Category: 3. Business

  • Has Klarna’s 2025 Share Price Slide Reset Expectations After BNPL Expansion Push?

    Has Klarna’s 2025 Share Price Slide Reset Expectations After BNPL Expansion Push?

    • If you are wondering whether Klarna Group is a bargain or a value trap at today’s price, you are not alone. This article unpacks what the current share price really implies.

    • After sliding 0.4% over the last week and 13.4% in the last month, the stock is now down 31.6% year to date. This move has sharply reset expectations and risk perceptions.

    • Recent headlines have focused on Klarna’s push to expand its buy now, pay later footprint in key markets and deepen partnerships with major retailers, which many investors view as important for reigniting growth. At the same time, regulators and industry commentators have been scrutinizing the BNPL model more closely, adding a layer of uncertainty that appears to be influencing recent price action.

    • Right now Klarna Group scores just 1 out of 6 on our valuation checks. We will break down what that means across different valuation methods and then finish by looking at a more intuitive way to think about what the market is really pricing in.

    Klarna Group scores just 1/6 on our valuation checks. See what other red flags we found in the full valuation breakdown.

    The Excess Returns model asks a simple question: does Klarna earn enough on its equity to justify its current valuation once the true cost of that equity is accounted for? It looks at what shareholders put into the business versus what they are getting back over time.

    For Klarna, the starting point is a Book Value of $6.49 per share and a Stable EPS estimate of $0.27 per share, based on weighted future Return on Equity forecasts from 8 analysts. Against this, the model applies a Cost of Equity of $0.67 per share, implying an Excess Return of $-0.39 per share, meaning Klarna is expected to earn less than its equity cost on a per share basis.

    The average Return on Equity is just 3.37%, while the Stable Book Value is projected to rise to $8.09 per share, based on estimates from 5 analysts. When these modest returns are projected forward, the Excess Returns valuation implies an intrinsic value near zero, making the shares look roughly 18179.1% overvalued at today’s price.

    Result: OVERVALUED

    Our Excess Returns analysis suggests Klarna Group may be overvalued by 18179.1%. Discover 908 undervalued stocks or create your own screener to find better value opportunities.

    KLAR Discounted Cash Flow as at Dec 2025

    Head to the Valuation section of our Company Report for more details on how we arrive at this Fair Value for Klarna Group.

    For companies like Klarna that are still normalizing profitability, the price to sales ratio is often the cleanest way to compare value, because it looks at what investors are paying for each dollar of revenue rather than volatile earnings.

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  • How Analysts See Innovative Aerosystems Entering a New Growth Era and Shifting Its Story

    How Analysts See Innovative Aerosystems Entering a New Growth Era and Shifting Its Story

    Innovative Aerosystems has seen its fair value estimate climb from roughly $10.70 to about $16.47 per share, even as analysts dial back their revenue growth outlook from around 16.8% to about 9.3% annually. Bulls argue that a more visible, retrofit driven demand pipeline and a sharpened strategic focus justify the higher valuation, despite more conservative top line assumptions and a modest uptick in the discount rate from roughly 6.4% to about 7.8%. Read on to see how you can stay ahead of these shifting expectations and keep updated on the evolving narrative around the stock.

    Analyst Price Targets don’t always capture the full story. Head over to our Company Report to find new ways to value Innovative Aerosystems.

    🐂 Bullish Takeaways

    • Northland analyst Robert Brooks has initiated coverage of Innovative Aerosystems with an Outperform rating and a $16.50 price target, effectively endorsing the recent step up in the stock’s fair value.

    • Northland highlights the company’s focus on the retrofit market and domestic manufacturing as key advantages that align with the secular trend of aging airplane fleets, supporting a durable growth runway.

    • The analyst points to recent niche product acquisitions and a revamped management team as evidence of improving execution quality and strategic focus, framing Innovative Aerosystems as entering a “new growth era.”

    • Even with the bullish stance, Northland’s target implies that a meaningful portion of the growth story is already reflected in the share price, which may limit upside if execution or demand trends disappoint.

    🐻 Bearish Takeaways

    • Beyond Northland’s initiation, there is limited published dissenting research. However, the single $16.50 target suggests that, at current levels, investors have to assume continued flawless execution and sustained retrofit demand, leaving less room for error on valuation and near term results.

    Do your thoughts align with the Bull or Bear Analysts? Perhaps you think there’s more to the story. Head to the Simply Wall St Community to discover more perspectives or begin writing your own Narrative!

    NasdaqGS:ISSC Community Fair Values as at Dec 2025
    • On October 14, 2025, the company rebranded from Innovative Solutions and Support to Innovative Aerosystems, a move intended to better reflect its core focus on aircraft retrofit programs and integrated avionics systems.

    • The rebrand is accompanied by updated marketing materials and customer messaging that emphasize lifecycle support, cockpit modernization, and fleet efficiency solutions for commercial and defense operators.

