Cell therapy doesn't give the body a "substance" — it gives it an army. We pull a patient's own white blood cells out, fit them with new weapons that recognize the face of their cancer, and send them back in to hunt. The result: some blood-cancer patients whom every drug had failed go into remission for years from a single treatment. But this miracle has a price — both the steep $400,000–500,000 per dose and the difficulty of having to "make a new drug each time, for each individual patient." This chapter walks through how it works, why it changed the game, who owns the market, and the future trying to make the "living drug" cheaper and genuinely within reach.
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News & notes movingCell Therapy (CAR-T & beyond)
Cell Therapy (CAR-T & beyond)▲impact 4
J&J Reaches $5.5 Billion Talc Settlement as Stock Climbs 18% in Three Months
Johnson & Johnson has agreed to a $5.5 billion settlement covering nearly all of its remaining talc litigation, a deal that requires participation by plaintiff firms representing at least 95% of the remaining claims before it becomes effective, with a first payment of up to $3 billion expected in 2027 and additional payments beginning in 2028. The agreement addresses roughly 76,000 lawsuits alleging that the company's talc-based baby powders contained asbestos and caused ovarian cancer. The news comes as JNJ stock has risen 18.3% in the past three months and 30.6% this year, against a 10.9% gain for the industry, supported by a raised 2026 outlook and Innovative Medicine segment sales up 6.2% on an organic basis in the first half of 2026 despite the loss of exclusivity of Stelara. That segment has now posted five consecutive quarters of sales above $15 billion, while J&J's newer cancer drugs Carvykti, Tecvayli, Talvey and Rybrevant/Lazcluze combined for $2.6 billion in first-half sales. MedTech grew more slowly, with second-quarter sales up 4.5% year over year to $8.93 billion, or 3.6% operationally, as Abiomed sales fell 2% and cardiovascular operational growth reached just 3.1%. J&J still targets around $100 billion in 2026 revenues, with $49.4 billion already booked in the first half, and the Zacks Consensus Estimate for 2026 earnings per share has edged up from $11.59 to $11.61 over the past 30 days.
Novartis Shares Plunge 10% as Del-desiran Fails Late-Stage Trial
Novartis shares fell about 10% after the company said its experimental drug del-desiran failed to meet its primary goal in a late-stage trial for myotonic dystrophy type 1, marking its third clinical setback in a week. The earlier failures involved the cardiovascular drug pelacarsen and a pause of eight trials of the cell therapy rap-cel following three patient deaths. The decline erased roughly 24 billion Swiss francs, or about $29.6 billion, in market value and put Novartis on pace for one of its worst trading days in company history. Barclays had estimated peak annual sales of about $3.1 billion for del-desiran and assigned the drug a 60% probability of success after positive mid-stage results, and the failure raises questions about the $12 billion Avidity acquisition that brought the drug into Novartis' pipeline. Management reaffirmed its full-year financial guidance and maintained its target for 5% to 6% compound annual sales growth from 2025 through 2030, while the company reported successful late-stage results for remibrutinib in multiple sclerosis and expects more data later this year.
GSK Buys Chimagen Trispecific T Cell-Engager for Multiple Myeloma
GSK agreed to acquire Chimagen's trispecific T cell-engager candidate for multiple myeloma, a drug asset the parties describe as a potential best in class trispecific T cell therapy. The deal expands GSK's blood cancer research portfolio and complements recent moves such as the Nuvalent acquisition that brought in Jideytro. Separately, GSK plans to close its German vaccine manufacturing site and consolidate production in Canada, with associated job reductions and supply chain changes. The key test will be whether GSK hits its stated timeline to move the trispecific T cell-engager into phase I trials in 2027, while advancing Jideytro's first line FDA submission planned for 2026. GSK is a £74.8b pharmaceuticals group that develops vaccines, specialty treatments and general medicines across major markets.
Anixa Biosciences Adds UPenn's Dr. Carmen Guerra to Cancer Advisory Board
Anixa Biosciences has appointed Dr. Carmen Guerra of the University of Pennsylvania to its Cancer Business Advisory Board. Dr. Guerra is the Ruth C. and Raymond G. Perelman Professor of Medicine and Professor of Biostatistics and Epidemiology at the Perelman School of Medicine at the University of Pennsylvania, and serves as Associate Director of Community Outreach and Engagement for the Abramson Cancer Center. Chief Executive Dr. Amit Kumar said her guidance will help as the company advances its breast cancer vaccine into a Phase 2 clinical trial and continues a Phase 1 trial of its ovarian cancer CAR-T therapy. Dr. Guerra's research focuses on increasing participation in cancer screening and clinical trials, and she oversees the Penn Medicine Colorectal Cancer Screening Navigation Program and the Breast and Cervical Cancer Early Detection Program. She is a member of the American Cancer Society Clinical Guidelines Development group and served on the society's national board of directors from 2016 to 2023 as Board Scientific Officer.
