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    Leonid Timashev

    Research Analyst at RBC Capital Markets

    Leonid Timashev is an Equity Analyst specializing in biotechnology at RBC Capital Markets, known for his in-depth coverage of emerging biopharma companies such as Legend Biotech, Edgewise Therapeutics, Biohaven Pharmaceutical, NewAmsterdam Pharma, and Verastem. With a track record including 24 total ratings, a 42.11% success rate, and an average return of 10.87% on his stock recommendations, Timashev demonstrates a quantitative, data-driven approach to investment research. He began his career following completion of his undergraduate studies at Cornell University in 2014 and earned a doctorate from The Rockefeller University in 2019, joining RBC Capital Markets as an analyst in 2022. Professionally credentialed, Timashev is registered with FINRA and holds relevant securities licenses, reinforcing his standing as a trusted analyst in U.S. biotechnology equity research.

    Leonid Timashev's questions to ADC Therapeutics (ADCT) leadership

    Leonid Timashev's questions to ADC Therapeutics (ADCT) leadership • Q2 2025

    Question

    Leonid Timashev from RBC Capital Markets asked about ZYNLONTA's potential in indolent lymphomas, specifically marginal zone lymphoma (MZL). He questioned its fit given the different risk-benefit profile, the clinical bar for NCCN inclusion, and whether the company would consider bispecific combinations in these indications.

    Answer

    CEO Ameet Mallik expressed strong encouragement from the MZL data, noting the ongoing trial's 50-patient target is sufficient for NCCN consideration, citing precedents. He stated that ZYNLONTA's current CR rates are 'well above' the ~29% benchmark for existing therapies. Due to the high single-agent efficacy and favorable safety profile, which is critical in indolent settings, Mallik confirmed the company sees no current need to explore bispecific combinations for MZL.

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    Leonid Timashev's questions to Legend Biotech (LEGN) leadership

    Leonid Timashev's questions to Legend Biotech (LEGN) leadership • Q2 2025

    Question

    Leonid Timashev asked about the outlook for the supply and demand curves in 2026, specifically comparing the U.S. and European markets and whether European growth could eventually approach parity with the U.S.

    Answer

    Alan Bash, President of CARVYKTI, stated that the company will drive both supply and demand simultaneously and expects the ex-U.S. contribution to become increasingly meaningful as more markets launch in 2026. He detailed U.S. demand drivers including growing awareness from ASCO data, the positive impact of REMS removal, and new direct-to-patient marketing efforts.

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    Leonid Timashev's questions to Legend Biotech (LEGN) leadership • Q1 2025

    Question

    Leonid Timashev from RBC Capital Markets inquired about the community referral process, asking if it builds brand stickiness for CARVYKTI specifically or for all CAR-Ts, and questioned the commercial messaging given that partner J&J also offers bispecifics.

    Answer

    Alan Bash, President of CARVYKTI, stated that while general CAR-T awareness is growing, their efforts are focused on driving action specifically for CARVYKTI based on its earlier-line approval. He affirmed that both Legend and J&J are committed to positioning CAR-T as the best option for eligible patients, citing IMWG recommendations, and noted that dedicated sales teams from both companies are delivering this message.

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    Leonid Timashev's questions to Legend Biotech (LEGN) leadership • Q4 2024

    Question

    Leonid Timashev asked about the long-term outlook beyond 2025, questioning why 2026 consensus estimates seem low given the target of a 10,000-dose annualized run rate and whether the company will no longer be supply-capped in 2026.

    Answer

    Executive Alan Bash clarified that the 10,000-dose target is an annualized run rate exiting 2025, positioning the company to supply the market in 2026. He highlighted significant upside from expanding treatment sites and community penetration. Executive Ying Huang added that Legend and J&J have jointly decided to invest in further expanding the Tech Lane facility in Belgium, with additional capacity expected online in 2028, signaling confidence in long-term demand.

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    Leonid Timashev's questions to Legend Biotech (LEGN) leadership • Q3 2024

    Question

    Speaking for Leonid Timashev, Joe asked about expectations for CARVYKTI in Europe with new commercial capacity online and the key differences in how European versus U.S. physicians select CAR-T therapies.

    Answer

    SVP Steven Gavel noted that European adoption is slower due to pricing negotiations and a different care model, with Germany being the key market. CEO Ying Huang stressed that overall survival data is paramount for Europe's single-payer systems, making CARVYKTI's OS benefit a powerful tool in reimbursement discussions. CMO Mythili Koneru added that strong trial enrollment in Europe shows high physician interest.

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    Leonid Timashev's questions to CYTOKINETICS (CYTK) leadership

    Leonid Timashev's questions to CYTOKINETICS (CYTK) leadership • Q2 2025

    Question

    Leonid Timashev of RBC Capital Markets asked what primary message Cytokinetics will use to drive physician and patient enthusiasm for aficamtan, focusing on either gradient, symptoms, or cardiac function.

