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    Roy Buchanan

    Research Analyst at Citizens JMP

    Roy Buchanan is an Equity Research Analyst at Citizens JMP Securities LLC, specializing in coverage of the biotechnology sector with a focus on companies such as Mirati Therapeutics, Corcept Therapeutics, Geron, PolyPid Ltd, and Inovio Pharmaceuticals. He has issued 30 ratings with a success rate of 31.7% and an average return metric highlighted by a notable +232.7% return on a Buy rating for Cidara Therapeutics. Buchanan began his equity research career at JMP Securities, later serving as Vice President & Senior Analyst at Janney Montgomery Scott and as a Research Associate at Piper Jaffray, before rejoining JMP. He holds a PhD in biology from Columbia University and a BS in chemical engineering from the Colorado School of Mines, and is a registered broker with FINRA (CRD# 5870212).

    Roy Buchanan's questions to PolyPid (PYPD) leadership

    Roy Buchanan's questions to PolyPid (PYPD) leadership • Q2 2025

    Question

    Inquired about the new CMO's motivation for joining and her primary focus for the next 1-2 years, and also asked about the company's preferred method for strengthening its balance sheet ahead of the product launch.

    Answer

    The new CMO, who was already on the board, will focus on pre-launch activities, regulatory support, and pipeline direction. To bolster the balance sheet, the company plans to leverage partnerships, with financing efforts shared, and anticipates payments from both existing and new partners.

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    Roy Buchanan's questions to INOVIO PHARMACEUTICALS (INO) leadership

    Roy Buchanan's questions to INOVIO PHARMACEUTICALS (INO) leadership • Q2 2025

    Question

    Roy Buchanan of Citizens JMP requested more specific timelines for key upcoming milestones, including the rolling BLA submission and confirmatory trial start, and asked about any changes to the company's pricing outlook for INO-3107.

    Answer

    President and CEO Dr. Jacqueline Shea outlined the near-term plan, expecting FDA feedback on the rolling submission in August and aiming for full BLA submission in H2 2025 with file acceptance by year-end. She also confirmed no change to the pricing strategy, which Chief Commercial Officer Steve Egge reiterated is benchmarked against rare disease therapies like Ogsiveo, in the range of $360,000 per year.

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    Roy Buchanan's questions to INOVIO PHARMACEUTICALS (INO) leadership • Q1 2025

    Question

    Roy Buchanan of JMP Securities asked for more detail on the upcoming COSM presentation, the planned size of the MSL team, and Inovio's view on the RRP market size, questioning the older 14,000 patient figure.

    Answer

    CEO Jacqueline Shea and CCO Michael Sumner confirmed the COSM presentation will add more 'color' to the surgery count data and will be submitted for peer-reviewed publication. CCO Steven Egge acknowledged the 14,000 RRP patient figure is likely a conservative underestimate, a common issue in rare diseases without a specific diagnostic code, and that Inovio is conducting its own research. Sumner added that the company has not yet provided specific guidance on the size of the MSL team.

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    Roy Buchanan's questions to INOVIO PHARMACEUTICALS (INO) leadership • Q4 2024

    Question

    Roy Buchanan inquired about the procedural details for the INO-3107 BLA submission, the specifics of the required device stability testing, and the potential for the dMAb platform, including its half-life and future therapeutic applications like GLP-1.

    Answer

    Dr. Michael Sumner, Chief Medical Officer, clarified that a written request for rolling submission is the next step, with no new FDA meeting required. CEO Dr. Jacqueline Shea added that a battery of device verification tests will be conducted by an external partner. Regarding dMAbs, Dr. Shea noted that specific half-life data may not be fully public but confirmed the platform's potential for a wide range of targets, though no new programs were disclosed.

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    Roy Buchanan's questions to INOVIO PHARMACEUTICALS (INO) leadership • Q3 2024

    Question

    Roy Buchanan asked for details on the resolution of the device manufacturing issue, whether the INO-3112 Phase III trial is gated by this issue, and if that trial could start in Europe first. He later followed up about the plan for a redosing trial for INO-3107.