Cellectis Downgraded by Citizens as Gene Editing Pivot Delays CAR-T Catalysts
Citizens Capital Markets downgraded Cellectis to Market Perform from Market Outperform, sending the French biotech's ADRs lower for a second straight session on Tuesday. The downgrade follows the Paris-based company's strategic transformation to prioritize its in vivo gene editing candidates, HEAL-101 and HEAL-201, targeted at cardiovascular diseases, while discontinuing development of its CAR-T cell therapies lasme-cel and eti-cel. Citizens analyst Silvan Turkcan said the shift could delay related clinical catalysts to late 2027 or 2028, adding that early biomarkers may not be very helpful in de-risking a program. With Cellectis shares trading at roughly a 28% discount to its $169M worth of cash reserves, Turkcan argued the company is fairly valued in line with biotech peers facing similar uncertainties.
Legend Biotech Appoints Ingrid Zhang as Chief Executive Officer
Legend Biotech Corporation has appointed Ingrid Zhang as Chief Executive Officer, effective September 15, 2026, following a comprehensive Board-led search process. Zhang succeeds Alan Bash, who served as Interim Chief Executive Officer since July 2026 and will resume his role as President, CARVYKTI. Zhang most recently served as Chief Commercial Officer for Novartis International, where she also led the company's China business and innovative medicines organization, and earlier held leadership positions at AstraZeneca, Pfizer, and McKinsey & Company. Frank Zhang, Chairman of the Board, said the Board concluded Ingrid is the right leader to guide Legend Biotech through its next phase of growth. Legend Biotech, with over 3,000 employees, is the largest standalone cell therapy company and develops and markets CARVYKTI, a one-time treatment for relapsed or refractory multiple myeloma, with collaborator Johnson & Johnson.
Autolus Q2 Revenue Jumps 119% as AUCATZYL Sales Surge, Net Loss Narrows
Autolus Therapeutics reported second-quarter net product revenue of $45.7 million, up 119% from $20.9 million a year earlier and up from $26.2 million in the prior quarter, driven by its CD19-directed CAR T therapy AUCATZYL for adult relapsed or refractory B-cell precursor ALL. Management raised full-year 2026 guidance to $140 million to $150 million from a prior range of $120 million to $135 million, while gross margin jumped to 55% from 6% in the first quarter and negative margins throughout 2025. On August 3, the company signed a five-year, interest-only credit facility with Perceptive Advisors for up to $250 million, of which $75 million was funded at close on July 30, another $25 million is available at the company's option, and $150 million more is tied to future revenue milestones, extending projected cash runway to the second quarter of 2028. Despite the growth, Autolus posted a net loss of $39.1 million for the quarter, narrower than the $47.9 million loss a year earlier but bringing the six-month net loss to $110.7 million, as selling, general and administrative expenses climbed to $41.2 million from $30.3 million and cash, cash equivalents and marketable securities fell to $201.6 million at June 30 from $229.4 million at the end of March. Hedge fund ownership in Autolus fell to 11 funds in the most recent quarter from 14 in the quarter before, while short interest sits at 5.26% of float.
Cellectis Posts 1H GAAP EPS of -$0.39, Revenue Down 52.2% to $14.45M
Cellectis reported a first-half GAAP loss of $0.39 per share, with revenue of $14.45 million, a decline of 52.2% year over year. The results were disclosed in a Cellectis press release. The company's shares trade under the ticker CLLS. No further financial details were provided in the release.
Bristol Myers' arlo-cel hits main goal in mid-stage multiple myeloma trial
Bristol-Myers Squibb Company said its experimental CAR-T cell therapy arlocabtagene autoleucel, or arlo-cel, met the main goal of a mid-stage trial in patients with advanced multiple myeloma who had already gone through four major classes of standard treatments, producing a statistically significant and clinically meaningful improvement in overall response rates. The therapy also met a key secondary goal, with some patients achieving complete elimination of detectable cancer, and Bristol Myers said the safety profile was in line with what would be expected from CAR-T and other GPRC5D-targeting therapies. The company has not yet released the detailed numbers and plans to present the full results at an upcoming medical conference. Arlo-cel works by modifying a patient's own immune cells so they can target GPRC5D on cancer cells, and the results strengthen Bristol Myers' position in the competitive multiple myeloma market, where Reuters cites roughly 36,000 new U.S. cases expected this year. Competition remains intense, with recent results from AbbVie showing strong potential for its experimental treatment etentamig in relapsed or refractory multiple myeloma, and investors still need the detailed clinical data before judging how strong and durable the benefits really are.
