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Updated: Oct 26, 2025 09:25 IST
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Perioperative Durvalumab Plus FLOT Generates OS Benefit in Gastric/GEJ Adenocarcinoma
Treatment with the anti–PD-L1 monoclonal antibody durvalumab (Imfinzi) plus 5-fluorouracil-leucovorin-oxaliplatin-docetaxel (FLOT) produced a statistically significant and clinically meaningful improvement in overall survival (OS) among patients with resectable gastric/gastroesophageal junction (GEJ) adenocarcinoma vs placebo plus FLOT, regardless of pathological status, according to results from the phase 3 MATTERHORN trial (NCT04592913) presented during the
2025 ESMO Congress .1With a data cutoff date of September 1, 2025, the final OS analysis of the intention-to-treat population yielded a hazard ratio (HR) of 0.78 (95% CI, 0.63–0.96; P = .021) comparing the investigational arm with the control arm, with median OS not reached in either arm.
“The OS results of the MATTERHORN study strongly support the use of durvalumab plus chemotherapy with FLOT as a new global standard of care for patients with localized, [resectable, gastric/GEJ] adenocarcinoma,” said Josep Tabernero, MD, PhD, professor of medicine, head of the Department of Medical Oncology at Vall d’Hebron University Hospital, and director of Vall d’Hebron Institute of Oncology, Barcelona, Spain, in his presentation.1
Furthermore, a survival analysis stratified by demographic and clinical characteristics showed that OS improvement was consistent across most key subgroups. Notably, a similar improvement in OS was achieved regardless of PD-L1 status. In patients who were PD-L1-positive (PD-L1 TAP ≥1%), the HR was 0.79 (95% CI, 0.63–0.99), and the HR was 0.79 (95% CI, 0.41–1.50) in patients who were PD-L1-negative (PD-L1 TAP <1%), even demonstrating identical HRs across groups.
Additional findings reported included an improvement in event-free survival (EFS), the study’s primary end point, among patients with any degree of pathological response and regardless of pathological nodal status at the time of the data cutoff on December 20, 2024.
What Are the Study Design and Patient Characteristics?
The phase 3 MATTERHORN trial is a global, randomized, double-blind, placebo-controlled study evaluating the efficacy of neoadjuvant-adjuvant durvalumab plus FLOT chemotherapy.2 The study’s primary end point is EFS; key secondary end points include OS and pathological complete response (pCR).
The study population consists of 948 patients with localized gastric/GEJ adenocarcinoma who were treatment-naive upon enrollment. Patients were enrolled from across Asia, Europe, North America, and South America; of note, according Tabernero, is that 20% of patients were from Asia. Patients were stratified by geographical region, clinical lymph node status, and PD-L1 expression.
For treatment, patients were randomly assigned 1:1 to receive either the durvalumab and FLOT combination or placebo plus FLOT (n = 474, both arms) in the neoadjuvant setting. Here, patients received their 1500 mg of their assigned treatment plus FLOT for 2 cycles before undergoing surgical resection 4 to 8 weeks after their last dose.3 Following surgical resection recovery, patients received 1500 mg of durvalumab or placebo as adjuvant therapy for up to 1 year.
What Trial Data Have Been Previously Reported?
In 2023, interim results with a data cutoff on February 1, 2023, suggested a significant and clinically meaningful benefit in pCR and near-PCR, with response rates of 27% and 14% observed in the investigational and control arms, respectively.4 Next, earlier in 2025, results of a primary end point analysis published in The New England Journal of Medicine revealed a 2-year EFS rate of 67.4% in the investigational arm vs 58.5% in the control arm.5 A consistent and manageable safety profile between arms was depicted in both reports.4,5
Riding on the favorable efficacy and safety trends observed in previous analyses, this most recent readout highlights the potential of durvalumab and FLOT to become a new perioperative treatment option for patients.
Disclosures: Tabernero declared a consulting role with Accent Therapeutics, Alentis Therapeutics, AstraZeneca, Boehringer Ingelheim, Bristol Myers Squibb, Carina Biotech, Cartography Biosciences, Chugai Pharmaceutical, Daiichi Sankyo Company, Eli Lilly and Company, F. Hoffmann-La Roche AG, Genentech, Johnson & Johnson, Menarini Ricerche S.p.A, Merus N.V., MSD, Novartis, Ono Pharma USA, Peptomyc, Pfizer, Pierre Fabre, Quantro Therapeutics, Scandion Oncology, Scorpion Therapeutics, Servier, Sotio Biotech, Taiho Pharmaceutical, Takeda Pharmaceutical International AG, and Tolremo Therapeutics, and stocks with 1 TRIAL SP, Alentis Therapeutics, Oniria Therapeutics and Pangaea Oncology.
References
- Tabernero, J. Final overall survival (OS) and the association of pathological outcomes with event-free survival (EFS) in MATTERHORN: A randomised, phase III study of durvalumab (D) plus 5-fluorouracil, leucovorin, oxaliplatin and docetaxel (FLOT) in resectable gastric / gastroesophageal junction (G / GEJ) adenocarcinoma. Presented at: ESMO 2025 Congress; October 17–20, 2025; Berlin, Germany. Abstract LBA81.
