contentSlug

type

ContentSlug_ContentQuery

slug

ContentPageContentQuery

content

trendingContent

query ContentSlug_ContentQuery(
  $contentSlug: String!
  $type: [ContentType!]
) {
  ...ContentPageContentQuery_13QmVO
}

fragment CompanyDetails_Content on Content {
  __isContent: __typename
  companies {
    name
    description
    pageUrl
    id
  }
}

fragment ContentBasicInfo on Content {
  __isContent: __typename
  id
  type
  title
  lang
  companies {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  tags {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  ...PublishingDetails
  ...Reactions
}

fragment ContentMetadata on Content {
  __isContent: __typename
  type
  title
  lang
  pageUrl
  alternatePageUrls: translations {
    __typename
    pageUrl
    lang
  }
  imgUrl
  description
  ... on Video {
    liveTime
    videoUrl
  }
  ... on Webcast {
    liveTime
    videoUrl
  }
}

fragment ContentPageContentQuery_13QmVO on Query {
  content(slug: $contentSlug, type: $type) {
    __typename
    id
    type
    title
    isPremium
    lang
    htmlBody
    summary
    companies {
      forum {
        latestPosts {
          ...ForumPosts
        }
      }
      name
      id
      viewerIsFollowing
      pageUrl
      defaultInstrument {
        isin
        id
        marketOpen
        marketClose
        marketplace {
          region
        }
        returns {
          total
        }
      }
    }
    tags {
      viewerIsFollowing
      id
      name
      pageUrl
    }
    createdAt
    ... on Video {
      liveTime
    }
    ... on Webcast {
      liveTime
    }
    slug
    ... on CompanyReport {
      reportUrl
    }
    ... on ThirdPartyCompanyReport {
      reportUrl
    }
    ... on StockExchangeRelease {
      reportUrl
    }
    ...ContentBasicInfo
    ...ContentMetadata
    ...PriceAndRecommendation_Content
    ...CompanyDetails_Content
    ...ReportLink_Content
    ...KeyFigures_Content
  }
  ...TrendingContent_1jQ2Cn
}

fragment ForumPosts on ForumPost {
  text
  likesCount
  url
  author
  postedAt
  authorImgUrl
}

fragment KeyFigures_Content on Content {
  __isContent: __typename
  companies {
    defaultInstrument {
      estimateData {
        modelType
        reportingCurrency
      }
      snapshot {
        transaction {
          date
          actualized {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
          }
        }
      }
      id
    }
    id
  }
}

fragment PriceAndRecommendation_Content on Content {
  __isContent: __typename
  createdAt
  companies {
    name
    pageUrl
    defaultInstrument {
      priceData {
        tradeCurrency
      }
      snapshot {
        priceData {
          date
          lastPrice
          tradeCurrency
        }
        transaction {
          date
          recommendation
          targetPrice
        }
        prevTransaction {
          recommendation
        }
      }
      id
    }
    id
  }
}

fragment PublishingDetails on Content {
  __isContent: __typename
  createdAt
  publishers {
    name
    imgUrl
  }
  authors {
    __typename
    id
    name
    slug
    imgUrl
    jobTitle
  }
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
}

fragment Reactions on Content {
  __isContent: __typename
  id
  reactionGroups {
    reactionType
    reactionsCount
    viewerReacted
  }
}

fragment ReportLink_Content on Content {
  __isContent: __typename
  type
  isPremium
  ... on CompanyReport {
    reportUrl
  }
  ... on ThirdPartyCompanyReport {
    reportUrl
  }
  ... on StockExchangeRelease {
    reportUrl
  }
}

fragment TrendingContent_1jQ2Cn on Query {
  trendingContent(type: ARTICLE) {
    __typename
    id
    title
    lang
    pageUrl
    createdAt
    type
    imgUrl
    companies {
      squareLogoUrl
      name
      id
    }
    authors {
      __typename
      imgUrl
      id
    }
    publishers {
      imgUrl
    }
  }
}


faron-pharmaceuticals-research-program-progressing-planned

__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

Analyst

Antti Siltanen

Faron is a global, clinical-stage biopharmaceutical company, focused on tackling cancers via novel immunotherapies. Its mission is to bring the promise of immunotherapy to a broader population by uncovering novel ways to control and harness the power of the immune system. The Company's lead asset is bexmarilimab, a novel anti-Clever-1 humanized antibody, with the potential to remove immunosuppression of cancers through reprogramming myeloid cell function. Bexmarilimab is being investigated in Phase I/II clinical trials as a potential therapy for patients with hematological cancers in combination with other standard treatments.

Did you notice that I referred to mTP53 patients? Faron now has a first-line study concerning them with a population of 9 patients, and a study concerning r/r patients, where mOS just significantly decreased based on the latest data. Magrolimab probably had somewhat broader data to support it when it received BTD, didn’t it?

On this, I certainly disagree with you. The criteria for BTD are an urgent need for the disease and comparison to existing treatment (rr MDS is no longer SoC). If one looks at the results of magrolimab, for example, which received BTD, they certainly haven’t been any better than Bexi. I’ve wondered about Faron’s silence on BTD, especially since it was on their slides in earlier presentations. Of course, moving from rr to first-line may have crushed BTD hopes in this timeline. Wiser people in the field are welcome to criticize these thoughts.