    • Innovative Aerosystems has been added to the S&P Global BMI Index, a change that may boost trading liquidity and attract additional institutional investors that benchmark to or track the index.

    • Index inclusion is expected to support demand for the shares over time, particularly from passive and rules based strategies that allocate capital according to index membership and free float weighting.

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  • Exploring 3 High Growth Tech Stocks in Australia

    Exploring 3 High Growth Tech Stocks in Australia

    As the Australian market experiences a tentative rise, with shares initially pointing towards gains before potential afternoon reversals, investors are closely monitoring economic indicators and broader market sentiment that could impact small-cap stocks. In this environment, identifying high-growth tech stocks involves looking for companies that can navigate these fluctuations effectively while capitalizing on technological advancements and strategic opportunities in the sector.

    Name

    Revenue Growth

    Earnings Growth

    Growth Rating

    Pureprofile

    10.51%

    37.56%

    ★★★★★☆

    Pro Medicus

    19.70%

    21.18%

    ★★★★★☆

    Kinatico

    13.27%

    42.29%

    ★★★★☆☆

    Immutep

    104.12%

    46.46%

    ★★★★★☆

    Clinuvel Pharmaceuticals

    22.02%

    23.88%

    ★★★★★☆

    BlinkLab

    104.90%

    101.40%

    ★★★★★★

    Wrkr

    52.49%

    88.00%

    ★★★★★★

    Artrya

    50.54%

    61.25%

    ★★★★★☆

    PYC Therapeutics

    10.34%

    24.39%

    ★★★★★☆

    FINEOS Corporation Holdings

    9.22%

    57.85%

    ★★★★☆☆

    Click here to see the full list of 23 stocks from our ASX High Growth Tech and AI Stocks screener.

    Let’s explore several standout options from the results in the screener.

    Simply Wall St Growth Rating: ★★★★★☆

    Overview: Artrya Limited is a medical technology company focused on developing and commercializing an artificial intelligence platform for detecting, diagnosing, and addressing coronary artery disease in Australia, with a market cap of A$545.39 million.

    Operations: The company generates revenue primarily from the development of AI-driven CCTA image analysis technology, amounting to A$0.03 million.

    Artrya, despite its current unprofitable status, is demonstrating robust potential with projected annual revenue growth at 50.5% and earnings expected to surge by 61.25% per year. This growth trajectory is significantly above the Australian market average of 6% for revenue and aligns with high-growth benchmarks in tech sectors globally. Recent strategic moves include a follow-on equity offering raising AUD 75 million, underscoring their aggressive expansion plans and commitment to scaling operations. These financial maneuvers are crucial as Artrya aims to transition from a small-scale operation into a profitable entity over the next three years, leveraging advancements in MedTech and digital health solutions showcased in recent high-profile conferences like the CG MedTech Forum in New York.

    ASX:AYA Earnings and Revenue Growth as at Dec 2025

    Simply Wall St Growth Rating: ★★★★☆☆

    Overview: Cogstate Limited is a neuroscience solutions company focused on developing and commercializing digital brain health assessments globally, with a market capitalization of A$435.93 million.

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  • Ted Sarandos Spoke With Donald Trump Ahead of Warner Bros. Deal

    Ted Sarandos Spoke With Donald Trump Ahead of Warner Bros. Deal

    Netflix taking pole position to win the race for Warner Bros. Discovery sent shockwaves through Hollywood, partially because it was presumed that Paramount Skydance CEO David Ellison had the support of President Donald Trump.

    Now multiple sources tell The Hollywood Reporter that Netflix may also have received some sort of blessing by Trump, or at least his ear. Insiders says that Netflix co-CEO Ted Sarandos spoke with the President in the last couple of weeks in a confab that lasted about two hours.

    “We do not discuss private meetings that may or may not have occurred,” a White House official told THR. Netflix did not respond to multiple requests for comment on Friday and over the weekend.

    While sources did not know what the two men discussed, it does seem to point to an outcome that led to Netflix feeling they had a clear enough runway to make a serious play for the historic studio. The streaming giant made the winning bid for the David Zaslav-led WBD, after offers that exceeded a $28 share price. That also meant agreeing to a $5.8 billion break up fee in case any deal falls through.

    The $82.7 billion deal will need to navigate a complex regulatory environment. Ellison and his executives believed that their deal would have an easier path to approval because of his ties, and that of his father, Larry Ellison, to the White House.

    If Sarandos made a pitch of his own, it may explain why Trump has been quiet on the deal, an unusual thing given how outspoken he is, particularly when it comes to major media stories.

    This would not be the first time Sarandos has sat down with Trump. The two men had a long dinner at Mar-a-Lago late last year, with the executive recalling that both First Lady Melania Trump and Barron Trump were Netflix fans. “We didn’t talk any shop,” Sarandos said in March.