    Answer

    CEO Dr. Jacqueline Shea confirmed they have identified a resolution for the single-use device component issue and are implementing it with the current manufacturer. She also affirmed that the start of the INO-3112 Phase III trial depends on resolving this issue. Chief Medical Officer Dr. Mike Sumner added that a redosing study for INO-3107 is planned to commence with commercial patients after the product is launched.

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    Roy Buchanan's questions to DYNAVAX TECHNOLOGIES (DVAX) leadership

    Roy Buchanan's questions to DYNAVAX TECHNOLOGIES (DVAX) leadership • Q2 2025

    Question

    Roy Buchanan from Citizens inquired about Dynavax's business development strategy, asking why a deal for a hospital antibiotic portfolio might not be a strategic fit and whether new internal programs like H5N1 and Lyme disease have altered the company's M&A focus.

    Answer

    CEO Ryan Spencer stated that Dynavax seeks to leverage its core strengths in vaccine development and institutional sales, making an inpatient hospital antibiotic portfolio a less strategic fit. He clarified that the early-stage H5N1 and Lyme programs require relatively small capital investments and do not diminish the company's focus on pursuing synergistic and accretive business development opportunities.

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    Roy Buchanan's questions to DYNAVAX TECHNOLOGIES (DVAX) leadership • Q1 2025

    Question

    Roy Buchanan sought clarification on the upcoming shingles data, asking if the program would be halted if it fails to meet the previously discussed 75% median CD4 T-cell level versus Shingrix at the 1-month mark. He also asked for an explanation for the perceived slowdown in HEPLISAV-B's market share growth and inquired about the revenue contribution from Medicare.

    Answer

    CEO Ryan Spencer and CMO Robert Janssen clarified that the key immunogenicity endpoint for the 1-month shingles readout is now the vaccine response rate, not a specific T-cell frequency threshold. They explained that T-cell durability at 6 and 12 months is a more critical and informative measure. Regarding market share, CCO Donn Casale emphasized that year-over-year comparisons are more appropriate than sequential ones due to channel mix seasonality, and the company remains on track for its long-term goals. Casale also noted that Medicare is an important future growth driver, with broader access expected in the second half of the year.

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    Roy Buchanan's questions to DYNAVAX TECHNOLOGIES (DVAX) leadership • Q4 2024

    Question

    Roy Buchanan inquired about how much can be inferred about the shingles vaccine's durability from the upcoming 1-month data, the rationale for the extension study in older adults, and the company's appetite for additional share buybacks.

    Answer

    CEO Ryan Spencer and Chief Medical Officer Rob Janssen explained that durability cannot be determined from the 1-month data alone, but 6- and 12-month follow-up data is being collected. Dr. Janssen added the extension study in adults over 70 is critical for assessing immunogenicity and collecting necessary safety data in the highest-risk population before a Phase III trial. CFO Kelly MacDonald stated that while buybacks are a useful tool, the primary focus remains on maximizing HEPLISAV-B and advancing the pipeline, though further buybacks could be considered later.

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    Roy Buchanan's questions to DYNAVAX TECHNOLOGIES (DVAX) leadership • Q3 2024

    Question

    Roy Buchanan of Citizens JMP asked for details on the plague vaccine program, including the dose optimization plan submitted to the Department of Defense (DoD) and the expected timeline for a response. He also inquired about the sBLA for the HEPLISAV-B dialysis label, asking how long it might take to compile the required data and whether discussions with the FDA are ongoing.

    Answer

    CEO Ryan Spencer deferred specific comments on the plague program until the company receives a response from the DoD, which he anticipates in the near term, possibly by early next year. Regarding the dialysis sBLA, Spencer confirmed engagement with the FDA is ongoing. Chief Medical Officer Robert Janssen added that they are proposing a real-world evidence study and are optimistic about being able to resubmit by mid-May of the following year, despite the lack of a formal PDUFA timeline.

