Data from nine patients in the phase I SC part was presented in the Q3 report. Two complete responses, three partial responses and three stable diseases have been observed. This translates to a disease control rate of (89%), a response rate of 56% and a complete response rate of 22%. Considering the early stage of treatment, this appears a bit better than the results with the intravenous version (DCR 71%, ORR 35%, CR 29% as of May 2024). Infusion-related events are avoided.

The study of the triple combination of BI-1206+rituximab+acalabrutinib in lymphoma has started recruitment and BioInvent plans to present the first data late in 2024. This study is progressing quickly. BI-1206 would be a good match with acalabrutinib, so we think there is potential for a deal with AstraZeneca upon strong results from the next readout in mid-2025. The triplet might compete with CAR-T and bispecifics, with less toxicity. BioInvent plans to present new data with BI-1808 as monotherapy by year-end. We are particularly intrigued by the CTCL indication, which is caused by mutated Tregs with high expression of TNFR2, which causes uncontrolled cell division. BI-1808, thus, in theory, hits at the root cause of the disease. Based on the first four evaluable patients, the ORR was 75%, which is favourable versus the 35% of standard treatments.

We have made several changes to our valuation (see the section Valuation below), including significantly increasing the value of the five out-licensed programmes and adding a year to the BI-1206 and BI-1607 programmes. The resulting base case remains SEK90. The cash position is almost SEK1bn, which will fund the company into 2026 (through Q1, according to guidance). A deal with BI-1808 upon strong CTCL data could add to the cash position in 2025. 2025 will be a year with several important readouts (discussed below) that could result in a deal or increased share price that would enable an equity issue (probably directed) with limited dilution.