Key Takeaways Roche's giredestrant showed significant invasive disease-free survival benefit in the phase III lidERA study.This is the first SERD study in the adjuvant setting to deliver a meaningful advantage over standard therapy.Positive interim data follow an earlier phase III win and support giredestrant's breast cancer programRoche (RHHBY) announced positive data from the late-stage lidERA Breast Cancer study on pipeline candidate giredestrant.Giredestrant is an investigational, oral, potent next-gene ...

Financial Data and Key Metrics Changes - The company's net loss for Q3 2025 was $43.8 million, or $0.92 per share, compared to a net loss of $29.8 million, or $0.70 per share for Q3 2024 [19] - Non-GAAP adjusted net loss was $37.2 million, or $0.78 per share for Q3 2025, compared to a non-GAAP adjusted net loss of $27.6 million, or $0.65 per share for Q3 2024 [19] - Research and development expenses increased to $34.9 million for Q3 2025 from $27.6 million in Q3 2024, with a significant portion attributed to increased employee and consulting expenses [19][20] - General and administrative expenses rose to $7.9 million for Q3 2025 from $2.5 million in Q3 2024, primarily due to increased employee and consulting expenses [20] Business Line Data and Key Metrics Changes - The company achieved significant clinical and regulatory milestones, including the release of positive data from the PIK3CA wild-type cohort of the phase III VIKTORIA-1 study [4][5] - The median progression-free survival (PFS) for the gedatolisib triplet was reported at 9.3 months, compared to 2 months for fulvestrant, indicating a 7.3-month improvement [7] - The objective response rate for the gedatolisib triplet was 32%, with a median duration of response of 17.5 months, while the doublet showed an objective response rate of 28% and a median duration of response of 12.0 months [9][10] Market Data and Key Metrics Changes - The total addressable market for gedatolisib in the second-line setting is estimated to be between $5 billion and $6 billion, with potential peak revenues of $2.5 billion to $3 billion [17][18] - The company estimates there are approximately 37,000 patients in the U.S. with HR positive, HER2 negative, advanced breast cancer who have progressed after treatment with a CDK4/6 inhibitor [17] Company Strategy and Development Direction - The company is preparing for a potential launch of gedatolisib, having ramped up efforts following the positive data release [15] - The strategic launch plan includes building the organization and internal systems required to operate as a commercial stage company [15] - The company aims to establish gedatolisib as the new standard of care in the second-line setting for HR positive, HER2 negative, advanced breast cancer [17] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the potential for gedatolisib to address critical needs in the second-line space, highlighting its unique mechanism of action and favorable safety and efficacy profile [18] - The company expects to complete the NDA submission for gedatolisib by the end of Q4 2025 [26] - Management noted that the positive interim overall survival data could support the drug's approval process [38] Other Important Information - The company completed concurrent offerings resulting in net proceeds of approximately $287 million, which will support commercial launch preparations and other strategic initiatives [21][22] - The company ended the quarter with approximately $455 million in cash, cash equivalents, and short-term investments [20] Q&A Session Summary Question: Plans for additional data at the San Antonio Breast Cancer Symposium - The company plans to present additional subgroup analyses and efficacy data at the conference [24] Question: Impact of second-line data on enrollment in VIKTORIA II - Enrollment is on track, and investigators are excited about the results, which may positively impact visibility and credibility [24] Question: Real-time oncology review submission process - The submission for the wild-type cohort will be separate from the mutant submission, with potential for a real-time oncology review for the mutant data depending on the results [25][27] Question: Duration of therapy and pricing strategy - The company is analyzing the duration of therapy and pricing strategy, with benchmarks around $25,000 for similar therapeutics [28][29] Question: Plans for commercialization outside the U.S. - The company plans to find partners for commercialization outside the U.S. and is preparing for regulatory submissions in Europe and Japan [31] Question: Overall survival trends and regulatory implications - The interim overall survival analysis showed a favorable trend, which could support the drug's approval process [38]