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    Roy Buchanan's questions to Cidara Therapeutics (CDTX) leadership

    Roy Buchanan's questions to Cidara Therapeutics (CDTX) leadership • Q2 2025

    Question

    Roy Buchanan asked for details on upcoming scientific conference presentations for CD388, including which conferences and what data would be shared, and also inquired about the next targets and timing for the company's broader pipeline.

    Answer

    President and CEO Dr. Jeffrey Stein and CSO Dr. Les Tari confirmed abstracts have been submitted to ISIRV and IDWeek. Dr. Tari noted an oral presentation on H5N1 ferret efficacy data was accepted at ISIRV, with other submissions covering Phase 2b results and PK/PD relationships. Regarding the pipeline, Dr. Stein stated there are no specific plans or timeframes to advance the oncology program at the moment.

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    Roy Buchanan's questions to Cidara Therapeutics (CDTX) leadership • Q1 2025

    Question

    Roy Buchanan asked if time-course data, such as Kaplan-Meier curves, would be available in the top-line results, when the full pharmacokinetic (PK) data would be released, and whether the April 30 data cutoff was driven by general flu season trends or study-specific infection rates.

    Answer

    Executive Nicole Davarpanah clarified that the top-line data will be presented as numerical tables, not Kaplan-Meier curves, as the endpoint is a binary event. She expects full PK data around September. Executive Jeffrey Stein added that the April 30 cutoff was based on the diminishing rate of new infections observed in the study, which aligned with the end of the CDC-defined flu season.

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    Roy Buchanan's questions to CureVac (CVAC) leadership

    Roy Buchanan's questions to CureVac (CVAC) leadership • Q4 2024

    Question

    Asked for details on the European patent proceedings, including timelines and the nature of amendments, and also inquired about the termination of the Genmab collaboration.

    Answer

    The next EPO hearing for the second poly-A patent is in May, with a German infringement hearing scheduled for July 1. An appeal of the validity decision is possible, but damages proceedings could begin if infringement is confirmed. The patent amendment was technical (related to poly-A tail length) and is not believed to weaken their case. The Genmab collaboration was terminated by mutual agreement as it was dormant, allowing focus on more promising programs.

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    Roy Buchanan's questions to CureVac (CVAC) leadership • Q4 2024

    Question

    Roy Buchanan asked for an update on the European patent proceedings, including timelines for infringement and damages, appeal possibilities for Pfizer/BioNTech, details on patent amendments, and the reason for terminating the Genmab collaboration.

    Answer

    CEO Alexander Zehnder detailed the IP timeline, with a patent hearing in May and an infringement hearing in July. He noted the patent amendment was technical and doesn't weaken their case. He also stated the Genmab collaboration was terminated by mutual agreement as it had become dormant, allowing for focus on more promising programs.

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    Roy Buchanan's questions to CureVac (CVAC) leadership • Q4 2024

    Question

    Roy Buchanan asked for details on the European patent proceedings, including timelines for infringement and damages hearings, appeal possibilities for Pfizer/BioNTech, and the nature of the amendments to the '668 patent. He also asked about the reason for the Genmab collaboration termination.

    Answer

    CEO Alexander Zehnder outlined the IP timeline, with a patent hearing in May and an infringement hearing in July. He noted that the patent amendment was technical and does not weaken their case. Regarding the Genmab collaboration, he explained that it had been dormant for some time and was terminated by mutual agreement to allow both parties to focus on more promising programs.

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    Roy Buchanan's questions to CureVac (CVAC) leadership • Q4 2023

    Question

    Roy Buchanan of JMP Securities asked about the potential start date for the seasonal flu Phase III trial, the timeline for bringing the personalized cancer vaccine (PCV) approach to the clinic, and whether the H5N1 avian flu program counts as a selected target under the GSK collaboration.

