ASCO'25头颈癌关键意见领袖（KOL）活动要点

Equity ResearchJune 3, 2025Maury Raycroft, Ph.D. * | Equity Analyst(212) 323-3990 | mraycroft@jefferies.comJames Stamos, Ph.D. * | Equity Associate(212) 323-7644 | jstamos@jefferies.comFarzin Haque, Ph.D. * | Equity Analyst+1 (212) 778-8349 | fhaque@jefferies.comAmin Makarem, Ph.D. * | Equity Associate+1 (332) 236-6822 | amakarem@jefferies.comAmy Qian, Ph.D. * | Equity Associate+1 (212) 707-6465 | aqian@jefferies.com$58.53^$87.00 | +49%$61.28 - $33.19FLOAT (%) | ADV MM (USD)88.3% | 79.10^Prior trading day's closing price unless otherwise routinely measured in recurrent/metastatic disease and HPV testing is routinely used across theboard in all types of HNSCC.For new HNSCC drugs on the horizon, doc likes radiopharmaceuticals over next 4-5yrs (maystimulate different biology than ADC cytotoxic payloads) and said new ADCs don't bring newbiology into tx, just new delivery of drugs (i.e., chemo) that have been used for yrs.Please see important disclosure information on pages 3 - 8 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. Company DescriptionMerusMerus N.V. is a clinical-stage oncology company that engages in the discovery and development of bispecific antibody therapeutics. Its pipelineincludes Biclonics for solid and hematological tumors. The company was founded in 2003 and is headquartered in Utrecht, The Netherlands.Company Valuation/RisksMerusOur $87 PT blends DCF+prob-adj EPS. Risks include efficacy, drug-related tox, and competition.Analyst Certification:I, Maury Raycroft, 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, James Stamos, 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, Farzin Haque, 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, Amin Makarem, 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, Amy Qian, 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.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 appropriate, but various regulationsmay prevent us from doing so. Aside from certain industry reports published on a periodic basis, the large majority of reports are published at irregular intervalsas appropriate in the analyst's judgement.Investment Recommendation Record(Article 3(1)e and Article 7 of MAR)Recommendation PublishedRecommendation DistributedCompany Specific DisclosuresJefferies Financial Group Inc., its affiliates or subsidiaries expect to receive or intend to seek compensation for investment banking services from Merus NVwithin the next three months.Within the past 12 months, Jefferies Financial Group Inc., its affiliates or subsidiaries has received compensation from investment banking services from MerusNV.Jefferies Financial Group Inc., its affiliates or subsidiaries is acting as a manager or co-manager in the underwriting or placement of securities for Merus NVor one of its affiliates.Within the past twelve months, Merus NV has been a client of Jefferies Financial Group Inc., its affiliates or subsidiaries and investment banking services arebeing or have been provided.Jefferies Financial Group Inc., its affiliates or subsidiaries has acted as a manager or co-manager in the underwriting or placement of securities for Merus NVor one of its affiliates within the past twelve months.Jefferies International Ltd, its affiliates or subsidiaries has, o