Category: 3. Business

  • Taking Another Look at F&G Annuities & Life (FG)’s Valuation After Its Recent Share Price Rebound

    Taking Another Look at F&G Annuities & Life (FG)’s Valuation After Its Recent Share Price Rebound

    F&G Annuities & Life (FG) has quietly pushed about 13% higher over the past month, even though shares remain down sharply this year, a setup that often attracts value-focused investors.

    See our latest analysis for F&G Annuities & Life.

    That recent 1 month share price return of about 13% looks more like a relief rally than a full trend change, given the share price is still down sharply year to date. At the same time, the 3 year total shareholder return remains strongly positive, which hints that investors are cautiously revisiting the longer term growth story after a rough stretch.

    If this rebound has you rethinking your portfolio, it could be a good moment to explore fast growing stocks with high insider ownership as potential next candidates for fresh ideas.

    With shares still down heavily over the past year, yet trading only slightly below analyst targets but at a sizeable intrinsic discount, is F&G quietly undervalued, or is the market already pricing in its next phase of growth?

    On a price-to-earnings basis, F&G Annuities & Life trades at 10.2x, slightly below peers and the broader US Insurance industry, suggesting a modest valuation discount at the current 33.72 share price.

    The price-to-earnings multiple compares the company’s market value to its earnings and is a common way to gauge what investors are willing to pay for each dollar of profit in financial and insurance businesses.

    Given FG’s P E of 10.2x versus a 10.6x peer average and 12.8x for the broader US Insurance group, the market appears to be pricing its profitability somewhat conservatively, even as the business has moved into sustained profitability with higher net margins and what are assessed as high quality earnings.

    Compared with the industry’s 12.8x, FG’s lower P E signals that investors are not assigning a premium multiple to its earnings, which could be seen as a valuation gap.

    See what the numbers say about this price — find out in our valuation breakdown.

    Result: Price-to-Earnings of 10.2x (UNDERVALUED)

    However, risks remain, including potential earnings volatility from complex annuity products and any downturn in demand as higher rates reshape retirement planning behavior.

    Find out about the key risks to this F&G Annuities & Life narrative.

    Our DCF model points to a fair value of about 42.73 per share, implying FG trades roughly 21% below intrinsic value. That is a deeper discount than the modest P E gap. This raises the question: is the market too skeptical about its future cash flows?

    Look into how the SWS DCF model arrives at its fair value.

    FG Discounted Cash Flow as at Dec 2025

    Simply Wall St performs a discounted cash flow (DCF) on every stock in the world every day (check out F&G Annuities & Life for example). We show the entire calculation in full. You can track the result in your watchlist or portfolio and be alerted when this changes, or use our stock screener to discover 906 undervalued stocks based on their cash flows. If you save a screener we even alert you when new companies match – so you never miss a potential opportunity.

    If you see the story differently or prefer to dig into the numbers yourself, you can build a personalized view in just a few minutes: Do it your way.

    A good starting point is our analysis highlighting 1 key reward investors are optimistic about regarding F&G Annuities & Life.

    FG might be compelling, but do not stop there. Use the Simply Wall St Screener to surface focused, high potential ideas before the crowd catches on.

    This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

    Companies discussed in this article include FG.

    Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com

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  • TBI-Free Conditioning Maintains Strong Outcomes in Pediatric and Young Adult B-Cell ALL

    TBI-Free Conditioning Maintains Strong Outcomes in Pediatric and Young Adult B-Cell ALL

    Eliminating total body irradiation (TBI) from conditioning regimens yielded efficacy outcomes comparable with established benchmarks for pediatric and young adult patients with B-cell acute lymphoblastic leukemia (ALL), according to results from the phase 2 EndRAD trial (NCT03509961). The findings, presented at the 2025 ASH Annual Meeting and Exposition showed that TBI-free conditioning maintained disease control without compromising treatment response.

    The 2-year event-free survival (EFS) rate in the treatment arm was 76.3% (95% CI, 61.1%-86.1%), and the 2-year overall survival (OS) rate was 82.0% (95% CI, 67.1%-90.6%). These results showed that the primary end point of the trial of EFS was met.

    “Based upon this data, pediatric and young adult patients who are bone marrow next-generation sequencing (NGS)-minimal residual disease (MRD)-negative may consider non-TBI approaches as they choose therapy,” Hisham Abdel-Azim, MD, chief of Transplant and Cellular Therapy at Loma Linda University Health, said during the presentation.

