Well, not surprising. My view, both FT576 and FT819 should be removed any valuation model. Just focusing on the former, the bar for an anti-BCMA cell therapy has been set by LGEN's Carvykti, with an ORR of 98% (78% sCR rate, most being MRD-).
Currently, FT576 produced an ORR of around 22%. While I do think it could get better with multiple doses in combination with daratumumab, I can't see it coming close to such a high bar. Even if you argue that it should only be compared to off-the-shelf therapies, ALLO's ALLO-715 has an ORR in the high 60's (a second-gen version should be back in the clinic soon) and J&J's Tecvayli in the low 60's.
This leaves preclinical programs, including a next-gen version of FT596, with the first-gen having promising clinical data. Based on that, it (along with FT536) should have been kept in the clinic, while next-gen versions were being manufactured.
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