    The more recent meeting, it seems, may have been a different story.

    Alex Weprin contributed to this report.

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  • Hematocrit, Phlebotomy Benefits Seen With Rusfertide in PV – Medscape

    1. Hematocrit, Phlebotomy Benefits Seen With Rusfertide in PV  Medscape
    2. 52-Week VERIFY Data Show Rusfertide Brings Sustained Responses in PV  AJMC
    3. Takeda (TAK): Promising Results for Rusfertide in Phase 3 VERIFY Study  GuruFocus
    4. Rusfertide Maintains Hematocrit Control Through 52 Weeks in VERIFY  HCPLive
    5. Rusfertide Continues to Show Strong Results for Polycythemia Vera  OncLive

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  • Oral Decitabine/Cedazuridine Plus Venetoclax Yields 91% ORR in High-Risk MDS and CMML

    Oral Decitabine/Cedazuridine Plus Venetoclax Yields 91% ORR in High-Risk MDS and CMML

    Treatment with oral decitabine/cedazuridine (Inqovi) plus venetoclax (Venclexta) demonstrated high response activity and encouraging survival outcomes in patients with treatment-naive high-risk myelodysplastic syndromes (HR-MDS) or chronic myelomonocytic leukemia (CMML), according to results from a single-center phase 1/2 trial (NCT04655755).1

    The findings, presented at the 2025 ASH Annual Meeting and Exposition, showed that patients treated with the regimen (n = 69) achieved an overall response rate (ORR) of 91% per International Working Group (IWG) 2006 criteria, including a 45% complete remission (CR) rate and a 46% marrow CR (mCR) rate. Responses occurred early, with a median time to first response of 1 cycle (range, 1-3) and a median of 1 cycle to best response (range, 1-5). Patients received a median of 3 cycles (range, 1-25). Response classification using updated IWG 2023 and ELN 2022 criteria showed consistent depth of remission, with CR rates of 54% and 64%, respectively.

    The median overall survival (OS) for the full cohort reached 30 months, with 1- and 3-year OS rates of 68.8% and 40.7%, respectively. Median event-free survival (EFS) was 21.2 months, and the respective 1- and 3-year EFS rates were 60.7% and 32.6%. The median duration of response had not yet been reached (NR; 95% CI, 29-NR) at a median follow-up of 25 months (95% CI, 20-33).

    “Decitabine/cedazuridine with venetoclax is a feasible and safe combination for [patients with] HR-MDS and CMML,” lead study author Alex Bataller, MD, PhD, explained in his presentation of the data. “This combination is associated with a high ORR, [and responses] occur early in the treatment. The median OS of patients treated with decitabine/cedazuridine and venetoclax is 30 months, with a high proportion of patients undergoing hematopoietic stem cell transplantation [HSCT].”

    Bataller currently serves as an assistant professor in the Department of Leukemia, Division of Cancer Medicine, at The University of Texas MD Anderson Cancer Center in Houston.

    A total of 38 patients proceeded to HSCT, with best responses comprising CR (n = 18), mCR (n = 19), and no response (n = 1). The median number of cycles prior to HSCT was 2 (range, 1-11). The median OS among the HSCT subgroup was NR, with 1- and 3-year OS rates of 70.4% and 50.7%, respectively. Six patients experienced disease progression or transformation to acute myeloid leukemia after HSCT, and 8 patients died in CR following HSCT.

    What was the design and patient enrolment criteria of the trial?

    The phase 1/2 clinical trial evaluating oral decitabine/cedazuridine with venetoclax in treatment-naive HR-MDS or CMML with excess blasts was designed as a single-center, open-label, dose-escalation and -expansion study. Patient enrollment at MD Anderson occurred between January 2021 and August 2024.2

    Eligible participants included individuals with previously untreated HR-MDS, defined by an International Prognostic Staging System (IPSS) intermediate-2 or high-risk category, or CMML with excess blasts. The study was structured in two phases.1 Phase 1 followed a standard 3+3 dose-escalation design to determine the maximum tolerated dose (MTD) and recommended phase 2 dose (RP2D). Two dose levels were evaluated:

    • Dose level 0: decitabine/cedazuridine 35 mg/100 mg for 5 days plus venetoclax at 200 mg for 14 days (3 patients; no dose-limiting toxicities [DLTs] observed)
    • Dose level +1: decitabine/cedazuridine 35 mg/100 mg for 5 days plus venetoclax at 400 mg for 14 days (6 patients; no DLTs observed)

    Based on the absence of DLTs, dose level +1 was declared the RP2D.

    Phase 2 focused on assessing the efficacy of the RP2D, enrolling 60 additional patients treated with decitabine/cedazuridine 35 mg/100 mg for 5 days in combination with venetoclax at 400 mg for 14 days per cycle.