    A total of 202 patients were enrolled in the trial. The treatment arm (n = 51) was designed to estimate survival after non-TBI myeloablative conditioning prior to allogeneic hematopoietic cell transplant (HCT) for NGS-MRD-negative B-ALL. A total of 86% of patients were given busulfan, fludarabine, and thiopeta. Other comparable therapies included fludarabine, melphalan, and thiopeta (6%), and fludarabine, melphalan, clofarabine, and thiopeta (6%). In the observational arm (n = 151), patients were given myeloablative HCT and were not eligible for the treatment arm.

    Abdel-Azim stated he and his colleagues hypothesized that the 2-year EFS and OS rates in patients who are NGS MRD negative and receiving a non-TBI-based regimen would be around 75% and 80%, respectively. The study was conducted in 45 centers in North America between 2018 and 2025.

    Infants were not allowed in the treatment arm, and young children who were not eligible and received non-TBI treatment were included in the observational arm. Additionally, the observational arm included those who were flow-negative but NGS-positive who received TBI.

    In the treatment arm, patients were eligible for treatment if they were between 1 and 31 years old and had high-risk complete remission 1 (CR1) or CR2 status. Receipt of prior CAR T-cell therapy and blinatumomab (Blincyto) was allowed. Patients were excluded from the treatment arm but were eligible to enroll on the observational arm if they were less than 1 year old, CR2 with a history of central nervous system relapse, had T-cell ALL and mixed-phenotype acute leukemia, and had active CNS/extramedullary disease at HCT.

    In the treatment arm, the median age was 13.5 years (range, 2.3-30.5), and 51% of patients were male. Additionally, 37% had HLA-matched sibling donors, 35% had mismatched/unrelated haploidentical donors, 20% had matched unrelated donors, and 8% had unrelated cord blood donors. Bone marrow graft was given in 71% of patients, peripheral blood stem cell graft was given to 21% of patients, and 8% received an unrelated cord blood graft. Additionally, at HCT, 49% of patients had CR1 and 51% had CR2.

    “OS and EFS in our phase 2 non-TBI treatment arm for NGS MRD-negative B-ALL matched our hypothesis and were comparable with outcomes of patients who are MRD-negative receiving TBI in previous studies,” Abdel-Azim concluded.

    Abdel-Azim disclosures: Kite, consultancy; Novartis, consultancy; Adaptive, consultancy and research funding; Vertex, consultancy; and Johnson and Johnson, consultancy.

    Reference

    Abdel-Azim H, Quigg T, Kapoor N, et al. High event-free (EFS) and overall survival (OS) after non-total body irradiation (TBI) conditioning and allogeneic hematopoietic cell transplantation (HCT) in next-generation-sequencing minimal residual disease (NGS-MRD) negative B-acute lymphoblastic leukemia (B-ALL): Results from the EndRAD trial (PTCTC ONC1701). Blood. 2025;146(suppl 1):163. doi:10.1182/blood-2025-163

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  • MRD May Predict Survival in Induction Chemotherapy AML Trials

    MRD May Predict Survival in Induction Chemotherapy AML Trials

    Measurable residual disease (MRD) following induction chemotherapy may robustly predict overall survival (OS) among patients with acute myeloid leukemia (AML), according to findings from a pooled analysis study presented in a press briefing at the 2025 American Society of Hematology Annual Meeting & Exposition (ASH).

    Pooled data on 1858 patients undergoing treatment across 7 randomized trials showed that the achievement of MRD negativity correlated with a risk of death that was twice as low vs patients who had MRD-positive status (P <.0001). This association between MRD and OS occurred regardless of age, genetics, and treatment arm; outcomes were consistent across trials and the use of multiparameter flow cytometry (MFC) or qPCR for NPM1 in the evaluation of MRD. Overall, the data showed a strong patient-level link between survival and MRD status.

    Across the evaluable trials, MRD responses showed a strong correlation with OS benefit (R2 = 0.91; 95% CI, 0.56-1.00). As far as trial-level surrogacy was concerned, presenting author Jesse Tettero, MD, PhD, noted that the confidence interval for this finding fell below what is typically used in the FDA framework.

    “The lower bound of the confidence interval was 0.56. The FDA requires the lower bound to be above 0.60, so there is some caution to be noted when interpreting these data,” Tettero, a postdoctoral associate at Fralin Biomedical Research Institute (FBRI) Cancer Research Center in Washington, DC, and a visiting hematology fellow at Amsterdam University Medical Center in the Netherlands, said in the presentation.

