DLL3 is highly expressed in 80% of SCLC patients, providing a better solution for targeted therapy. Currently, only one product targeting this point has been approved for market, resulting in a favorable competitive landscape.
According to Zhito Finance APP, Kuyang Securities has released a Research Report stating that SCLC is highly invasive and has a relatively poor prognosis, and there is currently a lack of effective targeted therapies for second and third-line treatments. DLL3 is highly expressed in 80% of SCLC patients, providing a promising solution for targeted therapy. Currently, only one product targeting this point has been approved for marketing, and the competitive landscape is favorable. As more pipelines are laid out in this field and early research data is released in the future, the industry outlook is expected to continue to improve, and related symbols are likely to benefit.
KYG Securities' main points are as follows:
DLL3: A star target with high expression in SCLC, significant BD trades frequently emerge.
DLL3 is a single-pass transmembrane protein attached to the cell surface, belonging to the Notch ligand family, and is closely related to the enhancement of SCLC cell proliferation, migration, and invasion capabilities. DLL3 is highly expressed in 80% of SCLC patients, while it is expressed in small amounts or not at all in normal tissues, providing a promising solution for targeted therapy. The DLL3 field has seen significant BD trades; in 2016, AbbVie acquired the DLL3 ADC product Rova-T, which was still in phase II clinical trials at the time, for $5.8 billion; from November 2023 to now, there have been four significant trades in the DLL3 field exceeding $0.1 billion, and the development outlook continues to improve.
Currently, various therapies such as ADCs, bispecific/trispecific antibodies, and CAR-T have been developed targeting the DLL3 target, specifically designed to kill tumor cells. Currently, only Amgen's CD3/DLL3 bispecific antibody product Talatunumab has been approved for marketing, while other pipelines are still in phase II clinical trials or earlier stages, with a favorable competitive landscape for the target.
SCLC: Highly invasive and with a poor prognosis, DLL3 targeted drugs may provide new pathways for second and third-line treatments.
Small cell lung cancer (SCLC) is a malignant tumor of the lung that originates from the bronchial mucosa or glands, accounting for about 15% of overall lung cancer cases. Compared to non-small cell lung cancer (NSCLC), SCLC is more aggressive, can experience distant metastasis early, and has a relatively poorer prognosis. For limited-stage SCLC, the common treatment methods are still surgical resection, adjuvant radiotherapy, and adjuvant chemotherapy.
For extensive-stage SCLC, immunotherapy combined with chemotherapy regimen is the first-line standard treatment; second-line treatments include standard regimens such as irinotecan and lobaplatin. DLL3 is highly expressed in 80% of SCLC patients, and targeted drugs may provide new pathways for second-line and third-line treatments.
One product targeting DLL3 has been approved for market, and several early-stage research pipelines show excellent efficacy.
The failure of AbbVie’s flagship product DLL3ADC Rova-T was caused by various factors such as clinical trial design and molecular structure design, and does not prove there are issues with the druggability of the DLL3 target. Tarlatamab (CD3/DLL3 bispecific antibody) was approved by the FDA for market in May 2024, with mPFS of approximately 3-5 months for third-line treatment of SCLC; compared to tarlatamab, Suzhou Zelgen Biopharmaceuticals' ZG006 (CD3/DLL3/DLL3 trispecific antibody) and ZAI LAB's ZL-1310 (DLL3ADC) have demonstrated more superior response rates (ORR of 66.70% and 74.00% respectively), and overall safety is good, indicating significant clinical development potential in the future.
Investment Suggestions
Recommended symbol: Suzhou Zelgen Biopharmaceuticals-U (688266.SH);
Beneficiary symbols: Jiangsu Hengrui Pharmaceuticals (600276.SH), BEIGENE-U (688235.SH), SINO BIOPHARM (01177), INNOVENT BIO (01801), Baitianheng-U (688506.SH), ZAI LAB (09688).
Risk warnings: decline in the enthusiasm for Innovative Drugs research and development, failures in clinical trials for drugs, safety risks of drugs, etc.
