Biotech - Investor Pulse: Top Inbounds Across Our Coverage; May 2026

Research evidence excerpt

Biotech - Investor Pulse: Top Inbounds Across Our Coverage; May 2026

cremental questions on olpasiran, particularly as a competitor Lp(a) outcome readout approaches in 2H26.

BeOne (ONC, Buy)

• Beqalzi Bequeathed FDA Approval, Expands the Heme Arsenal; Building Toward Fixed-Duration Combo

• Brighter Brukinsa Outlook; Solid Tumor Pipeline Focus Enhances into ASCO & for the Longer-Term

• 1Q26: Incremental Brukinsa Beat with FY26 Total Revenue Raised; Pipeline Updates in Focus

While near-term focus remains on Brukinsa's YoY growth, we note increasing dialogue the next high-amplitude inflection points which we

note may include the BTK degrader data/filing, along with the fixed-duration opportunity for Brukinsa + Beqalzi in 1L CLL. We also note

continued questions around the CDK4i program into ASCO, with GPC3 x 4-1BB emerging as an area of interest following encouraging

early efficacy signals in HCC.

Nuvalent (NUVL, Buy)

• Double Feature with Nela Taking the Stage at ASCO, Zide PDUFA in the Wings for September

• Ready to Take Off - Nela Under Priority Review; ALK/ROS1 Global Buildout Coming into Focus

Recent feedback has centered on the ASCO presentation of neladalkib in the ALKOVE-1 study, which were incremental, in our view, though

increasingly compared with lorlatinib's strong long-term data (CROWN). We also note that a less enthusiastic tone from ALKOVE-1's

discussant around efficacy in lorlatinib-experienced patients may have further contributed to share pressure. That said, on a more apples-

to-apples basis, nela’s profile in lorlatinib-naïve patients appears competitive with lorlatinib, and highlights a more favorable CNS AE profile.

CG Oncology (CGON, Buy)

• Bladder Cancer KOL Lunch Takeaways: Durability is the Key Currency That Matters in IR NMIBC