Replies to post #173771 on Biotech Values

[iwfal]

CLDX -

Over the Fall, they were sporting well over a $1B value on CDX1127 alone, because it is a checkpoint inhibitor.

I would suggest that even the company refrains from calling it a checkpoint inhibitor - probably because it is not a 'brake remover' and because the animal model (and even human?) data on CD-27 inhibitors and agonists is at least somewhat mixed. (seemingly a common occurrence in many of these immune regulators) E.g. in one of the patients in the already published results it shrunk one tumor, but s/he sprouted multiple mets. And some tumors actually over-express CD70/27 implying in some circumstances it is a tumor promoter - not tumor inhibitor. Etc.

In toto I think the literature leans towards CD27 activation as being an inhibitor - but there is enough confusion to suggest a reasonable chance of some twists in the road. FWIW

BTW - the other factor that makes a comparison of Innate and CLDX not as simple as a comparison of market caps is that CLDX's assets are wholly owned. Lirilumab is not.