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    Li Wang Watsek

    Research Analyst at Cantor Fitzgerald

    Li Wang Watsek is a Research Analyst at Cantor Fitzgerald & Co., specializing in biotechnology and oncology sectors, with a focus on companies advancing precision therapies and novel cancer treatments. She covers firms such as Curis Inc., Kura Oncology, and Arcus Biosciences, regularly participating in earnings calls and providing expert analysis on drug launches and clinical trial progress, and is recognized for delivering in-depth research to institutional investors. Active in the industry since at least 2022, Li Wang Watsek has become a key point of contact for companies developing innovative oncology agents, leveraging her analytical skills and sector expertise. She holds necessary professional credentials, including FINRA registration, and is affiliated with Cantor Fitzgerald, a leading institutional investment bank.

    Li Wang Watsek's questions to Y-mAbs Therapeutics (YMAB) leadership

    Li Wang Watsek's questions to Y-mAbs Therapeutics (YMAB) leadership • Q1 2025

    Question

    Li Wang Watsek requested details on the CD38-SADA Phase I trial, including the number of patients to be enrolled in Part A, the dosing regimen, and the expected timeline for data relative to the GD2-SADA trial.

    Answer

    CEO Michael Rossi stated that a comprehensive update will be provided at the R&D event on May 28. He noted that the trial is a platform safety study in a challenging relapsed/refractory non-Hodgkin's lymphoma population and is planned to enroll a smaller cohort of approximately 12 to 15 patients.

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    Li Wang Watsek's questions to Y-mAbs Therapeutics (YMAB) leadership • Q4 2024

    Question

    Li Wang Watsek from Cantor Fitzgerald questioned whether the nine GD2-positive patients in the SADA trial received more than one therapeutic lutetium dose and asked about the company's business development strategy for the new SADA targets it plans to unveil.

    Answer

    CEO Michael Rossi confirmed that all nine patients who showed significant uptake on the diagnostic scan received a follow-up therapeutic dose as per the protocol. Regarding business development, Rossi explained that the company has identified three core franchise areas for internal commercialization. Targets falling outside these areas would be ideal candidates for partnerships or out-licensing to maximize efficiency. He also mentioned openness to in-licensing targets from external partners.

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    Li Wang Watsek's questions to Y-mAbs Therapeutics (YMAB) leadership • Q3 2024

    Question

    Li Wang Watsek asked about the key factors influencing Q4 revenue, the company's confidence in hitting the lower end of its guidance, and the radiosensitivity of the various tumor types being studied in the GD2-SADA trial.

    Answer

    Chief Financial Officer Pete Pfreundschuh expressed confidence in achieving the lower half of the $87-$95 million revenue guidance, noting that Q3 results were impacted by the timing of a SciClone sale and a Medicaid adjustment, which will positively affect Q4. Chief Medical Officer Dr. Vignesh Rajah commented that it is too early to determine radiation sensitivity across the different tumor types in the GD2-SADA trial, which include osteosarcoma, melanoma, and small cell lung cancer, but the company will provide updates as more data becomes available.

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    Li Wang Watsek's questions to Corvus Pharmaceuticals (CRVS) leadership

    Li Wang Watsek's questions to Corvus Pharmaceuticals (CRVS) leadership • Q1 2025

    Question

    Li Wang Watsek asked about the placebo group's response, questioning if the observed effect was typical for atopic dermatitis trials. She also inquired if there was a differential response observed in patients based on their history of prior systemic treatments.

    Answer

    Richard Miller, an executive, explained that the placebo response was typical, noting the wide standard error bars indicated variability. He pointed out that unlike longer studies for DUPIXENT or JAK inhibitors, no placebo patients in this 28-day trial reached the key EASI 75 or IGA 0/1 endpoints. Regarding prior treatments, Miller stated it was too early for a definitive conclusion but highlighted two DUPIXENT-refractory patients in Cohort 3 who responded significantly to soquelitinib, suggesting a non-overlapping mechanism of action.

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    Li Wang Watsek's questions to Corvus Pharmaceuticals (CRVS) leadership • Q3 2024

    Question

    Li Wang Watsek of Cantor Fitzgerald inquired about the clinical response kinetics of soquelitinib in atopic dermatitis, its potential for continued improvement post-treatment, and the benchmark for success as an oral therapy.

    Answer

    Richard Miller, an executive at Corvus, explained that clinical improvement is rapid, seen within the first week. He noted expectations for a durable effect based on the drug's mechanism and stated that the company will compare its 28-day data against approved agents like Dupixent to define success.

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    Li Wang Watsek's questions to Zai Lab (ZLAB) leadership

    Li Wang Watsek's questions to Zai Lab (ZLAB) leadership • Q1 2025

    Question

    Li Wang Watsek asked about the competitive landscape for VYVGART in China given potential new approvals, and questioned how geopolitical tensions are affecting big pharma's appetite for out-licensing assets to Chinese partners.

    Answer

    Joshua Smiley, President and COO, expressed confidence in VYVGART's position due to its strong data, safety, and NRDL status, suggesting new entrants will help grow the overall market. Jonathan Wang, CBO, reported that licensing is 'business as usual' with continued high interest from multinational companies in the China market.

