The current EV looks inexpensive versus peak revenue in the first approved indication, even if one assigns no value to the rest of their pipeline. With 24 active treatment sites by the end of Q1, and 60 expected by the end of 2025, I see the possibility for strong launch metrics in 2025.

I believe there is an opportunity for Aucatzyl to capture a meaningful share of the R/R B-ALL market—which includes approximately 3K eligible patients worldwide—with the opportunity to expand into earlier lines of therapy. MAA is also under review by EMA and MHRA.