LEGN: Closer Look At In Vivo Data Shows Promise and Pipeline Potential

研报英文原文证据摘录

LEGN: Closer Look At In Vivo Data Shows Promise and Pipeline Potential

EQUITY RESEARCH QUICK TAKE

RBC Capital Markets, LLC

Leonid Timashev, Ph.D. (Analyst)

June 16, 2026

Legend Biotech Corp

Closer Look At In Vivo Data Shows Promise and Pipeline Potential

NASDAQ: LEGN | USD 35.48 | Outperform | Price Target USD 64.00

Sentiment: Positive

This weekend LEGN presented at EHA '26 and the mgmt team provided color on the ongoing in-vivo CAR-T development strategy

in NHL.

Recall, LEGN has presented early data on LB2501 in NHL patients, showing a 100% (6/6) OR and 83% (5/6) CR response. The team

noted that it takes about 2 months to observe a CR - in line with other cell therapies - and there is still opportunity for the DL2

PR to become a CR. Notably, the data showed significant tumor lesion reductions, and effects were seen in DLBCL (3/6 at DL2) as

well as other tumors, all of which were heavily pretreated (3.5 median prior lines). Looking ahead, the trial will include another

dose escalation step, with a goal of recruiting 30 patients in total.

Safety was clean, with no grade 3 CRS, ICANS, or neurotox - and this was accomplished with no steroid prophylaxis. While the viral

vector construct could introduce some theoretical safety risks, the team showed that the vector peaks within minutes of infusion

and clears within hours, reducing potential risks, and integration was controlled with no evidence of non-specific transduction. In

the clinical trial, patients were required to stay in the hospital for AEs management, though given the safety profile, in the real-

world, there is likely potential for community and out-patient management.

On the regulatory side, the team is in active discussions with FDA on the path forward; for approval they likely need to show either