Biotechnology: Quick takes for key ASCO abstracts: BNTX, GILD and REGN

Research evidence excerpt

Biotechnology: Quick takes for key ASCO abstracts: BNTX, GILD and REGN

GILD: Incremental TUB-040 and Trodelvy data

GILD also provided updated ph 1/2 NAPISTAR 1-01 data for acquired TUB-040 in PROC

(Tubulis acquisition completed today). As of the 12/1/25 cutoff date, 67 patients have

been dosed with Q3W TUB-040 for a median of 10 cycles. In 46 evaluable patients

across dose levels 1.67-3.3 mg/kg, GILD reported 2 CR (4%), 26 PR (57%), 16 SD (35%)

and 2 PD (4%), representing a cORR of 60.9% (28/46). 90% of responses were ongoing

at data cutoff and DCR was 96%. On safety, TUB-040 demonstrated a consistent safety

profile with prior results. There were no fatal TEAEs or treatment discontinuations due

to TEAEs. We view today’s update as more incremental for the program in-line with prior

efficacy signals. We make no adjustments to our model at this time and cite focus on

more detailed data at the conference (rapid oral session Saturday, May 30th – 8:36-8:42

AM CT) as well as additional insight on next steps (ph 3 likely to initiate in 2027).

Abbreviations

CR: complete response

cORR: confirmed overall response rate

CRS: cytokine release syndrome

DCR: disease control rate

ESMO: European Society for Medical Oncology

irAE: immune-related adverse event

mTNBC: metastatic triple negative breast cancer

NSCLC: non-small cell lung cancer

ORR: overall response rate

OS: overall survival

PD: progressive disease

PFS2: progression-free survival after next-line treatment

Ph: phase

PR: partial response

PROC: platinum resistant ovarian cancer

Q3W: every 3 weeks

SD: stable disease

SoC: standard of care

TEAE: treatment emergent adverse event

uORR: unconfirmed overall response rate

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