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    Jiale Song

    Research Analyst at Jefferies Financial Group Inc.

    Jiale Song serves as an Equity Associate at Jefferies LLC, focusing on biotechnology sector research and providing analytical support to senior equity analysts. While detailed performance metrics and specific companies covered are not publicly available, Jiale Song operates within Jefferies' highly regarded biotech research team and contributes to coverage of major healthcare firms featured in prominent sector conferences. Song began their career at Jefferies and continues to advance within the firm, leveraging deep sector knowledge and robust analytical skills. Professionally registered with FINRA, Jiale Song maintains all mandatory securities licenses for equity research analysts in the United States.

    Jiale Song's questions to Replimune Group (REPL) leadership

    Jiale Song's questions to Replimune Group (REPL) leadership • Q4 2025

    Question

    Jiale Song asked for color on the expected launch trajectory for RP1, considering the dynamic between oncologists and interventional radiologists, and also questioned the company's NCCN listing strategy post-approval.

    Answer

    CCO Christopher Sarchi stated the company anticipates a broad and rapid adoption, with an initial focus on the hospital setting where approximately 150 key accounts will have experience with intratumoral injections by launch. CEO Sushil Patel added that while they will submit data to the NCCN post-publication, it is not essential for access due to the expected FDA approval. Mr. Sarchi also noted that they will immediately submit data to drug compendia to ensure rapid integration into electronic medical record (EMR) systems.

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    Jiale Song's questions to CytomX Therapeutics (CTMX) leadership

    Jiale Song's questions to CytomX Therapeutics (CTMX) leadership • Q1 2025

    Question

    Jiale Song asked about the baseline differences between patients achieving partial response versus stable disease with CX-2051, the likelihood of antitumor activity deepening over time, and the development strategy for a pivotal trial in late-line colorectal cancer (CRC), including plans for moving into earlier lines of therapy.

    Answer

    CEO Sean McCarthy explained that while the company will continue to analyze patient characteristics, the overall activity in an unselected population is impressive. He pointed to the preliminary 5.8-month progression-free survival (PFS) and the number of patients still on study as reasons to believe the PFS number could improve. McCarthy added that the company is focused on the expansion cohorts and will discuss the optimal Phase 2/3 path with regulators, aiming to generate combination data in 2026 to support moving into earlier lines.

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    Jiale Song's questions to Corvus Pharmaceuticals (CRVS) leadership

    Jiale Song's questions to Corvus Pharmaceuticals (CRVS) leadership • Q1 2025

    Question

    Jiale Song sought clarification on the potential once-daily (QD) dose for the Phase II trial and its safety rationale. He also asked about the company's strategy regarding partnerships for soquelitinib development.

    Answer

    Richard Miller, an executive, explained that the Phase II design is not finalized but will include at least two active dose groups, with 200mg BID being one. He mentioned that doses up to 600mg BID were tested in lymphoma trials without reaching a maximum tolerated dose, providing a safety cushion. Regarding partnerships, Miller stated that while Corvus is engaged in discussions, the company is not dependent on a partner and will 'blast ahead' on its own, using the recent warrant exercise proceeds to fund the extension cohort and advance into Phase II.

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    Jiale Song's questions to Corvus Pharmaceuticals (CRVS) leadership • Q3 2024

    Question

    Jiale Song of Jefferies asked about the follow-up periods for the atopic dermatitis trial cohorts, the kinetics of efficacy endpoints, and the expected dose-dependency of soquelitinib's effect.

    Answer

    Executive Richard Miller stated that 28-day data will be reported in December, with full follow-up for the first cohort. He anticipates efficacy may improve with higher doses, drawing parallels to lymphoma studies, but emphasized the trial's goal is to determine the optimal dose for atopic dermatitis, which may not require the same target saturation as lymphoma.

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    Jiale Song's questions to NOVAVAX (NVAX) leadership

    Jiale Song's questions to NOVAVAX (NVAX) leadership • Q1 2025

    Question

    Jiale Song of Jefferies inquired about the nature of the FDA's requested post-marketing commitment for the COVID-19 vaccine BLA, its potential impact on the 2025-2026 season, and the target profile for the upcoming COVID-Influenza Combination (CIC) vaccine data needed to secure a partnership.

    Answer

    CEO John Jacobs stated that Novavax has not publicly detailed the post-marketing commitment but sees a clear path to approval and does not anticipate an impact on the upcoming season's strain selection. Head of R&D Dr. Ruxandra Draghia-Akli clarified the mid-year CIC data is a non-pivotal study focused on generating immunogenicity and safety data to inform the design of a future registrational trial with a partner.

