 3 (6.5) 3 (5.2) 2 (6.9) 1 (3.4)
Comorbid disease 65 (59.6) 23 (79.3) 35 (76.1) 0.04 33 (56.9) 23 (79.3) 24 (82.8) 0.02
Heart 61 (56.0) 22 (75.9) 28 (60.9) 0.14 32 (55.2) 22 (75.9) 20 (69.0) 0.13
Lung 5 (4.6) 0 (0.0) 3 (6.5) 0.75 2 (3.4) 0 (0.0) 1 (3.4) 0.42
Renal 2 (1.8) 0 (0.0) 1 (2.2) 0.59 0 (0.0) 0 (0.0) 1 (3.4) 0.25
DM 29 (26.6) 11 (37.9) 16 (34.8) 0.25 15 (25.9) 11 (37.9) 11 (37.9) 0.38
ECOG
   0 109 (100.0) 29 (100.0) 46 (100.0) 58 (100.0) 29 (100.0) 29 (100.0)
Child-Pugh class 0.25 0.25
   A 109 (100.0) 29 (100.0) 45 (97.8) 58 (100.0) 29 (100.0) 28 (96.6)
   B 0 (0.0) 0 (0.0) 1 (2.2) 0 (0.0) 0 (0.0) 1 (3.4)
Ascites 0.06 0.06
   Absent 109 (100.0) 29 (100.0) 44 (95.7) 58 (100.0) 29 (100.0) 27 (93.1)
   Present 0 (0.0) 0 (0.0) 2 (4.3) 0 (0.0) 0 (0.0) 2 (6.9)
Haemoglobin (g/dL) 14.0 [8.6–17.6] 13.5 [9.2–15.5] 13.6 [9.1–16.2] 0.06 14.0 [8.6–17.6] 13.5 [9.2–15.5] 13.4 [9.1–16.2] 0.11
Platelet (×109/L) 182.0 [85–661] 177.0 [78–458] 139.0 [54–522] 0.002 196.5 [108–661] 177.0 [78–458] 158.0 [54–522] 0.14
INR 1.1 [0.9–1.3] 1.1 [1.0–1.3] 1.1 [0.8–1.5] 0.34 1.1 [0.9–1.3] 1.1 [1.0–1.3] 1.1 [0.9–1.5] 0.85
Bilirubin (μmol/L) 10.0 [4–54] 11.0 [5–24] 11.0 [3–37] 0.006 9.0 [4–54] 11.0 [5–24] 10.0 [3–37] 0.16
Albumin (g/L) 42.0 [30–52] 41.0 [36–49] 40.5 [28–50] 0.01 42.0 [30–50] 41.0 [36–49] 41.0 [28–50] 0.27
AST (U/L) 40.0 [16–186] 43.0 [23–246] 51.5 [23–246] 0.009 40.0 [16–186] 43.0 [23–246] 53.0 [23–246] 0.04
ALT (U/L) 33.0 [11–133] 41.0 [15–141] 46.0 [16–224] 0.24 33.5 [11–133] 41.0 [15–141] 47.0 [16–203] 0.20
AFP (ng/mL) 14.5 [1–158,188] 24.0 [2–86,990] 23.0 [1–41,401] 0.79 9.0 [1.9–158,188] 24.0 [2–86,990] 29.0 [2–41,401] 0.44
MELD score 7.5 [6–14] 7.5 [6–13] 7.8 [6–17] 0.03 7.5 [6–14] 7.5 [6–13] 8.09 [6–17] 0.23
Tumour number 1.0 [1–multiple] 1.0 [1–multiple] 3.0 [1–multiple] <0.001 1.0 [1–multiple] 1.0 [1–multiple] 1.0 [1–multiple] 0.12
Maximum tumour diameter (cm) 6.0 [(2.3–18.0] 6.5 [2.8–16.0] 5.2 [0.5–14.5] 0.01 6.0 [2.3–18.0] 6.5 [2.8–16.0] 6.2 [3.4–14.5] 0.47
Total operating time (min) 275.0 [71–1,045] 281.0 [91–680] 0.92 263.0 [90–735] 281.0 [91–680] 0.80
Blood loss (L) 0.53 [0.01–8.0] 0.88 [0.05–25.5] 0.06 0.685 [0.1–3.2] 0.88 [0.05–25.5] 0.25
Laparoscopic liver resection 0.87 >0.99
   No 81 (74.3) 22 (75.9) 45 (77.6) 22 (75.9)
   Yes 28 (25.7) 7 (24.1) 13 (22.4) 7 (24.1)
Resection 0.04 0.10
   Major resection 60 (55.0) 22 (75.9) 33 (56.9) 22 (75.9)
   Minor resection 49 (45.0) 7 (24.1) 25 (43.1) 7 (24.1)
Hospital stay (days) 7.0 [2–60] 6.0 [0–48] 0.96 7.0 [2–48] 6.0 [0–48] 0.51
Hospital mortality (yes) 1 (0.9) 1 (3.4) 0.89 0 (0.0) 1 (3.4) 0.33
Clavien-Dindo complication
   IIIA 7 (6.4) 4 (13.8) 0.36 3 (5.2) 4 (13.8) 0.33
   IIIB 2 (1.8) 0 (0.0) >0.99 1 (1.7) 0 (0.0) >0.99
   IVA 1 (0.9) 0 (0.0) >0.99 1 (1.7) 0 (0.0) >0.99
   IVB 0 (0.0) 0 (0.0) 0 (0.0) 0 (0.0)
   V 1 (0.9) 1 (3.4) 0.89 0 (0.0) 1 (3.4) 0.72
Poorly differentiated 0.05 0.20
   Yes 24 (22.0) 2 (6.9) 17 (29.3) 2 (6.9)
   No 85 (78.0) 27 (93.1) 41 (70.3) 27 (93.1)
Microvascular invasion 0.19 0.36
   Absent 60 (55.0) 12 (41.4) 30 (51.7) 12 (41.4)
   Present 49 (45.0) 17 (58.6) 28 (48.3) 17 (58.6)

