IV Research "STCube, Expecting Nelmastovat Phase 1b/2 Data"

Independent research firm IV Research predicted that STCube is expected to be delisted from the management stock list based on the submission of the audit report in March next year.

STCube recently succeeded in raising approximately 68.4 billion KRW through a shareholder-prioritized public offering. At the same time, it raised about 13 billion KRW through a third-party allotment paid-in capital increase to its largest shareholder, STCube & Company.

On the 11th, IV Research stated, "STCube has resolved the legal loss issue by completing the paid-in capital increase," and added, "At this point, having secured clinical funds and resolved financial risks, the downside risk of the stock price is expected to be limited."

They also analyzed that the 1b/2 phase data of Nelmastovat is highly anticipated. Nelmastovat is a candidate drug that inhibits the immune checkpoint BTN1A1.

After completing phase 1 clinical trials for advanced solid tumors, Nelmastovat is currently conducting phase 1b/2 clinical trials in the US and Korea for patients with recurrent or refractory extensive-stage small cell lung cancer, and investigator-initiated phase 1b/2 trials for patients with third-line or higher MSS (microsatellite stable) colorectal cancer. In phase 1, it demonstrated high safety with 2.1% grade 3 or higher TRAE (treatment-related adverse events), and high efficacy with 19 SD (stable disease) and 3 PR (partial response) patients, resulting in a DCR (disease control rate) of 51.2%.

IV Research explained, "A notable point in phase 1 clinical trials is that all three PR patients were colorectal cancer patients," and added, "All responding patients showed high BTN1A1 expression in IHC (immunohistochemistry) tests." They further noted, "Among the three PR patients, one was an MSS colorectal cancer patient with a PFS (progression-free survival) of 13.8 months."

Furthermore, they stated, "In the colorectal cancer IIT phase 1b/2 trials, responses are being observed mainly in patients with high BTN1A1 expression," and added, "Meaningful survival extension effects are expected in MSS colorectal cancer, where existing immuno-oncology drugs are ineffective." Nelmastovat's mPFS (median progression-free survival) was confirmed to be above Fruquintinib's PFS of 3.7 months, indicating a significant level.

In the case of small cell lung cancer, the average BTN1A1 expression rate was 70%, and PD-L1 expression rate was 5%. According to IV Research, STCube confirmed 2 SD patients among 3 small cell lung cancer patients who participated in phase 1 clinical trials. This demonstrated a correlation between BTN1A1 expression and efficacy. One SD patient recorded a PFS of over 24 months, which is considered a meaningful result given that the PFS of Tecentriq combination chemotherapy (Tecentriq+Carboplatin+Etoposide) used as first-line treatment is 5.2 months.