    Answer

    President and CEO Robert Blum stated that specific messaging would not be revealed pre-approval. Andrew Callos, EVP & Chief Commercial Officer, added that physicians focus on efficacy balanced with safety and the REMS. He expressed confidence in aficamtan's differentiation across these areas, with details to be unveiled at launch.

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    Leonid Timashev's questions to CYTOKINETICS (CYTK) leadership • Q1 2025

    Question

    Leonid Timashev of RBC asked about the potential uptake of aficamten in nHCM as a first-in-class therapy and whether the projected 50% market share for nHCM is a global or U.S. dynamic.

    Answer

    Andrew Callos, EVP and CCO, projected that aficamten's uptake in nHCM would be faster than in oHCM. This is due to ongoing market development, growing physician familiarity with cardiac myosin inhibitors, and the potential for positive MAPLE and ACACIA data to expand use beyond centers of excellence.

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    Leonid Timashev's questions to CYTOKINETICS (CYTK) leadership • Q4 2024

    Question

    Leonid Timashev of RBC Capital Markets asked about the endpoints for the ACACIA-HCM trial, questioning the choice of KCCQ as a single primary endpoint versus a dual primary including peak VO2, and whether this was based on internal data or FDA consultation.

    Answer

    EVP of R&D Fady Malik explained that while KCCQ is the primary endpoint, regulators want to see consistency across both symptomatic (KCCQ) and functional (exercise) endpoints. He noted that ACACIA includes an exercise endpoint as a secondary measure and that, practically, there isn't a significant difference between their approach and a dual primary endpoint design, as both aim to show strength of evidence across domains.

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    Leonid Timashev's questions to INSMED (INSM) leadership

    Leonid Timashev's questions to INSMED (INSM) leadership • Q2 2025

    Question

    Leonid Timashev inquired about the expected shape of the brensocatib launch in Europe and other ex-U.S. geographies, considering physician excitement and potential pricing dynamics.

    Answer

    CEO William Lewis described physician enthusiasm as 'universal or uniform' across geographies, citing strong relationships built through international congresses and the ARIKAYCE launch. He noted positive regulatory interactions in Europe and the UK. He also reminded analysts that Insmed's strategy for ARIKAYCE was to set the same list price across the US, Europe, and Japan, suggesting a consistent global approach.

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    Leonid Timashev's questions to Axsome Therapeutics (AXSM) leadership

    Leonid Timashev's questions to Axsome Therapeutics (AXSM) leadership • Q2 2025

    Question

    Leonid Timashev inquired about the recent expansion in payer coverage for Auvelity, asking if it stemmed from a new contracting organization and why the gross-to-net (GTN) guidance remains unchanged despite the added lives.

    Answer

    Chief Commercial Officer Ari Maizel clarified that the coverage expansion was the result of pull-through from previously announced GPO contracts. Chief Financial Officer Nick Pizzie added that despite the improved access for 28 million new lives, the company is able to maintain the mid-50s gross-to-net percentage range for Auvelity.

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    Leonid Timashev's questions to Axsome Therapeutics (AXSM) leadership • Q1 2025

    Question

    Leonid Timashev inquired about Axsome's recent interactions with the FDA, specifically asking about any changes in review teams, agency responsiveness, or messaging regarding the approval requirements for AXS-05 in Alzheimer's disease agitation, and questioned the company's confidence in receiving a priority review.

    Answer

    Mark Jacobson, Chief Operating Officer, stated that engagement with the FDA remains "status quo" with no changes to the feedback received for the planned sNDA submission for AXS-05 in AD agitation. He confirmed that the drug has Breakthrough Therapy designation, making it eligible for priority review, a determination the agency makes at the time of filing.

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    Leonid Timashev's questions to Axsome Therapeutics (AXSM) leadership • Q4 2024

    Question

    Leonid Timashev requested additional details on the patent settlement for Auvelity with Teva, including how the 2038-2039 dates were determined, and how this resolution affects the company's peak sales assumptions.

    Answer

    General Counsel Hunter Murdock explained the settlement dates were a negotiated resolution and not tied to a specific event. Chief Financial Officer Nick Pizzie added that with the loss of exclusivity (LOE) date now clearer, the company plans to update and refine its guidance as the launch progresses.

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    Leonid Timashev's questions to Axsome Therapeutics (AXSM) leadership • Q3 2024

    Question

    Leonid Timashev of RBC Capital Markets asked for a comparison of the enrolled patient populations in the ADVANCE-2 vs. ADVANCE-1 trials for AXS-05 in ADA, and how the event rate in the ACCORD-2 trial compared to the company's expectations.

    Answer

    CEO Herriot Tabuteau explained that the patient populations in ADVANCE-2 and ACCORD-2 are very similar to their respective predecessor trials, as they are designed to be replicative studies. He confirmed that event rates in ACCORD-2 are in line with expectations, reinforcing confidence in the Q4 data readout timeline.