    In total, 74 patients were screened, and 69 were enrolled across both phases of the trial. The design supports a systematic evaluation of safety, tolerability, and preliminary efficacy of oral decitabine/cedazuridine combined with venetoclax.

    Which baseline clinical and molecular features characterized the study population?

    The median age at enrollment was 71 years (range, 21-94), and 71% of participants were male. Patients had a median bone marrow blast level of 12% (range, 6%-18%).

    Most patients carried a WHO 2016 diagnosis of MDS (86%), 13% had CMML, and 1 patient (1%) had atypical CML. Cytogenetic risk based on revised IPSS (IPSS-R) criteria further underscored the high-risk nature of the cohort: 39% had good-risk cytogenetics, 25% had intermediate risk, 12% had poor risk, and 25% had very poor risk. Therapy-related neoplasms were present in 22% of patients.

    Among those with MDS, IPSS-R risk classifications revealed that 59% were categorized as very high risk, 29% as high risk, and 12% as intermediate risk. Modified IPSS scoring aligned with this pattern, with 61% of patients classified as very high risk, 32% as high risk, and 7% as moderate-high risk.

    What was the safety profile observed with the combination of decitabine/cedazuridine and venetoclax in patients with high-risk MDS and CMML?

    Grade 3 adverse effects (AEs) occurred in 78% of patients; the rates of grade 4 and grade 5 AEs were 91% and 12%, respectively.

    Cytopenias were the most frequent high-grade toxicities. Grade 3 anemia occurred in 42% of patients, and grade 4 thrombocytopenia and neutropenia occurred in 65% and 71%, respectively. Febrile neutropenia was observed in 19% of patients. Serious infectious complications included grade 3 to 5 sepsis (12% grade 3; 3% grade 4; 6% grade 5) and pneumonia (9% grade 3; 3% grade 5). Additional infectious effects,such as viremia and skin infections occurred in 9% of patients each.

    “Infection prophylaxis and dose modifications are crucial to prevent excessive toxicity of this combination,” Bataller emphasized in his presentation. Seventy-five percent of patients underwent dose reductions during treatment.

    References

    1. Bataller A, Bouligny IM, Bazinet A, et al. Oral decitabine/cedazuridine in combination with venetoclax in treatment-naïve high-risk MDS or CMML: updates of a phase 1/2 clinical trial. Blood. 2025;146(suppl 1):237. doi:10.1182/blood-2025-237
    2. Venetoclax in combination with ASTX727 for the treatment of treatment-naive high-risk myelodysplastic syndrome or chronic myelomonocytic leukemia. ClinicalTrials.gov. Updated October 3, 2025. Accessed December 7, 2025. https://www.clinicaltrials.gov/study/NCT04655755

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  • Teclistamab/Daratumumab Doublet Is Highly Effective and Tolerable for Elderly Patients With Transplant-Ineligible NDMM

    Teclistamab/Daratumumab Doublet Is Highly Effective and Tolerable for Elderly Patients With Transplant-Ineligible NDMM

    The all-antibody–based doublet comprising teclistamab-cqyv (Tecvayli) and daratumumab (Darzalex) produced deep responses, high minimal residual disease (MRD) negativity rates, and was well-tolerated when administered as frontline treatment to elderly patients with transplant-ineligible, newly diagnosed multiple myeloma, according to results from cohort A of the phase 2 IFM2021-01 trial (NCT05572229).1

    Key Takeaways From Cohort A of the Phase 2 IFM2021-01 Study

    1. All 37 elderly patients with transplant-ineligible, newly diagnosed multiple myeloma achieved a VGPR or better as their best response with the all-antibody–based combination of teclistamab and daratumumab; the VGPR or better rate after 4 cycles was 79%.
    1. The rate of MRD negativity at a sensitivity of 10-6 at 6 months was 100% in 27 evaluable patients and 73% in the overall patient population.
    1. The agent was well-tolerated when administered as frontline treatment, with no grade 3 or higher CRS or any-grade ICANS reported, and a 14% incidence of grade 3 or higher infections with systematic IVIG prophylaxis.

    Results presented during the 2025 ASH Annual Meeting showed that with a median follow-up of 10.3 months, all 37 patients in the intention-to-treat (ITT) population achieved a very good partial response (VGPR) or better with the doublet as their best response. This included a VGPR rate of 32%, a complete response (CR) rate of 8%, and a stringent CR (sCR) rate of 59%. The VGPR or better rate after 4 cycles was 79%, and the overall response rate (ORR) after 4 cycles was 95%; partial response, VGPR, and CR rates were 16%, 76%, and 3%, respectively.

    Moreover, all evaluable patients (n = 27) achieved MRD negativity at a sensitivity of 10-6 by next-generation sequencing (NGS) at 6 months. This rate was 73% for patients in the ITT population who underwent MRD evaluation by NGS.