    However, findings showed an even stronger relationship between MRD responses and survival among patients who did not undergo a transplant (R2 = 0.99; 95% CI, 0.94-1.00). Tettero described how such agreement was rare for oncologic end points.

    “We could identify effective therapies [with MRD] earlier than OS; that could be a benefit of 4 to 5 years. It therefore enables potential accelerated approval…only if the FDA truly regards MRD as a surrogate end point,” Tettero said. “When supported, it could lead to smarter and faster trials for [patients with] AML.”

    Despite the advent of new treatment modalities such as FLT3 and IDH inhibitors, Tettero stated that AML remains a difficult-to-cure disease, as most patients will relapse following treatment. Additionally, he noted how the longer follow-up associated with OS end points in clinical trials may delay progress for therapeutic advances. Given that MRD is already used as a surrogate marker for approval in other blood cancers like acute lymphoblastic leukemia and multiple myeloma, Tettero and colleagues aimed to determine whether MRD could represent an earlier predictor of survival in AML.

    As part of the largest collaboration to evaluate MRD as a surrogate end point in AML, investigators collected patient-level data from 7 randomized trials. These studies included 4 from European cooperative groups: the German-Austrian AML Study Group (AMLSG), the Dutch-Belgian Hemato-Oncology Cooperative Group and Swiss Group for Clinical Cancer Research (HOVON-SAKK), Study Alliance Leukemia (SAL), and the UK National Cancer Research Institute (UK-NCRI). The study compared MRD status with long-term OS based on FDA expectations.

    Eligible studies were those that randomly assigned patients to experimental or placebo treatments in combination with standard intensive induction chemotherapy, with at least 20 patients on each arm and the inclusion of MRD subgroups.

    Regarding study limitations, Tettero stated that the analysis only related to trials assessing intensive therapy in the EU, as less intensive regimens such as venetoclax (Venclexta) plus hypomethylating agents (VEN-HMA) were not represented, and the confidence intervals for trial-led surrogacy were wide, as the lower bound was below the 0.6 threshold typically used in regulatory framework. Additionally, the study did not fully standardize the use of MRD assays across clinical trials, which may have correlated with data heterogeneity. According to Tettero, several relevant MRD datasets were also inaccessible for the analysis.

    Looking towards the future, Tettero and colleagues aim to expand analyses that account for modern, non-intensive treatment backbones and regimens like VEN-HMA and FLT3 or IDH inhibitors. The investigators also look to achieve global harmonization of MRD testing across these treatment modalities while promoting data sharing on an international level to expand the number of eligible trials.

    Disclosures: Tettero had no relevant relationships to disclose.

    Reference

    Tettero J, Eric S, Freeman S, et al. Validation of measurable residual disease as a surrogate endpoint in acute myeloid leukemia: a HARMONY Alliance study of European randomized trials. Blood. 2025;146(supplement 1):343. doi:10.1182/blood-2025-343

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  • Careers at S&P Global Energy

    When you work at S&P Global Energy, the world’s leading energy information provider, you get the best of a small company and a Fortune 500 corporation. With more than 5000 employees in more than 60 offices spanning five continents, S&P Global Energy has a highly diverse workforce, a global perspective, and a “business casual” culture. As a subsidiary of S&P Global, S&P Global Energy offers employees a competitive compensation program, a comprehensive benefits package, and a broad spectrum of professional development opportunities. As an employee of S&P Global Energy, you are part of an organization with a long-standing legacy of journalistic independence and integrity, and a steadfast commitment to providing the markets with the highest quality, most timely and reliable information.

    While S&P Global Energy employs staff in functions that range from marketing and conference planning to finance and project management, S&P Global Energy most frequently recruits in the two core areas that drive its business growth: Editorial, which is responsible for generating the content provided to S&P Global Energy clients, and Sales, which initiates and develops relationships with our broad base of clientele in the energy and metals markets.

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  • Platts China Lithium Price Assessment

    Platts DDP China Lithium Assessments by S&P Global Energy are based on market information, including, but not limited to, firm bids and offers, and trades reported to the editor up to the close of business each day. Our assessments reflect responsibly sourced material, which sellers should be able to demonstrate in line with standard industry practice, upon buyers’ request. 

    S&P Global Energy collects data from market participants across the full supply chain, allowing us to produce a balanced assessment of price by engaging with suppliers, traders and consumers of all size and scale. 

