MBX's Canvu Competitive As QW Option – Yorvi Expected To Retain Lead

研报英文原文证据摘录

MBX's Canvu Competitive As QW Option – Yorvi Expected To Retain Lead

TD Cowen Ascendis

Global Research June 14, 2026

Because MBX allowed dose flexibility in its OLE, the most appropriate

comparison is Yorvipath’s dose-flexible datasets, not restricted-dose analyses.

Even under that framework, Yorvipath maintains higher response rates over

time, reinforcing a durability advantage. While MBX has pointed to FDA-reviewed

datasets as the relevant benchmark, we believe the pooled Ph3 and long-term

data provide the more practical real-world comparison, which continues to favor

Yorvipath.

Decline From 6 Months Likely Reflects Real-World Execution Challenges Rather

Than Pure Biology

The drop in responder rate from 79% at 6 months to 57% at 1 year is the most

debated element of the OLE data. Management attributed this primarily to

operational differences in the OLE, where patients transitioned from tightly

monitored, clinic-based dosing to home preparation and self-administration

with less frequent follow-up.

We think this explanation is credible and likely accounts for a meaningful portion

of the decline, especially given in the FDA Review of Yorvi's Ph2 and Ph3 data,

efficacy decreased between weeks 26 to 52 without dose uptitration. Further,

the OLE represents a more real-world setting, introducing variability in dose

preparation, adherence, and titration. However, the magnitude of deterioration

suggests additional contributors, including challenges in sustaining all

components of a stringent composite endpoint over time.

Importantly, this pattern contrasts with Yorvi, where efficacy remains stable or

improves with continued titration. Hence, while execution likely played a role,

durability may also be somewhat less robust than initially anticipated.