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    Jiale Song's questions to NOVAVAX (NVAX) leadership • Q4 2024

    Question

    Jiale Song inquired about the preparations for the 2025-2026 COVID season under the Sanofi partnership and what would constitute a 'partnerable profile' for the COVID-Influenza Combination (CIC) vaccine following its mid-year data readout.

    Answer

    President and CEO John Jacobs affirmed the strength of the Sanofi partnership and the vaccine's position as a differentiated option. Ruxandra Draghia-Akli, Head of R&D, explained that the upcoming Phase III cohort data will provide additional immunogenicity and safety results, which would be attractive to a potential partner for optimizing future trial design.

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    Jiale Song's questions to NOVAVAX (NVAX) leadership • Q3 2024

    Question

    Jiale Song of Jefferies inquired about the specific timing for initiating the Phase III trial for the COVID-Influenza Combination (CIC) vaccine following the FDA's removal of the clinical hold. He also asked about any additional FDA safety requirements and sought details on commercial performance, including the split between initial stocking and actual shots in arms, channel distribution, and the net price per dose.

    Answer

    Chief Medical Officer Dr. Robert Walker stated that while the trial will start 'as soon as possible,' a specific date is not yet set, pending logistical planning. He confirmed the serious adverse event was deemed unrelated to the vaccine, so no significant new safety protocols are expected. CEO John Jacobs reiterated that they expect to start in the 'near-term.' President and COO John Trizzino noted that current market share is approximately 3%, and Dr. Walker later clarified that IQVIA data shows about 500,000 doses administered.

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    Jiale Song's questions to Wave Life Sciences (WVE) leadership

    Jiale Song's questions to Wave Life Sciences (WVE) leadership • Q1 2025

    Question

    Jiale Song from Jefferies asked what would constitute a successful data readout for the INHBE obesity program and what benchmarks the company is using for evaluation.

    Answer

    President and CEO Dr. Paul Bolno benchmarked success against GLP-1 therapies, which show around 4% weight loss at 3 months and 7% at 6 months. However, he emphasized a key differentiator: up to 40% of GLP-1-induced weight loss is muscle mass. Dr. Bolno stated that a 'grand slam' for WVE-007 would be achieving a similar magnitude of total weight loss that is composed entirely of fat, preserving muscle, which would align with their preclinical findings and represent a healthier weight loss profile.

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    Jiale Song's questions to Wave Life Sciences (WVE) leadership • Q4 2024

    Question

    Jiale Song of Jefferies asked about the AATD program, seeking clarity on the correlation between restored M-protein levels and clinical outcomes like liver and lung function. He also inquired if the upcoming DMD update would include details on a potential umbrella trial design for registration.

    Answer

    President and CEO Paul Bolno explained that the goal for WVE-006 is to restore patients to a heterozygous phenotype, which is known from human data to be protective for lung and liver function. He emphasized that tracking M-protein is the best way to measure this correction. Regarding the DMD program, he confirmed the upcoming update will provide details on the next steps for the program, including accelerated registration and study design.

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    Jiale Song's questions to Krystal Biotech (KRYS) leadership

    Jiale Song's questions to Krystal Biotech (KRYS) leadership • Q1 2025

    Question

    Jiale Song asked for an update on long-term VYJUVEK compliance rate expectations, the experience with patients restarting therapy, and the anticipated launch trajectory in Germany compared to the U.S.

    Answer

    Krish Krishnan, Chairman and CEO, stated that while current compliance is high, it is expected to normalize towards 50% long-term as the patient mix evolves. Jennifer McDonough, SVP of Patient Access, confirmed patients are successfully pausing and restarting therapy based on individual needs. Regarding the EU, Krish Krishnan noted the German launch is set for Q3, and while patient identification is easier, the launch trajectory will become clearer after the first quarter.

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    Jiale Song's questions to TG THERAPEUTICS (TGTX) leadership

    Jiale Song's questions to TG THERAPEUTICS (TGTX) leadership • Q1 2025

    Question

    Jiale Song questioned the development plan for the subcutaneous formulation of Briumvi, specifically asking about the number of doses being considered for the pivotal trial and the expected timing for PK data.

    Answer

    CEO Michael Weiss stated that the company is leaning toward including two dosing regimens, every other month and quarterly, in the pivotal trial. He indicated that PK data would likely be presented later in the year, as the company continues to collect more data leading into the trial.