    [Additionally], the progression-free survival [PFS] and overall survival [OS] rates were 100%, and there [were no instances of] grade 3 or higher cytokine release syndrome or immune effector cell–associated neurotoxicity syndrome [observed],” Salomon Manier, MD, PhD, an associate professor in the Department of Hematology at Lille University Hospital in France, stated in his oral presentation of the data. “These results support further exploration of frontline combinations of BCMA/CD3 bispecific antibodies plus anti-CD38 monoclonal antibodies in phase 3 clinical trials.”

    What was the rationale for evaluating this all-antibody regimen in the front line for patients with newly diagnosed multiple myeloma?

    The current standard-of-care for elderly patients with newly diagnosed multiple myeloma include daratumumab-containing triplet and anti-CD38 antibody–based quadruplet regimens. Although these regimens prolong survival and produce MRD negativity rates at 10-5 between 32% to 61%, many patients will ultimately relapse; accordingly, further optimization is key.

    “Recently, the combination of teclistamab and daratumumab has demonstrated strong efficacy in the late-relapsed setting [as well as] the early-relapsed setting,” Manier shared.

    Initial results from cohort 1 (n = 26) of the safety-run-in portion of the phase 3 MajesTEC-7 trial (NCT05552222) showed that, at a median follow-up of 13.8 months (range, 2.0-15.4), teclistamab administered in combination with daratumumab and hyaluronidase-fihj (Darzalex Faspro) plus lenalidomide (Revlimid) produced a VGPR or better rate of 92.3% and a 12-month PFS rate of 96.2%.2 Moreover, the phase 3 MajesTEC-3 trial (NCT05083169) recently met its primary PFS end point after approximately 3 years of follow-up with teclistamab plus daratumumab and hyaluronidase vs investigator’s choice of therapy in patients with relapsed/refractory multiple myeloma who had received 1 to 3 prior treatment lines.3

    “We hypothesized that a doublet regimen with [just] teclistamab and daratumumab…would be effective and limit toxicity in elderly patients with newly diagnosed multiple myeloma,” he said.

    How was IFM2021-01 designed?

    IFM2021-01 is an open-label, multicenter, single-arm, phase 2 study evaluating 2 doublets in the frontline setting for transplant-ineligible patients with newly diagnosed multiple myeloma: teclistamab plus daratumumab (Cohort A) and teclistamab plus lenalidomide (Cohort B; n = 37).1 Patients are also required to be older than 65 years of age and have an ECOG performance status (PS) between 0 and 2.

    In cohort A, teclistamab is administered subcutaneously (SC) in 2 step-up doses, followed by a 1.5 mg/kg dose on days 8 and 15 of cycle 1, and maintenance dosing at 3 mg/kg every 4 weeks thereafter. SC daratumumab is administered weekly at a dose of 1800 mg for 8 weeks, every 2 weeks for 16 weeks, and every 4 weeks thereafter.

    Following an amendment to the study protocol, teclistamab is now administered at a dose of 3 mg/kg every 8 weeks after cycle 13 if patients achieved a CR or better; treatment interruption was permitted if patients sustained MRD negativity for 2 years. A prespecified safety and efficacy analysis was conducted after 18 patients received at least 2 cycles.

    The primary end point in cohort A is the rate of VGPR or better after 4 cycles. Secondary end points include response rates, PFS, OS, time to next treatment, MRD negativity at 10-6 by NGS at 6 months, sustained MRD 10-6 ,and treatment-emergent adverse effects (TEAEs).

    What should be known about the baseline characteristics of patients in this study?

    Overall, the patient population in cohort 1 was representative of the larger transplant-ineligible, newly diagnosed population.

    The median age was 73 years (range, 66-87), with the majority of patients between 70 to 75 years of age (49%), and 32% of patients being 75 years or older. Most patients were female (54%), had an ECOG PS of 1 (65%), had stage II disease (51%), did not have extramedullary disease (95%), and had a creatinine clearance of 60 mL/min or greater (62%). According to the International Myeloma Working Group Frailty score, 44% of patients were fit, 33% were intermediate, and 22% were frail. Types of measurable disease included immunoglobulin G (59%), immunoglobulin A (22%), and serum-free light chain only (19%).

    The majority of patients had standard cytogenetic risk (68%). Among patients with high-risk disease (32%), mutations included 1q gains (38%); 17p deletions (14%); TP53 mutations (10%); t(4;14), t(14;16), and t(14;20) mutations (3% each); and 1p32 deletions (7%).

    As of the data cutoff date of November 4, 2025, 36 patients remain on treatment, with only 1 patient having discontinued treatment due to AEs. The median duration of treatment was 10.3 months (range Q1-Q3, 9.3-16.6), and patients received a median of 12 total treatment cycles (range, 10-18). The median relative dose intensity was 95% (range, 89%-100%) for teclistamab and 96.6% for daratumumab (range, 90.5%-100%).

