维拉斯泰姆（VSTM）ASCO25 G12Di中国1期疗效良好且治疗窗集中

Equity ResearchJune 2, 2025Kelly Shi, Ph.D. * | Equity Analyst(212) 336-6937 | kshi@jefferies.comClara Dong, Ph.D. * | Equity Analyst+1 (212) 284-2432 | ydong1@jefferies.comJose Lora, Ph.D. * | Equity Associate+1 (332) 236-6815 | jlora@jefferies.comYifan Xu, Ph.D. * | Equity Associate+1 (212) 778-8057 | yxu4@jefferies.comHangfei Fu, Ph.D. * | Equity Associate$19.00 | +216%$9.10 - $2.10FLOAT (%) | ADV MM (USD)77.8% | 13.47$351.6M^Prior trading day's closing price unless otherwiseExhibit 2 - Clinical data summary in G12D23%10%85%90%Exhibit 3 - Clinical data summary in G12D19%48%Exhibit 4 - Safety comparisons between G12Di90%10%33%0%0% (212) 323-7562 | hfu@jefferies.com As a Reference Data Point, RVMD's G12D ON Inhibitor Zoldonrasib Reported 30% and 61% ORRin 2L+ PDAC and 3L+ NSCLC at RP2D.Despite being the most common KRAS mutation, G12Di haslittle clinical data so far. In the landscape, RVMD's zoldonrasib is by far the most advanced G12Diwith 61% (11/18) ORR in 3L+ NSCLC and 30% (12/40) ORR in 2L+ PDAC at RP2D, and it reportedonly one case of grd3 GI tox (diarrhea). At the current stage, we think it is still hard to compareVSTM's G12D data to zoldronrasib given different sample sizes and trial phases (dose escalationvs RP2D), and await more data to understand the risk/benefit of both therapies.VSTM Also Reported Updated Ph1/2 RAMP205 (Avutometinib + Defactinib + Gemcitabine +Nab-Paclitaxel) Data in 1L PDAC and DL1 is Identified as RP2D; Pivotal Ph3 Planned in 2026.Previously in the abstract, 83% (5/6) / 100% (1/1) ORR were reported at DL1 or 0. With more patients,83.3% (10/12) ORR was reported at DL1 and the dose is now selected as RP2D. We think theresponse looks good and await mature durability data given its importance in 1L PDAC.Please see important disclosure information on pages 3 - 9 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. Company DescriptionVerastemVerastem 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/RisksVerastemOur 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.Astellas PharmaValuation:We arrive at our ¥1,500 PT by applying a target 6.5x EV/EBITDA to our FY3/27 estimates.Risks:Downside Risks include key products such as Zolbetuximab failing to achieve the forecasts that we have included in our estimates. UpsideRisks include the possibility that key drugs such as Izervay and Zolbetuximab might sell better than we are expecting.HengruiOur Rmb80.0 price target for Hengrui is derived from DCF methodology, which factors in our revenue and earnings forecasts up to 2034E, with WACCof 7.3% and terminal growth rate at 3.0%. Risks: GPO/NRDL negotiation related risks, R&D risks, and intensified market competition risk.REVOLUTION Medicines IncOur $88 price target is based on a DCF valuation model, which assumes a WACC of 10.5%, terminal growth rate of 2%, and ~165 million sharesoutstanding, driven by sales of RMC-6236, RMC-6291 and RMC-9805 in PDAC, NSCLC and CRC. We do not include other early-stage programs in ourmodel and leave them as future upside. Risks include clinical, regulatory, manufacturing, commercial, financing, and competition.Analyst Certification:I, Kelly Shi, 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, Clara Dong, 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, Jose Lora, 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, Yifan Xu, Ph.D., certify that all of the views expressed in this re