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    Jiale Song's questions to TG THERAPEUTICS (TGTX) leadership • Q3 2024

    Question

    Jiale Song of Jefferies, also known as Roger Song, asked about plans to provide proof-of-concept data for BRIUMVI in non-MS indications and the expected timing and nature of data updates for the azer-cel allogeneic cell therapy program.

    Answer

    CEO Michael Weiss described non-MS indications as a lower near-term priority, with more clarity expected in 2025 as the company evaluates options. For azer-cel, he hopes to start the Phase 1 study by late 2024 or early 2025, but cautioned that any data updates would likely not occur until the second half of 2025 due to the anticipated slow enrollment of such trials.

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    Jiale Song's questions to Kura Oncology (KURA) leadership

    Jiale Song's questions to Kura Oncology (KURA) leadership • Q1 2025

    Question

    Jiale Song from Jefferies sought to confirm that the ASCO abstract and presentation would share the same data cut-off and asked how a potential approval of ziftomenib in the relapsed/refractory setting might impact enrollment for the frontline pivotal trial.

    Answer

    CEO Troy Wilson confirmed the data cut-off for the ASCO abstract and presentation is identical. He explained that an approval in the relapsed/refractory setting should not negatively affect frontline trial enrollment, as it is a distinct patient population for which no menin inhibitor is approved.

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    Jiale Song's questions to Kura Oncology (KURA) leadership • Q3 2024

    Question

    Jiale (Roger) Song from Jefferies questioned the timing for initiating the pivotal study for ziftomenib combinations relative to data releases and asked for an update on the timeline for the monotherapy NPM1 data and subsequent NDA filing.

    Answer

    CEO Dr. Troy Wilson stated that pivotal combination studies for 7+3 and ven/aza are planned to start by mid-2025, following engagement with health authorities early in the year. For the monotherapy, he reiterated that top-line results are expected in early 2025, with an NDA submission a few months later, targeting a potential approval in the second half of 2025.

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    Jiale Song's questions to UNITED THERAPEUTICS (UTHR) leadership

    Jiale Song's questions to UNITED THERAPEUTICS (UTHR) leadership • Q1 2025

    Question

    Jiale Song of Jefferies Financial Group Inc., also known as Roger Song, requested qualitative commentary on the company's revenue growth trajectory for the current and next year, considering the emerging competitive dynamics in the PAH market.

    Answer

    President and COO Michael Benkowitz reiterated expectations for continued double-digit revenue growth from the existing portfolio. He emphasized that significant growth opportunities remain, as only about 40% of PAH patients are on a prostacyclin. He also highlighted the potential of the TETON data to open the large IPF market and continued expansion in PH-ILD as key future growth drivers.

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    Jiale Song's questions to UNITED THERAPEUTICS (UTHR) leadership • Q4 2024

    Question

    Jiale Song inquired about the 2025 sales outlook and the expected revenue growth trajectory for the year, particularly in light of product seasonality.

    Answer

    Michael Benkowitz, President and Chief Operating Officer, reiterated the company's expectation for continued double-digit revenue growth into the mid-decade. He noted that this outlook for the foundational business remains unchanged despite recent contracting efforts and anticipates a significant growth inflection upon potential approvals for ralinepag and Tyvaso in IPF.

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    Jiale Song's questions to UNITED THERAPEUTICS (UTHR) leadership • Q3 2024

    Question

    Jiale Song, also known as Roger Song, asked about the competitive dynamics for Remodulin, particularly the nuance between IV and subcutaneous use against generics, and whether the franchise could see regrowth.

    Answer

    Executive Michael Benkowitz expressed continued confidence in Remodulin's durability, stating it remains a go-to drug for PAH. He acknowledged that while less invasive options are tried first, PAH is a progressive disease, and most patients will eventually need parental therapy. He anticipates continued strong performance, though some variability may occur as the 'expedite' protocol with Orenitram gains traction.

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    Jiale Song's questions to Kiniksa Pharmaceuticals International (KNSA) leadership

    Jiale Song's questions to Kiniksa Pharmaceuticals International (KNSA) leadership • Q1 2025

    Question

    Jiale Song of Jefferies asked about the proportion of ARCALYST prescriptions for first-recurrence patients and inquired about the recent decline in R&D expenses and its implications for future spending.

