Biotech - Early Validation For The PRMT5i + Pan-RASi Approach; Positive Readthrough To RVMD, IDYA, ONC

研报英文原文证据摘录

Biotech - Early Validation For The PRMT5i + Pan-RASi Approach; Positive Readthrough To RVMD, IDYA, ONC

onale

and reinforcing the broader development path for this PRMT5i + pan-RASi combination

strategy in the MTAP-deleted population as increasingly credible - representing a

positive readthrough to RVMD, IDYA, and ONC.

Revolution Medicines (RVMD, Buy): We view this as a positive readthrough ahead

of daraxon’s potential approval in PDAC in 3Q26E (see note). While daraxon appears

well positioned in PDAC regardless of this combination outcome, these data suggest

a potential to deepen responses and improve durability that could extend treatment

duration within the MTAP-deleted subset. More broadly, we note potential for this

combination strategy beyond PDAC, e.g., in MTAP-deleted NSCLC and mCRC. RVMD

also has parallel combination efforts, including with BMS' (BMY, Buy, Devarakonda)

navlimetostat (PRMT5i), and we would expect RVMD to prioritize the regimen with the

best efficacy/tolerability profile.

IDEAYA (IDYA, Buy): We believe the data support to IDYA's recently disclosed IDE892

(PRMT5i) + RG6505 (pan-RASi) strategy in MTAP-deleted, RAS-mutant PDAC in

partnership with Roche (RHHBY, NR), and we continue to view PDAC as potential

upside to our valuation for IDYA’s MTAP franchise, which is currently centered on

NSCLC and mUC. We also note the possibility of a triplet strategy combining IDE892,

IDE397, and RG6505 as a potential point of differentiation.

BeOne Medicines (ONC, Buy): With BGB-58067 (PRMT5i) having achieved POC

validation and with POC data expected in 2H26, we believe ONC is likely evaluating

potential combination strategies with RAS-targeting agents, particularly given the

NSCLC and PDAC focus. We note that ONC recently deprioritized BG-53038 (pan-