Data are presented as median [range], n or n (%). AFP, alpha-fetoprotein; ALT, alanine aminotransferase; AST, aspartate aminotransferase; BCLC, Barcelona Clinic Liver Cancer; DM, diabetes mellitus; ECOG, Eastern Cooperative Oncology Group; INR, international normalized ratio; MELD, Model for End-Stage Liver Disease; NASH, non-alcoholic steatohepatitis; TACE, transarterial chemoembolization.

Table 2. BCLC-C patient baseline demographics, surgical and postoperative characteristics, and pathological examination results.

Variables Before matching After matching
Upfront resection (n=424) Conversion (n=97) TACE (n=337) P value Upfront resection (n=194) Conversion (n=97) TACE (n=97) P value
Age (years) 62.5 [19–89] 62.0 [31–52] 67.0 [20–94] <0.001 62.5 [26–85] 62.0 [31–52] 62.0 [20–88] 0.58
Sex 0.33 0.22
   Male 335 85 275 167 85 90
   Female 89 12 62 27 12 7
Aetiology 0.003 0.19
   Hepatitis B 322 (75.9) 71 (73.2) 215 (63.8) 154 (79.4) 81 (83.5) 71 (73.2)
   Hepatitis C 14 (3.3) 4 (4.1) 21 (6.2) 3 (1.5) 4 (4.1) 5 (5.2)
   Hepatitis B and C 2 (0.5) 0 (0.0) 3 (0.9) 1 (0.5) 0 (0.0) 1 (1.0)
   Alcoholic liver 30 (7.1) 7 (7.2) 36 (10.7) 13 (6.7) 7 (7.2) 12 (12.4)
   NASH 56 (13.2) 5 (5.2) 61 (18.1) 23 (11.9) 5 (5.2) 8 (8.2)
Comorbid disease 221 (52.1) 50 (51.5) 218 (64.7) <0.001 96 (49.5) 50 (51.5) 56 (57.7) 0.41
Heart 189 (44.6) 41 (42.3) 176 (52.2) 0.06 79 (40.7) 41 (42.3) 40 (41.2) 0.97
Lung 29 (6.8) 7 (7.2) 35 (10.4) 0.20 12 (6.2) 7 (7.2) 7 (7.2) 0.64
Renal 8 (1.9) 1 (1.0) 12 (3.6) 0.20 4 (2.1) 1 (1.0) 4 (4.1) 0.35
DM 100 (23.6) 21 (21.6) 88 (26.1) 0.58 44 (22.7) 21 (21.6) 27 (27.8) 0.54
ECOG <0.001 0.42
   0 27 (6.4) 4 (4.1) 4 (1.2) 10 (5.2) 4 (4.1) 2 (2.1)
   1 397 (93.6) 93 (95.9) 333 (98.8) 184 (94.8) 93 (95.9) 95 (97.9)
Child-Pugh class <0.001 0.008
   A 399 (94.1) 94 (96.9) 275 (81.6) 177 (91.2) 94 (96.9) 82 (84.5)
   B 25 (5.9) 3 (3.1) 62 (18.4) 17 (8.8) 3 (3.1) 15 (15.5)
Ascites <0.001 <0.001
   Absent 408 (96.2) 95 (97.9) 282 (83.7) 183 (94.3) 95 (97.9) 80 (82.5)
   Present 16 (3.8) 2 (2.1) 55 (16.3) 11 (5.7) 2 (2.1) 17 (17.5)
Haemoglobin (g/dL) 13.2 [6.6–19.3] 12.7 [8.5–16.4] 12.5 [6.7–19.0] <0.001 13.1 [6.6–19.3] 12.7 [8.5–16.4] 12.5 [7.2–18.4] 0.02