    What did additional assessments of tumor burden biomarkers show?

    Additional assessment of tumor burden biomarkers using clonotypic mass spectroscopy at 6 months showed a deep decrease of chronotypes and soluble BCMA at 6 months.

    “Only 3 patients had a chronotype below 5 mg, which is considered the equivalent of emergency negativity at 10-5,” Manier shared, noting that, “ of course, we need to consider that this is an early time point in regards to the elution of the monoclonal components.”

    Additionally, flow cytometry indicated immune remodeling at 6 months, with an increase in terminal effector memory T-cells and a decrease in regulatory T cells and natural killer cells.

    “[This increase in memory T-cells] reflects the continuous antigen exposure; the [decrease in regulatory T cells and natural killer cells] is likely due to the combination with dartumumab,” Manier added. “That can explain the synergy between the 2 drugs.”

    What was the safety profile of this doublet?

    In the ITT population, the incidence of grade 3 or higher AEs and serious AEs was 78% and 27%, respectively. No grade 5 AEs were observed. Hematologic AEs included lymphopenia (57%), neutropenia (43%), anemia (5%), and thrombocytopenia (3%). Non-hematologic AEs included infection (14%), hepatic cytolysis (5%), and skin rash (5%). AEs of special interest included infections (any-grade 65%; grade 1/2, 52%; grade 3 or higher, 14%); CRS (59%; grade 1, 35%; grade 2, 24%), injection site reactions (19%, all grade 1/2), and second primary malignancies (3%, all grade 1/2). The cumulative incidence of grade 3/4 infections was spread across time.

    “One important thing is that we had a strong recommendation in the trial to give immunoglobulin supplementation systematically to all patients as soon as cycle 1…so 95% of the patients received an immunoglobulin supplementation,” Manier reported. “The median cycle of initiation of this supplementation was indeed cycle 1, and this was able to maintain the level of IgG around 7 g/L across the course of treatment.”

    Additionally, systematic monitoring of cytomegalovirus (CMV) by PCR every 3 months showed that there was no correlation with CMV reactivation and the count of CD4 T cells.

    Disclosures: Manier has served as a consultant for Abbvie, Adaptive Biotechnology, Amgen, Celgene/BMS, GSK, Janssen, Novartis, Regeneron, Roche, Sanofi, and Takeda; he has also received research funding from Celgene/BMS and Janssen.

    References

    1. Ahn I, Parrondo R, Thompson M, et al. A phase 2 Study of teclistamab in combination with daratumumab in elderly patients with newly diagnosed multiple myeloma: The IFM2021-01 teclille trial, cohort a. Blood. 2025;146(suppl 1):85. doi:10.1182/blood-2025-85
    2. Tecvayli and Talvey – MajesTEC-7 (MMY3005) study. J&J Medical Connect. Updated July 31, 2025. Accessed December 7, 2025. https://www.jnjmedicalconnect.com/products/tecvayli/medical-content/tecvayli-and-talvey-majestec7-mmy3005-study#Touzeau2024
    3. Tecvayli plus Darzalex Faspro combination regimen significantly improves progression-free survival and overall survival versus standard of care. News Release. Johnson&Johnson. October 16, 2025. Accessed December 7, 2025. https://www.jnj.com/media-center/press-releases/tecvayli-plus-darzalex-faspro-combination-regimen-significantly-improves-progression-free-survival-and-overall-survival-versus-standard-of-care

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  • Linklaters leads on Unilever’s demerger of The Magnum Ice Cream Company and its stock exchange listings in Amsterdam, London and New York

    Linklaters leads on Unilever’s demerger of The Magnum Ice Cream Company and its stock exchange listings in Amsterdam, London and New York

    Linklaters has advised Unilever PLC (Unilever) and The Magnum Ice Cream Company N.V. (TMICC) on the creation of TMICC, its separation and demerger from Unilever and its listings on the Amsterdam, London and New York stock exchanges.

    In one of the largest and most complex global carve-outs in recent years, Linklaters advised on the project from conception to completion, including on strategic options for the business, executing the legal and operational separation of the ice cream business in over 80 countries, and running the demerger and listing process across Amsterdam, London and New York.

    The firm was the sole legal advisor on the listing of TMICC on all three stock exchanges, running a tripartite process with the Dutch Authority for Financial Markets (AFM), the UK Financial Conduct Authority (FCA), and the United States Securities and Exchange Commission (SEC) and delivering an innovative structure that will see TMICC’s ordinary shares trading on the New York Stock Exchange.

    This follows a number of high-profile roles for Linklaters on Unilever’s other global carve-outs, including advising on the €4.5bn sale of its tea business to CVC Capital Partners and on the US$7bn carve-out sale of its global spreads business to KKR.