    S&P Global Energy coverage of the lithium carbonate and hydroxide market is led by a global team across multiple offices: Singapore, Sao Paulo, Houston and London. Platts reporters in these regional hubs cover the key supply and consumption locations for lithium.

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  • Non-Ferrous Metals Market Insights | S&P Global

    Non-Ferrous Metals Market Insights | S&P Global

    Our non-ferrous metals products and services are essential for industry participants, such as miners, producers, traders, manufacturers, and investors, helping them make informed decisions, optimize supply chains, and manage risk in fast-growing non-ferrous metals markets.

    S&P Global Energy non-ferrous metals market coverage spans a wide range of critical areas, including pricing information, market insights and industry analysis. This service empowers industry participants involved in metals such as alumina, aluminum, copper, nickel, cobalt, lithium, manganese, molybdenum, zinc and gold, with market intelligence to tackle the complex landscape of global commodities markets with confidence.

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  • Platts US Hot Rolled Coil Metals Price Assessments

    The MOC assessment process is suited for all levels of market liquidity. It gives priority to the most specific, transparent, and actionable data. It enables markets to react more quickly to changes, as data can be viewed by market participants in real-time through the publication of “heards in the market.”

    Heard

    Platts Steel, HRC/US: Transaction at $1,900/st for 1,000 st from an integrated producer: Midwest service center

    Timestamping

    By assessing at a specific time – for US ferrous assessments, that means data is collected until 3:30 pm Eastern – the Platts MOC process is designed to reflect values up to the end of the pricing window.

    Standardized specifications

    Data is normalized back to standard quality, volume, the timing of delivery, terms, and other parameters to ensure like-for-like comparisons.

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  • Lisaftoclax Monotherapy Achieves Significant Responses and PFS in R/R CLL/SLL | Targeted Oncology

    Lisaftoclax Monotherapy Achieves Significant Responses and PFS in R/R CLL/SLL | Targeted Oncology

    Lisaftoclax, a BCL-2 inhibitor, demonstrated a significant overall response rate (ORR) of 62.5% and a progression-free survival (PFS) of 23.89 months (95% CI, 13.01–not reached [NR]) with a tolerable safety profile in heavily treated patients with relapse/refractory chronic lymphocytic leukemia/small lymphocytic leukemia (CLL/SLL), according to findings of a phase 2 pivotal registration study (NCT05147467).1

    At the data cutoff of July 25, 2025, among 72 evaluable patients, the median time to first response was 3.68 months (range, 1.81–11.14) and the median duration of response was 18.53 months (95% CI, 14.75–NR).1 The median follow-up period was 22.01 months (range, 0.80–38.0).

    The 12-month PFS rate was 66.4% (95% CI, 53.1%–76.7%). The 30-month overall survival (OS) rate was 78.0% (95% CI, 66.1%–86.2%) and the median OS was NR.

    “Further, minimal residual disease [MRD] negativity in peripheral blood was observed in 21.8% of patients and 54.5% in bone marrow,” Kenshu Zhou, MD, of the Henan Cancer Hospital in Zhengzhou, China, said during a presentation of the data at the 67th American Society of Hematology Annual Meeting and Exposition in Orlando, Florida.1

    Study Design

    A total of 77 patients were enrolled if they met the dual criteria of prior refractory, relapsed, or intolerance to both Bruton tyrosine kinase (BTK) inhibitors and immunotherapy or had high-risk factors such as del(17p)/TP53 mutation or chromosomal complex karyotype (CK).

    Eligible patients received lisaftoclax on a daily ramp-up schedule to reach the target dose of 600 mg once a day administered every 28 days in a dosing cycle. The primary end point was ORR, and secondary end points were complete response, PFS, time to response, OS, and safety.

    Baseline Characteristics

    At baseline, patient median age was 63.0 years (range 37–84), 59.7% were male, and had been treated with a median of 3 previous therapies (range, 1–10). Patients had an ECOG status of 0 to 1 (68.8%) or 2 (31.2%).

    Eighty-seven percent were refractory to BTK inhibitors and 39% had del(17p)/TP53 mutation, 53.2% had unmutated immunoglobulin heavy chain variable (IGHV), and 42.9% had CK.

    Among patients with CK (n = 33), 63.6% had high CK with 5 or more aberrations and 21 (63.6%) also had del(17p) of TP53 mutation.

