ASCO25 ALK+ ROS1+非小细胞肺癌（NSCLC）格局更新

Contact us for posters. Roger Song, MD, CFA * | Equity Analyst(617) 342-7955 | rsong@jefferies.comLiang Cheng, Ph.D. * | Equity Associate+1 (617) 342-7896 | lcheng1@jefferies.comFiona Jia, Ph.D. * | Equity Associate+1 (617) 342-7942 | fjia@jefferies.comCha Cha Yang, MS, MBA * | Equity Associate+1 (857) 330-5772 | cyang2@jefferies.com .Source: Company report#8590lorlatinib CROWN Study dose modification~1/3 pts had 1 or 2 dose reductions, 96% of which were led by AE. Dose reductions enabled ptsto continue tx w/ median duration post reduction of 42.2 mo at 75mg and 20.7 mo at 50mg. Note,there are ~20-25% AEs not resolved after dose reduction.Please see important disclosure information on pages 8 - 13 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. .Source: Company report#8603real-wrold tx patternsTransition to 2L TKI appeared to be lower in real-world (~25%) vs. in clinical trials, indicating potnllower-than-expected 2L mkt..#8607resistance mut landscape after diff TKIsUpfront 2G/3G ALK TKIs had less on-target resistance vs. 2G/3G ALK TKIs after crizotinib. However,off-target resistance seems to be more frequent w/ upfront 2G TKIs (Chart 4).Please see important disclosure information on pages 8 - 13 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. .Source: Company report#8608Real-world comparative outcomes of alectinib and brigatinibBoth alectinib- and brigatinib-treated pts who transitioned to lorlatinib demonstrated notablyprolonged survival (Chart 5)..Source: Company report#8617Patient/ caregiver tx preferences in USPts and caregivers weigh predominantly PFS benefit in choosing tx, followed by cognitive/ moodeffects (Chart 6).Please see important disclosure information on pages 8 - 13 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. .Source: Company report#11103Patient preference for 1L txRespondents (N=115) placed most value on PFS (~58%), followed by reduced risk of brainmetastasis (~13%), risk of liver damage (~10%), and degree of cognitive effects (~7%) (Chart 7).Please see important disclosure information on pages 8 - 13 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. .Source: Company report#8638Iruplinalkib (approved in China) real-world data27% (3/11) ORR in heavily pretreated pts which all recieved prior lorlatinib (Chart 8)..Source: Company reportPlease see important disclosure information on pages 8 - 13 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. See content for ROS1. ROS1#8643taletrectinib comparable efficacy/ safety across pivotal studies/ regions/ racesWe focus on AE profile where AST/ ALT elevation and GI tox (diarrhea, nausea, vomiting) standout. GI tox mostly occured early in tx..Source: Company reportPlease see important disclosure information on pages 8 - 13 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. Company Valuation/RisksNuvalent IncOut price target is DCF-based. Key risks: clinical, regulatory and commercial.Analyst Certification:I, Roger Song, MD, CFA, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) andsubject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or viewsexpressed in this research report.I, Liang Cheng, Ph.D., certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) andsubject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or viewsexpressed in this research report.I, Fiona Jia, Ph.D., certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report.I, Cha Cha Yang, MS, MBA, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies)and subject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations orviews expressed in this research report.As is the case with all Jefferies employees, the analyst(s) responsible for the coverage of the financial instruments discussed in this report receives compensationbased in part on the overall performance of the firm, including investment banking income. We seek to update our research as appropria