Platelet (×109/L) 193.5 [20–742] 189.0 [49–795] 174.5 [28–590] 0.009 191.5 [90–742] 189.0 [49–795] 169.0 [28–585] 0.03
INR 1.1 [0.8–1.4] 1.1 [0.9–1.3] 1.1 [0.8–2.3] <0.001 1.1 [0.9–1.4] 1.1 [0.9–1.3] 1.1 (0.9–2.3) 0.52
Bilirubin (μmol/L) 10.0 [2–70] 10.0 [3–33] 14.0 [3–59] <0.001 9.5 [2–34] 10.0 [3–33] 10.0 [3–34] 0.45
Albumin (g/L) 41.0 [23–53] 40.0 [28–48] 38.0 [35–321] <0.001 40.0 [25–52] 40.0 [28–48] 39.0 [23–53] 0.10
AST (U/L) 49.0 [12–444] 47.0 [17–1,848] 67.0 [13–841] <0.001 52.5 [13–444] 47.0 [17–1,848] 55.0 [21–307] 0.26
ALT (U/L) 41.0 [9–979] 42.0 [11–515] 45.0 [7–387] 0.06 42.0 [10–696] 42.0 [11–515] 39.0 [8–387] 0.95
AFP (ng/mL) 59.0
[1–1,267,800]
94.0
[1–431,204]
63.0
[1–1,458,960]
0.53 67.8
[1.8–1,367,800]
94.0
[1–431,204]
58.0
[1–572,380]
0.89
MELD score 7.5 [6–25] 7.5 [6–17] 8.5 [6–21] <0.001 7.5 [6–22] 7.5 [6–17] 8.5 [6–21] 0.02
Tumour number 1.0 [1–multiple] 1.0 [1–multiple] 3.0 [1–multiple] <0.001 1.0 [1–multiple] 1.0 [1–multiple] 1.0 [1–multiple] 0.12
Maximum tumour diameter (cm) 6.0 [2.3–18.0] 6.5 [2.8–16.0] 5.2 [0.5–14.5] 0.01 6.0 [2.3–18.0] 6.5 (2.8–16.0) 6.2 [3.4–14.5] 0.47
Total operating time (min) 328.0 [34–1162] 352.0 [69–1666] 0.21 353.5 [103–1,162] 352.0 [69–1,666] 0.93
Blood loss (L) 0.8 [0.02–36.83] 0.95 [0.05–14.0] 0.08 0.9 [0.02–36.83] 0.95 [0.05–14.0] 0.45
Laparoscopic liver resection 0.39 0.06
   No 352 (83.0) 84 (86.6) 164 (84.5) 84 (86.6)
   Yes 72 (17.0) 13 (13.4) 30 (15.5) 13 (13.4)
Resection 0.04 0.30
   Major resection 288 (67.9) 76 (78.4) 141 (72.7) 76 (78.4)
   Minor resection 136 (32.1) 21 (21.6) 53 (27.3) 21 (21.6)
Hospital stay (days) 8.0 [2–229] 9.0 [2–88] 0.10 8.0 [2–229] 9.0 [2–88] 0.23
Hospital mortality (yes) 6 (1.4) 4 (4.1) 0.18 1 (0.5) 4 (4.1) 0.08
Clavien-Dindo complication
   IIIA 53 (12.5) 21 (21.6) 0.02 29 (14.9) 21 (21.6) 0.15
   IIIB 16 (3.8) 11 (11.3) 0.005 5 (2.6) 11 (11.3) 0.005
   IVA 24 (5.7) 9 (9.3) 0.19 12 (6.2) 9 (9.3) 0.34
   IVB 9 (2.1) 3 (3.1) 0.84 4 (2.1) 3 (3.1) 0.89
   V 6 (1.4) 4 (4.1) 0.18 1 (0.5) 4 (4.1) 0.08
Poorly differentiated 0.11 0.04
   Yes 94 (22.2) 21 (21.6) 51 (26.3) 21 (21.6)
   No 330 (77.8) 76 (78.4) 143 (73.7) 76 (78.4)
Microvascular invasion 0.008 0.003
   Absent 150 (35.4) 49 (50.5) 62 (32.0) 49 (50.5)
   Present 274 (64.6) 48 (49.5) 132 (68.0) 48 (49.5)

