Autolus Longer follow up at EHA maintains Aucatzyl's benefit in r/r adult ALL

Autolus announced updated long term data (approx. 3 years of follow up) from the phase 2 (FELIX) study of Aucatzyl (CD19 CAR-T) in r/r adult ALL to be presented at the European Hematology Association (EHA) conference, being held 12-15 June. The updated results demonstrate that Aucatzyl has maintained its benefit without the need for additional therapy with an additional 11 months of follow up as 38.4% of responders are in ongoing remission (vs. 40% at 21.5 months median follow up). We believe those outcomes support the efficacy differentiation of Aucatzyl on top of its well established safety edge, and expect this to support the ongoing launch which has gone off to a good start (1Q25 sales of $ 9m vs. KBCSe $ 5m). We reiterate our Buy rating and $10 TP.