Nick Lorusso

Nick Lorusso asked what Day One Biopharmaceuticals is looking for in the updated Emi-Le data mid-year to support moving into a registrational trial, and if data from other indications like TNBC would be released.

Answer

CEO Jeremy Bender emphasized Mersana's strategic importance. Head of R&D Michael Vasconcelles stated that they have already seen substantial data beyond ASCO 2025, strengthening confidence in registration, dose, and schedule. He confirmed that the safety dataset would be comprehensive but reiterated that the core focus is on adenoid cystic carcinoma (ACC) for now, while other opportunities are evaluated.

Nick Lorusso asked what data points Day One Biopharmaceuticals is looking for from the mid-year Emi-Le update to support a registrational trial, and if data from other indications like TNBC would also be released.

Answer

CEO Jeremy Bender emphasized Mersana's strategic importance. Head of Research and Development Michael Vasconcelles stated that the company has already reviewed substantial Phase 1 Emi-Le data beyond ASCO 2025, covering antitumor signals and safety. He noted that the mid-year update will aggregate data to strengthen evidence for registration and confirm dose/schedule, with the primary focus remaining on adenoid cystic carcinoma (ACC) while other opportunities are evaluated.

Nick Lorusso asked about the peak penetration potential for Arcalyst in the multiple recurrent pericarditis setting and how KPL-387's potential approval might influence this market evolution.

Answer

CEO Sanj Patel stated that Kiniksa has not commented on peak penetration but sees significant growth opportunity for Arcalyst. COO Ross Moat added that penetration in the 2+ recurrence target market was approximately 18% at the end of 2025, representing a substantial opportunity given the 14,000 patient population, not including the larger first recurrence group.

Nick Lorusso asked about Kiniksa's ARCALYST peak penetration in the multiple recurrent pericarditis setting and how this could evolve with the potential approval of KPL-387.

Answer

CEO Sanj Patel stated that Kiniksa has not commented on peak penetration but believes there is significant growth potential for ARCALYST. COO Ross Moat added that the company is relatively nascent in the opportunity, with approximately 18% penetration into the 14,000-patient target population with two or more recurrences at the end of 2025, noting a much larger group of 26,000 patients in first recurrence.

Nick Lorusso inquired about the initial performance of Telix's two-product strategy for Illuccix and Gozellix and its expected contribution to the 25% growth in Precision Medicine revenue for the upcoming year.

Answer

Kevin Richardson, CEO of the Precision Medicine Business, explained that the dual product strategy helps manage economic needs for HOPS accounts and IDTF groups, offering flexibility with reimbursement and price sensitivity. Christian Behrenbruch, CEO and Managing Director, added that this strategy also positions Telix to adapt to evolving CMS reimbursement models, providing future options.

Nick Lorusso inquired about the early impact of the two-product strategy for Illuccix and Gleolan and how it is expected to contribute to the 25% growth target for Precision Medicine revenue in the coming year.

Answer

CEO Christian Behrenbruch and Kevin Richardson, CEO of the Precision Medicine Business, highlighted that the dual product strategy addresses diverse economic needs of HOPPS accounts and IDTF groups, managing pricing and reimbursement preferences. This approach provides flexibility for future CMS reimbursement model changes, reinforcing confidence in the 25% growth outlook.

Nick Lorusso, on behalf of Tara Bancroft at TD Cowen, questioned the drivers behind the 2025 revenue guidance, asking if slowing Elucix sales growth was due to the loss of pass-through status and if Gozelix could reignite growth.

Answer

Group CEO Christian Behrenbruch stated that despite Elucix losing pass-through status, dose volumes grew 7% quarter-over-quarter. He explained that the company took specific commercial actions to stabilize its customer base ahead of Gozelix gaining reimbursement in Q4, which is a key part of their differentiated growth strategy. Kevin Richardson, CEO of Telix Precision Medicine, added that the sales team continues to focus on the product's clinical accuracy and reliability.

Nick Lorusso, on for Tyler Van Buren at TD Cowen, asked for an update on how Amtagvi infusions are tracking quarter-to-date and requested new metrics on ATC prescribing depth, such as the percentage of centers that have infused one or more patients.

Answer

Chief Commercial Officer Dan Kirby stated that while demand remains strong, it is company policy not to comment on intra-quarter infusion numbers. He confirmed that prescribing depth at ATCs has increased but noted that the company would no longer provide specific metrics on the percentage of centers hitting certain infusion thresholds.