Data are presented as median [range], n or n (%). AFP, alpha-fetoprotein; ALT, alanine aminotransferase; AST, aspartate aminotransferase; BCLC, Barcelona Clinic Liver Cancer; DM, diabetes mellitus; ECOG, Eastern Cooperative Oncology Group; INR, international normalized ratio; MELD, Model for End-Stage Liver Disease; NASH, non-alcoholic steatohepatitis; TACE, transarterial chemoembolization.

One hundred and eleven BCLC-B and 1,227 BCLC-C patients in total underwent therapy for conversion; conversion therapy modalities and change in tumour status are summarised for BCLC-B patients in Tables 3,4, and BCLC-C patients in Tables 5,6. Successful conversion was achieved in 29 BCLC-B and 97 BCLC-C patients, giving conversion rates of 26.1% and 7.9%.

Table 3. Conversion therapy modalities for BCLC-B with successful conversion followed by resection.

Modalities BCLC-B
Conversion 29 (26.1)
TACE 12 (41.4)
TACE + targeted therapy (bevacizumab) 1 (3.4)
Systemic chemotherapy
Targeted therapy (lenvatinib) 2 (6.9)
Immunotherapy (nivolumab) 11 (37.9)
SBRT 1 (3.4)
SIRT
START-FIT trimodal therapy 2 (6.9)

Data are presented as n (%). BCLC, Barcelona Clinic Liver Cancer; SBRT, stereotactic body radiation therapy; SIRT, selective internal radiation therapy; TACE, transarterial chemoembolization.

Table 4. BCLC-B tumour status pre- and post-conversion therapy.

Variables BCLC-B P value
Pre-conversion Post-conversion
AFP (ng/mL) 17.0 (2–107,960) 14.0 (2–309,008) 0.60
Tumour size (cm) 6.3 (2.5–14.7) 6.5 (2.8–16.0) 0.17
Tumour number 1.0 (1–multiple); 1.9±2.093 1.0 (1–multiple); 3.8±3.642 0.04

Data are presented as median (range) or mean ± standard deviation. AFP, alpha-fetoprotein; BCLC, Barcelona Clinic Liver Cancer.

Table 5. Conversion therapy modalities for BCLC-C with successful conversion followed by resection.

Modalities BCLC-C
Conversion 97 (7.9)
TACE 71 (73.2)
TACE + targeted therapy (bevacizumab)
Systemic chemotherapy 3 (3.1)
Targeted therapy (lenvatinib) 9 (9.3)
Immunotherapy (nivolumab) 11 (11.3)
SBRT 3 (3.1)
SIRT 1 (1.0)
START-FIT trimodal therapy 5 (5.2)

Data are presented as n (%). BCLC, Barcelona Clinic Liver Cancer; SBRT, stereotactic body radiation therapy; SIRT, selective internal radiation therapy; TACE, transarterial chemoembolization.

Table 6. BCLC-C tumour status pre- and post-conversion therapy.

