Autolus FIRST LOOK: FY24 results hold no surprises, upcoming R&D day

Yesterday before US market opens, Autolus reported unsurprising FY24 results with a cash position of $ 588m (YE23: $ 239.6m), sufficient to drive Aucatzyl's (obe-cel, CD19 CAR-T) launch in r/r adult ALL, and advance the company's pipeline towards pivotal autoimmune data. While the company did not share sales figures/patients dosed with Aucatzyl in the US (1Q25 sales figures to be communicated during the quarterly update), management confirmed that the launch is tracking well compared to their expectations – note that we est. FY25 sales of $ 43m in the US (BBG CSS $ 37m). In the pipeline, we most look forward to the R&D day on 23 April with initial data and development plans for Aucatzyl in autoimmune, which we see as a source of upside for this undervalued stock. As such, we reiterate our $ 10 TP and Buy rating.