BeOne Medicines (ONC.O): ESMO Abstracts Highlight Progress Across Solid Tumor Pipeline (PRMT5i, CEA ADC, GPC3x4-1BB bispecific, and CDK4i)

ESMO abstracts highlight advancement across BeOne's solid tumor pipeline, which we see as the next growth lever beyond CLL. PRMT5i first-in-human data appear competitive, considering limited follow-up, relative to vopimetostat, navlimetostat, and AMG-193, with unconfirmed ORRs of ~25% across MTAP-deficient tumor types and ~32% in MTAP-deficient NSCLC. BeOne's CEA ADC was the standout with very strong FIH data showing a 56% cORR in CEA-high NSCLC, substantially outperforming the ~20% cORR seen with other investigational assets and ~10-15% with SoC docetaxel-based chemo. The GPC3x4-1BB bispecific generated a ~22% confirmed ORR at the go-forward 450 mg dose in HCC patients, which though lower than the previously-disclosed ~29% cORR at 300 mg, was selected based on the full PK/PD/efficacy dataset, not safety reasons, and still represents >2x SoC in post-IO 2L. The go-forward dose was selected based on the totality of evidence;