Variables BCLC-C P value
Pre-conversion Post-conversion
AFP (ng/mL) 84.0 (1–431,204) 48.0 (1–466,903) 0.17
Tumour size (cm) 8.4 (1.0–19.0) 8.5 (1–22.5) 0.75
Tumour number 2.0 (1–multiple) 2.0 (1–multiple) 0.69

Data are presented as median (range). AFP, alpha-fetoprotein; BCLC, Barcelona Clinic Liver Cancer.

Survival analysis showed that conversion therapy followed by resection had similar outcomes compared with upfront resection for both BCLC-B and BCLC-C stages. After matching, OS was comparable between conversion therapy and upfront resection for both BCLC-B and BCLC-C; 1-, 3-, and 5-year OS of upfront resection were 93.1%, 71.9% and 65.1% for BCLC-B and 79.5%, 54.2%, and 41.9% for BCLC-C respectively (P<0.001) (Figures 2,3).

Figure 2.

Figure 2

Survival outcomes in BCLC-B patients. BCLC, Barcelona Clinic Liver Cancer; DFS, disease-free survival; OS, overall survival; PSM, propensity score matching; TACE, transarterial chemoembolization.

Figure 3.

Figure 3

Survival outcomes in BCLC-C patients. BCLC, Barcelona Clinic Liver Cancer; DFS, disease-free survival; OS, overall survival; PSM, propensity score matching; TACE, transarterial chemoembolization.

Multivariate analysis, summarised in Tables 7,8, showed that pre-treatment AFP >400 ng/mL was associated with poorer OS in both BCLC-B [hazard ratio (HR) 6.553, 95% confidence interval (CI): 3.316–12.950, P<0.001] and BCLC-C (HR 1.504, 95% CI: 1.147–1.971, P<0.001) groups. Disease with multiple tumours was associated with poorer OS in the BCLC-B group (HR 1.238, 95% CI: 1.135–1.351, P<0.001). Pre-treatment AFP >400 ng/mL (HR 4.147, 95% CI: 2.085–8.249, P<0.001), blood loss (HR 1.168, 95% CI: 1.002–1.362, P=0.05), and multiple tumours (HR 1.167, 95% CI: 1.066–1.277, P=0.05) were also associated with poorer DFS in BCLC-B. For BCLC-C, poorer DFS was demonstrated with multiple tumours (HR 1.127, 95% CI: 1.083–1.173, P<0.001), involved resection margin (HR 2.051, 95% CI: 1.274–3.302, P=0.003), and venous infiltration (HR 1.523, 95% CI: 1.113–2.084, P=0.009). Interestingly, the BCLC-C conversion group showed better DFS than upfront resection (HR 0.729, 95% CI: 0.534–0.994, P=0.05).

Table 7. Univariate and multivariate analyses of potential prognostic factors affecting overall survival.

Variables BCLC-B overall survival BCLC-C overall survival
Univariate Multivariate Univariate Multivariate
HR (95% CI) P value HR (95% CI) P value HR (95% CI) P value HR (95% CI) P value
Age 1.002 (0.974–1.030) 0.90 0.996 (0.985–1.008) 0.54
Sex 1.567 (0.706–3.480) 0.27 1.004 (0.686–1.470) 0.98
Comorbidity 1.287 (0.725–2.283) 0.39 0.939 (0.737–1.196) 0.61
Haemoglobin 0.909 (0.775–1.066) 0.24 0.936 (0.880–0.996) 0.04
Platelet 1.002 (1.000–1.005) 0.08 1.004 (1.002–1.007) <0.001 1.002 (1.001–1.003) 0.004 1.002 (1.001–1.003) 0.003
Creatinine 1.002 (0.992–1.013) 0.69 1.000 (0.998–1.002) 0.88
Albumin 0.936 (0.873–1.004) 0.06 0.945 (0.922–0.968) <0.001
INR 2.257 (0.170–30.030) 0.54 5.628 (2.148–14.742) <0.001 3.783 (1.395–10.257) 0.009
AST 1.007 (1.002–1.012) 0.004 1.005 (1.003–1.007) <0.001 1.004 (1.002–1.006) 0.003
ALT 1.004 (0.997–1.010) 0.25 1.003 (1.000–1.005) 0.03
Pre-treatment AFP (≤400 vs. >400 ng/mL) 3.178 (1.807–5.592) <0.001 6.553 (3.316–12.950) <0.001 1.804 (1.403–2.319) <0.001 1.504 (1.147–1.971) <0.001
MELD score 1.032 (0.889–1.198) 0.68 1.071 (1.017–1.128) 0.01
Tumour number 1.163 (1.081–1.250) <0.001 1.238 (1.135–1.351) <0.001 1.127 (1.090–1.165) <0.001
Tumour size 0.989 (0.909–1.075) 0.79 1.016 (1.007–1.025) <0.001
Invasion of another organ other than gallbladder 2.853 (0.689–11.818) 0.15 1.476 (0.902–2.414) 0.12
Invasion of major branch 2.313 (1.742–3.071) <0.001
Tumour rupture 1.332 (0.182–9.735) 0.78 0.898 (0.610–1.321) 0.59
Bilobar tumour 2.247 (1.315–3.839) <0.001 1.775 (1.384–2.276) <0.001
Treatment <0.001 <0.001 <0.001 <0.001
   Upfront Ref Ref Ref
   Conversion 1.070 (0.508–2.255) 0.86 1.207 (0.548–2.658) 0.64 0.868 (0.632–1.192) 0.38 0.831 (0.602–1.147) 0.26
   TACE 3.882 (2.103–7.167) <0.001 4.807 (2.434–9.492) <0.001 2.581 (1.935–3.443) <0.001 3.322 (2.453–4.500) <0.001

