Key 2Q Takes & Model Updates: XNCR / ZYME / CHRS / EDIT

研报英文原文证据摘录

J P M O R G A N

North America Equity Research

07 August 2026

Key 2Q Takes & Model Updates

XNCR / ZYME / CHRS / EDIT

We provide a recap of 2Q results across some of the names in our coverage universe

this week. In this note, we highlight key tidbits and update our models for Xencor

(XNCR), Zymeworks (ZYME), Coherus (CHRS), and Editas (EDIT).

SMid Biotechnology

Xencor (XNCR, N) – ENPP3xCD3’s ccRCC Expansion Cohort Update

Incoming at ESMO. At ESMO in October, the focus will be on the performance

of the IV expansion cohort at RP3D building on the dose escalation the co. reported

(note). Dose escalation for the subQ formulation is underway. On XmAb541

(CLDN6xCD3), the co. is prioritizing the program to combine with XmAb808

(B7-H3xCD28). Ph 1 combo dose escalation is underway with the target dose

range expected in 2027. On the I&I side, the blinded interim analysis from the Ph

2b XENITH-UC for XmAb942 (anti-TL1A) remains on track around YE (noting

that primary EP will be reached in 2H next year).

Sarah Medeiros, PhD

Brian Cheng AC

(1-212) 622-0449

(1-212) 622-3957

J.P. Morgan Securities LLC

Zymeworks (ZYME, OW) – Theravance Acquisition on Track to Close in 2H.

The 2Q update was largely a non-event, and we caught up with mgmt afterwards.

The most notable pipeline update was JNJ’s decision to increase enrollment in the

mCRPC Ph 3 pasritamig (KLK2xCD3) study and accelerate the expected PCD to

Dec-2027. Separately, ZYME disclosed plans to explore alternative financing

structures for its Pan-RAS ADC platform. Near term, on the partnered zani front,

the PDUFA date for 1L+ HER2+ GEA approval is Aug 25. We are currently in the

process of refreshing our ZYME model to reflect the Theravance acquisition.

Maintain OW.

Coherus (CHRS, N) – Eyes on Tagmo’s October Disclosure in Head and Neck.

Loqtorzi 2Q sales were $13.6mn (+15% q/q), in line with our $13.3mn JPMe. New

pt starts hit a record this 2Q and duration on tx continues to improve, as

discontinuations also normalized. Mgmt on the call guided +10% to +15% q/q

growth looking ahead, reaching an estimated $30mn/qtr in 2027 and peak rate by

2028. On tagmo (CCR8) + tori in 2L HNSCC, mgmt provided commentary

…