J P M O R G A N Asia Pacific Equity Research 05 June 2025 Akeso AK104 approval in 1L CC with catalysts ahead Akeso announced today that AK104, a PD-1/CTLA-4 bispecific antibody, has received approval in China for the first-line treatment of persistent, recurrent, or metastatic cervical cancer (CC). This treatment is to be used in combination with platinum-based chemotherapy, with or without bevacizumab, marking the third approved indication of AK104. Despite the market's focus on AK112, we believe AK104 is ...

Core Insights - Bristol Myers Squibb (BMY) has entered a strategic collaboration with BioNTech (BNTX) for the co-development and co-commercialization of the bispecific antibody BNT327, targeting multiple solid tumor types [1][9]. Company Developments - BNT327 is a next-generation bispecific antibody that targets PD-L1 and VEGF-A, currently in trials with over 1,000 patients, including phase III studies for extensive stage small cell lung cancer (ES-SCLC) and non-small cell lung cancer (NSCLC) [2][4]. - BMY will make an upfront payment of $1.5 billion to BioNTech, with additional non-contingent anniversary payments of $2 billion through 2028, and up to $7.6 billion in potential milestone payments [3][9]. Financial Performance - BMY's shares have declined by 13.6% year-to-date, compared to a 3.3% decline in the industry [8]. - The company is trading at a price/earnings ratio of 7.31x forward earnings, lower than its historical mean of 8.55x and the large-cap pharma industry's average of 14.95x [10]. Earnings Estimates - The Zacks Consensus Estimate for BMY's 2025 earnings per share has increased to $6.85 from $6.75 over the past 60 days, while the estimate for 2026 has decreased [11].

Compass Therapeutics (CMPX) 2025 Conference June 05, 2025 11:05 AM ET Speaker0 And one of the biotech analysts at Jefferies. It's with great pleasure I'd like to welcome Tom Schutz, the CEO of Compass Therapeutics. Thanks so much for joining us today, Tom. Speaker1 Thanks, Maury. Thanks for inviting us. Appreciate it. Speaker0 And we're gonna do fireside chat format. So maybe for those who are new to this story, if you can give a one minute intro to Compass. Speaker1 Sure, thanks. Compass, we're based in Bo ...

Zura Bio (ZURA) 2025 Conference June 04, 2025 03:10 PM ET Speaker0 All right, good to go. All right, everyone. Thank you so much for coming to the Jefferies Healthcare Conference. And I'd like to warmly welcome the CEO of Zura Bio, Robert Lisicki. Speaker1 Thank you very much for that introduction. And I'd like to, on behalf of Zura Bio, just extend my regards and thanks to Jeffries for the invitation today and the chance to share what I think is a very exciting update on Zura Bio and the company. Just as a ...

Spyre Therapeutics Inc (SYRE) 2025 Conference June 04, 2025 08:10 AM ET Speaker0 Alrighty. Good morning, everyone. Really appreciate you joining us. My name is Akash Jawari. I am a pharma and biotech analyst here at Jefferies and this is day one of our wonderful New York Healthcare Conference. I've got Cameron from Spire. Cameron, why don't I hand it off to you for some brief introductory remarks and then we'll get started with the Q and A. Speaker1 Sounds good. Thanks for having me as always. So the the br ...

Core Insights - Amgen's Imdelltra (tarlatamab-dlle) shows promising results in treating small cell lung cancer (SCLC), demonstrating a 40% reduction in the risk of death and extending median overall survival by more than five months compared to standard chemotherapy [1][2][5] Clinical Data - The global phase III DeLLphi-304 study reported a median overall survival of 13.6 months for patients treated with Imdelltra, compared to 8.3 months for the control group [3][5] - Imdelltra also exhibited a statistically significant improvement in median progression-free survival compared to standard-of-care chemotherapy [3][5] - The drug was well-tolerated, with most adverse events being mild to moderate in severity [4][5] Market Context - SCLC accounts for approximately 15% of over 2.4 million global lung cancer cases annually, with a low five-year survival rate of 5-10% across all stages [8] - Amgen's stock has increased by 10.7% year-to-date, contrasting with a 3.9% decline in the industry [4] Regulatory Approval - Imdelltra received FDA approval in 2024 for pre-treated extensive-stage SCLC patients under the accelerated approval pathway, marking it as the first DLL3-targeting BiTE therapy [9] - The drug generated sales of $81 million in Q1 2025, reflecting a 21% sequential increase driven by volume growth [10] Future Outlook - Continued approval of Imdelltra is contingent on the success of the ongoing phase III DeLLphi-304 study, which serves as the confirmatory study for the extensive-stage SCLC indication [10]