AFP, alpha-fetoprotein; ALT, alanine aminotransferase; AST, aspartate aminotransferase; BCLC, Barcelona Clinic Liver Cancer; CI, confidence interval; HR, hazard ratio; INR, international normalized ratio; MELD, Model for End-Stage Liver Disease; TACE, transarterial chemoembolization.

Table 8. Univariate and multivariate analyses of potential prognostic factors affecting disease-free survival.

Variables BCLC-B disease-free survival BCLC-C disease-free survival
Univariate Multivariate Univariate Multivariate
HR (95% CI) P value HR (95% CI) P value HR (95% CI) P value HR (95% CI) P value
Age 1.001 (0.972–1.031) 0.93 0.994 (0.981–1.007) 0.38
Sex 1.515 (0.639–3.595) 0.35 1.049 (0.695–1.585) 0.82
Comorbidity 1.279 (0.679–2.408) 0.45 0.907 (0.691–1.192) 0.48
Haemoglobin 1.079 (0.865–1.346) 0.50 0.943 (0.881–1.010) 0.10
Platelet 1.003 (1.000–1.006) 0.03 1.005 (1.001–1.008) 0.009 1.001 (0.999–1.002) 0.40
Creatinine 0.993 (0.976–1.009) 0.39 0.999 (0.996–1.002) 0.47
Albumin 0.980 (0.899–1.068) 0.65 0.958 (0.930–0.988) 0.005
INR 0.362 (0.014–9.086) 0.54 3.894 (0.986–15.377) 0.05
AST 1.002 (0.996–1.009) 0.47 1.005 (1.003–1.006) <0.001 1.004 (1.002–1.006) <0.001
ALT 0.998 (0.990–1.006) 0.61 1.003 (1.001–1.006) 0.02
Pre-treatment AFP (≤400 vs. >400 ng/mL) 3.264 (1.689–6.309) <0.001 4.147 (2.085–8.249) <0.001 1.461 (1.098–1.945) 0.009
MELD score 0.801 (0.614–1.044) 0.10 1.027 (0.955–1.104) 0.47
Resection (major vs. minor) 0.738 (0.391–1.393) 0.35 0.920 (0.673–1.258) 0.60
Laparoscopic liver resection 1.522 (0.777–2.982) 0.22 0.878 (0.599–1.286) 0.50
Blood loss 1.135 (0.984–1.309) 0.08 1.168 (1.002–1.362) 0.05 1.032 (0.998–1.068) 0.07
Blood transfusion 1.455 (0.758–2.793) 0.26 1.425 (1.061–1.914) 0.02
Operation duration 1.001 (0.999–1.003) 0.31 1.001 (1.000–1.001) 0.04
Pringle manoeuvre 0.669 (0.321–1.396) 0.28 1.282 (0.954–1.723) 0.10
Overall complication 1.079 (0.498–2.341) 0.85 1.433 (1.067–1.924) 0.02
Hospital stay 1.040 (1.008–1.072) 0.01 1.001 (0.993–1.009) 0.88
Tumour number 1.112 (1.023–1.208) 0.01 1.167 (1.066–1.277) 0.05 1.159 (1.116–1.204) <0.001 1.127 (1.083–1.173) <0.001
Tumour size 1.006 (0.922–1.098) 0.90 1.012 (1.001–1.022) 0.04
Resection margin involved 3.437 (0.820–14.397) 0.09 2.295 (1.445–3.645) <0.001 2.051 (1.274–3.302) 0.003
Short length of margin 0.986 (0.620–1.569) 0.95 0.865 (0.723–1.035) 0.11
Venous infiltration 1.180 (0.651–2.142) 0.59 2.006 (1.494–2.694) <0.001 1.523 (1.113–2.084) 0.009
New Edmondson tumour differentiation 1.111 (0.613–2.016) 0.73 1.921 (1.426–2.588) <0.001
Invasion of another organ other than gallbladder 3.821 (0.914–15.968) 0.07 1.575 (0.913–2.715) 0.10
Tumour rupture 0.859 (0.118–6.277) 0.88 1.489 (1.048–2.176) 0.04
Bilobar tumour 2.433 (1.301–4.551) 0.005 1.584 (1.172–2.141) 0.003
Treatment
   Upfront Ref Ref
   Conversion 1.168 (0.609–2.242) 0.64 0.744 (0.550–1.006) 0.06 0.729 (0.534–0.994) 0.05

