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Chief Scientific Officer Paul Moore attributed the molecule's excellent tolerability to the novel KLK2 target, which provides a superior therapeutic window. He suggested this profile makes the drug a strong candidate for combination therapies to boost efficacy, a strategy J&J is actively exploring. He also noted that CD3 binder affinity is tailored to each specific target.

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CEO Kenneth Galbraith stated that it is too early to provide specific data timing for ZW171 and ZW191, reiterating that updates will come via abstracts at peer-reviewed conferences. He expressed satisfaction with the current clinical operations infrastructure, which he believes is efficient and sufficient to advance the current pipeline, including the upcoming ZW251 trial, without needing immediate expansion upon receipt of milestone payments.

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Chair and CEO Kenneth Galbraith confirmed a portfolio-wide strategy to explore combinations early to achieve durable responses, especially for ZW251 in HCC. He stated the prioritization of ZW251 was driven by excitement for the asset and the ability to accelerate its clinical timeline, not by any negative developments for ZW220, which remains a high-interest, differentiated ADC.

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CEO Kenneth Galbraith explained that they will likely explore multiple doses in expansion cohorts to ensure a clear understanding of tolerability and optimal dosing, avoiding premature acceleration. Chief Scientific Officer Dr. Paul Moore added that combination strategies are being considered for all three ADC programs to move into earlier lines of therapy, with partners chosen based on the specific disease indication.

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CEO William Lewis stated that plans would be clearer after their October FDA meeting but noted that enthusiasm for the program has grown significantly. He emphasized TPIP's potential across PAH, PH-ILD, and possibly IPF. CMO Martina Flammer added that the trial design will account for sotatercept's presence on the market, but TPIP's strong Phase 2 data provides high confidence in its competitive profile.

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CMO Martina Flammer stated that the 'vast majority' of patients continued into the OLE, with many titrating to higher doses up to 1,280 micrograms. CEO Will Lewis confirmed that OLE data will not be available with the main trial readout. However, he noted that the Phase III study is intended to use the higher 1,280 microgram maximum tolerated dose, suggesting the Phase II results may underrepresent the drug's full potential.

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CEO Will Lewis highlighted that a significant reduction in PVR, which is not common in PAH, would be very encouraging, and noted that other markers like NT-proBNP have also shown positive directional trends on a blinded basis. CMO Martina Flammer confirmed that PVR reduction is the primary endpoint for the Phase II study, which is standard for this stage, and that the trial will also assess 6-minute walk, PK, clinical worsening, and quality of life.

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CEO Will Lewis noted that seeing a significant reduction in PVR, which is not common in PAH, would be very encouraging, and that other markers like NT-proBNP have been directionally positive on a blinded basis. CMO Martina Flammer confirmed that PVR reduction is the primary endpoint for the Phase II study, which is standard for assessing hemodynamics at this stage, with other key measures including 6-minute walk and clinical worsening.

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CEO Matthew Foehr clarified the Janssen program is not fully prepaid and includes a $35 million milestone upon first sales. CFO Kurt Gustafson stated that while they have estimates for Exploration's recurring revenue, they are not disclosing them yet. Mr. Foehr added that OmniChicken-derived programs are present in the preclinical pipeline but did not provide a specific breakdown, noting the portfolio's overall average royalty rate has increased.

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Matthew Foehr, President and CEO, confirmed that new partners will have access to purchase the exploration platform as they sign on. Regarding trends, he noted that while specific targets are confidential, the company sees broad interest driven by its technology launches, such as increased activity in CNS, infectious disease, and multi-specifics following the OmniAb launch, in addition to consistent interest in oncology and immunology.

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President and CEO Matthew Foehr stated the preclinical portfolio is diverse, with a mix of programs from OmniRodent, bispecific, and chicken-based technologies. CFO Kurt Gustafson confirmed the royalty rate for sugemalimab is 3% globally and clarified that while the 2025 revenue guidance includes all revenue streams, it does not bake in significant upside from these specific royalties due to limited sales visibility.