    The Linklaters team, spanning 24 offices,18 countries, and 14 practices, was led by London Corporate Partners Charlie Turner and Michael Fanner, Dutch Corporate Partners Guido Portier and Alexander Harmse, US Corporate Partners Mike Bienenfeld and Igor Rogovoy, and Tax Partners Chris Smale and Michelle Lo.

    Charlie Turner, Corporate Partner at Linklaters, said: 

    “The depth and breadth of our global teams enabled us to deliver on one of the largest and most complex carve-outs in recent years, as well as advising on all three listings for the demerger. Our team showed great agility in navigating the complexity of the separation and competing requirements of three regulatory regimes as well as helping Unilever and The Magnum Ice Cream Company navigate the US government shutdown. Congratulations to both Unilever and The Magnum Ice Cream Company on this incredible transaction.” 

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  • AML: Clinical Data Confirms Lower Survival in Black Patients – Medscape

    1. AML: Clinical Data Confirms Lower Survival in Black Patients  Medscape
    2. Making the Genetic Models Match the Ancestry of Patient Populations  AJMC
    3. Black patients with AML experience earlier onset and poorer outcomes  News-Medical
    4. Race Identified as Prognostic Indicator in Black Patients With AML  Oncology Nursing News
    5. Black Patients With AML Face Lower Survival Outcomes  Cure Today

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  • Pirtobrutinib Shows Noninferior ORR, Trend Toward PFS Benefit Vs Ibrutinib in CLL | Targeted Oncology

    Pirtobrutinib Shows Noninferior ORR, Trend Toward PFS Benefit Vs Ibrutinib in CLL | Targeted Oncology

    Pirtobrutinib (Jaypirca)demonstrated noninferiority in overall response rate (ORR) compared with ibrutinib (Imbruvica) in patients with BTK inhibitor–naive chronic lymphocytic leukemia (CLL)/small lymphocytic lymphoma (SLL) in both the relapsed/refractory (R/R) and treatment-naive settings, according to findings from the phase 3 BRUIN CLL-314 trial (NCT05254743). The results from this head-to-head comparison also showed a progression-free survival (PFS) trend in favor of pirtobrutinib, according to Jennifer Woyach, MD, who presented the findings at the 2025 ASH Annual Meeting.1

    In the ITT population of patients with either R/R or treatment-naive CLL/SLL, the ORR was 87% in patients randomized to pirtobrutinib (n = 331) vs 78.5% in those randomized to ibrutinib (n = 331; P = .0035). The ORR ratio was 1.1080 (95% CI, 1.034–1.187; P value for noninferiority <.0001). The best overall response with pirtobrutinib vs ibrutinib, respectively, was complete remission (CR) or CR with incomplete hematologic recovery (CRi) of 4.8% vs 2.4%, partial remission (PR) or nodular partial remission (nPR) of 82.2% vs 76.1%, partial remission with lymphocytosis (PR-L) of 2.4% vs 3.9%, stable disease (SD) of 5.4% vs 10.9%, and progressive disease (PD) of 1.5% vs 1.2%.

    In the treatment-naive population, the ORR was 92.9% in patients randomized to pirtobrutinib (n = 112) vs 85.8% in those randomized to ibrutinib (n = 113; P = .0886). The ORR ratio was 1.0797 (95% CI, 0.989–1.179). The best overall response with pirtobrutinib vs ibrutinib, respectively, was CR/CRi of 7.1% vs 3.5%, PR/nPR of 85.7% vs 82.3%, PR-L of 0.9% vs 2.7%, SD of 2.7% vs 4.4%, and no cases of PD.

    In the R/R population, the ORR was 84.0% in patients randomized to pirtobrutinib (n = 219) vs 74.8% in those randomized to ibrutinib (n = 218; P = .0886). The ORR ratio was 1.1233 (95% CI, 1.020–1.237; P value for noninferiority <.0001). The best overall response with pirtobrutinib vs ibrutinib, respectively, was CR/CRi of 3.7% vs 1.8%, PR/nPR of 80.4% vs 72.9%, PR-L of 3.2% vs 4.6%, SD of 6.8% vs 14.2%, and PD of 2.3% vs 1.8%

    “Pirtobrutinib demonstrated consistently higher ORR than ibrutinib across all patients, including treatment-naive and R/R populations,” said Woyach, director of the Division of Hematology, The Ohio State University Comprehensive Cancer Center.

