Cemsidomide Advancing into Later-stage Development with Potential for Accelerated Approval; First Patient Dosed in the Phase 2 MOMENTUM Trial for Multiple Myeloma in the Fourth Line or Later Phase 1b Trial of Cemsidomide in Combination with Elranatamab on Track to Initiate in Q2 2026 to Support Use in Earlier Lines of Multiple Myeloma Therapy Second Degrader Designed and Delivered to Biogen Entered Clinical Development for Autoimmune Diseases Strong Balance Sheet Provides Runway to the End of 2028; Cash, Ca ...

On February 17, 2026, Rock Springs Capital Management disclosed a buy of 46,497 shares of Kymera Therapeutics (NASDAQ:KYMR), with the estimated transaction value at $3.14 million based on quarterly average pricing. What happened According to a Securities and Exchange Commission (SEC) filing dated February 17, 2026, Rock Springs Capital Management LP increased its stake in Kymera Therapeutics by 46,497 shares. The estimated transaction value for the quarter was $3.14 million, based on the average closing ...

Core Insights - C4 Therapeutics is advancing cemsidomide as a foundational medicine for multiple myeloma, with trials set to initiate in 2026 [2][11] - The company is focusing on a new discovery strategy targeting inflammation and neuro-degenerative diseases, leveraging its expertise in targeted protein degradation [2][13] - C4 Therapeutics has a strong financial position, with a cash runway extending to the end of 2028, allowing for continued development through key milestones [2][12] Group 1: Cemsidomide Development - The Phase 2 MOMENTUM trial of cemsidomide is scheduled to begin in Q1 2026, with a recommended dose of 100 µg [1][11] - The Phase 1b trial in combination with elranatamab is set to start in Q2 2026, with ongoing updates expected throughout the trial [1][14] - Initial overall response rate data from the MOMENTUM trial is anticipated in 2H 2027, with efficacy and safety data to follow in mid-2028 [6][11] Group 2: Early Portfolio and Discovery Strategy - C4 Therapeutics aims to deliver up to three investigational new drug applications by the end of 2028, focusing on inflammation and neuro-degenerative diseases [7][13] - The company is utilizing data from the Phase 1 trial of CFT8919 to inform clinical development outside of China [5] - The internal discovery strategy is designed to develop degrader medicines targeting novel pathways, enhancing efficacy for patients with unmet needs [13] Group 3: Financial Position and Strategic Milestones - C4 Therapeutics has completed enrollment in the Phase 1 trial of cemsidomide and dexamethasone, showing promising overall response rates of 40% and 53% at the highest doses [12] - The company has developed a regulatory path for potential accelerated approvals for cemsidomide in multiple treatment lines [12] - Collaborations with major pharmaceutical companies are expected to yield additional research milestones and potential licensing fees [12]

Astellas Pharma Conference Call Summary Company Overview - **Company**: Astellas Pharma, Inc. - **Industry**: Pharmaceuticals - **CEO**: Naoki Okamura - **Conference**: J.P. Morgan Healthcare Conference Key Financials - **FY 2024 Revenue**: ¥1.9 trillion (approximately $13 billion) with an operating profit of ¥392 million (20.5%) [4] - **FY 2025 Guidance**: Revenue expected to reach ¥2.0 trillion with an operating profit margin of 24.1% [4] - **R&D Investment**: 17% of revenue is reinvested into research and development [5] Strategic Focus - **Vision**: To turn innovative science into value for patients, focusing on outcomes that matter divided by healthcare costs [3] - **Global Presence**: Over 85% of revenue generated outside Japan, operating in more than 70 countries [4] Product Portfolio - **Oncology Products**: 75% of revenue comes from oncology, with Xtandi being a significant contributor (over $6 billion in sales) [5][6] - **Five Strategic Brands**: - PADCEV (bladder cancer) - VYLOY (gastric cancer) - XOSPATA (acute myeloid leukemia) - IZERVAY (age-related macular degeneration) - VEOZAH (menopausal symptoms) [7] - **Growth Strategy**: Astellas aims to maintain growth post-Xtandi exclusivity loss by leveraging these strategic brands [8] Research and Development Strategy - **Focus Area Strategy**: Astellas employs a unique R&D approach focusing on biology, modality, and patient population [10][11] - **Primary Focus Areas**: - Targeted Protein Degradation - Immuno-Oncology - Blindness and Regeneration - Genetic Regulation [12] Financial Discipline and Profitability - **Profitability Goals**: Astellas aims to achieve a 30% operating profit margin by FY 2027 [10][31] - **Cost Optimization**: Targeting JPY 150 billion in annual recurring benefits by FY 2027 [16] Market Position and Competitive Landscape - **Xtandi Loss of Exclusivity**: Astellas has a strategy to mitigate the impact of Xtandi's loss of exclusivity by developing a portfolio of strategic brands [23] - **Veozah Sales Performance**: Initially downgraded peak year sales expectations, but current performance is on track [26] Pipeline and Clinical Development - **ASP3082**: Targeting KRAS G12D mutation, with a focus on safety and efficacy compared to competitors [32][34] - **Claudin 18.2 Assets**: Strong market position with Vyloy and promising data from ASP2138, indicating potential for broader patient coverage [35][39] Summary of Key Messages 1. Maximizing revenue through five strategic brands to address Xtandi's loss of exclusivity [17] 2. Accelerating the pipeline to deliver products to market quickly [17] 3. Establishing financial discipline to improve profitability [17] Conclusion - Astellas is committed to turning innovative science into value for patients while enhancing shareholder value through strategic growth and financial discipline [40][41]

