SMID roundup for the week!

研报英文原文证据摘录

SMID roundup for the week!

MGNX: Most important update is runway extension through targeted BD this Q: GMP manufacturing operation

sold to Bora & expanded ZYNYZ royalty monetization, cash is now through ’28 – this team really are wizards of

extracting value out of assets that market doesn’t appreciate. Lori update was mixed, but likely not much value

left: proc no longer being pursued, and while they’re adding ~20 CCGC pts experiment to check a lower dose,

our expectations are modest there. Pipeline guidance remain consistent: B7-H3 ADC -026 is in dose exp. w/

initial ph1 data mid-26, while ADAM9 ADC -028 remains in dose escalation w/ initial data in 2H26; and mgmt

reiterated no ILD signal – potentially differentiating factor from competitors in the space.

AURA: Guidance looks mostly unchanged, though PR language does sound somewhat reset under new CEO.

CoMpass ph3 remains the main value driver w/ target enrollment completion in mid-26 and 15mo primary

endpoint topline in 2H27. Nearer-term, NMIBC initial 3mo data remain on track for mid-26, but likely the 12-

mon FU data will be more critical to attract potential partnership. Meanwhile, mets to choroid and ocular surface

studies are still expected to generate early PoC in ’26; hitting either indication could be a great call option given

modest expectations. The $299M financing remains an impt update, extending runway to 2H28, well beyond

CoMpass topline and transition into an ocular-focused company.

NKTX: Protocol amendment for NKX-019 in early April allows: 1. outpt dosing 2. re-dosing if needed 3. removal

of overnight monitoring, and 4. expansion of Ntrust-2 into RA. All these are key parts of the thesis on a CAR-

NK, so getting them in the current trial will be important in making the case as data matures. RA cohort