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    Cheng Li

    Research Analyst at Oppenheimer & Co. Inc.

    Cheng Li is Director of Biotech Equity Research at Oppenheimer & Co. Inc., specializing in the biotechnology sector and covering companies such as Vaxart and Biomea Fusion. He has made recent investment calls including initiating Vaxart with an Outperform rating and aggressive price target, though his tracked average return is currently -31.57% based on available public data. Since joining Oppenheimer in 2020 and rising to Director, Dr. Li has leveraged his academic background from Weill Cornell Graduate School of Medical Sciences and The Hong Kong Polytechnic University, where he earned both his doctorate and graduate degrees. He is also registered with FINRA as a broker, confirming his professional credentials and securities licensure.

    Cheng Li's questions to Vaxart (VXRT) leadership

    Cheng Li's questions to Vaxart (VXRT) leadership • Q2 2025

    Question

    Cheng Li from Oppenheimer & Co. Inc. asked for confirmation that the norovirus Phase 2b trial is contingent on securing a partnership or funding, inquired about the earliest possible start time for that study, and asked for the rationale behind the second stop-work order for the COVID-19 program.

    Answer

    CEO Steven Lo noted productive partnership discussions for the norovirus program since June. CFO Jeroen Grasman confirmed that progression of the norovirus study is contingent on external funding or a partnership. Mr. Lo added that funding is the primary gating factor for the trial. Regarding the COVID-19 trial, Mr. Lo stated that Vaxart has not yet received a specific rationale for the stop-work order from BARDA but remains in dialogue with them.

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    Cheng Li's questions to Vaxart (VXRT) leadership • Q2 2025

    Question

    Inquired about the norovirus program's dependency on funding for its Phase 2b trial and other potential gating factors. Also asked for the rationale behind the second stop work order for the COVID-19 program and the prospects for resuming enrollment.

    Answer

    The company confirmed that the progression of the norovirus Phase 2b study is contingent on securing new funding, which is the primary gating factor. Regarding the COVID-19 trial, they have not yet received a specific rationale for the second stop work order from BARDA and are awaiting further information.

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    Cheng Li's questions to Vaxart (VXRT) leadership • Q1 2025

    Question

    Cheng Li inquired about the key factors determining the start of patient dosing for Vaxart's 10,000-participant Phase IIb COVID-19 trial and the expected enrollment timeline. He also asked for the criteria that would define a successful outcome for the Phase I trial of the second-generation Norovirus vaccine.

    Answer

    CEO Steven Lo explained that following the lifting of the stop-work order, the company is proceeding with necessary next steps like patient screening before dosing can commence. Chief Medical Officer Dr. James Cummings projected an enrollment period of approximately five to six months for the COVID-19 study. Regarding the Norovirus trial, Founder and Chief Scientific Officer Dr. Sean Tucker stated that success would be demonstrated if the new vaccine constructs show a positive trend in key immunogenicity endpoints compared to the older constructs, even without statistical significance due to the study's size.

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    Cheng Li's questions to INOVIO PHARMACEUTICALS (INO) leadership

    Cheng Li's questions to INOVIO PHARMACEUTICALS (INO) leadership • Q2 2025

    Question

    Cheng Li from Oppenheimer & Co. Inc. asked about the completion timeline for the Selectra device's DV testing, noting it seemed to extend beyond the prior H1 guidance, and also inquired about the company's thinking on a redosing strategy for INO-3107.

    Answer

    President and CEO Dr. Jacqueline Shea confirmed that while DV testing was a complex process with external vendors, the company remains on track for its H2 2025 BLA submission. Chief Medical Officer Dr. Michael Sumner added that Inovio plans to pursue a redosing strategy, likely annual dosing, to maintain and enhance clinical benefit, with FDA discussions to begin post-BLA submission.

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    Cheng Li's questions to Intellia Therapeutics (NTLA) leadership

    Cheng Li's questions to Intellia Therapeutics (NTLA) leadership • Q2 2025

    Question

    On behalf of Jay Olson at Oppenheimer, Cheng Li asked for the rationale behind choosing 1,200 patients as the optimal number for the MAGNITUDE study and whether this number is considered final.

    Answer

    EVP & CMO David Lebwohl explained that the 1,200-patient size is optimal for demonstrating a statistically and clinically meaningful benefit in the stabilizer subpopulation. He noted this number allows for completion within the guided timeframe, accelerates event accrual for analyses, and maintains the company's cash runway. He confirmed that Intellia is not planning further adjustments to the trial size.

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    Cheng Li's questions to Wave Life Sciences (WVE) leadership

    Cheng Li's questions to Wave Life Sciences (WVE) leadership • Q2 2025

    Question

    Cheng Li from Oppenheimer & Co. Inc. asked about the baseline characteristics of patients enrolled in cohort two of the WVE-007 study and what key metrics to watch. He also inquired if the Q4 data would provide clarity on the ultimate dosing frequency.

    Answer

    President & CEO Paul Bolno confirmed that patients are healthy overweight or obese individuals meeting specific BMI criteria (20-35), and full baseline characteristics will be shared with the data. Regarding dosing frequency, he explained that the data from the 75 mg and 240 mg cohorts, followed by the 400 mg cohort, will provide a good sense of the dosing kinetics using Activin E as a key biomarker to track the PK relationship over time.

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    Cheng Li's questions to EXELIXIS (EXEL) leadership

    Cheng Li's questions to EXELIXIS (EXEL) leadership • Q1 2025

    Question

    Cheng Li asked about the characteristics of early CABOMETYX adopters in the NET setting and whether upcoming data for the pipeline drug XL309 would include both monotherapy and combination results.

    Answer

    EVP of Commercial P.J. Haley noted that commercially, they do not receive detailed patient data but that qualitative feedback suggests broad utilization across NET patient types, consistent with the label. Chief Medical Officer Amy Peterson confirmed that the XL309 program is evaluating both monotherapy and combination therapies and data will be shared when a complete set is available.

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    Cheng Li's questions to NEKTAR THERAPEUTICS (NKTR) leadership

    Cheng Li's questions to NEKTAR THERAPEUTICS (NKTR) leadership • Q3 2024

    Question

    Cheng Li of Oppenheimer & Co. Inc. inquired about the baseline characteristics of patients being enrolled in the REZPEG trial and asked for the geographic split of enrollment between U.S. and ex-U.S. clinical sites.

    Answer

    Chief Medical Officer Dr. Mary Tagliaferri explained that because the study is fully blinded, the company is not analyzing aggregated baseline data to maintain the trial's integrity. She assured that clear baseline characteristics will be provided along with the top-line data results.

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    Cheng Li's questions to Editas Medicine (EDIT) leadership

    Cheng Li's questions to Editas Medicine (EDIT) leadership • Q2 2024

    Question

    Cheng Li, on for Jay Olson, asked if the follow-up time for the reni-cel adolescent cohort would be sufficient at the time of BLA filing to have both adult and adolescent patients included on the label.

    Answer

    Chief Medical Officer Baisong Mei expressed pleasure with the rapid enrollment of the adolescent cohort and confirmed that Editas 'certainly want to seek for a broader indication of all age cohorts' and has alignment with the FDA on the clinical trial design to support that goal.

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