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CEO Matt Foehr confirmed a growing interest and increase in multi-specific programs, driven by technologies like OmniAb, but did not provide a specific percentage. CFO Kurt Gustafson stated he had no update to the previously disclosed blended royalty rate but noted it was unlikely to have changed significantly. He clarified the Immunovant deal structure is via a third party (Henal) but confirmed the effective royalty rate to OmniAb is consistent with their standard low-to-mid-single-digit range.

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President and Head of R&D Pablo Cagnoni described the patient population as 'typical' for those who have been exposed to Jakafi (intolerant or progressed), with no overly restrictive enrollment criteria. He noted that follow-up will be variable, but some patients from early dose cohorts will have been followed for more than a year.

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EVP & CMO Amy Peterson confirmed the trial had a pre-planned gate for review and that the company reviewed the unblinded data. The decision to halt was made to prioritize other indications and reallocate resources, though she noted a future path in head and neck is not entirely ruled out.

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Chief Medical Officer Amy Peterson clarified that the primary endpoint was modified to focus on patients without liver metastases, a stronger prognostic factor than RAS status. President and CEO Michael Morrissey added that data from Merck's LEAP-17 trial, which showed a better hazard ratio in RAS mutants, supported this strategic shift away from a RAS-focused endpoint.

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Chief Medical Officer Amy Peterson confirmed that STELLAR-305 is a Phase 2/3 study that is still enrolling. She stated that data from the trial will be disclosed once it is mature.

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Executive Mark Baldry stated that patient compliance and adherence rates are higher than typical for a daily oral medication and that patients currently receive a one-month supply. CEO Paula Ragan added that the 4WARD trial's target of 150 enrolled patients already accounts for potential dropouts and that based on current data, the trial remains on track for full enrollment in Q3 or Q4 2025.

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Paula Ragan (Executive) and Christophe Arbet-Engels (Executive) explained the trial protocol change was aligned with the FDA and EMA to focus on moderate-to-severe patients, maximizing the chance of success without impacting enrollment timelines. Adam Mostafa (Executive) noted that inventory levels reflect Q4 stocking and will likely be lumpy. Mark Baldry (Executive) confirmed the company is not currently engaging in product discounting.

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CEO Paula Ragan and Chief Medical Officer Christophe Arbet-Engels responded that mavorixafor's effect was robustly consistent and the Phase II sample size was too small to draw definitive correlations, which will be analyzed in the larger Phase III trial. Chief Commercial Officer Mark Baldry added that the commercial team is focused on making physicians aware of WHIM through claims analysis and conference presence to encourage screening, rather than tracking a specific number of active screeners at this stage.

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Chief Commercial Officer Mark Baldry reported that the reimbursement process is working smoothly through prior authorizations and medical exceptions, supported by the X4Connect patient hub. President and CEO Dr. Paula Ragan noted that meaningful updates on 4WARD trial enrollment are expected in 2025. CFO Adam Mostafa clarified that Q2 SG&A represents a more typical run-rate, as Q1 was inflated by one-time launch preparation costs.

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CEO Carl L. Hansen explained that being indication agnostic allows them to pursue the best opportunities broadly. He stated that clinical development teams are being built 'on time' to support the initial programs, with future hiring focused on development roles. Regarding the AbbVie deal, he described it as a significant first collaboration on a small number of targets. Hansen also noted that while they see competitive dynamics from China, AbCellera's focus on highly differentiated, first-in-class assets provides a robust defense.

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President and CEO Dr. Carl Hansen addressed the pipeline, stating the company has nearly $900 million in liquidity to fund an anticipated 2-3 new development candidates per year and that the portfolio review will conclude by December. CFO Andrew Booth confirmed that the government funding requires Phase I trials to be conducted in Canada, which they plan to do for ABCL575 and ABCL635 without anticipating any issues.

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