Financial Performance & Strategy - Astellas' FY25 sales revenue reached ¥2 trillion[8] - Core operating profit margin for FY25 was 20.5%[7, 8] - The company aims to elevate profitability and invest in strategic brands and pipeline[14] - Astellas is implementing a disciplined cost optimization plan targeting ¥150 billion ($1.03 billion) in savings between FY24-27[46, 47] R&D and Pipeline - R&D expenses represent 17% of revenue[8] - The company is progressing R&D pipelines in synergy with Strategic Brands[20] - ASP3082 (setidegrasib) + mFOLFIRINOX shows objective responses in PDAC patients with KRAS G12D mutations, with an ORR of 58.3% (7/12) and a DCR of 83.3% (10/12)[35, 37] - ASP2138 in combination with Standard of Care drives striking anti-tumor activity in Gastric/GEJ adenocarcinoma irrespective of Claudin 18.2 Expression, with an ORR of 62.5% (15/24) and a 12-week DCR of 100.0% (6/6)[42, 45] Key Products & Market Access - Over 172 million patients in >70 countries are reached by Astellas products[8] - >1,300,000 men (FY2012-2024) treated globally with XTANDI[10]

Core Insights - Nurix Therapeutics is advancing its potentially best-in-class BTK degrader, bexobrutideg, into pivotal clinical trials for relapsed/refractory chronic lymphocytic leukemia (r/r CLL) and aims for global registration [1][2] - The company plans to expand bexobrutideg into autoimmune and inflammatory indications, targeting an IND submission in 2026 with a new tablet formulation [1][8] - Nurix is also advancing a portfolio of partnered inflammation and immunology programs, including IRAK4 and STAT6 degraders, leveraging its DEL-AI platform for drug discovery [1][6] 2025 Accomplishments and Highlights - In 2025, Nurix presented new clinical data showing an 83% objective response rate for bexobrutideg in CLL patients, with a median progression-free survival of 22.1 months [3][4] - The FDA's Project Optimus was successfully addressed with the selection of a 600 mg once-daily dose for pivotal development, which showed a trend toward improved efficacy without increased adverse events [3][4] - Nurix initiated the DAYBreak CLL-201 pivotal Phase 2 study in October 2025, evaluating bexobrutideg in patients with r/r CLL [4] Pipeline Advancements - The company introduced a new tablet formulation of bexobrutideg into Phase 1 testing to support an IND for inflammation and autoimmune indications [8] - Partner Gilead initiated Phase 1 testing of the IRAK4 degrader, GS-6791, while Sanofi advanced the STAT6 degrader program into IND enabling studies [8][9] - NX-1607, a first-in-class CBL-B inhibitor, demonstrated positive Phase 1a clinical data, indicating its potential as an immune-oncology agent [5][14] Financial Position and Leadership - Nurix strengthened its financial position by closing a registered offering of 24,485,799 shares, raising gross proceeds of $250 million, and earning $47 million in non-dilutive capital through collaborations [7][9] - The company appointed a new chief commercial officer and board members with extensive experience in drug development and commercialization [9] 2026 Outlook - Nurix aims to execute pivotal development pathways for bexobrutideg, including the initiation of a confirmatory Phase 3 study and further clinical studies in combination with other therapies [15] - The company plans to leverage its DEL-AI platform to fuel drug discovery programs and earn additional research milestones from collaborations [15]

