Translation: Original published in Finnish on 10/2/2026 at 7:55 am EEST.

Faron announced on Thursday that the first patient had received a dose of the drug in the investigator-initiated Phase I/II BLAZE trial that the company is supporting. We consider the start of the trial an expected step forward, as the company had previously estimated that patient enrollment would begin during Q3'26. In our view, studies in solid tumors are an interesting long-term option for bexmarilimab, though we believe the core of Faron's investment case remains heavily reliant on the BEXERA trial, which focuses on blood cancers. The news does not cause changes to our forecasts at this point.

BLAZE tests bexmarilimab's ability to overcome drug resistance

The BLAZE study evaluates the combination of bexmarilimab and nivolumab, a widely used PD-1 inhibitor, in patients with advanced non-small-cell lung cancer or melanoma. Patients participating in the trial have previously responded to PD-1 therapy, but subsequently developed resistance and experienced disease progression. The trial's scientific hypothesis relies on growing evidence that tumor-associated macrophages are a key factor behind this resistance. Patients first receive bexmarilimab alone to reprogram the tumor microenvironment, after which they transition to combination therapy, which aims to restore sensitivity to the PD-1 inhibitor. Since this is an investigator-initiated trial (IIT), The Institute of Cancer Research and its partners are leading it. This is a cost-effective way for the company to collect clinical evidence on bexmarilimab's potential in solid tumors without shouldering the full financial burden of the trial.

Investment story remains centered on the BEXERA study of blood cancers

Since PD-1 inhibitors are widely used, the pool of patients who progress after treatment is large. In our view, if bexmarilimab were able to overcome resistance, it would unlock significant commercial potential. However, expectations should be kept in check, as the efficacy of bexmarilimab in previous monotherapy trials for solid tumors has been limited, and Faron has less influence over timelines and data publication in a trial led by an academic sponsor. Currently, we primarily view the solid tumor projects as options because the BLAZE trial is still in the early stages. In our opinion, the most important driver of value creation and near-term funding needs for Faron is its own randomized BEXERA trial focusing on blood cancers (high-risk MDS). We are following the progress of the BLAZE trial with interest, but, from the perspective of the expected return on the share, we estimate that the decisive evidence will come from the first readout of the BEXERA trial, which the company has scheduled for the fourth quarter of 2027. We consider the timeline to be tight because patient recruitment for the trial is not expected to begin until the end of the year.