Checkpoint Charlie, Berlin

Akeso Bio’s HARMONi-6 data look encouraging on the surface with a hazard ratio of 0.60 for median progression-free survival (mPFS). As a result, the media coverage has been predictably euphoric and positive.

This was a trial run in China and focused on squamous non-small cell lung cancer (NSCLC), and the very factors making it successful are precisely why the upcoming global HARMONi-3 readout from Summit Therapeutics is unlikely to replicate these results.

The devil, as always, is in the details, which should make investors and other companies active in this space nervous about what comes next.

In this post we take a much more bearish approach to the opportunities for ivonescimab, as we go through the emerging red and green flags…

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