【行业研究报告】天境生物-Promising clinical results of lemzoparlimab in NHL

Encouragingpreliminaryclinicaldataoflemzoparlimab(adifferentiated
anti-CD47mAb)incombinationwithrituximabinNHL.I-Mabplansto
anti-CD47mAb)incombinationwithrituximabinNHL.I-Mabplansto
presenttheclinicaldataoflemzoparlimabincombinationwithrituximabin
NHLatASH2021Meeting.TheCompanyreleasedanabstractofthedataon
4Nov(link).InthisongoingPhase1bstudy(NCT03934814),eightheavily
pre-treatedpatientswithr/rNHLwhohadprogressedonpriorCD20targeted
therapieswereenrolledtothedosecohortsof20mg/kg(n=6)and30mg/kg
(n=2).ThediagnosesincludedDLBCL(n=2),MCL(n=1),andFL(n=5).
Patientshadamedianageof63yearsandamedianof4priortherapies.As
of2Jul2021,among7evaluablepatients,3achievedCR(1transformedFL-
DLBCL+2FL),1reachedPR(FL),togetherwith3SDpatients,indicating57%
ORRand100%DCR.Tumorshrinkagewasobservedinallevaluablepatients.
Moreover,duringcontinuedtreatment,onepatientwithtransformedFL-
DLBCLimprovedfromPRat2ndmonthtoCRat8thmonthandanother
patientwithFLimprovedfromSDat2ndmonthtoPRat4thmonth,indicating
71%ORRand57%CR.MildhematologicAEswereobservedwithno
treatmentrequired.
Lemzoparlimabshowedbestinclasspotential.Globally,magrolimab
(fromGilead)andALX148(fromALXOncology)arethetwoanti-CD47/SIRP
αantibodiescurrentlyatlateclinicalstage.InNHLpatients,magrolimab
reported49%ORRand21%CR(n=75,link),andALX148reported64%ORR
and27%CR(15mg/kgQWcohort,n=11,link),whichwerebothlesseffective
thanlemzoparlimab(71%ORR,57%CRasof4Nov2021).I-Mabplansto
initiatearegistrationaltrialoflemzoparlimabinNHLinChinain2022E.In
addition,I-MabaimstocompleteanAML/MDSChinatrialin4Q21Eandto
initiatearegistrationalMDStrialinChinain2022E.Forsolidtumors,data
readoutoftheUStrialoflemzoparlimab+Keytrudaisexpectedearlynext
yearandtheINDofaPh2trialoflemzoparlimab+toripalimabinsolidtumors
wasrecentlyapprovedinChina.
Felzartamab(anti-CD38mAb):conceptproveninautoimmunedisease
treatment.I-Mab’spartnerMorphoSysrecentlypresentedinterimresultsof
theongoingPh1b/2astudyinpatientswithhighanti-PLA2R-positiveMNat
theASN2021meeting(link).Mostpatientsshowedasubstantialreductionin
pathogenicanti-PLA2Rantibodytitersafter12weeksoftreatment.Weexpect
I-MabtoinitiatetrialsoffelzartamabinSLEsoon.Meanwhile,felzartamabis
ontracktosubmitBLAfor3LMMinChinain4Q21E.
MaintainBUY.WelikeI-Mabgivenitshighly-differentiatedglobalFIC/BIC
assetportfolio.WemaintainourDCF-basedTPunchangedatUS$101.37
(WACC:9.74%,terminalgrowthrate:3.0%).