    Answer

    Chief Commercial Officer Ross Moat confirmed that first-recurrence patients constitute about 15% of users, showing physicians are using the label's full breadth. Chief Financial Officer Mark Ragosa clarified that Q4 2024 R&D was elevated by a one-time charge and that the Q1 2025 level is a more representative baseline, noting future spending will be variable due to upcoming clinical trials.

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    Jiale Song's questions to Kiniksa Pharmaceuticals International (KNSA) leadership • Q3 2024

    Question

    Jiale Song inquired about Kiniksa's strategy to increase market penetration for ARCALYST in patients with their first recurrence and asked about the expected quarter-over-quarter growth rate moving forward.

    Answer

    Chief Commercial Officer Ross Moat explained that while the primary focus remains on the larger market of patients with two or more recurrences, the 15% of prescriptions from the first-recurrence segment is encouraging and reflects growing awareness of the drug's broad label. Regarding growth, he highlighted the strong 8.5% sequential growth in Q3 and the resulting guidance increase, but did not provide a specific forward-looking growth rate, emphasizing the large opportunity still ahead.

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    Jiale Song's questions to Viking Therapeutics (VKTX) leadership

    Jiale Song's questions to Viking Therapeutics (VKTX) leadership • Q1 2025

    Question

    Jiale Song, also known as Roger Song, asked for details on the design of the subcutaneous Phase III trial and how it compares to other obesity trials. He also inquired about the target profile Viking aims to achieve for its amylin candidate before filing an IND.

    Answer

    Brian Lian, President and CEO, stated that full details of the Phase III trials will be released upon initiation but confirmed they will adhere to regulatory guidance, including a total of at least 4,500 participants across two studies. For the amylin program, he mentioned that extensive work has led to a promising weekly, long-acting candidate that they hope to advance into the clinic by year-end.

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    Jiale Song's questions to Viking Therapeutics (VKTX) leadership • Q3 2024

    Question

    Jiale Song sought confirmation that dose escalation for oral VK2735 up to 100mg was complete, requested qualitative comments on the results, and asked about progress in scaling up manufacturing capacity for both clinical and potential commercial supply.

    Answer

    Brian Lian, an executive, confirmed that dosing up to 100mg was completed but deferred sharing detailed results until the upcoming ObesityWeek poster presentation. On manufacturing, he assured that Viking has sufficient supply for current development plans and is actively working with global suppliers to secure long-term agreements for a potential blockbuster-scale launch.

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    Jiale Song's questions to CureVac (CVAC) leadership

    Jiale Song's questions to CureVac (CVAC) leadership • Q4 2024

    Question

    Jiale Song inquired about the specific criteria for the go/no-go decision on the glioblastoma program, whether preclinical models show differential anti-tumor activity based on the number of antigens expressed in the NSCLC program, and what is included in the cash runway guidance to 2028.

    Answer

    CSO Myriam Mendila set a high bar for the glioblastoma program, targeting a median overall survival of 15+ months or a ~20% overall response rate. She noted animal models cannot determine efficacy based on antigen count. CFO Axel-Sven Malkomes confirmed the cash runway includes the current core pipeline's clinical phases, though some phases extend beyond the runway period.

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    Jiale Song's questions to CureVac (CVAC) leadership • Q4 2024

    Question

    Inquired about the decision criteria for the glioblastoma (GBM) program, the preclinical evidence for their multi-antigen approach in lung cancer, and the scope of the company's cash runway guidance.

    Answer

    The go/no-go criteria for GBM is a median overall survival of 15 months or longer, or an overall response rate of about 20%. For the lung cancer program, animal models cannot determine the efficacy difference between responses to one versus four antigens, but immune response diversity is considered beneficial. The cash runway into 2028 includes the planned clinical phases for the current core pipeline, though some phases may occur after the cash-out period.

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    Jiale Song's questions to NEKTAR THERAPEUTICS (NKTR) leadership

    Jiale Song's questions to NEKTAR THERAPEUTICS (NKTR) leadership • Q4 2024

    Question

    Jiale Song from Jefferies inquired about Nektar's expectations for patient baseline severity in the atopic dermatitis trial and how the trial design aims to manage the placebo response rate.

    Answer

    Chief Research and Development Officer Dr. Jonathan Zalevsky stated the company hopes to see a baseline EASI score in the 25-30 range, which historically correlates with lower placebo effects. He detailed several prospective measures implemented to mitigate a high placebo rate, including limiting U.S. sites to 17%, using experienced board-certified dermatologists, and requiring consistent EASI scores at both screening and randomization to avoid enrolling patients with flaring disease.

