1Q26 EPS: ALLO LBCL Well into EFS Read Mid'27; Autoimmune Big Update in 4Q26

研报英文原文证据摘录

1Q26 EPS: ALLO LBCL Well into EFS Read Mid'27; Autoimmune Big Update in 4Q26

es in the Asia Pacific PREV (0.19) (0.17) (0.70)

to expand sites to >80 sites overall. Despite an increasingly competitive landscape, Co does not

believe TCEs and CD19 targeting CAR-Ts are a notable threat to Cema-cel.

Co is continuing to study ALLO-329 (CD19/CD70 allo CAR T) in autoimmune diseases w/ a data

update expected in 4Q26. Co emphasized importance of developing a safe and tolerable product

in '329 given its use in autoimmune disease patients. '329's Ph1 study is a dose escalation study

designed to prioritize safety as Co starts w/ a 20M cells/ dose regimen (far lower than doses used

by comps which use doses that range from ~100M [auto] to $1B [allo] cells) before escalating to

therapeutic levels. All pts will be off background Tx during and after ALLO-329 infusion in all dose

regimens. Co has enrolled 9 pts into this trial so far and dosed the first pt in Nov'25 (longest follow

up ~5mo at this point). Co mentioned that early findings from site PIs are "clinically meaningful"

w/ good safety from both arms that use lymphodepletion and those who do not, with all pts off

background Tx. Co expects to at least provide data from the 20M, 40M, and 80M dose groups at

4Q26 data readout, from both lymphodepletion and non-lymphodepletion cohorts.

Financials. As of 3/31/26, Co had $266.9M in cash/ equivalents. W/ April offering of $200.4M gross

proceeds, Co's cash runway extends into 1Q29. This cash runway is expected to cover completion

of Cema-cel's ALPHA3 study (including interim analysis for EFS in '27 and final EFS analysis in '28),

Cema-cel's BLA filing, and '329's Ph1 study completion.

Roger Song, MD, CFA * | Equity Analyst

(617) 342-7955 | rsong@jefferies.com