Understanding Telix, page-17

It's an interesting company and worth keeping an eye on.

I notice that, in announcing its topline results on the 14th, the ann points out that one of the purposes of the trial was to compare Cu-PSMA with Ga-PSMA. However nowhere in the ann do they give that comparison. Looks like we'll have to wait until February for that detail.

They still have to crunch through a Ph III diagnosics trial and most of the focus seems on prostate cancer at the moment. A lot of the presentation pushes similar claims of efficacy as TLX, but a lot of the other bumph I kind of don't buy. For example, they make lots of claims about supply chains and "not relying on old reactors" that don't apply to Ga either. They make claims of needing a lower dose rate than F18, then in the topline results claim that they've decided 200MBq is the ideal dose. Now I plugged Illucix's standard 5mCi into a dose converter and it's.... 185MBq so I don't see any advantage there.

Now I have not really done any deep research like looking at the Cu decay chains vs the Ga/Lu, though I note Cu-67 is a beta emitter and, long term TLX may move to alpha emitters (Ac). So it may be that by the time CU6 is getting their product into the theranostic stage that it's already been superceded. Maybe I'm wrong about this, but it feels to me like CU6 is making the isotope the star of the show and I'm not sure that's a good strategy. Maybe I'm wrong about this too, but I think it's fair to say that TLX's approach is based on isotope-agnostic pragmatism and that makes more sense to me.

Anecdotally, I seem to recall that CB was not a fan of Cu-based radiopharm but can't recall his reasoning, so treat that as unsubstantiated gossip for now.

However, I note that (a) it's an interesting company, (b) it's always a bad idea to sneer at the competition, so it's worth looking at more closely and carefully and (c) it has a market cap 1/8th the size of TLX. So maybe you could argue it has more potential upside.

On the other hand I would have thought it would take at least 3 years to get to where TLX is with Illucix (and that's being generous) and I can't see that it has the depth of product line that TLX does. So if it's any sort of threat, medium to long term is right, and by then TLX may be earning substantial revenue from other sources.