AFP, alpha-fetoprotein; ALT, alanine aminotransferase; AST, aspartate aminotransferase; BCLC, Barcelona Clinic Liver Cancer; CI, confidence interval; HR, hazard ratio; INR, international normalized ratio; MELD, Model for End-Stage Liver Disease; TACE, transarterial chemoembolization.

BCLC-C showed a larger drop in AFP (from 84.0 to 48.0 ng/mL, P=0.17 compared to BCLC-B (from 17.0 to 14.0 ng/mL, P=0.60) before and after conversion therapy (Tables 4,6 and Figure 4). Pathological analysis of the resected specimens after conversion therapy showed necrosis only in 4 (13.8%) BCLC-B patients and 9 (9.5%) BCLC-C patients, suggesting no viable HCC lesion remained after conversion therapy. Conversion therapy was well-tolerated, and severe toxicity was uncommon. Treatment-related adverse events are summarised in Table 9.

Figure 4.

Figure 4

Serum AFP levels pre- and post-conversion therapy. AFP, alpha-fetoprotein; BCLC, Barcelona Clinic Liver Cancer.

Table 9. Treatment-related adverse events.

Adverse events BCLC-B BCLC-C
Upfront resection (n=109) Conversion therapy (n=29) TACE P value Upfront resection (n=424) Conversion therapy (n=97) TACE P value
Chest infection 1 (0.9) 1 (3.4) 0.89 25 (5.9) 2 (2.1) 0.60
Pleural effusion 3 (2.8) 2 (6.9) 1 (0.3) 0.92 27 (6.4) 10 (10.3) 0.25
Wound complication (infection or dehiscence) 3 (2.8) 0 (0.0) >0.99 13 (3.0) 4 (4.1) 0.84
Bleeding peptic ulcer 1 (0.9) 0 (0.0) >0.99 1 (0.2) 0 (0) >0.99
Cardiac arrhythmia 2 (1.8) 2 (6.9) 0.41 28 (6.6) 8 (8.2) 0.56
Myocardial infarction 2 (0.5) 0 (0.0) >0.99
Deranged LFT 1 (0.9) 0 (0.0) 17 (4.3) >0.99 9 (2.1) 4 (4.1) 8 (1.2) 0.44
Impaired RFT 4 (0.9) 2 (0.4)
Portal vein thrombosis 1 (0.9) 0 (0.0) >0.99 1 (0.2) 1 (1.0) 0.82
Hepatic artery dissection 2 (0.5) 1 (0.2)
Subphrenic abscess 5 (2.1) 3 (3.1) 0.36
Variceal bleeding 3 (0.8) 12 (1.8)
Pulmonary embolism 6 (1.4) 1 (1.0) >0.99
Disseminated intravascular coagulopathy 1 (0.2) 0 (0.0) >0.99
Intestinal obstruction 4 (0.9) 1 (1.0) >0.99
Respiratory failure 3 (0.7) 3 (3.1) 0.15
Bile leakage 8 (1.9) 3 (3.1) 0.72
Rash 1 (3.4) 3 (3.1)
Thrombocytopenia 1 (1.0)
Ruptured HCC 1 (3.4) 1 (0.3) 6 (0.9)
Hyper/hypoglycaemia 3 (3.1)
Liver abscess 2 (0.5) 1 (1.0) 13 (2.0)
Confusion/hepatic encephalopathy 2 (0.5) 1 (0.2)
Spontaneous bacterial peritonitis 1 (0.2)