    In patients with del(17p)/TP53 mutation, the median PFS was 11.2 months vs 29.6 months in patients without this mutation or CK (HR, 5.0; P =.018). In patients with high CK, the median PFS was 12.9 months vs 25.7 months in those without high CK (HR, 2.7; P =.001).

    “In our study, CK accounted for 42.9% of the total population. Patients with the del(17p)/TP53 mutation accounted for 39.0% of the population, which was higher than that observed in prior studies.2,3 This represents true BTK inhibitor failure and a refractory population,” Zhou said.

    Regarding safety, most treatment-related adverse events (TRAEs) were grade 1 or 2, although there were grade 3/4 instances of neutropenia (27.3%), thrombocytopenia (16.9%), anemia (9.1%), and pneumonia (3.9%) reported. “There were no cases of tumor lysis syndrome [TLS] or drug-related deaths reported,” Zhou continued.

    Zhou further compared the agent with another BCL-2 inhibitor, venetoclax (Venclexta), noting significant efficacy in heavily pretreated patients with CLL/SLL, a short half-life, and the absence of drug-drug interactions with BTK inhibitors or CD20 monoclonal antibodies.

    “Lisaftoclax monotherapy showed significant efficacy in heavily treated patients with relapsed/refractory CLL/SLL with a favorable safety profile and no TLS observed,” Zhou said. “The agent received a conditional approval in China in July 2025,” Zhou concluded.

    REFERENCES
    1. Zhou K, Wang T, Niu T, et al. Results of a registrational Phase 2 study of lisaftoclax monotherapy for treatment of patients (pts) with Relapsed/Refractory chronic lymphocytic leukemia/small lymphocytic lymphoma (CLL/SLL) who had failed Bruton’s tyrosine kinase inhibitors (BTKis). Presented at: 67th American Society of Hematology Annual Meeting and Exposition; December 6-9, 2025; Orlando, Florida. Abstract 88.
    2. Ghia P, Pluta A, Wach M, et al. ASCEND: Phase III, randomized trial of acalabrutinib versus idelalisib plus rituximab or bendamustine plus rituximab in relapsed or refractory chronic lymphocytic leukemia. J Clin Oncol; 2020;38(25):2849-2861. doi:10.1200/JCO.19.03355
    3. Brown JR, Eichhorst B, Hillmen P, et al. Zanubrutinib or ibrutinib in relapsed or refractory chronic lymphocytic leukemia. N Engl J Med. 2023;388(4):319-332. doi:10.1056/NEJMoa2211582

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  • Adjuvant Atezolizumab Generates DFS, OS Benefit Regardless of Tumor Size, Nodal Status, and Prior NAC in ctDNA+ MIBC

    Adjuvant Atezolizumab Generates DFS, OS Benefit Regardless of Tumor Size, Nodal Status, and Prior NAC in ctDNA+ MIBC

    Treatment with adjuvant atezolizumab (Tecentriq) provided disease-free survival (DFS) and overall survival (OS) benefits over placebo regardless of tumor stage, nodal status, or prior receipt of neoadjuvant chemotherapy (NAC) in patients with circulating tumor DNA (ctDNA)–positive muscle-invasive bladder cancer (MIBC) by serial testing, according to data from an exploratory subgroup analysis of the phase 3 IMvigor11 trial (NCT04660344) presented at the 26th Annual Meeting of the Society of Urologic Oncology.1

    Of note, the rates of ctDNA positivity were higher in patients with higher tumor stage or a positive nodal status at the time of cystectomy, though investigators noted that surgical staging alone was not sufficient for predicting ctDNA status.

    Among patients with persistent ctDNA negativity, the risk of recurrence or death was low across all tumor stages, nodal statuses, and receipt of prior NAC following cystectomy.

    “These results support the use of serial ctDNA testing after cystectomy to enhance risk determination beyond classical surgical pathological staging and identify patients with ctDNA-positive status who benefit from adjuvant atezolizumab while sparing patients who persistently test ctDNA-negative from unnecessary treatment,” Juergen E. Gschwend, MD, PhD, a professor of urology at the Technical University of Munich’s School of Medicine and Health in Germany, stated in a presentation of the data.

    Key Takeaways From the Exploratory Analysis of IMvigor-011

    • Adjuvant atezolizumab significantly improved DFS and OS vs placebo in patients with ctDNA-positive MIBC; this was generally observed across all tumor stages, nodal statuses, and prior neoadjuvant chemotherapy exposure.
    • Among patients with persistent ctDNA negativity, DFS and OS rates were high following cystectomy regardless of tumor stage, nodal status, or prior neoadjuvant chemotherapy.
    • Overall, these data indicate that serial ctDNA testing can be used to improve risk stratification after cystectomy and help identify specific patients with ctDNA-positive MIBC who would benefit from adjuvant atezolizumab.

