Summary of Oric Pharmaceuticals FY Conference Call (December 03, 2025) Company Overview - Oric Pharmaceuticals is a clinical stage oncology company focused on overcoming resistance in cancer, specifically targeting prostate cancer, lung cancer, and breast cancer [2][3] Key Accomplishments in 2025 - Two data updates on ORIC-944, an allosteric PRC2 inhibitor for prostate cancer - Upcoming significant update on ORIC-114 at ESMO Asia - Successfully raised capital, providing a cash runway into the second half of 2028 [3] ORIC-944 Developments - ORIC-944 is being studied in combination with apalutamide and daralutamide for prostate cancer - Recent data showed PSA 50 response rate of 40% and PSA 90 response rate of 20%, slightly outperforming Pfizer's data [5][8] - Safety profile of ORIC-944 is favorable, with significantly lower rates of on-target toxicity compared to Pfizer's agent [5][9] Market Context and Competition - The prostate cancer market is substantial, with multiple AR inhibitors (enzalutamide, apalutamide, daralutamide) generating significant revenues [7][21] - Even if ORIC-944 enters the market later, there is ample opportunity due to the large patient population [22] Future Plans for ORIC-944 - Phase 3 study planned for the first half of 2026, focusing on post-ABI and post-ARPI patient populations [17][18] - The company aims to retain operational control while considering potential partnerships in the future [23] ORIC-114 Developments - ORIC-114 targets EGFR exon 20 mutations in lung cancer, with a focus on CNS activity, which is a key differentiator [26] - Upcoming data presentations at ESMO Asia will include results from various patient populations, with benchmarks set for response rates [30][31] Market Opportunity for ORIC-114 - The lung cancer market for targeted therapies remains significant, with unmet needs in specific mutation subsets [33] - The potential patient population for ORIC-114 is estimated at 10-12,000 annually in the U.S., indicating a multi-billion dollar market opportunity [34] Conclusion - Oric Pharmaceuticals is well-positioned with promising data for both ORIC-944 and ORIC-114, targeting large and unmet needs in oncology - The company is strategically planning its next steps while maintaining a focus on safety and efficacy to differentiate its products in competitive markets [22][34]

Nuvectis Pharma (NasdaqCM:NVCT) Investor Call Summary Company Overview - **Company**: Nuvectis Pharma - **Focus**: Development of NXP900 for advanced solid tumors, particularly in combination with osimertinib for non-small cell lung cancer (NSCLC) [1][3] Key Points Discussed NXP900 Development - **Target Population**: Approximately 45,000 patients in NSCLC represent a significant market opportunity [3] - **Phase 1b Program**: Ongoing studies include monotherapy and combination therapies, with the combination with osimertinib expected to start by year-end [5][28] - **Unique Mechanism of Action**: NXP900 inhibits Src in its inactive conformation, leading to more selective inhibition compared to existing Src inhibitors [10][11] Clinical Insights - **Preclinical Data**: NXP900 shows prolonged inhibition of Src activity compared to existing drugs like dasatinib, which reactivate after drug clearance [14] - **Safety Profile**: NXP900 has been well tolerated in early trials, with no dose-limiting toxicities observed up to 300 mg [27][31] - **Combination Studies**: Plans to combine NXP900 with osimertinib and lorlatinib to address resistance in patients progressing on these therapies [28][29] Market Dynamics - **Current Treatment Landscape**: NSCLC treatments include various regimens with significant unmet needs, particularly in patients without actionable genomic alterations [15][19] - **Efficacy Benchmarks**: A response rate of 20-30% is considered a good benchmark for efficacy in heavily pretreated populations [71] Future Directions - **Monotherapy and Combination Studies**: Data readouts expected in 2026, with multiple arms in the study to capture a wide range of patient mutations [56][58] - **Potential for First-Line Use**: Discussions on the feasibility of using NXP900 in first-line settings, with considerations for trial design to avoid prolonged testing [81][83] Additional Insights - **Toxicity Concerns**: Current therapies have significant side effects, including skin toxicity and infusion-related reactions, which NXP900 aims to mitigate [49][50] - **Patient Population**: Ideal candidates for NXP900 include those early in treatment with osimertinib, as well as those in later lines of therapy [61] - **Regulatory Considerations**: Emphasis on the need for robust data to satisfy regulatory requirements for frontline therapy approval [83] Conclusion Nuvectis Pharma is positioned to address significant unmet needs in oncology with NXP900, leveraging its unique mechanism of action and favorable safety profile. The ongoing clinical programs and potential for combination therapies with existing treatments could provide substantial benefits to patients with advanced solid tumors.