    Answer

    Chief Development Officer Myriam Mendila stated that it is too early to commit to a start date for the flu Phase III trial pending regulatory discussions, and she projected the PCV program would enter the clinic in 2026. CEO Alexander Zehnder confirmed that the H5N1 program is a selected target by GSK under their existing agreement.

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    Roy Buchanan's questions to CureVac (CVAC) leadership • Q4 2023

    Question

    Roy Buchanan from JMP Securities asked about the potential start date for the seasonal flu Phase III trial, the timeline for bringing the personalized cancer vaccine (PCV) to the clinic, and whether the H5N1 avian flu program counted as one of GSK's target selections under their collaboration.

    Answer

    Chief Development Officer Myriam Mendila stated that it is too early to commit to a start date for the flu Phase III trial pending discussions with health authorities, and that the PCV program is planned to enter the clinic in 2026. CEO Alexander Zehnder confirmed that the H5N1 program is indeed a target selected by GSK under their agreement.

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    Roy Buchanan's questions to Arbutus Biopharma (ABUS) leadership

    Roy Buchanan's questions to Arbutus Biopharma (ABUS) leadership • Q3 2024

    Question

    Inquired about the denominator for calculating functional cure rates, the strategy for the imdusiran lead-in for future studies, and the specifics of the upcoming AB-101 data release.

    Answer

    The company responded that the denominator for functional cure is the entire cohort, though they also analyze subpopulations. They view the imdusiran lead-in as a successful strategy. For AB-101, they confirmed HBV patient data is coming in the first half of next year but couldn't provide more detail on the specific dataset.

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    Roy Buchanan's questions to Arbutus Biopharma (ABUS) leadership • Q3 2024

    Question

    Roy Buchanan of Citizens JMP asked for clarification on the denominator for calculating functional cure rates in Cohort A1, the strategy for imdusiran lead-in for future studies, and the expected scope of data from the AB-101 trial in the first half of next year.

    Answer

    Chief Medical Officer Dr. Karen Sims stated the functional cure rate would be assessed against the entire cohort but also analyzed in the subset of patients with low baseline surface antigen. Regarding trial design, she noted the lead-in strategy has been successful but all options are being considered. Interim President and CEO Mike McElhaugh added that HBV patient data for AB-101 is expected in H1 2025, but could not specify the exact dataset, and a forum would be found to release Part 1/2 data.

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    Roy Buchanan's questions to Arbutus Biopharma (ABUS) leadership • Q2 2024

    Question

    Roy Buchanan from Citizens JMP sought to confirm if the Phase 2b trial would be the next and potentially only new study initiated. He also asked for the company's rationale for focusing on patients with baseline HBsAg levels below 1,000 IU/mL.

    Answer

    Interim President and CEO Michael McElhaugh clarified that while a Phase 2b study is the likely next step for imdusiran, final plans are pending more data. He highlighted the "very intriguing" IM-PROVE I data showing a response rate increase from 33% to 67% in the sub-1,000 HBsAg patient group, noting this still represents a substantial market.

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    Roy Buchanan's questions to Arbutus Biopharma (ABUS) leadership • Q2 2024

    Question

    Roy Buchanan sought to confirm if the planned Phase 2b trial would be the next and potentially only new trial initiated soon. He also asked about the company's strategic thinking on focusing on the patient sub-population with baseline HBsAg levels below 1,000 IU/mL.

    Answer

    Interim President and CEO Mike McElhaugh confirmed plans to advance imdusiran into a later-stage trial, likely a Phase 2b, but noted details are pending further data. He emphasized the strategic importance of the <1,000 IU/mL patient group, citing the dramatically higher response rate of 67% in the IM-PROVE I trial and the large size of this patient segment globally.