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    Leonid Timashev's questions to COMPASS Pathways (CMPS) leadership

    Leonid Timashev's questions to COMPASS Pathways (CMPS) leadership • Q2 2025

    Question

    Leonid Timashev from RBC Capital Markets asked about the safety profile of COMP360, specifically regarding the risk of suicidality with redosing, and requested more detail on safety signals from the anorexia study.

    Answer

    CMO Dr. Guy Goodwin explained that while detailed time-course data is not yet available, there is no imbalance in suicidality between the drug and placebo arms in the TRD trials, suggesting it's illness-related. In the anorexia study, he noted higher overall rates of suicidality, reflecting the high-risk population, but again saw no imbalance between arms, which he described as reassuring for the overall program.

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    Leonid Timashev's questions to COMPASS Pathways (CMPS) leadership • Q4 2024

    Question

    Leonid Timashev asked how Compass measures treatment durability, especially if patients begin other medications like SSRIs after their dose, and how the FDA might view this scenario.

    Answer

    Chief Medical Officer Dr. Guy Goodwin outlined two ways durability is measured: the maintenance of the change in MADRS score from baseline and the time until a new treatment intervention is required. He noted that from a clinical perspective, it would be unsurprising for patients who respond well to start maintenance antidepressants, and this could be a valid form of achieving durability.

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    Leonid Timashev's questions to COMPASS Pathways (CMPS) leadership • Q3 2024

    Question

    Leonid Timashev of RBC asked for clarification on whether the complexities in clinical trial recruitment could signal similar logistical challenges for the commercial rollout of COMP360, or if these issues are specific to the trial setting.

    Answer

    Kabir Nath (Executive) and Lori Englebert (Executive) distinguished between the trial and commercial settings. Lori Englebert explained that trial protocols are inherently more rigid. For commercialization, she outlined a strategy focused on physician education for referrals and optimizing patient flow at treatment centers, drawing parallels to the successful adaptation of centers for Spravato. She expressed confidence that learnings from collaborations will help streamline the process for COMP360.

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    Leonid Timashev's questions to Alkermes (ALKS) leadership

    Leonid Timashev's questions to Alkermes (ALKS) leadership • Q2 2025

    Question

    Leonid Timashev of RBC Capital Markets asked if MWT is still considered the best primary endpoint over ESS and whether exploratory endpoints like cognition and fatigue could be elevated to key secondaries in Phase 3 to support label claims.

    Answer

    Craig Hopkinson, EVP and Chief Medical Officer, affirmed that both MWT and ESS are important, noting the strategic decision to use a dual primary in the NT2 study. Richard Pops, Chairman & CEO, highlighted the clear and robust signals on cognition and fatigue. Marcus Yountz, VP of Clinical Development, confirmed the team is actively working to elevate these endpoints for the Phase 3 program.

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    Leonid Timashev's questions to Alkermes (ALKS) leadership • Q1 2025

    Question

    Leonid Timashev asked if the ongoing Phase II orexin studies are gathering data on cognition and attention, and whether the company is testing for abuse potential or 'likability' as part of the program.

    Answer

    COO Blair Jackson and CEO Richard Pops explained that while patient-reported outcomes in the Phase II studies touch on these domains, the primary readouts are focused on core sleep endpoints. CEO Pops confirmed that standard human abuse potential studies are being conducted as a routine part of the neuroscience program's development.

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    Leonid Timashev's questions to NEUROCRINE BIOSCIENCES (NBIX) leadership

    Leonid Timashev's questions to NEUROCRINE BIOSCIENCES (NBIX) leadership • Q4 2024

    Question

    Leonid Timashev asked about the stability of INGREZZA's market share, what could change competitive dynamics in the coming year, and whether the complex payer environment is expected to persist.

    Answer

    Chief Commercial Officer Eric Benevich acknowledged that their competitor gained some share in 2024 with its XR launch but affirmed INGREZZA remains the leader in a growing class with significant headroom. He confirmed the complex payer environment will persist. CEO Kyle Gano added that Neurocrine's 'small biotech exemption' delays its IRA price negotiation event to 2029, providing time to learn and prepare.

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    Leonid Timashev's questions to IGM Biosciences (IGMS) leadership

    Leonid Timashev's questions to IGM Biosciences (IGMS) leadership • Q4 2022

    Question

    Leonid Timashev from RBC Capital Markets inquired about the potential activity of the initial IGM-7354 (IL-15) dose and the competitive positioning of IGM-2644 in the crowded multiple myeloma market.

    Answer

    Chief Medical Officer Dr. Chris Takimoto suggested that for IGM-7354, they could see pharmacodynamic effects even at low doses, with efficacious exposures expected around Cohort 3 or 4. CEO Fred Schwarzer and Dr. Takimoto positioned IGM-2644 as a next-generation CD38 therapy, aiming to differentiate from the many BCMA-targeted bispecifics by potentially showing superiority to daratumumab, even in refractory patients.

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