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    Li Wang Watsek's questions to Arcus Biosciences (RCUS) leadership

    Li Wang Watsek's questions to Arcus Biosciences (RCUS) leadership • Q1 2025

    Question

    Li Wang Watsek asked for expectations on the casdatifan combination with AstraZeneca's VORO in the IO-naive setting and what the comparator would be in a potential pivotal trial.

    Answer

    President Juan Jaen explained that while full details are not yet disclosed for competitive reasons, a key goal is to lower the high rate of primary progressive disease seen with current IO/IO therapies like ipi/nivo. The initial focus will be on safety and early efficacy signals, particularly the rate of progressive disease. He noted significant investigator interest in a TKI-free frontline option.

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    Li Wang Watsek's questions to Arcus Biosciences (RCUS) leadership • Q3 2024

    Question

    Li Wang Watsek of Cantor Fitzgerald asked about the timeline for a pivotal trial in IO-naive RCC with AstraZeneca, sought clarification on optimizing the statistical plan for the domvanalimab lung cancer study, and questioned the clinical relevance of stable disease in the casdatifan study.

    Answer

    CEO Terry Rosen deferred comment on the AstraZeneca collaboration's timeline until the trial is public and clarified that while statistical plans are always under review, no changes are currently being made for domvanalimab. CMO Dimitry Nuyten emphasized that stable disease is highly relevant for patients and equally important as a response for the registrational endpoint of progression-free survival (PFS).

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    Li Wang Watsek's questions to CURIS (CRIS) leadership

    Li Wang Watsek's questions to CURIS (CRIS) leadership • Q1 2025

    Question

    Li Wang Watsek of Cantor Fitzgerald inquired about Curis's strategic prioritization between its lymphoma and AML programs and asked what actions are being taken to accelerate patient enrollment for the TakeAim lymphoma study.

    Answer

    President and CEO James Dentzer explained that while both programs are advancing simultaneously, the later-stage PCNSL lymphoma study is the primary focus and receives more resources. Chief Development Officer Jonathan Zung added that enrollment efforts include engagement with 37 major clinical sites in the U.S., Europe, and Israel. Chief Medical Officer Dr. Ahmed M. Hamdy noted that strategic prioritization is under continuous review.

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    Li Wang Watsek's questions to CURIS (CRIS) leadership • Q4 2024

    Question

    Li Wang Watsek of Cantor Fitzgerald requested more detail on what the European Medicines Agency (EMA) would consider 'compelling and consistent data' regarding the response rate for emavusertib.

    Answer

    CEO James Dentzer stated that the goal is for the currently compelling data to remain consistent as enrollment completes. Chief Development Officer Jonathan Zung added that both the EMA and FDA acknowledge the lack of approved treatments in this space, and an Overall Response Rate (ORR) north of 25% should be viewed favorably by both agencies.

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    Li Wang Watsek's questions to Ascendis Pharma (ASND) leadership

    Li Wang Watsek's questions to Ascendis Pharma (ASND) leadership • Q1 2025

    Question

    Li Wang Watsek requested guidance on the gross-to-net trend for YORVIPATH for the remainder of the year and asked about the dosing and titration plan for SKYTROFA within the Phase II COACH combination trial.

    Answer

    CFO Scott Smith stated that the largest gross-to-net driver will be mandatory government rebates in the low 20% range. EVP Jay Wu added that commercial contracting is expected to be minimal and not materially impact the overall figure. Regarding the COACH trial, Chief Medical Officer Aimee Shu explained there is a safe, universal starting dose for TransCon Growth Hormone, with physicians having the flexibility to titrate based on clinical response and IGF-1 levels.

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    Li Wang Watsek's questions to Ascendis Pharma (ASND) leadership • Q3 2024

    Question

    Li Wang Watsek asked about the potential revenue contribution for SKYTROFA from the adult and Turner syndrome markets, and the opportunity presented by the planned basket trial.

    Answer

    Jan Mikkelsen, President and CEO, described the adult growth hormone deficiency market as a highly underpenetrated segment that could rival the pediatric market in size. He explained the basket trial (including ISS, SGA, and SHOX/Turner) is a key part of the strategy to cover the entire growth hormone market and build SKYTROFA into a blockbuster.

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    Li Wang Watsek's questions to Ascendis Pharma (ASND) leadership • Q2 2024

    Question

    Li Wang Watsek asked for the assumptions behind the lowered SKYTROFA guidance and inquired about potential cost reductions and the possibility of achieving cash flow breakeven in 2024.

    Answer

    President and CEO Jan Mikkelsen and CFO Scott Smith explained the guidance was based on a conservative projection of Q1-to-Q2 volume growth, without assuming a seasonal second-half uplift. On breakeven, Mikkelsen pointed to strong expense control and potential revenue upside from YORVIPATH. Smith added that the new $150M financing provides a buffer while they maintain cost scrutiny, with the company still guiding to quarterly operating cash flow breakeven in 2024 or 2025.