    What did previously reported data from IMvigor011 indicate about the potential role of adjuvant atezolizumab in ctDNA-positive MIBC?

    Radical cystectomy with or without neoadjuvant therapy represents a potential curative option for patients with MIBC, but patients often experience variable outcomes. Accordingly, improving the identification of patients with MIBC at a higher risk of disease recurrence is a priority. There is an increasing body of evidence supporting the prognostic value of ctDNA-based minimal residual disease (MRD) detection following cystectomy.

    IMvigor011 was designed to evaluate the use of adjuvant atezolizumab in ctDNA-positive MIBC by way of serial ctDNA monitoring. Findings from the study were previously presented at the 2025 ESMO Congress and simultaneously published in the New England Journal of Medicine.2 At a median follow-up of 16.1 months, patients who tested positive for ctDNA and were treated with atezolizumab (n = 167) achieved a median DFS of 9.9 months (95% CI, 7.2-12.7) vs 4.8 months (95% CI, 4.1-8.3) with placebo (n = 83), per investigator assessment (HR, 0.64; 95% CI, 0.47-0.87; P = .0047). The HR for DFS was 0.69 (95% CI, 0.48-0.91). The median OS was 32.8 months (95% CI, 27.7-not evaluable [NE]) with atezolizumab vs 21.1 months (95% CI, 14.7-NE) in the placebo arm (HR, 0.59; 95% CI, 0.39-0.90; P = .0131).

    How was the IMvigor11 trial designed?

    IMvigor011 enrolled patients with MIBC who underwent radical cystectomy within 6 to 24 weeks of screening and had histologically confirmed (y)pT2-T4aN0M0 or (y)pT0-T4aN+M0 urothelial cancer with no evidence of radiographic disease progression.1 Prior neoadjuvant therapy was permitted, and an ECOG performance status of 0 to 2 was required.

    Following enrollment, patients underwent serial ctDNA testing every 6 weeks and radiographic imaging every 12 weeks until 1 year post-cystectomy. If patients tested ctDNA negative, serial ctDNA testing was repeated; those who remained ctDNA negative for up to 1 year did not receive any treatment, and surveillance continued with follow-up. Patients who tested positive for ctDNA at any point without evidence of radiographic disease were randomly assigned 2:1 to receive either 1680 mg of atezolizumab or placebo once every 4 weeks for up to 1 year.

    The trial’s primary end point was Investigator-assessed DFS; OS was a key secondary end point.

    Of the 761 patients enrolled during the surveillance monitoring period, 379 tested positive for ctDNA at any point, and 377 patients remained in persistent ctDNA negativity. Five patients had no ctDNA results. Assessment of pathologic staging at cystectomy showed that patients had (y)pT2N0 disease, (ctDNA+, n = 48; ctDNA-negative, n = 129), including pT2N0 (n = 17; n = 66) and (y)pT2N0 (n = 31; n = 63) staging; (y)pT3-4N0 disease (n = 123; n = 171),(y)pT≤2M+ disease (n = 66; n = 45), or (y)pT3–4N+ disease (n = 141; n = 30). Corresponding ctDNA positivity rates for patients with pT2N0, (y)pT2N0, (y)pT3-4N0, (y)pT≤2M+ and (y)pT3–4N+ disease were 20.5%, 33.0%, 41.8%, 59.5% and 82.5%, respectively .The data cutoff for the current analysis was June 15, 2025, and the median follow-up from random assignment was 16.1 months.

    How did DFS and OS differ according to tumor stage, nodal status, and prior NAC in the ctDNA-positive patient population?

    Tumor Stage

    In those with (y)p≤T2 disease:

    • The median DFS was 14.8 months (95% CI, 6.6-25.1) with atezolizumab (n = 53) vs 8.4 months (95% CI, 4.2-14.6) with placebo (n = 27; unstratified HR, 0.56; 95% CI, 0.31-1.01).
    • The 12- and 24-month DFS rates with atezolizumab were 54.9% and 36.2%, respectively; corresponding rates with placebo were 37.1% and NE.
    • The median OS was NE (95% CI, 29.1-NE) with atezolizumab vs 27.4 months (95% CI, 20.1-NE) with placebo (unstratified HR, 0.77; 95% CI, 0.32-1.90).
    • The 12- and 24-month OS rates were 91.9% and 74.0% with atezolizumab. Corresponding rates in the placebo arm were 91.8% and 60.6%.