Data are presented as n (%). BCLC, Barcelona Clinic Liver Cancer; HCC, hepatocellular carcinoma; LFT, liver function test; RFT, renal function test; TACE, transarterial chemoembolization.

This study highlights the potential of conversion therapy, particularly in advanced-stage disease, to select out responsive disease and achieve survival outcomes on par with candidates of upfront surgery.

Our findings echo results from comparable studies (16). Furthermore, combination therapy has yielded better outcomes than single modality regimens (12,17-22) that can be explained by their multi-dimensional targeting of tumour biology (10). TACE exhibits local control and has immunomodulatory effects together with SBRT that may act synergistically with immune checkpoint inhibitors to target micrometastases (23). In a reciprocal fashion, immunotherapy may also sensitise the tumour to radiotherapy and lead to better response with lower radiation doses (24). The START-FIT trial was a trimodal strategy to bring together the strengths of each modality, yielding promising rates of conversion (55%) and complete response (42%) (4).

There are limitations to this study. Firstly, this retrospective study at a single tertiary centre with a relatively smaller sample size may result in biases in patient selection and analysis. Nonetheless, PSM was used to minimise the effects of potential confounding factors and selection bias. The conversion therapy group also shows heterogeneity in the treatment regimen. While there have been systematic reviews (21), studies are still limited given the wide variety of treatments available. Targeted analysis of specific conversion regimens across multiple centres with long-term follow-up of survival outcomes would be beneficial.

Investigations are also warranted on predictive factors for conversion therapy success (25) and patient selection criteria. The Multicenter Evaluation of Reduction in Tumour Size before Liver Transplantation (MERITS-LT) consortium showed that success was related to the sum of the largest tumour diameters; with an 88% success rate for total tumour diameter less than 6 cm, in comparison to 81% for total tumour diameter greater than 7 cm (26). A 10-year study identified predictors for failure as tumour size greater than 7 cm at diagnosis, more than three tumours at diagnosis, and failure of decrease in AFP of at least 50% from maximum for AFP ≥20 ng/mL (27). This suggests that tumour burden in relation to AFP levels and total tumour size shows correlation with conversion success rate, and may be useful clinical indicators in the prediction of success and patient selection.

As surgical oncology continues to mature and gain traction in clinical practice, we envision that conversion therapy will expand to allow a wider population of patients to benefit from curative treatment for HCC and beyond. This study shows that there is potential in altering the trajectory of advanced-stage disease, where prognosis was previously most guarded for this group of patients; they may now stand to benefit the most from development in this area.

Conversion therapy is a promising strategy for initially inoperable tumours, yielding survival outcomes on par with upfront resectable tumours. Further studies are warranted to define a consensus on conversion regimen and selection criteria.

Supplementary

The article’s supplementary files as

DOI: 10.21037/hbsn-2025-68

Acknowledgments

None.

Ethical Statement: The authors are accountable for all aspects of the work in ensuring that questions related to the accuracy or integrity of any part of the work are appropriately investigated and resolved. This study was conducted in accordance with the Declaration of Helsinki and its subsequent amendments. Informed consent was obtained from all patients for treatment and for usage of data for research purposes.

Footnotes

Provenance and Peer Review: This article was a standard submission to the journal. The article has undergone external peer review.

Funding: None.

Conflicts of Interest: All authors have completed the ICMJE uniform disclosure form (available at https://hbsn.amegroups.com/article/view/10.21037/hbsn-2025-68/coif). A.C.Y.C. serves as an unpaid editorial board member of HepatoBiliary Surgery and Nutrition. The other authors have no conflicts of interest to declare.

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