Update at EHA Shows Efficacy with Iadademstat in AML Holds with Scale

研报英文原文证据摘录

Update at EHA Shows Efficacy with Iadademstat in AML Holds with Scale

EUROPE | Biotechnology

Oryzon EquityJuneResearch11, 2026

FLASH NOTEUpdate at EHA Shows Efficacy with

RATING BUYIadademstat in AML Holds with Scale

PRICE €3.11^

At EHA 2026, Oryzon reported updated Phase Ib data for its LSD1

inhibitor iadademstat across two AML studies (ALICE-2 and FRIDA). Data PRICE TARGET | % TO PT €4.20 | +35%

demonstrated robust and consistent efficacy, including maintained 100% 52W HIGH-LOW €4.02 - €2.56

ORR in ALICE-2 (1st-line). We forecast $650m peak WW iadademstat sales FLOAT (%) | ADV MM (USD) 76.1% | 1.51

at 30% probability, for €1.7/share NPV (37% of undiluted SOTP). We think MARKET CAP €248.5M | $287.3M

iadademstat is being widely overlooked. Reiterate Buy. TICKER ORY SM ^Prior trading day's closing price unless otherwise

noted.

Iadademstat continues to show strong early efficacy in 1st-line AML at EHA 2026: Oryzon

reported updated Phase Ib data for its LSD1 inhibitor iadademstat in newly diagnosed, unfit

AML (ALICE-2) at EHA 2026. The iadademstat + azacitidine + venetoclax triplet delivered a

100% overall response rate (ORR; 18/18), 89% composite complete remission (CRc) and 78%

complete response rate (CR), with responses occurring early (mostly cycle 1) and consistently

across adverse-risk subgroups, including TP53- and RAS-mutated disease. This is broadly in

line with the previous update at ASH in Dec 2025 where the triplet delivered a 100% ORR, 90%

CRc and 80% CR rate. If sustained in larger studies, these data could position iadademstat

as a potentially meaningful addition to frontline AML treatment, with top-line results (n=20)

anticipated 4Q26 at ASH.

Proportion of patients moving to transplantation saw a decrease: The number of patients