    In the (y)pT3–4 group:

    • The median DFS with atezolizumab (n = 114) was 8.3 months (95% CI, 6.5-10.6) vs 4.2 months (95% CI, 3.0-6.3) with placebo (n = 56; unstratified HR, 0.64; 95% CI, 0.45-0.92).
    • The 12- and 24-month DFS rates with atezolizumabwere 39.8% and 24.1%, respectively; corresponding DFS rates with placebo were 25.7% and 18.4%.
    • The median OS was 29.9 (95% CI, 21.1-NE) with atezolizumab vs 13.1 months (95% CI, 10.5-NE) with placebo (unstratified HR, 0.58; 95% CI, 0.37-0.93).
    • The 12- and 24-month OS rates were 81.9% and 57.4% with atezolizumab. Corresponding rates in the placebo arm were 58.3% and 40.0%.

    Nodal Status

    In patients with (y)pN0 disease:

    • The median DFS was 8.3 months (95% CI, 4.5-13.2) with atezolizumab (n = 71) vs 6.2 months (95% CI, 2.3-10.6) with placebo (n = 35; unstratified HR, 0.74; 95% CI, 0.45-1.12).
    • The 12- and 24-month DFS rates in the atezolizumab arm were 42.5% and 25.2%, respectively; corresponding DFS rates with placebo were 30.6% and 10.2%.
    • The median OS was 29.9 months (95% CI, 21.1-NE) with atezolizumab vs 18.1 (95% CI, 12.1-NE) with placebo (unstratified HR, 0.72; 95% CI, 0.38-1.39).
    • The 12- and 24-month OS rates in the atezolizumab arm were 81.2% and 55.4%, respectively. Corresponding OS rates with placebo were 69.2% and 43.9%.

    In the (y)pN+ population:

    • The median DFS was 10.4 months (95% CI, 7.1-19.5) with atezolizumab (n = 96) and 4.8 months (95% CI, 4.1-8.3) with placebo (n = 48; unstratified HR, 0.58; 95% CI, 0.39-0.86).
    • The 12- and 24-month DFS rates in the atezolizumab arm were 46.4% and 30.0%, respectively; corresponding DFS rates with placebo were 28.6% and 13.4%.
    • The median OS was 34.4 months (95% CI, 29.1-NE) with atezolizumab vs 22.2 months (95% CI, 17.4-NE) with placebo (unstratified HR, 0.61; 95% CI, 0.36-1.05).
    • The 12- and 24-month OS rates in the atezolizumab arm were 87.8% and 67.8%, respectively. Corresponding OS rates with placebo were 70.9% and 48.4%.

    Prior NAC

    In patients with no prior exposure to NAC:

    • The median DFS was 10.5 months (95% CI, 6.6-14.5) with atezolizumab (n = 87) and 5.3 months (95% CI, 2.3-9.7) with placebo (n = 50; unstratified HR, 0.66; 95% CI, 0.44-1.00).
    • The 12- and 24-month DFS rates in the atezolizumab arm were 45.1% and 28.1%, respectively; corresponding DFS rates with placebo were 34.9% and 16.4%.
    • The median OS was 35.9 months (95% CI, 24.4-NE) with atezolizumab vs 18.2 months (95% CI, 13.1-NE) with placebo (unstratified HR, 0.52; 95% CI, 0.31-0.89).
    • The 12- and 24-month OS rates in the atezolizumab arm were 89.0% and 65.5%, respectively. Corresponding OS rates with placebo were 66.5% and 43.9%.

    In patients who had received prior NAC:

    • The median DFS was 8.2 months (95% CI, 6.1-12.8) with atezolizumab (n = 80) and 4.4 months (95% CI, 3.7-10.4) with placebo (n = 33; unstratified HR, 0.59; 95% CI, 0.37-0.95).
    • The 12- and 24-month DFS rates in the atezolizumab arm were 44.5% and 28.1%, respectively; corresponding DFS rates with placebo were 20.1% and 5.0%.
    • The median OS was 30.8 months (95% CI, 22.0-NE) with atezolizumab vs NE (95% CI, 14.7-NE) with placebo (unstratified HR, 1.00; 95% CI, 0.50-1.99).
    • The 12- and 24-month OS rates in the atezolizumab arm were 80.5% and 69.9%, respectively. Corresponding OS rates with placebo were 75.7% and 53.3%.

