A new readout from BI-1808 monotherapy in May showed a disease control rate of 42% based on 26 patients, with one complete response and one stable disease. Considering these are late-stage all-comers, this is clearly a positive result motivating the advancement of the programme. The first results in combination with pembrolizumab were presented at the same time, showing complete receptor occupancy and good tolerability. New data with BI-1206 in lymphoma including the subcutaneous version were presented (n=21) with an ORR of 43% and a complete response rate of 29%, showing a deepening of responses over time. New data from BI-1206 combined with Keytruda in solid tumours showed a disease control rate of 38% based on 24 evaluable patients with one complete response. Dose escalation with the subcutaneous version of BI-1206 is ongoing and so far well-tolerated.

In July, BioInvent signed another trial collaboration and supply agreement with MSD. BI-1607 will be combined with Keytruda and Yervoy in a phase IIa study in melanoma. BI-1607 has potentiated the effect of Yervoy in pre-clinical studies. Yervoy, the first approved checkpoint inhibitor, is rather toxic, for which reason it is not as widely used as was originally expected. BI-1607 could enable lower dosing with maintained efficacy allowing much wider use of it. Four dose combinations will be tested.

BioInvent will present much data this year. Next up are phase I readouts from the agonistic TNFR2 antibody BI-1910 and the oncolytic virus BT-001 in combination with Keytruda at ESMO in mid-September. The first phase IIa data for BI-1808 and BI-1206 in lymphoma are expected at the end of this year and can be major catalysts that could impact our base case and move the share. We reiterate our base case of SEK90.