2025-06-11-Jefferies-薛定谔（SDGR）_新增MALT1数据与论点一致-需要更多数据以获得更清晰的图景_8页_330kb

Summary of SDGR's MALT1 Inhibitor Update

Core Content

Schrodinger, Inc. (SDGR) has shared an update on its internally developed MALT1 inhibitor for the treatment of blood cancers. The Phase I dose escalation study involved 45-49 patients across various lymphoma types, including CLL/SLL, WM, DLBCL, and FL. The study highlights the drug's safety profile and its potential for combination therapies, which could enhance efficacy in heavily pre-treated patients.

Main Points

Safety Profile

• SDGR's MALT1 inhibitor has shown a favorable safety profile compared to JNJ's first-generation MALT1 inhibitor (JNJ-6633).
• TEAEs (Treatment Emergent Adverse Events): 79% of patients experienced TEAEs, with only 42% of these being Grade 3-4.
• Hyperbilirubinemia: Only 10% of patients had all-grade hyperbilirubinemia, with 8% being Grade 3+ (compared to 44% for JNJ-6633).
• No DLTs (Dose Limiting Toxicities): This supports the potential for combination therapies without significant safety concerns.

Efficacy

• Response Rate: Among 45 evaluable patients, the response rate was 22% (10 responders), which is consistent with JNJ's 26% ORR (Overall Response Rate).
• Response Distribution:
  • 5 out of 10 WM patients responded.
  • 3 out of 17 CLL/SLL patients responded.
  • 1 out of 9 DLBCL patients responded.
  • 1 out of 5 MZL patients responded.
• Indolent Lymphomas: The study initially focused on indolent lymphomas, but there are plans to expand enrollment to more aggressive lymphomas to potentially improve response rates.

Next Steps

• SDGR plans to enroll more patients with aggressive lymphomas at the 300mg QD and 100mg Q12H doses.
• The company intends to discuss next steps with the FDA, likely focusing on combo studies in 2025-2026.
• The potential for combination with BTK inhibitors or BCL2 inhibitors is seen as a key strategy to maximize efficacy.

Key Information

Investment Recommendation

• Rating: Buy
• Price Target: $32.00 (+20% from current price of $26.69)
• Market Cap: $2.4B
• Float: 70.0%
• Average Daily Volume (ADV MM): 30.40

Valuation Methodology

• The price target is based on SOTP valuation and DCF analysis.
• The software business is valued using an EV/sales multiple, while the drug discovery business uses DCF and other financial models.

Analysts Involved

• Michael J. Yee (Equity Analyst)
• Dina Elmonshed, Kyle Yang, CFA, Matthew Hagood, Madeleine Lee (Equity Associates)

Differentiation from JNJ

• SDGR's MALT1 inhibitor is safer than JNJ-6633, with fewer severe adverse events and lower incidence of hyperbilirubinemia.
• This safety advantage suggests the potential to dose higher or combine with other therapies for better outcomes.

Risk and Disclosure

• The report is subject to regulatory and compliance risks, including potential conflicts of interest due to Jefferies' business relationships with the company.
• The report is intended for professional or institutional investors in most jurisdictions and is not suitable for retail investors.
• No guarantees of returns and currency risk may affect the value of non-US denominated investments.

Conclusion

SDGR's MALT1 inhibitor demonstrates a clean safety profile and moderate efficacy in treating indolent lymphomas. The company is looking to expand its trial to more aggressive lymphomas and explore combination strategies to improve outcomes. The Buy rating and price target reflect positive outlook and valuation expectations.