Biotechnology: 1Q26 Earnings Roundup: BBOT, MPLT

Research evidence excerpt

Biotechnology: 1Q26 Earnings Roundup: BBOT, MPLT

Idea

May 15, 2026 01:42 AM GMT

Morgan Stanley & Co. LLCMBiotechnology | North America Sean Laaman, Ph.D.

Equity Analyst

1Q26 Earnings Roundup: BBOT, Sean.Laaman@morganstanley.comMichael H Riad, Ph.D. +1 212 761-4947

Research Associate

Michael.Riad@morganstanley.com +1 212 761-1309

MPLT Katherine Sun

Katherine.Sun@morganstanley.com +1 212 761-5968

We include key takeaways following 1Q26 earnings updates Morgan K Gryga

across the following covered companies: BBOT, MPLT ResearchMorgan.Gryga@morganstanley.comAssociate +1 212 761-0824

Key Takeaways NorthBiotechnologyAmerica

BBOT: Following pipeline updates across all three programs in early 1Q, multiple Industry View Attractive

2H26 clinical catalysts remain on track as combo studies continue to initiate.

MPLT: MPLT enters a major 2026 inflection with two Phase 2 readouts

(schizophrenia, ASD) due by mid‑August.

BridgeBio Oncology Therapeutics (BBOT, OW, $18 PT): All three RAS‑pathway

inhibitor programs continue to progress with multiple data readouts on track for

2H26. For BBO‑8520, recall that previously disclosed ONKORAS‑101 data in KRAS

G12C NSCLC showed encouraging preliminary antitumor activity (65% ORR; 68%

6‑month PFS at a November 2025 cutoff), alongside a potentially differentiated

safety profile. In combination with pembro, BBO‑8520 demonstrated promising

early efficacy at active dose levels and a distinct liver toxicity profile, with updated

combo data expected in 2H26. The combination study with BBO‑10203 opened in

April 2026. For BBO‑11818, signs of early anti‑tumor activity across dose levels and

tumor types were observed from initial KONQUER‑101 data earlier this year,

including a partial response in a PDAC patient with 56% tumor reduction, with