TScan Therapeutics Cuts Workforce by 75% to Focus on Solid Tumors
TScan Therapeutics announced a strategic reorganization that includes a workforce reduction of approximately 75% as the company redirects resources toward an in vivo-engineered T cell receptor (TCR-T) program targeting solid tumors. The Waltham, Massachusetts-based company plans to advance two product candidates into investigational new drug-enabling studies, one targeting PRAME and the other targeting MAGE-A4. TScan expects to present preclinical data in the first quarter of 2027, submit its first investigational new drug application in the third quarter of 2027, and begin Phase 1 development in the fourth quarter of 2027. The reorganization is expected to generate cumulative cost savings of approximately $55 million through the end of 2027, and the company's cash, cash equivalents, and marketable securities as of June 30, 2026 are expected to fund operations into the fourth quarter of 2027. As part of the restructuring, TScan is eliminating its internal manufacturing organization and reducing its research operations. TScan is also pausing further enrollment in its Phase 3 ALLOHA-2 study of TSC-101 for hematologic malignancies, citing insufficient capital to complete the trial; seven patients already enrolled will continue to be monitored. The company is actively seeking strategic partners for its hematologic malignancies program and is evaluating partnerships for its autoimmune program focused on HLA-B*27-associated disorders. TScan also provided updated data from Cohort C of its Phase 1 ALLOHA study, showing that all 13 patients currently being followed demonstrated complete donor chimerism, including two who had previously relapsed. Additional Cohort C data are expected in the fourth quarter of 2026, and data covering all patients treated with its commercial-ready manufacturing process are expected in the second quarter of 2027.
Novartis Halts CAR-T Trials After Three Patient Deaths
Novartis has paused eight clinical trials of an experimental CAR-T therapy targeting autoimmune and neurological disorders after three patients died from a severe immune response, the Wall Street Journal reported. The Swiss pharmaceutical company temporarily halted the studies in late August and is conducting a comprehensive review of the safety events, which it describes as a known risk in CAR-T therapies. Novartis is working with independent safety boards overseeing each paused study and sharing information with regulators. Bristol-Myers Squibb has also paused similar trials of its CAR-T treatment in autoimmune disorders as a precautionary measure.
Johnson & Johnson Taps Sail Biomedicines in CAR-T Deal
Johnson & Johnson has struck a deal to collaborate with Sail Biomedicines to develop in vivo CAR-T therapies for immune-mediated diseases, paying $785 million upfront and up to $140 million in milestones, with an option to acquire Sail for $2.58 billion. The global CAR-T therapy market is projected to grow from $2.69 billion in 2022 to $35.9 billion by 2032, a compound annual growth rate of 28.5%. Johnson already markets Carvykti for multiple myeloma, while Bristol-Myers Squibb's Breyanzi franchise targets B-cell lymphomas and leukemias. At the end of the second quarter, 117 hedge funds held Johnson stock, up from 113, while Bristol was held by 74, down from 83. Johnson's short interest stands at 0.90% of float, compared with 2.25% for Bristol.
Nanjing Xinjiekou Department Store posts first-half revenue of 2.89 billion yuan as dual-engine strategy gains traction
Nanjing Xinjiekou Department Store disclosed its 2026 semi-annual report on the evening of August 26, reporting first-half operating revenue of 2.89 billion yuan and total profit of 163 million yuan. The company adhered to its dual-engine strategy of "big health plus new consumption," with progress across its modern commerce, health and elderly care, and biomedical segments. In modern commerce, the company advanced store renovations, introduced first stores and benchmark brands, and created younger-oriented consumption scenarios. In health and elderly care, Ankangtong won 82 projects, while overseas subsidiary Natali completed the acquisition and integration of several UK elderly care companies. In biomedicine, Qilu Stem Cell completed filings for two new technologies, and Dendreon China's Provenge is in Phase III clinical follow-up. The company said it will continue to seize opportunities in the silver economy and the cell and gene therapy industry to promote high-quality development.
Adicet Bio Advances Prula-cel and ADI-212 Pipeline
Adicet Bio is advancing its lead candidate prula-cel in autoimmune diseases and expects to report updated phase I data in the third quarter of 2026. The company plans to begin a pivotal study in lupus nephritis in the second half of 2026, subject to regulatory clearance, and will provide additional clinical updates for systemic sclerosis and rheumatoid arthritis later that year. Adicet also expects to submit a regulatory filing for ADI-212, a gene-edited cell therapy for metastatic castration-resistant prostate cancer, in the third quarter of 2026 and begin phase I enrollment in the fourth quarter. Over the past 30 days, analysts have narrowed the 2026 loss per share estimate for Adicet from $8.61 to $6.76, while widening the 2027 loss estimate from $3.71 to $5.64. The stock has risen 9.2% year to date, compared with an 11.1% gain for the industry.