Summary of Conference Call for Celcuity's Victoria-1 Phase 3 Clinical Trial Results Company and Industry - **Company**: Celcuity - **Industry**: Oncology, specifically focusing on advanced breast cancer treatments Key Points and Arguments Clinical Trial Overview - The Victoria-1 trial is a global Phase 3 study targeting patients with hormone receptor (HR) positive, HER2 negative advanced breast cancer, including both PIK3CA mutant and wild type patients [9][10] - The trial involved 392 patients randomized into three arms: triplet regimen (gedatolisib, palbociclib, and fulvestrant), doublet regimen (gedatolisib and fulvestrant), and control arm (fulvestrant) [10][11] Efficacy of Gedatolisib - The gedatolisib triplet regimen showed a statistically significant improvement in median progression-free survival (PFS) of 7.3 months over fulvestrant, with a median PFS of 9.3 months and a hazard ratio of 0.24, indicating a 76% reduction in the risk of disease progression or death [13][15] - The doublet regimen also demonstrated a significant improvement of 5.4 months in median PFS over fulvestrant, with a hazard ratio of 0.33, representing a 67% reduction in risk [15] - Subgroup analyses indicated that the clinical benefits of the triplet regimen were consistent across predefined groups, including patients in the U.S. and Canada, where median PFS was 19.3 months for the triplet [16][18] Safety and Tolerability - The gedatolisib regimens were generally well tolerated, with low discontinuation rates due to treatment-related adverse events: 2.3% for the triplet and 3.1% for the doublet [21] - Adverse events were primarily low grade, with no new safety signals observed. Notably, hyperglycemia rates were lower than expected, with 9.2% in the triplet and 11.5% in the doublet [22] Market Opportunity - There is an estimated 37,000 patients who progress to second-line treatment after CDK4/6 inhibitors, with approximately 60% being PIK3CA wild type, representing a significant market opportunity [23] - The potential addressable market for gedatolisib is projected to be around $5 billion, with a smoother reimbursement process for IV-administered drugs compared to oral therapies [24] Future Milestones - Celcuity plans to submit a New Drug Application (NDA) for the Victoria-1 PIK3CA wild type cohort in the current quarter, with additional data presentations expected at major medical conferences later this year [25] - Top-line data for the PIK3CA mutation cohort is anticipated by late Q1 or Q2 2026 [25] Competitive Landscape - The results from the gedatolisib regimens are positioned to potentially establish a new standard of care for patients with advanced breast cancer, especially in comparison to existing therapies like Roche's everolimus [34][35] - The differentiation of gedatolisib is emphasized, particularly for the broader patient population, as it may address the needs of approximately 85% of patients who do not have specific mutations [35] Intellectual Property and Development Strategy - Celcuity holds multiple patents related to gedatolisib, extending exclusivity until at least 2042, which includes patents for the drug formulation and dosing schedule [50][51] - The company is exploring additional clinical development opportunities, including combinations with oral SERDs and indications in earlier lines of therapy [28] Additional Important Content - The PAM pathway is highlighted as a critical target in oncology, with evidence suggesting that comprehensive blockade of this pathway is essential for effective treatment [3][4] - The trial's design and statistical analysis were structured to maximize the potential for demonstrating statistical significance in overall survival with mature follow-up data [55] This summary encapsulates the key findings and strategic insights from Celcuity's conference call regarding the Victoria-1 Phase 3 clinical trial results, emphasizing the potential impact of gedatolisib in the treatment landscape for advanced breast cancer.

Phase 3 VIKTORIA-1 HR+/HER2-/PIK3CA WT Trial Results Gedatolisib is an investigational agent and is not approved by any regulatory agency as a treatment for any indication. October 20, 2025 Forward-Looking Statements This presentation contains statements that constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements relate to Celcuity's business, operations, and financial condition, and include but are not limited to our current beli ...

Core Insights - Vepdegestrant has shown statistically significant improvements in patient-reported outcomes (PROs) compared to fulvestrant, particularly in quality of life, pain, and daily functioning for patients with ESR1-mutated ER+/HER2- advanced or metastatic breast cancer [1][2][3] Clinical Trial Findings - The Phase 3 VERITAC-2 clinical trial demonstrated that vepdegestrant delayed deterioration in overall health status, pain severity, and various functioning domains compared to fulvestrant [2][3] - The trial enrolled 624 patients, with 270 having ESR1 mutations, and the primary endpoint was progression-free survival (PFS) [7][8] - Vepdegestrant was administered orally once daily, while fulvestrant was given intramuscularly [8] Company Collaboration and Development - Arvinas is collaborating with Pfizer for the co-development and commercialization of vepdegestrant, sharing development costs and profits [10] - The FDA has accepted the New Drug Application (NDA) for vepdegestrant, granting it Fast Track designation, indicating a significant unmet need in the target patient population [11] Additional Clinical Insights - Results from the TACTIVE-N Phase 2 clinical trial indicated that neoadjuvant vepdegestrant showed biological and clinical activity in postmenopausal women with localized ER+/HER2- breast cancer [5] - The data from the VERITAC-2 trial support vepdegestrant's potential as a best-in-class therapy for the specified patient group [4]