- Assessing durvalumab and FLOT chemotherapy in resectable gastric and gastroesophageal junction cancer. ClinicalTrials.gov. Updated April 3, 2025. Accessed October 17, 2025.
https://clinicaltrials.gov/study/NCT04592913 - Janjigian YY, Van Cutsem E, Muro K, et al. MATTERHORN: phase III study of durvalumab plus FLOT chemotherapy in resectable gastric/gastroesophageal junction cancer. Future Oncol. 2022;18(20):2465-2473. doi:10.2217/fon-2022-0093
- Janjigian YY, Al-Batran SE, Wainberg Za, et al. LBA73 Pathological complete response (pCR) to durvalumab plus 5-fluorouracil, leucovorin, oxaliplatin and docetaxel (FLOT) in resectable gastric and gastroesophageal junction cancer (GC/GEJC): Interim results of the global, phase III MATTERHORN study. Ann Oncol. 2023;34:S1315-S1316. doi: 10.1016/j.annonc.2023.10.074
- Janjigian YY, Al-Batran SE, Wainberg ZA, et al. Perioperative durvalumab in gastric and gastroesophageal junction cancer. NEJM. 2025;393(3):217-230. doi: 10.1056/nejmoa2503701
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USTR Greer says trade talks with China moving toward agreement for leaders to review – Reuters
- USTR Greer says trade talks with China moving toward agreement for leaders to review Reuters
- US, China seek to avoid trade war escalation, salvage Trump-Xi meeting in Malaysia talks Reuters
- China, US to hold trade talks in Malaysia in coming…
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US Dollar Forecast: DXY Volatility and Direction Hinge on FOMC, Data Gaps, Powell Guidance
Fed Meeting in Focus: Cut Likely, Guidance Will Drive Dollar Response
Traders are now squarely focused on Wednesday’s FOMC rate decision and accompanying statement. While a quarter-point cut to a 3.75%–4.00% target range is fully priced in, market reaction will hinge on forward guidance and Chair Powell’s tone in the post-meeting press conference.
With job growth slowing and inflation moderating, the Fed is under pressure to support labor conditions without reigniting price risks. The central bank’s challenge is compounded by limited data visibility, as the shutdown has delayed key labor and spending reports.
If the Fed signals additional cuts are likely, that would increase downside pressure on the dollar. Conversely, any effort to downplay further easing could offer near-term support to the index.
Treasury Yields Reflect Cautious Policy Outlook
Bond markets echoed this sentiment shift. The benchmark 10-year yield retreated below 4% to close near 3.966%, while shorter maturities showed similar declines.
With the Fed now weighing labor market deterioration more heavily than inflation risks, fixed income traders are positioning for a slower policy path through year-end. This cautious tone limited dollar upside, even as international rate expectations trended lower.
Technical Picture: Tight Weekly Range Signals Impending Break
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Assessing Valuation After Recent Share Price Volatility
Rivian Automotive (RIVN) shares have seen some volatility recently, catching the attention of investors watching the electric vehicle sector. The company has delivered mixed short-term returns; however, its longer-term performance tells a different story.
See our latest analysis for Rivian Automotive.
After a choppy stretch this year, Rivian’s share price has recently lost momentum, sliding 16.7% over the past month. However, when you take a step back, the one-year total shareholder return is an impressive 24.2%, even after accounting for big swings since last year’s lows.
If you’re curious what else is out there in electric vehicles and autos, now’s the perfect time to check out See the full list for free.
But with Rivian’s shares now trading below analyst targets after a period of turbulence, the key question remains: is this a genuine buying opportunity, or has the market already factored in all the future growth?
Rivian’s most widely followed narrative currently places its fair value at $14.48, which is about 10% above the last close of $12.98. This disconnect between the share price and narrative fair value sharpens focus on key drivers supporting this bullish view.
Vertical integration in technology, especially in autonomy, battery, and software, combined with growing software and services revenue (including licensing via partnerships like with Volkswagen) is expected to open new high-margin revenue streams and diversify earnings. This could potentially strengthen EBITDA and net margins over time.
Read the complete narrative.
Want to know why high-tech partnerships and vertical integration are central to Rivian’s future? There’s a set of bold assumptions powering this target valuation, including game-changing revenue projections and margin shifts few expect. Curious about what the consensus is betting on beneath the surface? Unpack the narrative to see what’s driving the models and which financial levers matter most.
Result: Fair Value of $14.48 (UNDERVALUED)
Have a read of the narrative in full and understand what’s behind the forecasts.
However, persistent cash burn and policy changes, such as tariff shifts or tax credit reductions, could quickly undermine these optimistic forecasts for Rivian’s future.
Find out about the key risks to this Rivian Automotive narrative.