Core Viewpoint - Nuvectis Pharma, Inc. is hosting a virtual Key Opinion Leader Meeting on December 2, 2025, to discuss the NXP900 Phase 1b Program in Advanced Solid Tumors, particularly its combination with osimertinib in non-small cell lung cancer [1][2]. Company Overview - Nuvectis Pharma, Inc. is a clinical stage biopharmaceutical company focused on developing innovative precision medicines for serious unmet medical needs in oncology [1][8]. - The lead drug candidate, NXP900, is an oral small molecule inhibitor targeting the SRC Family of Kinases (SFK), including SRC and YES1, designed to inhibit both catalytic and scaffolding functions of the SRC pathway [6][8]. NXP900 Development - NXP900 has completed a Phase 1a dose escalation study in patients with advanced solid tumors and is currently undergoing a Phase 1b single agent dose expansion study [7][8]. - A drug-drug interaction study has been completed, supporting the initiation of enrollment in the Phase 1b dose expansion combination arm, expected to begin by the end of 2025 [7]. Key Opinion Leaders - The meeting will feature Dr. Alexander Spira, Chief Scientific Officer of NEXT Oncology, and Dr. Asier Uncita-Broceta, Professor of Chemistry at the University of Edinburgh, who will discuss NXP900's development program and clinical data [2][4][5].

Summary of Black Diamond Therapeutics Conference Call Company Overview - **Company**: Black Diamond Therapeutics (NasdaqGS: BDTX) - **Lead Program**: Silavertinib, targeting multiple mutations in lung cancer and glioblastoma [2][3] Industry Context - **Target Market**: Non-small cell lung cancer (NSCLC) and glioblastoma (GBM) - **Current Treatment Landscape**: - Osimertinib (Tagrisso) generates $8 billion for AstraZeneca but is ineffective against many nonclassical mutations [4] - Approximately 60% of patients with nonclassical mutations still receive chemotherapy, which offers limited benefits [7] Key Points on Silavertinib - **Mechanism**: Designed to address both classical and nonclassical mutations in EGFR, as well as mutations in GBM [3][5] - **Patient Population**: About 25% of EGFR mutant NSCLC patients (8,000-9,000 patients in G7) have nonclassical mutations with no established standard of care [7] - **Market Opportunity**: The potential market for silavertinib is estimated at over $22 billion, considering its broader applicability compared to existing treatments [50] Clinical Development - **Phase II Study**: - Initiated in 2023, focusing on patients with recurrent disease and frontline nonclassical EGFR patients [13][15] - Preliminary data showed CNS responses and activity across a broad range of mutations [14][18] - Expected overall response rate (ORR) target is 60%, based on competitor data [22] CNS Activity - **Importance of CNS Penetrance**: - Many patients present with CNS disease at diagnosis, making brain penetrance critical for treatment efficacy [11][12] - Current treatments like afatinib have poor CNS penetrance, leading to progression in many patients [12] Regulatory Path and Future Plans - **Phase III Study Considerations**: - Discussions with regulatory agencies will focus on survival metrics, with PFS as a primary endpoint [34][35] - Potential comparator arms include chemotherapy or afatinib [37] - **Cash Runway**: - The company has a disciplined spending approach, with a cash runway extending into 2027, supported by a recent $70 million partnership with Servier [52][54] Competitive Landscape - **Market Position**: - Silavertinib aims to address a broader range of mutations compared to competitors like fermimertinib, which focuses on a subset of mutations [10] - The company is exploring partnerships for both lung cancer and glioblastoma, particularly in regions with higher EGFR prevalence [45][46] Conclusion - **Upcoming Catalysts**: - Data updates expected later this year, with a focus on CNS activity and overall response rates [76] - Continued engagement with KOLs and potential for further partnerships to enhance market reach [48][49]