Core Insights - Celcuity Inc. announced significant efficacy and safety results from the Phase 3 VIKTORIA-1 clinical trial of gedatolisib for advanced breast cancer, showing a 76% reduction in disease progression risk with the triplet therapy compared to fulvestrant [1][3][6] Efficacy Results - The gedatolisib triplet therapy achieved a median progression-free survival (PFS) of 9.3 months, an improvement of 7.3 months over fulvestrant, with a hazard ratio (HR) of 0.24 [3][6] - The objective response rate (ORR) for the triplet was 31.5%, while the doublet showed an ORR of 28.3% [3][6] - For the gedatolisib doublet, the median PFS was 7.4 months, an improvement of 5.4 months over fulvestrant, with a HR of 0.33 [3][6] Safety Profile - Hyperglycemia occurred in 9.2% of patients on the triplet and 11.5% on the doublet, with treatment discontinuation due to adverse events at 2.3% and 3.1%, respectively [5][7] - The most common grade 3 treatment-related adverse events included neutropenia (52.3% for triplet), stomatitis (19.2% for triplet), and hyperglycemia (2.3% for triplet) [7] Clinical Significance - The results from the VIKTORIA-1 trial represent a potential new standard of care for patients with HR+/HER2- advanced breast cancer who have progressed after CDK4/6 inhibitor treatment [7][9] - Gedatolisib is the first inhibitor targeting the PI3K/AKT/mTOR pathway to show positive Phase 3 results in this patient population [6][9] Future Developments - Celcuity has initiated a rolling New Drug Application (NDA) submission to the FDA, targeting completion in Q4 2025 [9] - The PIK3CA mutant cohort of the VIKTORIA-1 trial is fully enrolled, with topline data expected in late Q1 or Q2 2026 [9]

Financial Data and Key Metrics Changes - The company reported a median progression-free survival (PFS) of about 10 months for RLY-2608, which is consistent with previous data and shows strong performance compared to competitors [3][4] - In second-line patients, the median PFS is around 11 months, indicating a solid efficacy profile [4] Business Line Data and Key Metrics Changes - RLY-2608 is specifically targeting HR-positive, HER2-negative, PIK3CA-mutated breast cancer, with a median PFS of 10.3 months in this population, nearly doubling the current standard of care [5] - The company is moving forward with a phase 3 trial for RLY-2608 based on the evolving data from the rediscover trial [4][10] Market Data and Key Metrics Changes - The total addressable market (TAM) for RLY-2608 in the U.S. and major global geographies is estimated to be between $2 to $3 billion, with approximately 30,000 patients in these regions [18] - The unmet medical need in the second-line setting has remained largely unchanged over the past decade, with PFS consistently reported between five to seven months for existing therapies [19][20] Company Strategy and Development Direction - The company is focusing on the development of RLY-2608 in both breast cancer and vascular malformations, prioritizing these areas due to their significant market potential [37][38] - There is an ongoing exploration of triplet combinations with other CDK4/6 inhibitors, which may lead to a frontline registration study in breast cancer [21][22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the safety profile of RLY-2608, which is expected to enhance real-world adherence and treatment duration compared to existing therapies [6][8] - The company is cautious about capital access and has reorganized to extend its cash runway into 2029, allowing it to reach key milestones in its clinical programs [38] Other Important Information - The phase 3 REDISCOVER-2 trial has been initiated, comparing RLY-2608 plus fulvestrant against capivasertib plus fulvestrant [10] - The company is also exploring the potential of RLY-2608 in treating PIK3CA-related overgrowth spectrum (PROS) and other vascular malformations, with a significant patient population identified [30][34] Q&A Session Summary Question: Can you provide an overview of the phase 3 REDISCOVER-2 trial? - The trial is a global randomized study involving 540 patients, comparing RLY-2608 plus fulvestrant to capivasertib plus fulvestrant, with a focus on second-line patients [10] Question: What are the expectations regarding the control arm of capivasertib plus fulvestrant? - The control arm is benchmarked against the CAPItella 291 study, which reported a median PFS of five and a half months in a similar patient population [15] Question: How does the company view the competitive landscape for NextGen PI3K inhibitors? - The company believes it has established a high bar with RLY-2608, showing superior clinical data compared to competitors, which have not demonstrated significant differentiation [28]