DXd ADC Portfolio & Approvals - Daiichi Sankyo's DXd ADC technology received 3 World ADC Awards in 2025[21, 23, 25] - ENHERTU has achieved 15 new regulatory approvals across 15 countries/regions and 94 extension approvals across 45 countries/regions as of CY2025[31] - DATROWAY received 1 accelerated approval for TROPION-Lung05 based on Breakthrough Therapy Designation (BTD)[31] - I-DXd in SCLC and R-DXd in PROC received BTDs, totaling 13 BTDs for the DXd ADC portfolio[31] Clinical Trial Results & Advancements - DESTINY-Breast11 (Neoadjuvant) demonstrated statistically significant and clinically meaningful improvement in pCR vs ddAC-THP in patients with high-risk HER2+ eBC[39, 41] - DESTINY-Breast05 (Post Neoadjuvant) showed a 53% reduction in the risk of invasive disease recurrence or death for T-DXd compared with T-DM1 in patients with HER2+ eBC[42, 44] - In TROPION-Breast02, DATROWAY demonstrated a statistically significant and clinically meaningful improvement of ~5 months in both mOS (23.7 vs 18.7 months) and mPFS vs chemotherapy (OS HR: 0.79)[46, 48] - DATROWAY achieved an ORR of 62% vs 293% for chemotherapy in TROPION-Breast02[50] Oncology Business Performance & Strategy - Daiichi Sankyo aims to deliver 900 Billion JPY in 5 years (FY2021 to 2025)[131] - ENHERTU delivered ¥5528 Billion in revenue in FY2024, with US and EU leading the way[134] - ENHERTU has treated 194000 patients globally[132, 134] - DATROWAY global net sales exceeded 10 Billion JPY in Q2 FY'25[157] Manufacturing and Supply - Daiichi Sankyo is expanding production capacity and enhancing capabilities to maximize supply volume for 5 DXd ADCs[190, 191] - The company is utilizing both in-house manufacturing and multiple CMOs to establish diversified manufacturing and supply routes[197]

Summary of Bristol-Myers Squibb Company (NYSE:BMY) Hematology Drug Development Update Company Overview - **Company**: Bristol-Myers Squibb Company (BMS) - **Focus**: Hematology treatments, specifically advancements in drug development for multiple myeloma and other hematological diseases Key Points and Arguments Strategic Approach to Drug Development - BMS emphasizes a strategic approach in drug development focusing on hematology, leveraging strong scientific expertise and innovative research platforms [4][5] - The company is committed to three key priorities: science, execution, and value, ensuring that resources are allocated to the most promising growth opportunities [6][7] Hematology Leadership - BMS has a strong legacy in hematology, being the first company with two approved CAR-T cell therapies (Abecma and Breyanzi) in distinct disease areas [8] - The company is advancing its leadership in targeted protein degradation and cell therapy, with a focus on innovative treatments for hematological diseases [9][10] Pipeline and Portfolio - BMS has a diverse hematology portfolio, including multiple myeloma, leukemias, lymphomas, and anemia, with critical assets in both late and early stages [11] - The company is focusing on two pivotal-stage CELMoDs (Iberdomide and Mezigdomide) and next-generation CAR-T assets [12][13] CELMoDs Development - Iberdomide and Mezigdomide are positioned to become foundational treatments in multiple myeloma, with enhanced potency and immune stimulation [12][13] - Iberdomide has shown a 95% overall response rate and a 68% complete response rate in early trials, indicating significant clinical benefits [15][16] - Mezigdomide demonstrated over 80% overall response rates in pretreated patients, showcasing its potential in combination therapies [17][18] Combination Therapies - BMS is exploring novel combinations of CELMoDs with other therapies, including CAR-T and bispecifics, to enhance treatment efficacy [19][20] - The company is optimistic about the potential of CELMoDs to improve outcomes when used as preconditioning agents or maintenance therapies post-CAR-T infusion [20][21] CAR-T Therapy Advancements - ArloCell, a GPRC5D targeting CAR-T, has shown promising results with over 90% overall response rates in heavily pretreated patients [22][23] - The dual-targeting BCMA and GPRC5D CAR-T is expected to provide more durable and potent activity compared to single-target therapies [24][25] Lymphoma Assets - BMS is developing novel lymphoma assets, including golcadomide and a BCL6 targeting ligand-directed degrader, which have shown promising efficacy results [26][27][31] - The company aims to improve cure rates in large B-cell lymphoma and pursue functional cures in follicular lymphoma [26][27] Regulatory and Market Considerations - BMS is preparing for potential accelerated approval of Iberdomide based on MRD results, with ongoing discussions with health authorities [41][42] - The approval of Blenrep is viewed positively, providing additional treatment options for patients, although its use may be limited in earlier lines of therapy [52][53] Future Outlook - BMS anticipates significant data readouts in the coming years that will shape the future growth of the company and its hematology portfolio [32][33] - The company is positioned to transform the treatment landscape for hematological diseases, with a focus on innovative therapies that address unmet patient needs [32][33] Additional Important Insights - The company is utilizing AI and machine learning to enhance its R&D processes and expedite treatment delivery [6] - BMS is committed to ensuring that no patient segment is left behind, focusing on personalized treatment approaches [25][32] - The evolving treatment landscape for multiple myeloma is complex, but BMS aims to integrate its portfolio to provide comprehensive care [47][50]

