Pro Forma Cash of $890 Million; CARVYKTI Growing; In Vivo CAR-T Data in Mid'26

Research evidence excerpt

Pro Forma Cash of $890 Million; CARVYKTI Growing; In Vivo CAR-T Data in Mid'26

il) 185.7

expect Legend to achieve operating profit in 2026. Other competitive CAR-T therapies Form 6K as of March 31st

in development have yet to be approved in 4th-line therapy, and thus we believe Legend Market Cap. (mil) US$5,247.9

should maintain its multi-year lead in 2nd- and 3rd-line r/rMM, which accounted for 41% Total Assets ($mil) 1,597

of patients in 1Q:26 up from 29% in 1Q:25. Legend forecasts continued growth in the Avg Daily Vol (000) 2,048

Book Value/Share NA early-line r/rMM patients. The CARTITUDE-5 and CARTITUDE-6 trials are fully enrolled

Net Cash Per Share US$3.36

with data to potentially move CARVYKTI into first-line MM therapy. 1Q:26 cash plus J&J milestone less

collaboration debt

• In Vivo CAR-T Data in Mid'26. Legend reported NHP data on in vivo CD19/CD20 CAR- Debt to Total Capital NA

T LB2501 at ASH. At a high dose, CAR-T cells expanded to ~75% of the T-cell population Div Yield 0.00%

at 11 days, which translated to durable B-cell depletion to at least 36 days. Importantly, Fiscal Year End Dec

CAR-T was also able to deplete B-cells in lymph nodes and bone marrow. These data

Price Performance - 1 Year

indicate that in vivo CAR-T could be dosed to achieve an immune reset in autoimmune

patients or for sustained depletion of B-cells in patients with B-cell malignancies. A USD

Phase I study of LB2501 is underway in NHL patients in China with initial efficacy and 50

safety data as early as mid'26. Additionally, Legend has dosed the first patients with 45

LB2503, a GPRC5D in vivo candidate for MM. Legend plans to initiate a trial of LB2505, 40

an in vivo BCMA CAR-T for autoimmune disease imminently. 35

RISKS TO ACHIEVEMENT OF PT & RECOMMENDATION