US Biotechnology "Day 1 Boston Bus Tour Takeaways - MRNA, ZLAB, SRRK, VRDN" Yee

研报英文原文证据摘录

US Biotechnology "Day 1 Boston Bus Tour Takeaways - MRNA, ZLAB, SRRK, VRDN" Yee

on and patient support programs. Looking ahead,

several incremental commercial drivers are expected to come online, including KARXT in

schizophrenia, TTFields in pancreatic cancer, and TIVDAK in cervical cancer -- which

mgmt believes are positioned to support acceleration in topline growth beginning in

2027.

Within the global pipeline, DLL3 remains a key strategic priority, supported by

collaborations with both Boehringer Ingelheim and AMGN, with a clear push to move

into the frontline setting. The combination strategy -- leveraging ADC-driven tumor

debulking alongside T-cell engager (TCE) immune activation -- has the potential for

differentiated activity in SCLC and beyond. The company emphasizes a safety-

differentiated profile vs competing approaches (e.g., B7H3 combinations). Importantly,

pivotal 2L+ data are expected in 2027 (we estimate H2/27 = completion of enrollment in

H1/27 + 6mos DOR), with an ORR-based path to potential accelerated approval. We

believe this asset could drive significant re-rating of the stock given AMGN’s already

doing $1B in run rate with IMDELLTRA -- and we estimate ZLAB's DLL3 ADC could have

at least $1B peak sales in 2L+ ES-SCLC and more in front line.

Separately, the IL13/31 bispecific program represents an emerging value driver, with

initial healthy volunteer data expected in H2 and early signals to support a well-

characterized, potent bispecific antibody with favorable safety, tolerability, and

biomarker engagement (including TH2 pathway markers). The drug has shown a long

28 day half life in NHPs (in line with YTE monoclonal antibody comps) supporting a long-

acting profile. While initial readouts will focus on PK/PD and safety, multiple-ascending