Goldman Sachs: Kelun Biotech (6990.HK) — Detailing Regimen-Changing Potential of Sac-TMT Across 1L wtNSCLC Subgroups
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Goldman Sachs analyzes detailed data from the Lung05 study, reinforcing the potential for sac-TMT (SKB264) to redefine the treatment landscape for first-line wild-type non-small cell lung cancer (1L wtNSCLC). The findings demonstrate broad and clinically meaningful antitumor activity across all patient subgroups, irrespective of PD-L1 expression or tumor mutational burden (TMB) status.
Notably, in the PD-L1 TPS <1% subgroup, sac-TMT achieved an objective response rate (ORR) of 45%, compared to 28% for standard therapy. In the TPS 1–49% subgroup, the ORR was 52% versus 35% for the control. Even in the TPS ≥50% cohort, sac-TMT maintained superiority with a 60% ORR against 48%. Median progression-free survival (mPFS) also improved significantly, reaching 8.2 months in low-TMB patients and 9.1 months in high-TMB patients, outperforming standard treatments. Grade ≥3 treatment-related adverse events occurred in 62% of sac-TMT patients, slightly higher than the 55% seen with standard therapy.
Given these robust efficacy signals across challenging subgroups, Goldman anticipates that sac-TMT could emerge as a new standard of care. The firm maintains a Buy rating on Kelun Biotech with a target price of HK$210. Broader clinical validation will be essential to confirm these transitional findings.
Key exhibits
Exhibit 1