Core Insights - The Phase 3 MARIPOSA study results indicate that the combination of RYBREVANT (amivantamab-vmjw) and LAZCLUZE (lazertinib) significantly improves overall survival for patients with untreated advanced non-small cell lung cancer (NSCLC) compared to osimertinib, with a projected median overall survival exceeding four years, which is over one year longer than the three years observed with osimertinib [1][2][3] Company Overview - Johnson & Johnson announced the publication of the MARIPOSA study results in The New England Journal of Medicine, highlighting a new era in first-line treatment for EGFR-mutated lung cancer [1][5] - The company emphasizes that the combination therapy could change the treatment landscape for patients with EGFR mutations, offering hope for significantly longer survival [3][4] Study Details - The MARIPOSA study enrolled 1,074 patients and compared the efficacy of RYBREVANT plus LAZCLUZE against osimertinib and LAZCLUZE alone, with the primary endpoint being progression-free survival [6] - At a median follow-up of 37.8 months, the combination therapy showed a hazard ratio of 0.75 for the risk of death compared to osimertinib, indicating a statistically significant survival benefit [2] Treatment Mechanism - The combination of RYBREVANT and LAZCLUZE employs a triple mode of action, targeting EGFR mutations from multiple angles, blocking MET, and engaging the immune system, which may help in reducing resistance mechanisms [3] Safety Profile - The safety profile of the combination therapy was consistent with previous analyses, with no new safety signals emerging during longer-term follow-up [4] - Most adverse events (AEs) of grade 3 or higher occurred early in treatment, and prophylactic measures were suggested to mitigate risks of skin reactions and infusion-related events [4][18] Market Implications - The results presented at the European Lung Cancer Congress (ELCC) 2025 are expected to raise expectations for first-line treatment outcomes in patients with EGFR-mutated lung cancer [5] - The study's findings may lead to a shift in clinical practice guidelines and treatment protocols for NSCLC, particularly for patients with specific EGFR mutations [12]

Core Insights - Johnson & Johnson announced that the combination of RYBREVANT (amivantamab-vmjw) and LAZCLUZE (lazertinib) significantly reduces the development of EGFR and MET resistance mutations compared to osimertinib in patients with EGFR-mutated non-small cell lung cancer (NSCLC) [1][2][3] - The Phase 3 MARIPOSA study indicates that this combination therapy not only extends overall survival but also changes the disease biology by preventing acquired resistance, with projected overall survival exceeding four years [1][3][4] Company Insights - Johnson & Johnson's RYBREVANT plus LAZCLUZE is approved in the U.S., Europe, and other markets for first-line treatment of patients with EGFR-mutated NSCLC based on the Phase 3 MARIPOSA study [5][9] - The MARIPOSA study enrolled 1,074 patients and is a randomized Phase 3 trial evaluating the efficacy of RYBREVANT in combination with LAZCLUZE versus osimertinib and LAZCLUZE alone [6][7] Industry Insights - Resistance to third-generation EGFR tyrosine kinase inhibitors (TKIs) like osimertinib remains a significant barrier to long-term disease control, highlighting the need for next-generation strategies [2] - The study results suggest that TKI monotherapy is insufficient for first-line treatment of EGFR-mutated lung cancer, indicating a shift towards combination therapies [3][4]

Core Insights - Black Diamond Therapeutics, Inc. (BDTX) has demonstrated a strong performance in 2023, with shares increasing by 51.1% over the past six months, significantly outperforming the industry decline of 1.6% [1][9] - The company's success is largely attributed to the promising progress of its pipeline, particularly the lead candidate, silevertinib, which targets oncogenic mutations in cancer patients [2][4] Pipeline Progress - Silevertinib is a fourth-generation EGFR MasterKey inhibitor aimed at treating EGFR mutant non-small cell lung cancer (NSCLC) and glioblastoma [4] - In a phase I study, silevertinib showed good tolerability and durable clinical responses in patients with recurrent EGFRm NSCLC, including those with various mutation subtypes [5] - Currently, BDTX is conducting a phase II study of silevertinib in both recurrent and frontline settings for EGFRm NSCLC, with enrollment for frontline patients completed in July 2025 [6] - Initial data from September 2024 indicated encouraging clinical responses in 27 patients with EGFRm NSCLC in second and third-line settings [7] Market Position and Focus - Following the outlicensing of BDTX-4933 to Servier Pharmaceuticals, BDTX is now solely focused on the development of silevertinib [9][14] - The company ended Q2 2025 with approximately $142.8 million in cash and cash equivalents, following a $70 million upfront payment from the licensing agreement [13] Valuation and Estimates - BDTX shares are currently trading at a price/book ratio of 1.23x, which is lower than its historical mean of 1.31x and the biotech industry's average of 3.13x, indicating an inexpensive valuation [15] - Recent estimates for 2025 and 2026 have shown positive revisions, with significant increases in bottom-line estimates [16] Investment Potential - The oncology market is highly lucrative, and while competition exists, silevertinib has shown potential to treat both newly diagnosed and recurrent EGFRm NSCLC patients [19][20] - The successful development and commercialization of silevertinib could significantly enhance BDTX's market position and shareholder value [21]

