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    Liang Cheng • Jefferies

    Liang Cheng is a Senior Research Associate at Jefferies based in New York City, specializing in equity research analysis. With a focus on delivering in-depth research across select industries, he supports coverage of major companies in his sector, though specific company names and performance metrics are not publicly disclosed. Cheng began his career in research roles over 21 years ago and has built substantial experience in analytical and scientific capacities prior to joining Jefferies. He is recognized for his methodical approach and holds professional research credentials relevant to his field.

    Liang Cheng's questions to Vaxart Inc (VXRT) leadership

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

    Question

    Liang Cheng of Jefferies inquired about Vaxart's statistical plan for the COVID-19 trial now that enrollment is halted at approximately 5,000 participants, asked for confirmation of the 1:1 randomization ratio, and questioned the potential impact on enrollment pace should the trial resume.

    Answer

    CEO Steven Lo expressed pleasure with the rapid enrollment pace. Chief Medical Officer Dr. James Cummings confirmed that the ~5,000 participant study will provide useful scientific and regulatory data and that the statistical analysis plan is being re-evaluated. He also confirmed the 1:1 randomization between Vaxart's candidate and the mRNA comparator and stated that the impact of a potential restart is uncertain pending further information.

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

    Question

    Asked about the statistical plan for the COVID-19 trial with the reduced enrollment of ~5,000 participants, the randomization ratio between the arms, and the potential impact on enrollment pace if the trial were to resume.

    Answer

    The company stated that the ~5,000 participant study will still provide useful data and the statistical plan is being re-evaluated. They confirmed the randomization is approximately 1-to-1. They could not speculate on the impact of resuming enrollment as they are awaiting more information regarding the stop work order.

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

    Question

    Liang Cheng, on for Roger Song, asked about the impact of the recent stop-work order on the COVID-19 program's completion timeline and study seasonality. He also questioned the status of active partnership discussions for the Norovirus program.

    Answer

    CEO Steven Lo noted the stop-work order was lifted ahead of schedule, minimizing its impact. Chief Medical Officer Dr. James Cummings clarified that the 400-person sentinel cohort was unaffected and will conclude follow-up in December, while the 10,000-person cohort is projected to have a six-month enrollment period once dosing begins, followed by a 12-month follow-up. On partnerships, Mr. Lo confirmed Vaxart is in active discussions with a diverse range of global and regional companies for its Norovirus program. He stated that these potential partners are awaiting the mid-2025 top-line data, which is expected to accelerate the conversations.

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    Liang Cheng's questions to Vaxart Inc (VXRT) leadership • Q3 2024

    Question

    The analyst asked about potential impacts of seasonality on the COVID trial's enrollment and infection rates. He also requested more specific details about the data the FDA requested for the norovirus program.

    Answer

    Executives reported no negative impact on enrollment for the COVID trial and stated it's 'all systems go'. They acknowledged that circulating strains will change but believe their platform's ability to create cross-reactive mucosal responses will be a long-term benefit. They declined to comment on the specific data requested by the FDA for the norovirus program, reiterating that they have received clarity on the path forward.

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    Liang Cheng's questions to Inovio Pharmaceuticals Inc (INO) leadership

    Liang Cheng's questions to Inovio Pharmaceuticals Inc (INO) leadership • Q2 2025

    Question

    Liang Cheng from Jefferies inquired about Inovio's ex-US strategy for the INO-3107 confirmatory study, given its alignment with European regulators, and asked about any differences in RRP treatment practices outside the United States.

    Answer

    Chief Medical Officer Dr. Michael Sumner explained that the US confirmatory trial was strategically designed to meet European and UK requirements, so a separate study design is not anticipated. He noted a key difference in ex-US practice is that surgeries are often done in operating theaters with longer wait times, resulting in fewer annual surgeries, which makes the trial's inclusion criteria of two or more surgeries well-suited for that market.

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    Liang Cheng's questions to Inovio Pharmaceuticals Inc (INO) leadership • Q4 2024

    Question

    Liang Cheng, on for Roger Song, inquired about the commercial redosing strategy for INO-3107 given its durability and asked for perspective on the long-term RRP epidemiology and addressable market in light of new treatments.

    Answer

    CMO Dr. Michael Sumner stated the redosing strategy is still under consideration, with the goal of eliminating surgeries and maintaining response by leveraging the platform's ability to boost T-cells. CEO Dr. Jacqueline Shea explained that adult RRP epidemiology is expected to remain stable for generations, as it appears unaffected by current HPV vaccination rates, and suggested the disease may be underdiagnosed in adults.

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    Liang Cheng's questions to Inovio Pharmaceuticals Inc (INO) leadership • Q3 2024

    Question

    Liang Cheng, on behalf of Roger Song, asked about the design of the INO-3107 confirmatory trial, the immunological differences between responders and non-responders, and the requirements for initiating the INO-3112 trial in the EU.

    Answer

    CMO Dr. Mike Sumner detailed the confirmatory trial as a 100-patient, placebo-controlled study with 2:1 randomization, designed to support both U.S. and EU filings. CEO Dr. Jacqueline Shea and VP Dr. Matthew Morrow explained that responders showed distinct immune responses in blood and tissue, including greater T-cell infiltration. For INO-3112, Dr. Sumner noted they need to gain alignment with the EMA on the trial design and then submit a formal application.

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    Liang Cheng's questions to CytomX Therapeutics Inc (CTMX) leadership

    Liang Cheng's questions to CytomX Therapeutics Inc (CTMX) leadership • Q3 2024

    Question

    Liang Cheng asked for an update on the enrollment progress for the non-small cell lung and head and neck cancer cohorts for CX-904. He also questioned whether the data supporting a Phase Ib decision would be released with the decision or at a later event.

    Answer

    CEO Sean McCarthy stated that enrollment in the head and neck and lung cancer cohorts has progressed well throughout the year and will now include the newly cleared 15-milligram dose. He clarified that any data release is expected to occur in 2025, after a potential Phase Ib decision is made in collaboration with partner Amgen.

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    Liang Cheng's questions to AADI leadership

    Liang Cheng's questions to AADI leadership • Q4 2023

    Question

    Requested guidance or commercial plans for FYARRO for the upcoming year and asked about the FDA's most important considerations for granting a tumor-agnostic label.

    Answer

    The company is not providing specific guidance for FYARRO but expects sales to remain stable in the $6 million to $6.5 million quarterly range, as the PEComa market may be reaching saturation. For a tumor-agnostic label, the FDA's most important consideration is seeing efficacy across a variety of tumor types, not concentrated in a few, along with a reasonable response rate and a consistent safety profile.

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