Looking at Rivian through the lens of price-to-sales, things appear less optimistic. The company’s ratio stands at 3.1x, which is quite a bit higher than both the US Auto industry average of 1.3x and the peer average of 1.5x. Even our fair ratio estimate is just 1.4x, suggesting the market is paying a premium. Does this premium signal belief in future breakthroughs or simply extra valuation risk?
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First Capital (FCAP) Margin Expansion Reinforces Bullish Community Bank Narrative
First Capital (FCAP) delivered impressive earnings growth of 25.1% over the last year, building on a five-year annualized growth rate of 4.9%. Net profit margins reached 31.2%, up from 28.7%, highlighting strong operational efficiency and high-quality earnings. The balance of risks and rewards currently leans positive, supported by ongoing profit growth and an attractive dividend.
See our full analysis for First Capital.
Next up, we will see how these results compare with the market’s prevailing narratives and whether the numbers reinforce or challenge the dominant stories about FCAP.
Curious how numbers become stories that shape markets? Explore Community Narratives
NasdaqCM:FCAP Earnings & Revenue History as at Oct 2025 -
Net profit margins advanced to 31.2%, up from 28.7% last year. This signals a tangible step up in operational efficiency for First Capital and offers investors increased confidence in the company’s core profitability.
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Strong earnings quality and margin growth provide reassurance around the bank’s ability to sustain reliable profits.
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This margin expansion supports the view that community banks like FCAP offer a safe and reliable source of yield, especially when larger institutions face greater volatility.
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With margins climbing higher, the underlying quality of FCAP’s earnings now sits in rare territory among regional banks.
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FCAP trades at a Price-To-Earnings (P/E) ratio of 9.8x, noticeably under the US Banks industry average of 11.2x and the peer group’s 10.8x. This positions its shares as attractively valued within its sector.
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Shares changing hands at a discount highlight a compelling mismatch between FCAP’s recent profit gains and the lower market valuation being assigned.
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Investors who focus on value strategies may find FCAP especially interesting, given its below-industry-average P/E alongside high and rising net profit margins.
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Despite ongoing operational improvements, the gap between its current share price of $42.92 and DCF fair value of $72.33 suggests room for re-rating if positive trends continue.
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The latest filing noted no material risks, leaving the positive balance of risks and rewards unchanged since the last update.
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Market watchers point to the current environment with solid profit growth, an attractive dividend, and no flagged risks, favoring a steady outlook for the stock.
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Investors are likely to focus now on whether these supportive conditions can be maintained, as stability often attracts long-term capital to regional banks like FCAP.
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The absence of new concerns removes a common hurdle, giving recent positive fundamentals more room to influence sentiment and valuation.
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South Korea auto-parts maker Kapec Valeo fined for technology misappropriation | MLex
( October 26, 2025, 03:00 GMT | Official Statement) — MLex Summary: South Korean auto-parts maker Kapec Valeo has been fined 410 million won ($285,000) by the country’s competition regulator for technology misappropriation, in violation of the Subcontracting Act. The Korea Fair Trade Commission said the company used an improved design proposal from its subcontractor without consent, incorporated it into its own design drawings and shared it with rival suppliers. The subcontractor had originally modified the design while producing a prototype to address qualify defects in the company’s earlier design. The KFTC also said that Kapec Valeo, a joint venture between Korea Powertrain and French automotive supplier Valeo Bayen, requested 198 technical documents from six subcontractors without issuing the required written statements outlining the purpose and ownership of the requested data, as mandated under the law. The regulator said the case marks the first case where an engineering change request was recognized as a protected technical material, noting that the technical data cannot be used or shared without explicit consent. The statement, in Korean, is attached….
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Hong Kong start-up Stellerus eyes world’s first supply of 3D wind data via satellites
Hong Kong University of Science and Technology (HKUST) start-up Stellerus Technology aims to be the world’s first provider of satellite-enabled three-dimensional wind data to help wind power, transport and insurance firms boost revenues, cut costs and manage risks, according to its founders.
Stellerus, founded in 2023 by the university’s academics, would leverage China’s cost competitiveness in satellite manufacturing to make global 3D wind data collection economically viable, said Su Hui, the chairwoman and co-founder.
3D wind data – wind direction and speed and their changes with altitude – is crucial for improving weather forecasting, especially severe climate events.
“After I came to Hong Kong, I realised the technology for implementing such a project in mainland China was quite developed and the cost would be much lower than overseas,” Su said. “In the US, such a satellite could cost US$100 million to build, compared with 20 million yuan [US$2.8 million] in China.”
Su Hui, the chairwoman and co-founder of Stellerus Technology. Photo: Edmond So Su, a hydraulic expert, joined the HKUST’s department of civil and environmental engineering in 2022 as chair professor. She was formerly a principal scientist and weather programme manager at the Jet Propulsion Laboratory at Nasa.
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Apple’s Cosmic Orange iPhone 17 Pro Max is turning pink — here’s what could be causing the strange colour shift
Apple’s striking Cosmic Orange iPhone 17 Pro and iPhone 17 Pro Max models, launched as this year’s standout “Hero” colour, are reportedly developing an unexpected pinkish tint. Social media platforms such as X and Reddit have been flooded…
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