Group 1: Financial Performance - CSPC reported total revenue of RMB13.3 billion in 1H25, with core revenue at RMB12.2 billion, down 25% YoY and 4% HoH, representing 44% of the prior FY25 estimate [1] - In 2Q25, core revenue declined by 6% QoQ and 22% YoY, primarily due to softness in NBP sales and volume-based procurement impacts [1] - Attributable net profit reached RMB2.5 billion, representing 45% of the previous full-year FY25 forecast [1] Group 2: Business Development (BD) Opportunities - CSPC has secured six out-licensing deals since late 2024, with a recent deal involving an AI-powered small molecule discovery platform licensed to AstraZeneca valued over US$5 billion [2] - Management anticipates two additional large-scale BD deals in 2H25, each expected to exceed US$5 billion, including an EGFR ADC and a platform-based out-licensing [2] - CSPC has a robust pipeline of 40-50 assets with BD potential, including high-profile candidates like EGFR ADC and PD-1/IL-15 bsAb [2] Group 3: Product Development and Clinical Trials - SYS6010, an EGFR ADC, is in global Phase 3 development with pivotal studies ongoing in China for NSCLC [3] - CSPC plans to achieve First Patient In (FPI) for two Phase 3 trials in 2H25 in the US, comparing SYS6010 to docetaxel in EGFR wild-type NSCLC [3] - SYS6010 mono has shown an encouraging median progression-free survival of 7.6 months in EGFR-mutant NSCLC patients post-TKI and chemotherapy [3] Group 4: Investment Outlook - CSPC's BD deals are expected to be a key sustainable driver of earnings growth, leading to a revision of the target price from HK$10.08 to HK$12.11 [4]

Core Insights - The SACHI Phase III study demonstrated that the combination of savolitinib and osimertinib significantly improves progression-free survival (PFS) in patients with EGFR mutation-positive non-small cell lung cancer (NSCLC) with MET amplification compared to chemotherapy [1][4][9] Study Overview - SACHI is a Phase III clinical trial focusing on the combination of savolitinib and osimertinib for treating patients with locally advanced or metastatic EGFR mutation-positive NSCLC with MET amplification after progression on first-line EGFR inhibitor therapy [2] Efficacy Results - In the intention-to-treat population, the median PFS was 8.2 months for the savolitinib plus osimertinib group versus 4.5 months for the chemotherapy group, with a hazard ratio (HR) of 0.34 [4] - The independent review committee assessed median PFS at 7.2 months for the combination therapy compared to 4.2 months for chemotherapy, with an HR of 0.40 [4] - The objective response rate (ORR) was 58% for the combination group compared to 34% for chemotherapy, and the disease control rate (DCR) was 89% versus 67% [5] Safety Profile - The combination therapy exhibited a tolerable safety profile, with treatment-emergent adverse events of Grade 3 or above occurring in 57% of patients in both the savolitinib plus osimertinib and chemotherapy groups [7][8] Regulatory Status - The Independent Data Monitoring Committee concluded that the study met its primary endpoint of PFS, leading to the conclusion of patient enrollment [9] - A New Drug Application (NDA) for the combination therapy has been accepted and granted priority review by the China National Medical Products Administration (NMPA) [9] Company Background - HUTCHMED is an innovative biopharmaceutical company focused on the discovery and commercialization of targeted therapies and immunotherapies for cancer and immunological diseases [13]

Core Insights - Johnson & Johnson announced that RYBREVANT® (amivantamab-vmjw) in combination with LAZCLUZE™ (lazertinib) significantly improves overall survival (OS) compared to osimertinib in the treatment of non-small cell lung cancer (NSCLC) with specific EGFR mutations [1][2][3] Group 1: Study Results - The Phase 3 MARIPOSA study demonstrated that the median OS for RYBREVANT® plus LAZCLUZE™ has not yet been reached, while the median OS for osimertinib was 36.7 months [2][3] - At a median follow-up of 37.8 months, 56% of patients treated with RYBREVANT® and LAZCLUZE™ were alive at three and a half years compared to 44% for those on osimertinib [2] - Projections suggest that RYBREVANT® plus LAZCLUZE™ could extend median OS by at least 12 months compared to osimertinib [2] Group 2: Secondary Endpoints - The combination therapy also showed prolonged benefits in secondary endpoints, including intracranial progression-free survival (PFS) and time to symptomatic progression (TTSP), which was extended by more than 14 months compared to osimertinib [2][3] - The study met its primary endpoint in October 2023, indicating a statistically significant improvement in PFS compared to osimertinib [3] Group 3: Safety Profile - The safety profile of RYBREVANT® plus LAZCLUZE™ was consistent with previous analyses, with adverse event rates comparable to other RYBREVANT® regimens [2][3] - Most adverse events occurred early during treatment, and no new safety signals were identified with longer-term follow-up [2] Group 4: Regulatory Status - RYBREVANT® plus LAZCLUZE™ is approved in the U.S., Europe, and other markets for first-line treatment of patients with locally advanced or metastatic NSCLC with specific EGFR mutations [3][6] - The results from the MARIPOSA study will be shared with health authorities globally [3]