In connection with reclassification, the mTP53 patient group should also have grown; you cannot simply transfer responses to another group from there. Faron could avoid ambiguities in the interpretation of their results by providing at least rudimentary background information in connection with publications. Perhaps tomorrow there will be a stock exchange release where these would be explained. Dreaming of BTD in mTP53 treatment with a sample of 9 patients and the slides seen now is, at least, a complete pipe dream.

One possible explanation is that the patient is classified as mTP53-positive only when the VAF (variant allele fraction) is sufficient. And additionally, there are numerous TP53 mutation types. The patient’s cancer may have changed (growth of mTP53 mutations) or the research methods or criteria have changed. On this forum, we will probably never get full clarity on these because there are many variables and scientific knowledge is increasing.

In my opinion, these new results reveal a significant inconsistency with previously reported results more broadly. Since summer, Faron has reported that 9 patients (45%) achieved CR in the first line, and Kontro also did so at ESMO:  According to Zeidan’s abstract, there were 4 mTP53 cCR patients, which can simultaneously be assumed to be the maximum number of CR patients. It follows that there must have been at least 5 wt TP53 patients in that situation (maximum 6, because there were 6 cCR patients). Based on this calculation, the CR of wt TP53 patients should be at least 45% (5/11). Can anyone logically explain where those wt TP53 CR patients have disappeared along the way, and why the CR% is now only 20%?

Reflections on TP53 Results of an open, non-randomized phase 2 study of vene+aza at ASH. Another new concept, t-MDS, i.e., MDS related to previous other cancer treatment, first-line. These account for 10-20% of all MDS. Previous cytostatic treatment or radiation therapy has damaged the bone marrow, and mutant clones like TP53 are growing. In the early stage of this trial, TP53 is present in 83% of patients. No one achieved MRD. One out of 23 patients proceeded to bone marrow transplant. They also mentioned that these, belonging to the most aggressive forms of MDS, were not included in VERONA: “The phase 3 VERONA trial did not show a survival benefit with azacitidine and venetoclax (Aza/Ven) in high-risk MDS pts, however, t-MDS pts were excluded from this study.” https://meetings-api.hematology.org/api/abstract/vmpreview/299968 I don’t recall Faron having communicated anything about these t-MDS patients. There is no exclusion criterion in BEXMAB. Could that be one reason why these difficult TP53 cases have been enriched in first-line BEXMAB? Generally, t-MDS is excluded from trials Representation of therapy-related myelodysplastic syndrome in clinical trials over the past 20 years - PMC T-MDS is called a trial-killer due to its difficulty. If these are not excluded from phase 2/3, there should at least be a fuss about it. Comparing different trials becomes really difficult due to these MDS prognostic subgroups, the ‘criterion salad’, changes in risk scoring, and refining biomarkers. Patients benefit, unless the ‘salad’ prevents approvals, at least investors get anxious. In BEXMAB-02, the intention is to create a TP53 subgroup, which at least partially manages the risk, but the t-MDS risk should also be managed. The subgroups become small.

Practically the same thing, less than 10 or 5%. You can’t get a more precise estimate than that. The estimate is based on the fact that we already have quite good data on CR responses for aza alone (14-32%) and now also fresh data on cCR responses for aza alone from the Panther study (51%). And these are at the same level as those now obtained with bex+aza. Of course, this is a cross-trial comparison, but it’s the best we have. If one wants a bullish perspective, one can think the other way around: since responses still predict OS quite poorly – at least in theory, the drug could improve OS without affecting responses more than aza alone. From a research strategy perspective, it’s more difficult; only OS should be chosen as primary. Now Faron is choosing CR/CReq and OS as co-primaries. The FDA doesn’t like it if only one of the co-primaries is met. So, in this setup, the primary OS milestone is only in the next decade. In any case, there’s a long way ahead. Bex’s mechanism of action is unique, interesting, and I agree with many commentators that further studies are awaited. Especially BEX+PD1 could be a powerful combo, but I simply cannot assign a value to it before the first human trials. OS: overall survival, “overall survival”  CR: complete response, “complete response”  cCR: composite complete response, “composite complete response, including incomplete improvement in blood counts”

Faron Pharmaceuticals

We have updated our assessment of the progress of Faron’s research program and based on that, the commercial potential of the company's drug candidates. The individual studies of the research...

<p>We have updated our assessment of the progress of Faron’s research program and based on that, the commercial potential of the company's drug candidates. The individual studies of the research program have largely progressed as we expected and the changes to our model are moderate in size. The most important change is the increased number of blood cancer patients who could potentially benefit from bexmarilimab (BEX). However, since October, the share price has increased more than our fair value, which weakens the share’s risk/return ratio. We believe the share is close to the upper limit of its fair value range.</p> 

	2021	22e	23e
Revenue	0.0	0.0	0.0
growth-%
EBIT (adj.)	-21.1	-22.1	-0.8
EBIT-% (adj.)	-527,700.0 %	-551,975.0 %	-20,292.5 %
EPS (adj.)	-0.40	-0.37	-0.02
Dividend	0.00	0.00	0.00
Dividend %
P/E (adj.)	neg.	neg.	neg.
EV/EBITDA	neg.	neg.	neg.

Faron Pharmaceuticals: Research program progressing as planned

Key Estimate Figures2023-01-09

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