Gilead Posts $11 Billion Pipeline Bet Loss Despite Core Growth
Gilead Sciences reported a large quarterly loss in fiscal Q2 2026 despite double-digit growth in its core business, driven by more than $11 billion in acquired research and development expenses. Product sales excluding Veklury rose 10% to $7.6 billion, with HIV sales up 12% to $5.7 billion, led by Biktarvy at $3.8 billion and Descovy at $967 million. The company recorded $11.2 billion in acquired in-process R&D charges, including $7 billion for Arcellx, $3.1 billion for Tubulis, and $1 billion for Ouro Medicines, resulting in a GAAP loss of $8.45 per share. Management raised the lower end of 2026 product-sales guidance to $30.1–$30.4 billion, while cash and marketable securities fell to $3.2 billion from $10.6 billion at the end of 2025. The FDA has accepted the application for anito-cel, with a target decision date of December 23, 2026.
Capricor slips after report on potential Deramiocel rejection
Capricor Therapeutics shares declined on Thursday after a STAT News report renewed concerns about a potential U.S. rejection of its lead candidate, Deramiocel. An FDA advisory panel declined to endorse the cell therapy last month, and the drug is under regulatory review for cardiomyopathy in Duchenne muscular dystrophy with a target action date of August 22. STAT senior writer Adam Feuerstein called the company's plan to submit open-label extension data from its Phase 3 HOPE-3 trial a stall tactic, adding that it is not clear why the company publicly maintains confidence in the drug. Capricor did not immediately respond to a request for comment.
CARsgen Therapeutics posts 62 million yuan half-year revenue as solid tumor CAR-T awaits market test
CARsgen Therapeutics disclosed its first-half 2026 results, reporting revenue of 62 million yuan, mainly from its autologous BCMA CAR-T product Zevorcabtagene Autoleucel. Thanks to higher sales of Zevorcabtagene Autoleucel, gross profit reached 42 million yuan, up 13 million yuan from 29 million yuan in the same period of 2025. Net loss for the period was 70.84 million yuan, compared with annual net losses of 748 million yuan, 798 million yuan and 98 million yuan from 2023 to 2025. With the approval in June 2026 of the world's first solid tumor CAR-T product, Satricabtagene Autoleucel, the market expects it to add new volume in the second half. Satricabtagene Autoleucel is listed at 990,000 yuan per dose. The company expects 200 orders in 2026 and forecasts peak sales of 2 billion yuan in the mainland China market, reaching that peak in about four to five years. As of the end of June 2026, the company had cash and cash equivalents of about 1.4 billion yuan, up 277 million yuan from 1.123 billion yuan at the end of 2025. The company judges that its existing capital reserves can support operations until 2030.
Medeze Group Public Company Limited, or MEDEZE, reported net profit for the second quarter of 2026 at 40.18 million baht, an increase of 5.81 million baht, or about 17%, from the previous quarter's net profit of 34.37 million baht, with total revenue of 170.31 million baht. Net profit has recovered continuously over the past four quarters, from 30.54 million, 36.43 million, and 34.37 million baht in the third quarter of 2025, the fourth quarter of 2025, and the first quarter of 2026, respectively. The company is the first and only one in Thailand to pass cell banking standards, along with standards and certifications including Por Yor 2, AABB, and ISO, and has joined the ATMPs Regulatory Sandbox to drive Thailand's stem cell innovation and advanced medical products. The company aims to receive GMP standards within the fourth quarter of 2026 and begin clinical trials to treat knee osteoarthritis and skin rejuvenation in 2027, before commercially producing cell culture media in 2028 to reduce imports, alongside expanding into the Philippine market.
WINMED second-quarter profit surges 237% on blood and cell therapy business
Winner Medical Public Company Limited, or WINMED, reported second-quarter net profit for fiscal 2026 of 6.4 million baht, up 237% from 1.9 million baht in the same period last year. Total revenue was 209 million baht, up 39% from 151 million baht. For the first six months, net profit was 9.6 million baht, up 20%, and total revenue was 362 million baht, up 17% from 309 million baht. Growth was driven by the medical blood recruitment business, which continued to expand, and the cell and molecular technology group, which delivered CliniMACS Prodigy and MACSQuant Analyzer instruments to government agencies for use in CAR-T cell therapy processes, along with higher revenue from reagents and blood cancer treatment products. The company also expanded its pathogen inactivation service, now used by more than 45 hospitals, and extended its mobile blood collection project, with more than 20 participating hospitals. It also launched Thailand's first mobile platelet donation bus to support future growth.
