Translation: Original published in Finnish on 10/20/2026 at 7:56 am EEST.

On Monday, Faron announced that it will publish the final results of the MATINS melanoma cohort at the 2026 ESMO Congress. The results are in line with previous interim data and confirm that bexmarilimab (BEX) increases immune system activity in melanoma patients. On the other hand, the results suggest limited efficacy when used as a monotherapy (a single medication). While Faron has not continued developing bexmarilimab as a monotherapy, ongoing projects combine it with other drugs to treat solid tumors. Preliminary results from the BLAZE (bexmarilimab + PD-1 inhibitor for melanoma and lung cancer) and BEXAR (bexmarilimab + chemotherapy for soft tissue sarcoma) trials will be available next year.

MATINS results demonstrated biological activity of the drug, but its efficacy alone is limited

The melanoma cohort in Faron’s Phase I/II MATINS trial consisted of 25 patients with advanced disease who did not respond to previous PD-1 inhibitor treatments. According to the final results, BEX monotherapy achieved a 20% disease control rate, and the median overall survival of patients was 7.6 months. To the best of our knowledge, no significant tumor shrinkage was observed in the patients. Patients who achieved disease control had significantly longer survival times (15.2 months) than the others (6.2 months), though this difference was not statistically significant due to the small patient population. Since the study did not include a control group and all patients received bexmarilimab, it is difficult to distinguish the drug's effect from that of other variables.

Patients who achieved disease control showed lower baseline serum interferon gamma (sIFNγ), which increased by an average of 181% during treatment. This finding supports the company's hypothesis that BEX can reactivate an immune response that has been switched off. Although the clinical efficacy of monotherapy remains limited in a difficult-to-treat patient population, the biological response provides a logical basis for the drug's use in combination therapies.

Focus in solid tumors has already shifted to combination treatments

As we have previously noted, we estimate that BEX's efficacy alone in treating solid tumors will not be sufficient for a significant commercial breakthrough. In fact, Faron's research program has already shifted its focus on solid tumors to investigator-initiated combination studies. The newly published MATINS data therefore primarily serves as a scientific springboard for the recently initiated BLAZE trial, in which BEX is combined with the PD-1 inhibitor nivolumab. The BLAZE study aims to use BEX first to counteract tumors' immune-suppressing ability so patients will respond to the PD-1 inhibitor again. In another combination trial, BEXAR, bexmarilimab is being combined with the chemotherapy drug doxorubicin to treat soft tissue sarcoma.

For now, we view the solid tumor projects as options because the BLAZE trial is still in its very early stages. The most important driver of Faron’s value creation and potential is its own BEXERA trial, which focuses on blood cancers and is expected to present its first results in late 2027. While we are following the progress of the solid tumor trials with interest, the decisive evidence in terms of the stock's expected return will come from the field of blood cancers.