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    Jiale Song's questions to Vaxcyte (PCVX) leadership

    Jiale Song's questions to Vaxcyte (PCVX) leadership • Q4 2024

    Question

    Jiale Song of Jefferies inquired about the VAX-24 infant primary series data, including the timing of the readout, the extent of safety data to be provided, the non-inferiority criteria for Phase II versus Phase III, and the potential read-through to the booster dose data.

    Answer

    CEO Grant Pickering and EVP & COO Jim Wassil clarified that the data readout timing is standard for antibody response accumulation and that significant safety data will be available. They confirmed using a 15-percentage-point differential for non-inferiority in the smaller Phase II study is a standard predictor for meeting the 10-point hurdle in Phase III. Pickering added that while the primary series focuses on seroconversion, the provided IgG antibody comparisons will offer a strong indication of performance for the booster dose, where they expect to show higher immune responses.

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    Jiale Song's questions to Aclaris Therapeutics (ACRS) leadership

    Jiale Song's questions to Aclaris Therapeutics (ACRS) leadership • Q1 2024

    Question

    Asked about the potential synergistic effects of inhibiting both ITK and JAK3, whether the company had tested these pathways individually in preclinical models, the rationale for the 10mg BID dose selection for the Phase IIa study, and the efficacy goals for that trial.

    Answer

    Executives explained their hypothesis that ITK inhibition provides a 'hyper boost' to JAK3 inhibition, especially in atopic dermatitis, and that they have seen a boost in activity with their dual inhibitor compared to a more selective JAK3 inhibitor in a preclinical model. The 10mg BID dose was chosen based on preclinical models and comparisons to ritlecitinib, aiming for high inhibition of both pathways. The open-label Phase IIa study aims to show an absolute treatment effect superior to existing JAK inhibitors.

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    Jiale Song's questions to Aclaris Therapeutics (ACRS) leadership • Q1 2024

    Question

    Jiale Song inquired about the potential synergistic effects of dual ITK and JAK3 inhibition, asking if Aclaris had preclinical data comparing the dual mechanism to single-pathway inhibition. He also asked about the rationale for selecting the 10 mg BID dose for the Phase IIa study and the efficacy goals for the trial.

    Answer

    Interim CEO Neal Walker confirmed the company's hypothesis of a synergistic effect, particularly in atopic dermatitis, and noted the upcoming study will use pharmacodynamic markers to isolate the ITK contribution. Chief Scientific Officer Joseph Monahan added that in a preclinical colitis model, ATI-2138 showed superior anti-inflammatory activity compared to the more selective JAK3 inhibitor, ritlecitinib. Monahan explained the 10 mg BID dose was selected based on preclinical models and aims for a C average providing high inhibition of both pathways, with flexibility to increase the dose. Walker stated the efficacy goal is to demonstrate an absolute treatment effect superior to currently marketed JAK inhibitors.

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    Jiale Song's questions to Aclaris Therapeutics (ACRS) leadership • Q1 2024

    Question

    Jiale Song inquired about the potential synergistic effects of inhibiting both ITK and JAK3, the rationale for the 10mg BID dose selection for the Phase IIa trial, and the study's efficacy goals.

    Answer

    Interim CEO Neal Walker confirmed the hypothesis of a synergistic effect, which the proof-of-concept study aims to validate with pharmacodynamic markers. Chief Scientific Officer Joseph Monahan added that preclinical models showed ATI-2138 had a boosted anti-inflammatory effect compared to the more JAK3-selective ritlecitinib. Monahan explained the 10mg BID dose was chosen based on preclinical models and its ability to achieve high inhibition of both pathways, with the flexibility to dose higher. Walker noted the efficacy goal is to outperform existing JAK inhibitors.

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    Jiale Song's questions to SUTRO BIOPHARMA (STRO) leadership

    Jiale Song's questions to SUTRO BIOPHARMA (STRO) leadership • FY 2023

    Question

    Jiale (Roger) Song from Jefferies inquired about the potential value to be realized from a partnership for the deprioritized luvelta program and asked for the data timeline for the STRO-004 tissue factor ADC.

    Answer

    Executive Jane Chung stated that Sutro is in active discussions to find a partner to realize luvelta's full potential and highlighted upcoming data at the SGO conference. For STRO-004, she confirmed an IND filing and first-in-human trial initiation for the second half of the current year, with initial clinical data expected in 2026-2027. CSO Dr. Hans-Peter Gerber added that STRO-004's preclinical data shows superior safety and efficacy, prompting its rapid advancement.

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