Merus (MRUS) Stifel 2024 Healthcare Conference summary

Portfolio overview and technology

• Focus on oncology with four clinical assets and multiple partnered programs leveraging multi-specific antibody technology.

• Platform enables development of bispecifics with monoclonal antibody-like properties, aiming to reduce risk and improve drug success rates.

• Key assets include petosemtamab, zenocutuzumab, and MCLA-129, each showing strong clinical data in various cancer types.

Petosemtamab clinical development

• Petosemtamab targets EGFR and LGR5, showing high response rates in head and neck cancer, including HPV-positive disease.

• Registration trials are ongoing in both frontline and second/third-line settings, with accelerated approval possible based on early endpoints like ORR and DOR.

• Early data show a 67% response rate for petosemtamab plus Keytruda, compared to 19% for Keytruda alone.

• Second-line monotherapy data to be updated at ESMO Asia, focusing on durability and response rate confidence intervals.

• Breakthrough therapy designation in second-line setting enhances regulatory engagement.

Competitive landscape and trial design

• Four registration-directed programs in frontline head and neck cancer, with petosemtamab enrolling all-comer, PD-L1-positive populations.

• Key trial parameters include confirmed ORR, durability, 12-month OS, and patient baseline characteristics.

• Petosemtamab offers less frequent infusions than some competitors, with most infusion-related reactions limited to the first dose.

• Safety profile shows lower rates of EGFR-type skin and gut toxicity compared to other EGFR-based therapies.