杰富瑞全球医疗会议第一天：Verastem（VSTM）和Artiva Biotherapeutics（ARTV）

USA | Biotechnology JEF Global HC Conf Day 1: VSTM, ARTV FLASH NOTE VSTM CEO commented on G12D China Ph1 data at ASCO; a US study is startingimminently w/ optimized prophylactic protocols to manage AEs. LGSOC launchis ongoing; Co expects steady growth over time. Co also highlighted 1L PDACdevelopment, and pivotal is planned in '26. ARTV CEO views AlloNK's safetyprofile and pot'l for outpatient use as key differentiators and noted the decisionto delay the initial data readout could help generate more comprehensive data. VSTM (Buy): CEO Dan Paterson Highlighted 2025 as a Transformative Year With LGSOC Launch,G12D US Ph1 Starting, and 1L PDAC Development Progressing.For the China Ph1 G12D datapresented at ASCO (note), mgmt highlighted the clear efficacy signals (52% ORR in PDAC, 42%ORR in NSCLC) with the swimmer plot suggesting initial durability. For the AE profiles, especiallythe grd 3 GI events, mgmt noted that patients did not receive any prophylaxis or prevention in theChina Ph1, and Co will optimize the protocol to use prophylactic anti-emetics to improve tolerabilityfor the US study. Co has now opened 3 sites in the US and will start dose escalating from theefficacious dose 400mg QD, and Co mentioned the possibility to de-escalate the dose because ofFDA project Optimus. Regarding the remaining options left with GenFleet agreement, the partnersare working together to identify the candidate. For the recent approval of combo in LGSOC, Cohighlighted the unmet needs where pts are symptomatic and cycle through therapies. Mgmt doesnot expect an early bolus and expects steady growth over time as pts get on therapy and stay fora long time; Co uses rare disease launch as an analog. For the NCCN guideline, mgmt noted thatthe manuscripts have been accepted and should be published in the coming weeks. As for ex-USregulatory development, mgmt is in discussion with the EU agency to get clarity on whether Ph2is sufficient for approval, but Co believes robust reimbursement will likely need Ph3 study results.In addition, Co highlighted the 1L PDAC development with 83.3% (10/12) ORR reported at DL1; thishas now been selected as RP2D, and pivotal Ph3 is planned in 2026. ARTV (Buy): CEOFred AslanHighlighted that Favorable Safety and the Flexibility to Combinewith Different mAbs are Key Differentiators of AlloNK.AlloNK is an allogeneic NK cell therapydesigned to enhance the cytotoxicity of mAbs, enabling deeper B-cell depletion. Co has initiatedPh1 trial of AlloNK in combo with rituximab or obinutuzumab in SLE. In today’s fireside chat,Artiva CEO Dr. Fred Aslan noted the initial data readout has been delayed from 1H’25 to 1H’26to allow for more pt enrollment and longer f/u. He commented that while multiple CART trialshave shown transformative efficacy, responses remain heterogeneous. For example, younger ptswith less organ involvement may derive greater benefit, making small/early datasets (e.g., 3–5pts with <6mos f/u) insufficient to capture the full therapeutic pot'l. ARTV plans to expand AlloNK+rituximab combo into add'l indications, and expects to announce the lead indication by YE. Dr.Aslan highlighted 3 criteria for selection: 1) clear evidence of deep B-cell depletion, 2) favorablesafety profile with low rates of CRS/ICANS, and 3) meaningfully better efficacy vs SoC. He notedrituximab was chosen as the combo partner due to its widespread use in these diseases, whichfacilitates the demonstration of AlloNK’s added benefit. Dr. Aslan reiterated that safety is a keydifferentiator for AlloNK, citing encouraging tolerability from ongoing IITs, which suggest outpatientuse is feasible (not limited to CART centers) and hospitalization risks may be minimized. Kelly Shi, Ph.D. * | Equity Analyst(212) 336-6937 | kshi@jefferies.com Clara Dong, Ph.D. * | Equity Analyst+1 (212) 284-2432 | ydong1@jefferies.com Jose Lora, Ph.D. * | Equity Associate+1 (332) 236-6815 | jlora@jefferies.com Yifan Xu, Ph.D. * | Equity Associate+1 (212) 778-8057 | yxu4@jefferies.com Hangfei Fu, Ph.D. * | Equity Associate(212) 323-7562 | hfu@jefferies.com Company Description Verastem Verastem Oncologyis a late-stage development biopharmaceutical company committed to the development and commercialization of new medicinesfocused on RAS/MAPK pathway-driven cancers. The pipeline includes avutometinib (oral RAF/MEK clamp), defactinib (oral selective FAK inhibitor),and a KRAS G12D inhibitor in collaboration with GenFleet Therapeutics. Company Valuation/Risks Verastem Our price target is based on a DCF valuation model, which assumes a WACC of 10%, a terminal growth rate of 1%, and outstanding shares of ~48M.Risks include clinical, regulatory, manufacturing, commercial, financing, and competition. For Important Disclosure information on companies recommended in this report, please visit our website at https://javatar.bluematrix.com/sellside/Disclosures.action or call 212.284.2300. Artiva Biotherapeutics Inc We arrive at a $21 price target based on