Nurix Therapeutics (NasdaqGM:NRIX) Conference Call Summary Company Overview - Nurix Therapeutics is focused on developing innovative therapies for patients with chronic lymphocytic leukemia (CLL) and other diseases, particularly through targeted protein degradation [1][2] Key Points on Bexabrutadeg (BexDeg) - **Product Definition**: Bexabrutadeg is a best-in-class BTK (Bruton’s tyrosine kinase) degrader, recognized for its unique pharmacology and potential to overcome resistance mutations associated with existing BTK inhibitors [2][4] - **Clinical Efficacy**: - Achieved an **83% overall response rate** in heavily pretreated CLL patients, with a **median progression-free survival (PFS)** of **22.1 months** [10][36] - Demonstrated efficacy against various resistance mutations, outperforming traditional BTK inhibitors [5][10] - Notably, **96% disease control rate** in a challenging patient population [32] - **Safety Profile**: - Treatment-related adverse events were reported in **75%** of patients, with a low incidence of severe events [25][26] - No grade 5 toxicities or dose-limiting toxicities (DLTs) were observed, indicating a favorable safety profile [25][50] - **Mechanism of Action**: - Bexabrutadeg can degrade up to **10,000 BTK proteins per hour**, showcasing its catalytic nature and differentiating it from traditional inhibitors [8] - It addresses both the kinase and scaffolding functions of BTK, providing a significant therapeutic advantage [6][7] Pipeline and Future Development - **Clinical Trials**: - Initiated the **Daybreak series of trials** aimed at accelerated approval, with plans for randomized confirmatory trials [11][12] - Future studies will explore combination therapies with other agents, including venetoclax [60][61] - **Regulatory Approvals**: - Bexabrutadeg has received approval from the FDA, EMA, and MHRA, marking a significant milestone for Nurix [52][53] - **Market Potential**: - The company anticipates a high economic value for Bexabrutadeg, given the significant patient populations in the U.S. and Canada that can benefit from this therapy [12] Waldenstrom's Macroglobulinemia Data - **Patient Population**: - The study included **31 patients** with Waldenstrom's, with a median age of **71** and a high prevalence of previous BTK inhibitor exposure [42][43] - **Efficacy Results**: - The objective response rate was **75%**, with a major response rate of **60%** [47][50] - Responses were observed even in patients with CNS involvement, indicating the drug's potential in difficult-to-treat populations [49] - **Safety Profile**: - Similar to CLL, most treatment-related adverse events were low-grade and manageable, with no new safety concerns identified [45][50] Competitive Landscape - **Comparison with Pirtobrutinib**: - Bexabrutadeg's objective response rates and durability of response are superior to those reported for Pirtobrutinib, highlighting its potential as a more effective treatment option [56][57] Conclusion - Nurix Therapeutics is positioned as a significant player in the oncology space with Bexabrutadeg, demonstrating promising clinical efficacy and safety in CLL and Waldenstrom's macroglobulinemia. The company is advancing its clinical programs and exploring combination therapies to enhance treatment outcomes for patients with hematologic malignancies [54][62]

Group 1 - Bristol Myers Squibb is advancing lymphoma research with new data on targeted protein degradation and cell therapy presented at ASH 2025 [1] - The company aims to enhance treatment options for lymphoma patients through innovative therapeutic approaches [1] - The presentation at ASH 2025 highlights the potential of these new therapies in improving patient outcomes [1]