Jun. 10 at 10:03 PM
$CGEM Immunology Day
Congrats to longs — this data is outstanding.
• Single-target-dose remissions in refractory SLE + RA
• CAR-T-like tissue B-cell depletion (synovium + lymph node)
• First TCE to fully disrupt follicular architecture, matching autologous CAR-T
• Subcutaneous, off-the-shelf, no lymphodepletion
• Mostly Grade 1 CRS, no ICANS
• Velinotamig (BCMA TCE): 2/2 complete renal responses, no CRS/ICANS
• Depth of CAR-T, convenience of a biologic
• Company-sized markets: SLE >
$3B / RA >
$29B / Sjögren’s >
$5B
Tape’s ugly today — small-cap biotech caught in broad risk-off from the Iran war + AI selloff. Macro noise, not a read on the science.
