1Q26: ALLO-329 Update Moves To 4Q26; ALPHA3 Interim EFS In Mid-'27

研报英文原文证据摘录

1Q26: ALLO-329 Update Moves To 4Q26; ALPHA3 Interim EFS In Mid-'27

C O M PA N Y N O T E

1 3 M a y 2 0 2 6

Allogene Therapeutics, Inc. (ALLO) Overweight

CONCLUSION PRICE: US$2.33

This evening, ALLO reported 1Q26 financial results and provided a pipeline update. TARGET: US$10.00

Following the recent ALPHA3 readout, mgmt. believes the 41.6% MRD clearance Our $10 PT is based on a DCF through 2035E

differential implies the study is now powered for a HR meaningfully below the pre-specified (13% discount rate), and assumes sales

0.5 target, increasing confidence in the mid-'27 interim EFS analysis. On ALLO-329, mgmt. opportunity from cema-cel in 1L LBCL and

confirmed the June update has been pushed to 4Q26, which was guided to include longer ALLO-329 in autoimmune.

follow-up across both the 20M and 40M cell dose cohorts, data from the 80M cell dose

Biren Amincohort, and potentially a higher DL beyond that. Mgmt. also disclosed for the first time that Sr. Research Analyst, Piper Sandler & Co.

initial signs of clinical activity have been observed at early DLs. 732 284-6909, biren.amin@psc.com

Kailie Briza

• Can Phase 1 Data Across A Handful of Autoimmune Patients Be Valued At $2B? Research Analyst, Piper Sandler & Co.

The UCB Pharma (UCB.BR; not covered) acquisition of Candid Therapeutics (private) 312 281-3437, kailie.briza@psc.com

announced recently was predicated on 16 patients worth of data from cizutamig's Phase Michael Mazzola, Ph.D.

1 basket trial in autoimmune indications (gMG, ILD, and SLE). We think the dataset Research Analyst, Piper Sandler & Co.

212 284-9397, michael.mazzola@psc.com

has direct read through for valuation potential for ALLO-329 and specifically ALLO's

Felicia Berben, PharmD market cap of $770M which is primarily driven by cema-cel in LBCL.