    What were the DFS and OS outcomes with adjuvant atezolizumab according to tumor stage, nodal status, and prior NAC in patients with persistent ctDNA negativity?

    Efficacy outcomes according to tumor stage were as follows:

    • In the (y)p≤T2 population (n = 166), 12- and 24-month DFS rates were 96.3% and 89.1%, respectively; the 12- and 24-month OS rates were 100% and 97.3%
    • In the (y)pT3–4 population (n = 189), corresponding DFS rates were 94.6% and 87.5%; corresponding OS rates were 100% and 96.9%.

    When assessed by nodal status:

    • In the (y)pN0 population (n = 285), 12- and 24-month DFS rates were 96.4% and 89.3%, respectively; the 12- and 24-month OS rates were 100% and 96.7%.
    • In the (y)pN+ population (n = 72), corresponding DFS rates were 91.5% and 84.5%; corresponding OS rates were 100% and 98.4%

    DFS and OS rates according to receipt of prior NAC were as follows:

    • Among patients with no prior receipt of NAC (n = 189), 12- and 24-month DFS rates were 96.2% and 86.2%, respectively; the 12- and 24-month OS rates were 100% and 95.7%, respectively.
    • For those who previously received NAC (n = 168), corresponding DFS rates were 94.6% and 90.8%; corresponding OS rates were 100% and 98.6%, respectively.

    References

    1. Gschwend JE, Bellmunt J, Arslan C, et al. Circulating tumor DNA-guided adjuvant atezolizumab vs placebo in patients with muscle-invasive bladder cancer after radical cystectomy: exploratory subgroup analysis of the phase 3 IMvigor011 trial. Presented at: 26th Annual Meeting of the Society of Urologic Oncology. December 2-5, 2025; Phoenix, Arizona.
    2. Powles T, Kann AG, Castellano D, et al. ctDNA-guided adjuvant atezolizumab in muscle-invasive bladder cancer. N Engl J Med. Published online October 20, 2025. doi:10.1056/NEJMoa2511885

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  • Which Stock Is the Better Long-Term AI Buy?

    Which Stock Is the Better Long-Term AI Buy?

    Artificial intelligence (AI) is creating trillion-dollar opportunities, but not all AI stocks are built the same. In the race for long-term dominance, two names are consistently standing out. While Nvidia (NVDA) remains the undisputed powerhouse behind today’s AI infrastructure, Palantir (PLTR) is the emerging software force driving real-world AI adoption. Both are growing at extraordinary rates, both sit at the heart of massive technological transformations, and both claim moats that competitors struggle to match. The question now is, when looking a decade ahead, which could be the better long-term AI buy?

    Valued at $4.4 trillion, Nvidia designs and builds the powerful chips, hardware systems, and software that run modern AI. Nvidia continues to deliver staggering results each quarter, cementing its position as the undisputed leader in AI infrastructure. NVDA stock has returned over 21,695% over the last decade and is up 32% year-to-date (YTD).

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    In its most recent third quarter of fiscal 2026, Nvidia reported $57 billion in revenue, up 62% year-over-year (YoY), with a record $10 billion sequential jump. Earnings surged 67%, and gross margins climbed to an exceptional 73.6%, indicating overwhelming demand and pricing power. Its Data Center segment, the engine of modern AI, generated $51 billion, up 66%. Cloud providers remained sold out of Nvidia hardware, and even older-generation GPUs like Hopper and Ampere remained fully utilized. Blackwell’s GB300 currently accounts for two-thirds of its revenue, and networking is rapidly expanding thanks to NVLink and Spectrum-X.

    Perhaps most importantly, Nvidia shows no signs of slowing. Its next platform, Vera Rubin, launches in 2026 with seven new chips that will again push performance to new heights. Nvidia also unveiled major AI factory initiatives involving five million GPUs, showcasing its long-term dominance in global AI infrastructure.

    Financially, Nvidia is strong with $60.6 billion in cash and $22 billion in free cash flow at the end of the quarter. It also has a low debt-to-equity ratio of 0.06. NVDA stock still trades at 24.6x forward fiscal 2027 earnings, below its historical average. Analysts expect 56% earnings growth in fiscal 2026 and 59% growth in fiscal 2027, indicating that Nvidia is a powerhouse with a multi-year runway powered by accelerated computing, generative AI, and agentic AI.

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