Core Insights - Context Therapeutics Inc. is advancing CTIM-76, a Claudin 6 x CD3 T cell engager, in a Phase 1 clinical trial targeting ovarian, endometrial, and testicular cancers, with initial data expected in the first half of 2026 [1][7]. Group 1: Clinical Trial Details - The Phase 1 trial is an open-label, dose escalation and expansion study aimed at evaluating the safety and efficacy of CTIM-76 in patients with CLDN6-positive advanced or metastatic cancers [2]. - The trial plans to enroll up to 70 patients and will assess safety, tolerability, pharmacokinetics, and anti-tumor activity through various metrics [2]. Group 2: Presentation Information - A poster presentation titled "A phase 1, first-in-human study of CTIM-76" will be showcased at the 2025 ASCO Annual Meeting on June 2, 2025 [3]. - The presentation will be available on the company's website under the "Publications and Posters" section [3]. Group 3: Product Overview - CTIM-76 is a bispecific antibody that targets CLDN6, which is prevalent in various solid tumors, including ovarian and endometrial cancers [4]. - Preclinical studies indicate that CTIM-76 may offer convenient dosing with low immunogenicity risk and scalable manufacturing capabilities [4]. Group 4: Company Background - Context Therapeutics Inc. is focused on developing T cell engaging bispecific antibodies for solid tumors, with a portfolio that includes CTIM-76, CT-95, and CT-202 [5]. - The company is headquartered in Philadelphia and actively engages with the investment community through various channels [5].

Core Insights - Immunocore Holdings plc is a commercial-stage biotechnology company focused on developing immunomodulating medicines for cancer, infectious diseases, and autoimmune diseases [1][3] - The company will participate in the 2025 Jefferies Global Healthcare Conference, indicating its ongoing engagement with investors and the healthcare community [1][2] Company Overview - Immunocore is pioneering a novel class of TCR bispecific immunotherapies known as ImmTAX, aimed at treating a wide range of diseases [3] - The company has a robust pipeline with multiple active clinical and pre-clinical programs across oncology, infectious diseases, and autoimmune diseases [3] - KIMMTRAK, Immunocore's leading oncology TCR therapeutic, is approved for treating HLA-A*02:01-positive adult patients with unresectable or metastatic uveal melanoma in several regions including the US, EU, Canada, Australia, and the UK [3]

Core Insights - Instil Bio, Inc. has appointed Dr. Jamie Freedman as Chief Medical Officer, bringing extensive experience in oncology drug development and a successful track record in leading programs through all phases of development, regulatory approval, and commercialization [1][2]. Company Overview - Instil Bio is a clinical-stage biopharmaceutical company focused on developing a pipeline of novel cancer therapies, with its lead asset being AXN-2510, a PD-L1xVEGF bispecific antibody aimed at treating multiple solid tumor cancers [3]. Leadership and Expertise - Dr. Freedman has over 20 years of leadership experience in biopharma drug development, having held executive roles at major pharmaceutical companies such as Genentech, AstraZeneca, GSK, and Merck, leading to 15 drug approvals and successful launches across various therapeutic areas [2]. - He is also committed to health equity, having pioneered inclusive trials for underserved populations in the US and Africa, and continues to treat patients with blood and solid tumor cancers [2]. Product Development - AXN-2510 is positioned to potentially redefine the standard of care for solid tumors, with Dr. Freedman expressing excitement about the opportunity to accelerate its development with scientific rigor and clinical urgency [2].

Core Insights - Context Therapeutics Inc. has appointed Dr. Karen Chagin as Chief Medical Officer, effective June 9, 2025, succeeding Dr. Karen Smith who will remain on the Board of Directors [1][4] - Dr. Chagin has over a decade of experience in clinical development and regulatory strategy for T cell therapies, having previously held senior roles at Adaptimmune and Tmunity [2][3] - The company is focused on advancing T cell engaging bispecific antibodies for solid tumors, with a portfolio that includes CTIM-76, CT-95, and CT-202 [7] Leadership Transition - Dr. Chagin's appointment is seen as pivotal for the company's growth, bringing valuable insights from her experience in moving programs from early development to approval [4] - Dr. Smith's interim leadership has been acknowledged, highlighting her contributions during the transition [4] Stock Option Grant - As part of her employment, Dr. Chagin will receive a non-qualified stock option award of 153,000 shares, with the exercise price based on the closing price of the company's stock on her start date [5][6] - The stock option will vest over four years, with 25% vesting on the first anniversary and the remainder in equal monthly installments [6] Company Overview - Context Therapeutics is a biopharmaceutical company headquartered in Philadelphia, specializing in T cell engaging bispecific antibodies for solid tumors [7]