Core Viewpoint - Celcuity Inc. announced that the FDA accepted its New Drug Application for gedatolisib in HR+/HER2- advanced breast cancer for review under the Real-Time Oncology Review program, facilitating an earlier evaluation process [1][2] Group 1: FDA Review and Application - The FDA's acceptance of the NDA for gedatolisib is part of the RTOR program, which allows for earlier submission of topline efficacy and safety results [1][3] - Celcuity plans to initiate a rolling submission of its NDA in September 2025, targeting completion by Q4 2025 [1][2] Group 2: Clinical Trial Results - The NDA submission is based on positive topline results from the PIK3CA wild-type cohort of the Phase 3 VIKTORIA-1 trial [2] - The gedatolisib-triplet (gedatolisib, fulvestrant, and palbociclib) reduced the risk of disease progression or death by 76% compared to fulvestrant, with a median progression-free survival (PFS) of 9.3 months versus 2.0 months for fulvestrant, an improvement of 7.3 months [2] - The gedatolisib-doublet (gedatolisib and fulvestrant) reduced the risk of disease progression or death by 67%, with a median PFS of 7.4 months compared to 2.0 months for fulvestrant, an improvement of 5.4 months [2] Group 3: Company Overview - Celcuity is a clinical-stage biotechnology company focused on developing targeted therapies for various solid tumors, with gedatolisib as its lead candidate [4] - Gedatolisib is a potent pan-PI3K and mTORC1/2 inhibitor, differentiating its mechanism of action from other therapies targeting PI3Kα, AKT, or mTORC1 [4] - The company is conducting multiple clinical trials, including the ongoing Phase 1/2 trial for metastatic castration-resistant prostate cancer and the Phase 3 VIKTORIA-2 trial for first-line treatment in HR+/HER2- ABC [4]

Core Insights - Celcuity Inc. announced positive topline results from the Phase 3 VIKTORIA-1 clinical trial for gedatolisib in combination with fulvestrant, showing significant improvements in progression-free survival (PFS) for patients with HR+/HER2- advanced breast cancer [2][5][9] Efficacy Results - The gedatolisib triplet (gedatolisib + palbociclib + fulvestrant) reduced the risk of disease progression or death by 76% compared to fulvestrant, with a median PFS of 9.3 months versus 2.0 months, representing an incremental improvement of 7.3 months [3][6][7] - The gedatolisib doublet (gedatolisib + fulvestrant) reduced the risk of disease progression or death by 67%, with a median PFS of 7.4 months compared to 2.0 months for fulvestrant, an incremental improvement of 5.4 months [4][6][7] Historical Significance - The hazard ratios for both the gedatolisib triplet and doublet are the most favorable reported in any Phase 3 trial for HR+/HER2- advanced breast cancer [7] - The incremental improvements in median PFS for both regimens are unprecedented for patients receiving at least their second line of therapy in this category [7][8] Safety Profile - Treatment discontinuation due to treatment-related adverse events for both the gedatolisib triplet and doublet was lower than observed in previous trials, indicating a favorable safety profile [6][8] - Lower rates of hyperglycemia and stomatitis were reported compared to earlier studies, suggesting better tolerability of the gedatolisib regimens [6][8] Future Developments - Full data from the VIKTORIA-1 trial will be presented at an upcoming medical conference, and Celcuity plans to submit a New Drug Application for gedatolisib to the FDA in Q4 2025 [5][9]

Core Insights - Celcuity Inc. has initiated the Phase 3 clinical trial VIKTORIA-2 to evaluate gedatolisib in combination with a CDK4/6 inhibitor and fulvestrant for HR+/HER2- advanced breast cancer patients who are resistant to endocrine therapy [1][2][3] Group 1: Clinical Trial Details - The VIKTORIA-2 trial is an open-label, randomized study comparing the efficacy and safety of gedatolisib combined with fulvestrant and a CDK4/6 inhibitor against the standard treatment of fulvestrant and a CDK4/6 inhibitor [3][4] - Approximately 638 subjects will be enrolled, with random assignment to either the experimental group (gedatolisib, fulvestrant, and a CDK4/6 inhibitor) or the control group (fulvestrant and a CDK4/6 inhibitor) [4] - The trial will assess primary endpoints of progression-free survival (PFS) based on RECIST 1.1 criteria, evaluated separately for PI3KCA wild type and mutant subjects [4] Group 2: Efficacy and Safety - Previous Phase 1b trial results indicated that patients receiving gedatolisib with palbociclib and letrozole had a median progression-free survival of 48.6 months and median overall survival of 77.3 months, with an objective response rate of 79% [2] - The trial aims to provide robust data to support the potential of gedatolisib as a first-line treatment option for patients with endocrine-resistant advanced breast cancer [2][3] Group 3: Company Overview - Celcuity is a clinical-stage biotechnology company focused on developing targeted therapies for various solid tumor indications, with gedatolisib as its lead candidate [5][6] - The company is headquartered in Minneapolis and is also conducting other clinical trials, including VIKTORIA-1 and CELC-G-201, targeting different cancer types [5][6]