This is just beginning - immutep

Efti boosts Keytruda response 5x
We maintain our OVERWEIGHT recommendation and lift our risked PT to $1.04/sh. Immutep’s
initial data release from their Phase IIb TACTI-003 HNSCC trial has dazzled, boosting the
response rate of the most challenging to treat patients (those lacking PD-L1 expression on their
tumours) by ~5-fold when Efti was combined with Keytruda (in comparison to Keytruda alone).
Efficacy in this cohort of patients is material upside to our expectations, purely based on the
challenge to stimulate immune attack of cancer in these “cold” tumours – and the fact that the
target for Keytruda to bind (being PD-L1) is absent in these patients. This data so clearly
demonstrates the entire proof of principle of Efti – turning cold tumours hot in order to prime
them for immuno-oncology agent response and remove the need for chemotherapy as a 1L
option for all patients (bringing with it a material side effect burden). This Part B data is just the
beginning. Immutep are on track to deliver mature data from this cohort as well as topline ORR
data from Part A (the randomized portion) with PD-L1 expressing patients this quarter,
remembering the Part A RCT data really is the re-rate catalyst in our mind for IMM this year. The
stellar data read in Part B has just given material confidence in demonstrating consistent benefit
in Part A that could be practice changing for mHNSCC. Time to get excited – very excited!