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    Roy Buchanan's questions to Arbutus Biopharma (ABUS) leadership • Q1 2024

    Question

    Roy Buchanan of Citizens JMP sought clarification on several trial details, including confirming the imdusiran dosing frequency in the 203 trial, whether durvalumab timing is the only variable between arms, the starting dose for Part 2 of the AB-101 study, how target engagement was measured, and the current enrollment status of the nivolumab cohort.

    Answer

    Chief Medical Officer Dr. Karen Sims confirmed imdusiran is dosed every 8 weeks and that durvalumab timing is the only variable in the 203 trial. She did not comment on the AB-101 Part 2 dose but explained the target engagement assay uses peripheral blood mononuclear cells. She also noted the nivolumab cohort enrolled 22 patients due to screening logistics, with data expected in H2 2024.

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    Roy Buchanan's questions to Arbutus Biopharma (ABUS) leadership • Q4 2023

    Question

    Asked about the timeline for re-engaging with the FDA on AB-101, future development plans for the asset, and what data from the VTP-300 trial would be needed to advance that combination approach.

    Answer

    The company plans to re-engage the FDA on AB-101 after accumulating a robust data package. For the VTP-300 combination, the company will be guided by the data but would likely want to see results from the nivolumab arm before moving forward, while reiterating that the primary goal is their proprietary imdusiran/AB-101 combination.

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    Roy Buchanan's questions to ENANTA PHARMACEUTICALS (ENTA) leadership

    Roy Buchanan's questions to ENANTA PHARMACEUTICALS (ENTA) leadership • Q2 2024

    Question

    The analyst asked for clarification on why the 50% symptom reduction target for the RSVHR study is considered a high bar. They also asked about the expectations for the upcoming EDP-323 challenge study data in comparison to the strong results from zelicapavir.

    Answer

    The company explained that the RSVHR study measures "time to resolution of symptoms," and the 50% effect was chosen to keep the Phase II study at a manageable size. They believe a clinically meaningful improvement (e.g., one or more days) would be sufficient to move to Phase III. For EDP-323, they acknowledged zelicapavir set a high bar and hope to see data in the same range to consider it a strong contender, based on its potent mechanism and good Phase I data.

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    Roy Buchanan's questions to ENANTA PHARMACEUTICALS (ENTA) leadership • Q2 2024

    Question

    Roy Buchanan of Citizens JMP questioned the characterization of the RSVHR study's 50% reduction in symptom resolution time as a 'high bar,' and asked what efficacy level is expected from the EDP-323 challenge study to be considered successful.

    Answer

    Dr. Jay Luly, President and CEO, clarified that the 50% reduction in time to symptom resolution is a high statistical bar for a small Phase II study, contrasting it with Tamiflu's 25% improvement in flu. He noted a clinically meaningful improvement of one or more days would provide conviction for Phase III. For EDP-323, he acknowledged zelicapavir's data is a high benchmark and stated the goal is to be in the same range to be considered a strong asset.

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    Roy Buchanan's questions to HOOKIPA Pharma (HOOK) leadership

    Roy Buchanan's questions to HOOKIPA Pharma (HOOK) leadership • Q4 2022

    Question

    Roy Buchanan asked for clarification on the timeframe for Gilead's option to purchase stock, whether the hepatitis B Phase 1 trial will enroll patients or healthy volunteers, and if partners like Roche can utilize the company's Drug Master File (DMF).

    Answer

    CFO Reinhard Kandera stated that HOOKIPA has until the end of 2023 to draw on the additional equity from Gilead. CEO Joern Aldag deferred the question on hepatitis B trial participants to Gilead. Both Mr. Aldag and Chief Medical Officer Katia Schlienger confirmed that partners can use the DMF, and that Roche will indeed use it for the KRAS program's IND submission.

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    Roy Buchanan's questions to HOOKIPA Pharma (HOOK) leadership • Q4 2021

    Question

    Roy Buchanan of JMP Securities followed up on the HB-700 KRAS program, asking about the nature of the 'significant interest from pharma' and potential partnering plans. He also questioned if manufacturing timelines are constrained by capacity or standard ramp-up times and inquired about partnering efforts for the HB-101 CMV program.