    PFS data, while immature, showed a trend in favor of pirtobrutinib. In the ITT population, at a median follow-up of 22.0 months with pirtobrutinib and 19.7 months with ibrutinib, the 18-month PFS rates per investigator assessment were 86.9% vs 82.3%, respectively (HR, 0.569; 95% CI 0.388–0.834; nominal P value = .0034). In the R/R population, at a median follow-up of 18.4 months with pirtobrutinib and 15.8 months with ibrutinib, the investigator-assessed 18-month PFS rates were 81.7% vs 79.2%, respectively (HR, 0.729; 95% CI, 0.471–1.128; nominal P value =.1563). And in the treatment-naive population, at a median follow-up of 22.5 months with pirtobrutinib and 22.4 months with ibrutinib, the investigator-assessed 18-month PFS rates were 95.3% vs 87.6%, respectively (HR, 0.239; 95% CI, 0.098–0.586; nominal P value =.0007).

    “Early trends in PFS favored pirtobrutinib among all patients and in the R/R and treatment-naive populations,” said Woyach, adding that, “The most pronounced effect [was] in the treatment-naive population, which had the longest follow-up at this data cutoff.”

    Safety in BRUIN CLL-314

    Regarding safety, the most common all grade treatment-emergent adverse events (TEAEs) with pirtobrutinib vs ibrutinib were neutropenia (22.7% vs 17.8%), upper respiratory tract infection (17.9% vs 19.4%), anemia (15.2% vs 14.2%), pneumonia (13.6% vs 15.1%), and diarrhea (13.3% vs 19.1%). The most common grade ≥3 TEAEs with pirtobrutinib vs ibrutinib were mostly similar: neutropenia (17.3% vs 13.2%), pneumonia (6.4% vs 8.6%), anemia (5.8% vs 3.7%).

    Rates of all-grade (10.6% vs 15.1%) and grade ≥3 (3.3% vs 4.9%) hypertension were lower with pirtobrutinib vs ibrutinib. One patient developed Richter Transformation with pirtobrutinib vs 4 patients with ibrutinib.

    “Pirtobrutinib was well tolerated with fewer dose reductions and discontinuations due to TEAEs than ibrutinib,” said Woyach.

    She said that adverse events of special interest were mostly low-grade and consistent with prior studies of pirtobrutinib. Grade ≥3 neutropenia (25.2% vs 17.5%) and anemia (6.1% vs 3.7%) were higher with pirtobrutinib vs ibrutinib; however, grade ≥3 thrombocytopenia was lower with pirtobrutinib (3.6% vs 4.0%).

    All-grade incidence of atrial fibrillation/flutter (2.4% vs 13.5%) was substantially lower with pirtobrutinib versus ibrutinib, particularly among patients aged ≥75 years (4.5% vs 21.4%).

    BRUIN CLL-314 Design and Patient Characteristics

    The phase 3 BRUIN CLL-314 study accrued patients with BTK inhibitor–naïve CLL/SLL, including both patients with treatment-naive and R/R disease. Overall, there were 662 patients (ITT population) randomized in a 1:1 ratio to pirtobrutinib (n = 331) or ibrutinib (n = 331) between August 18, 2022, and June 17, 2024. The median age was 67 years in both the pirtobrutinib (range, 39–90) and ibrutinib (range, 34–86) arms, and the median number of prior therapies in both arms was 1. In the ITT population, 225 patients were treatment-naive and 437 patients were R/R.

    In patients with evaluable samples, 68% (n = 199/293) vs 66% (n = 183/277) of patients in the pirtobrutinib vs ibrutinib cohorts had unmutated IGHV. Further, 40% (n = 104/259) vs 34% (n = 78/227) and 15% (n = 50/331) vs 16% (n = 52/331) had complex karyotype ≥3 abnormalities and del(17p), respectively.

    Pirtobrutinib was administered orally at 200 mg/daily and ibrutinib was administered orally at 420 mg/daily. The primary end point was non-inferiority of ORR in the ITT population or R/R population. The key secondary end point was superiority of PFS in the ITT population or R/R population.

    Significance and Next Steps

    CLL-314 is the first trial comparing pirtobrutinib and ibrutinib in treatment-naive patients and patients with BTK inhibitor–naive R/R CLL/SLL.

    Pirtobrutinib is currently approved by the FDA for patients with R/R CLL/SLL who have previously received a BTK inhibitor.2 When the PFS data from the BRUIN CLL-314 study fully mature, it is hoped that the trend favoring pirtobrutinib will be upheld and can lead to a regulatory filing for use of the agent in earlier CLL/SLL lines.

    REFERENCES
    1. Woyach J, Qiu L, Grosicki S, et al. Pirtobrutinib vs ibrutinib in treatment-naïve and relapsed/refractory CLL/SLL: Results from the first randomized phase III study comparing a non-covalent and covalent BTK inhibitor. Blood. 2025;146(suppl 1): 683. doi:10.1182/blood-2025-683
    2. FDA grants traditional approval to pirtobrutinib for chronic lymphocytic leukemia and small lymphocytic lymphoma. Food and Drug Administration. Published December 3, 2025. Accessed December 7, 2025. https://tinyurl.com/46522682

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