Q2 Preview: Expect Modest Q/Q Growth; Focus Remains on H2 Datasets for T1 SCLC and IL13/31

研报英文原文证据摘录

Q2 Preview: Expect Modest Q/Q Growth; Focus Remains on H2 Datasets for T1 SCLC and IL13/31

The global pipeline continues to mature and we expect this to become a bigger

driver of the valuation... Mgmt highlighted continued strong enrollment for the

ZL-1310 (DLL3 ADC, "Zoci") registrational study in second-line SCLC. The

company expects ~75% enrollment by YE/26 and full enrollment by Q1/27. While an

interim ORR analysis is planned once roughly 100 patients per arm have accrued at least

six months of follow-up, mgmt noted that regulators have prioritized building a robust

safety database and prefer full accrual before unblinding response data. Based on Phase

I experience, mgmt remains confident that Zoci can deliver a clinically meaningful

response advantage vs control, citing prior ORRs of ~60-70% in second-line patients

and ~45% in post-tarlatamab patients, including complete response(s). The company

expects to achieve overall survival outcomes comparable to or better than tarlatamab

while offering a more favorable safety profile. Mgmt emphasized that the ADC

mechanism may offer distinct advantages, including activity in high-volume disease and

brain metastases, with limited toxicity and broad applicability irrespective of target

expression levels.

In parallel, ZLAB is advancing front-line extensive-stage SCLC development and

expects to present the front line data at ESMO as a poster presentation,

supported by encouraging early data combining ZL-1310 with atezolizumab with or

without carboplatin. Mgmt continues to evaluate both chemotherapy-containing and

chemotherapy-free approaches, though discussions suggested increasing enthusiasm

for a chemo-sparing strategy given the potential for improved treatment duration,