    Answer

    CEO Joern Aldag confirmed pharma interest in the HB-700 KRAS program but noted it is being progressed internally as a high-value asset. CMO Igor Matushansky explained the manufacturing timeline is subject to standard ramp-up and securing CRO slots. Regarding the CMV program, Aldag stated that HOOKIPA is in the early stages of outreach to potential partners, as the company is not investing its own capital into infectious disease programs.

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    Roy Buchanan's questions to HOOKIPA Pharma (HOOK) leadership • Q4 2020

    Question

    Roy Buchanan from JMP Securities requested details on the upcoming HB-101 Phase II data update, including the post-transplant duration for efficacy reporting and the impact of COVID on patient follow-up. He also asked if the company has considered using its replicating technology for infectious diseases like Hepatitis B under the Gilead agreement.

    Answer

    Igor Matushansky, Chief Medical Officer, explained that the HB-101 efficacy endpoints are measured at 12 months post-transplant and that while COVID impacted new patient accrual, follow-up for existing patients has not been affected. Regarding the replicating technology, he confirmed that its use for infectious diseases is a topic of discussion with Gilead and is possible under the current agreement.

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    Roy Buchanan's questions to iBio (IBIO) leadership

    Roy Buchanan's questions to iBio (IBIO) leadership • Q4 2022

    Question

    Roy Buchanan of JMP Securities asked for details on the remaining steps before the IBIO-101 IND submission, whether capital constraints are impacting the timeline, and for a more specific timeline for in vivo proof-of-concept for Target 6 and the PD-1 agonist in relation to financing options.

    Answer

    Chairman and CEO Tom Isett responded that resource allocation is currently being evaluated post-acquisition. For IBIO-101, the company is refining its clinical strategy, including potential monotherapy and combination therapies, which influences the timeline. He noted that the PD-1 agonist is considered 'partner ready' and they are actively exploring partnership opportunities. While all options, including regional or global partnerships, are being considered for various assets, the current plan is for iBio to advance IBIO-101 into the clinic as a monotherapy itself.

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    Roy Buchanan's questions to iBio (IBIO) leadership • Q3 2022

    Question

    Roy Buchanan from JMP Securities inquired about iBio's partnership strategy for its afucosylation technology and the IBIO-101 asset, particularly regarding life cycle management and outreach to potential partners. He also asked for details on upcoming data for the endostatin program and the company's planned presentation at ASCO.

    Answer

    Chairman and CEO Tom Isett detailed a dual approach to partnerships. He explained that iBio offers its Glycaneering technology to smaller biotechs on a service-fee basis to enhance their molecules. For its proprietary asset, IBIO-101, Isett highlighted significant partnership potential, comparing its preclinical stage to the Tusk Therapeutics asset acquired by Roche. He noted that initial data for the endostatin program with partner UT Southwestern is expected by the end of calendar 2022. He declined to comment on the ASCO presentation due to embargoes.

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    Roy Buchanan's questions to iBio (IBIO) leadership • Q2 2022

    Question

    Roy Buchanan from JMP Securities asked for further clarification on the clinical validation of oncology targets, inquired if a challenge study is still planned for the IBIO-202 vaccine, and questioned the assumptions behind the company's cash runway guidance, including the potential sale of its manufacturing facility.

    Answer

    CSO Martin Brenner confirmed that iBio is focusing on clinically validated targets to de-risk development, aiming to improve upon existing approaches. He also stated that a challenge study for IBIO-202 is in the planning stages, which is crucial for demonstrating the efficacy of its T-cell response. CFO Rob Lutz addressed the financial query, stating that the cash guidance is based on conservative assumptions and confirmed that iBio will retain full ownership of its CDMO subsidiary after the recent transaction.

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