AVBP - 1x1 w/ Mgmt - ASCO Readthrough Reinforces Firmo’s Differentiation Ahead of Mid-2026 FURVENT Readout

研报英文原文证据摘录

AVBP - 1x1 w/ Mgmt - ASCO Readthrough Reinforces Firmo’s Differentiation Ahead of Mid-2026 FURVENT Readout

the

52-Wk Range $33.09-$16.95 mid-2026 FURVENT readout in 1L EGFR exon 20 insertion (Ex20ins) NSCLC. Mgmt

Market Cap ($M) $1,365 maintained that firmo could deliver at least ~3 mos of mPFS improvement vs. chemo. AVBP

is currently assuming mPFS of ~7 mos for the chemo control arm (based on historical 6-7 ADTV 345,077

mos mPFS range) and expects firmo to trend toward 10-11 mos mPFS, consistent with the Shares Out (M) 43 10.7 mos demonstrated in the ph.I FAVOUR study. Mgmt also emphasized that FURVENT is

Short Interest Ratio/% Of Float 23.1% designed to account for known sources of variability, e.g., baseline CNS disease, geographic

Enterprise Value ($M) $1,039 region, etc.

Cash & Equivalents ($M) $326 • Enrollment criteria – CNS disease inclusion was intentional. Mgmt noted that

Cash Per Share $7.28 inclusion of patients with CNS disease was deliberate, reflecting the ~30-40% prevalence

in real-world EGFR Ex20ins NSCLC. As highlighted in our recent KOL discussion at

ASCO, CNS activity remains a meaningful differentiator and a key factor for adoption in 7 Page Document

NSCLC. We also note that enrolling patients with CNS disease may drive control arm

performance closer to the historical 6-7 mos range, given the typically higher disease

Reasons for this report burden.

• Expectations for clinically meaningful efficacy. Mgmt indicated that the target

✓ Management Meeting Takeaways outcome for firmo is ~10+ mos mPFS with ~3+ mos of improvement vs. chemo control.

While J&J's (JNJ, NR) amivantamab + chemo, the current 1L SOC (PAPILLON), delivered

11.4 mos mPFS, our KOL suggested the practical efficacy bar may be somewhat lower