Precision BioSciences Inc (DTIL)

[jondoeuk]

I know the numbers are small, but the ORR for heavily pretreated r/rNHL that had previously received CAR-T (75%) and Stem Cell Transplantation (66%) is pretty impressive. They are focusing on eLD to delay immune response to CAR-T administration, but I think they are still looking at retreatment. Combining the two approaches could produce some strong long term results in these difficult to save patients.

I'm hoping that by ASH they have data on at least 30 patients treated with eLD and some who have been given the novel LD regimens. If the ORR and CR rate at six months is similar to auto CAR-T's I think they should move forward with a pivotal trial.

Precision is leading the race to allogenic off-the-shelf CAR-T with solid phase I results.

ALLO will start a pivotal trial later in the year [1] and in the next few years CRSP [2] and NKTX [3] could as well.

How CRSP is worth $6B and this company is only priced out at $650M is beyond me to understand.

Likely due to the VRTX hemoglobinopathies deal (approval could be in the next few years) [4], deal with ViaCyte (a PhI/II will start this year) [5], and additional deal with VRTX and BAYRY for in vivo programs (GSD Ia, DMD, DM1 and CF, as well as additional undisclosed assets) [6]. Also, three ongoing CAR-T trials (anti-CD19, anti-BCMA and anti-CD70) with more to start.

DTIL is looking at potentially $2.5B in milestone payments on the gene editing program, has $200M cash on hand and has one heck of an exciting pipeline and platforms.

That said, I do think CRSP is overvalued and this company undervalued.

Refs:
1 https://www.globenewswire.com/news-release/2021/06/04/2242102/0/en/Allogene-Therapeutics-Presents-Positive-Phase-1-Data-on-ALLO-501-and-ALLO-501A-in-Relapsed-Refractory-Non-Hodgkin-Lymphoma-at-the-2021-Annual-Meeting-of-the-American-Society-of-Cli.html
2 https://www.globenewswire.com/news-release/2020/10/21/2111729/0/en/CRISPR-Therapeutics-Reports-Positive-Top-Line-Results-from-Its-Phase-1-CARBON-Trial-of-CTX110-in-Relapsed-or-Refractory-CD19-B-cell-Malignancies.html
3 https://www.globenewswire.com/en/news-release/2021/04/28/2218600/0/en/Nkarta-Receives-NKX019-IND-Clearance-from-U-S-Food-and-Drug-Administration-for-Treatment-of-Relapsed-Refractory-B-Cell-Malignancies.html
4 https://www.globenewswire.com/en/news-release/2021/04/20/2213128/0/en/Vertex-Pharmaceuticals-and-CRISPR-Therapeutics-Amend-Collaboration-for-Development-Manufacturing-and-Commercialization-of-CTX001-in-Sickle-Cell-Disease-and-Beta-Thalassemia.html
5 https://www.globenewswire.com/news-release/2019/09/17/1916528/0/en/CRISPR-Therapeutics-and-ViaCyte-Present-Positive-In-Vitro-Data-Towards-a-Potential-Immune-Evasive-Cell-Replacement-Therapy-for-Diabetes-at-EASD-2019.html
6 https://www.bloomberg.com/press-releases/2019-06-06/vertex-expands-into-new-disease-areas-and-enhances-gene-editing-capabilities-through-expanded-collaboration-with-crispr