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Needham initiated coverage on Cartesian Therapeutics Inc (NASDAQ:RNAC), a private company that went public in November following its reverse merger/ private placement financing with Selecta Biosciences.
Cartesian is developing re-dosable mRNA CAR-Ts for autoimmune disease. RNA CARTs don’t require prior lymphodepletion and can, therefore, access a broader patient pool than most other cell therapies that require Cy/Flu.
Descartes-08, a lead candidate from Cartesian, is a personalized anti-BCMA CAR-T therapy designed for treating myasthenia gravis (MG), a rare disorder affecting approximately 130,000 patients in the U.S. and EU5 combined.
The current standard of care (SOC) for MG involves drugs targeting acetylcholine receptors (AChR), steroids, and immunosuppressants, but they often lose effectiveness over time or lead to adverse effects.
A recently approved medication, Argenx SA’s (NASDAQ:ARGX) Vyvgart, has shown significant success in MG, generating approximately $1.1 billion in sales in FY2023.
Early data on Descartes-08 indicates promising results, suggesting deeper and longer-lasting effectiveness in MG-ADL (Myasthenia Gravis-Activities of Daily Living) compared to Vyvgart.
Patients treated with Descartes-08 experienced clinical benefits lasting up to 9 months after the last infusion, whereas Vyvgart typically offers benefits lasting only 1-2 months post-infusion.
The analyst initiated coverage with a Buy rating and a price target of $42.
Phase 2b study data readout expected in mid-2024 will be a crucial driver for Cartesian Therapeutics’ stock.
Needham says that Descartes-08 could capture a substantial share of the moderately to severely affected myasthenia gravis market because of its potent and long-lasting clinical effects compared to the current standard of care.
The analyst projections suggest that Descartes-08 could achieve peak sales of approximately $4.3 billion by 2037, assuming it penetrates around 30% of the market.
The proforma cash, cash equivalents, and restricted cash of approximately $118.3 million as of December 31, 2023, is expected to support planned operations into the second half of 2026.
Price Action: RNAC shares are up 14.58% at $16.03 on the last check Wednesday.
Illustration of Phrama lab worker created with MidJourney.
