US Biopharmaceuticals: ASCO regular abstracts: AKTS, MRNA, KRYS, CATX, IMTX (plus planner)

Research evidence excerpt

US Biopharmaceuticals: ASCO regular abstracts: AKTS, MRNA, KRYS, CATX, IMTX (plus planner)

e biggest sources of potential pipeline upside for Moderna. DMFS: distant metastasis free survival

And while the 5-year update in adjuvant melanoma is important for garnering physician FAP: fibroblast activation protein

buy-in and commercial use (see note, Coverage Recap from Day 1 of Our Vegas HR: hazard ratio

conference), the bigger binary catalyst remains phase 3 replication of prior data and HSV: herpes simplex virus

scalable INT manufacturing. The Dec. 15, 2025 cutoff in the abstract is consistent with IND: Investigational New Drug

prior updates: after median planned follow-up of 60.3 months, RFS risk reduction was INT: individualized neoantigen therapy

49% for intismeran plus pembro vs pembro, with HR 0.51. Five-year RFS was 68.8% vs LBA: late breaking abstract

49.1%, DMFS risk reduction was 59%, and OS trended favorably with HR 0.47. The data LLY: Eli Lilly

reinforces durability, but does not resolve our key concerns around phase 3 mCi: millicurie

reproducibility, logistics, and the higher bar for larger TAM oncology indications. We’ll be mCRPC: metastatic castration resistant

looking for additional follow up analyses from the study’s primary and secondary prostate cancer

endpoints at the conference. We maintain our Underperform rating and $32 PO. mUC: metastatic urothelial carcinoma

KRYS: KB707 offers optionality, but derm remains focus NET: neuroendocrine tumor NSCLC: non small cell lung cancer

While oncology is a small contributor to our valuation, KB707 offers pipeline ORR: objective response rate

diversification if inhaled HSV delivery can show competitive solid tumor activity. At the OS: overall survival

Jan.