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    Li Wang Watsek's questions to ARVINAS (ARVN) leadership

    Li Wang Watsek's questions to ARVINAS (ARVN) leadership • Q4 2024

    Question

    Li Wang Watsek questioned if the upcoming VERITAC-2 results would have any read-through for the two new Phase III trials planned for 2025. Additionally, she asked about the planned level of investment for pipeline programs, particularly for large indications like Parkinson's disease.

    Answer

    Chief Medical Officer Noah Berkowitz explained that any read-through from VERITAC-2 would primarily impact the second-line trial design rather than the first-line. CEO John Houston stated that Arvinas is well-capitalized to advance the LRRK2 program to a significant milestone internally, though a future strategic partnership remains a possibility.

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    Li Wang Watsek's questions to ARVINAS (ARVN) leadership • Q3 2024

    Question

    Li Wang Watsek of Cantor Fitzgerald asked for more detail on the key regulatory inputs still needed to finalize the design of the Phase 3 combination trials and how dependent these designs are on upcoming data.

    Answer

    CMO Noah Berkowitz explained that following the VERITAC-2 results, Arvinas will engage in discussions with health authorities. Key topics will include the choice of comparator arm, the specific patient population, and, particularly for a first-line trial with two novel agents like atirmociclib and vepdegestrant, the regulatory requirement to demonstrate contribution of components.

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    Li Wang Watsek's questions to Kura Oncology (KURA) leadership

    Li Wang Watsek's questions to Kura Oncology (KURA) leadership • Q4 2024

    Question

    Li Wang Watsek of Morgan Stanley inquired about the assumptions behind the 2028 top-line guidance for ziftomenib in frontline intensive AML, including trial size and enrollment. She also asked about any remaining items needed for the NDA submission and feedback from the pre-NDA meeting.

    Answer

    CEO Troy Wilson explained that the 2028 timeline is a conservative estimate based on alignment with the FDA and EMA on accelerated approval pathways, with more trial details to be shared later. He confirmed that Kura has received constructive feedback and has alignment with the FDA for the NDA submission, with the Q2 timeline being driven by the final clinical data package.

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    Li Wang Watsek's questions to Kura Oncology (KURA) leadership • Q3 2024

    Question

    Li Wang Watsek of Cantor Fitzgerald asked about Kura's strategy for using MRD negativity as a potential frontline endpoint for ziftomenib and inquired about the specifics of the upcoming 600mg cohort data presentation at ASH, including patient numbers and follow-up.

    Answer

    CEO Dr. Troy Wilson explained that while survival is the base case endpoint, they intend to discuss using MRD negativity as a surrogate with health authorities. EVP of Clinical Development, Dr. Mollie Leoni, added that they plan a central analysis of MRD samples for uniform reporting. Dr. Wilson confirmed the ASH update will include data from over 100 patients and is expected to show consistent activity and improved safety at higher doses.

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    Li Wang Watsek's questions to AFMD leadership

    Li Wang Watsek's questions to AFMD leadership • Q3 2024

    Question

    Asked about the upcoming AFM28 data at ASH, specifically regarding durability, patient characteristics (mutational status, prior treatments), and the potential for a registrational monotherapy path with the FDA, including the target patient population.

    Answer

    The company stated that the initial six patients will have meaningful durability data for ASH, while the additional six are too recent. They detailed the heavily pre-treated nature of the patients (prior HMA/venetoclax, anthracyclines, stem cell transplants). A registrational path would be discussed with the FDA after collecting more data from higher dose cohorts, targeting a later-line AML population with unmet medical need.

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    Li Wang Watsek's questions to AFMD leadership • Q2 2024

    Question

    Asked about the AFM13 (acimtamig) study, inquiring about patient status, durability, response kinetics for partial responders, and the reasons for improved enrollment progress in recent cohorts.

    Answer

    The company responded that follow-up is too short for definitive durability data, but most responding patients remain on study. The 6 CRs occurred after the first cycle. Enrollment has improved due to more sites being activated and trained, which is encouraging for future study phases. They believe the current enrollment pace is good.

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    Li Wang Watsek's questions to AFMD leadership • Q1 2024

    Question

    Asked about the number of treatment cycles the 7 reported patients have received and for a comparison of the patient baseline characteristics, particularly prior lines of therapy, between the current LuminICE study and the previous MD Anderson study.

    Answer

    Patients are at various stages, with some in their second or third cycle and one proceeding to a stem cell transplant after a complete response; treatment has been well tolerated. The current study has patients with fewer prior lines of therapy (median of 4) compared to the MD Anderson study, which is seen as a positive development as physicians refer patients earlier. All patients still meet the FDA's criteria for unmet medical need.

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    Li Wang Watsek's questions to AFMD leadership • Q3 2023

    Question

    Inquired about the new AlloNK cohort, asking about the criteria for patient crossover, whether crossover patients would be included in the primary efficacy analysis, and the number of clinical sites needed for enrollment.

    Answer

    Patients in the AlloNK/IL-2 cohort can cross over to the combination treatment if they do not achieve a partial or complete response. However, these crossover patients will not be included in the primary efficacy analysis cohort to avoid bias. The company anticipates needing 5 to 6 well-recruiting sites for the initial phase of the study.

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