Iovance Biotherapeutics reported record second-quarter 2026 revenue of $99.3 million, driven by strong demand for its Amtagvi TIL therapy. Amtagvi revenue reached approximately $91 million, exceeding the company's guidance range of $79 million to $81 million and up 51% sequentially. Gross margin hit an all-time high of 56%, up from 41% in the first quarter. The company is reviewing its full-year 2026 total revenue guidance of $350 million to $370 million and expects to provide an update during the third quarter. Iovance also announced FDA Fast Track designation for lifileucel in two advanced soft tissue sarcomas and reported a 40% confirmed objective response rate in a Phase 2 endometrial cancer trial.
Autolus Q2 net loss narrows as AUCATZYL sales surge 119%
Autolus Therapeutics reported a narrower second-quarter net loss as AUCATZYL product revenue surged 119% to $45.69 million. Net loss shrank to $39.11 million, or $0.15 per share, from $47.92 million, or $0.18 per share, a year earlier. The company raised its full-year 2026 AUCATZYL net product revenue guidance to $140 million to $150 million, up from a prior range of $120 million to $135 million. Autolus expects longer-term follow-up data from the CARLYSLE Phase 1 trial of obe-cel in severe refractory systemic lupus erythematosus by year-end 2026. Cash, cash equivalents and marketable securities totaled $201.6 million as of June 30, 2026, and combined with $100 million in credit facility proceeds, the company expects its cash balance to fund operations into the second quarter of 2028.
Legend Biotech Turns Profitable In Q2 As CARVYKTI Sales Jump 50%
Legend Biotech Corporation reported a second-quarter profit of $33.2 million, or $0.09 per share, swinging from a loss of $125.4 million a year earlier, driven by a 50% surge in CARVYKTI sales to $657 million. Total revenue climbed 52% to $387.5 million, with collaboration revenue from the Johnson & Johnson partnership reaching $326.1 million. The company also highlighted positive clinical updates for pipeline programs LB2501 and LB2102, and ended the quarter with $965 million in cash, which it expects to fund operations beyond 2026.
Legend Biotech surges 6% after Q2 revenue beat and first-ever profitable quarter
Legend Biotech shares rose 6% after the company reported second-quarter 2026 results that beat estimates and delivered its first quarter of company-wide profitability. Total revenue reached $387.5 million, up 52% year over year and above the $362.81 million consensus, while adjusted earnings per share of $0.16 more than doubled the roughly $0.07 analyst forecast. CARVYKTI net trade sales hit $657 million, a 50% increase, and management reiterated peak annual sales potential above $5 billion for the CAR-T therapy co-developed with Johnson & Johnson's Janssen unit. The company also reported a pipeline milestone with first clinical proof-of-concept for LB2501, an investigational in vivo CD19/CD20 dual-targeting CAR-T therapy, showing a 100% overall response rate at the higher dose level. Interim CEO Alan Bash emphasized continuity following the departure of former CEO Ying Huang, while the Wall Street consensus price target of $52.10 remains well above current levels.
Nkarta posts wider Q2 loss of $40.37 million, provides NKX019 clinical update
Nkarta, Inc. reported a second-quarter net loss of $40.37 million, or $0.54 per share, wider than the $22.98 million loss, or $0.31 per share, in the prior-year quarter. The wider loss was driven by higher research and development expenses of $29.05 million and a surge in general and administrative expenditure to $14.08 million from $6.41 million. As of June 30, 2026, cash, cash equivalents, restricted cash, and investments totaled $243.18 million, which the company expects to fund operations through 2029. On the clinical front, following FDA discussion on outpatient dosing, Nkarta continues enrolling patients in the Phase 1/2 Ntrust-1 and Ntrust-2 trials of its lead candidate NKX019 across multiple autoimmune diseases, with patients receiving 4 billion cells per dose across three doses for a total of 12 billion cells; initial clinical data from both trials is expected to be presented at a medical conference in 2026.
Johnson & Johnson's OTTAVA FDA Win and $5.5 Billion Talc Deal Shift Outlook
Johnson & Johnson received FDA De Novo authorization for its OTTAVA soft-tissue robotic surgery system and advanced a US$5.50 billion talc settlement framework, reshaping its investment narrative. The company also reported strong Q2 2026 results, gained FDA Priority Review for its RYBREVANT FASPRO oncology franchise, and agreed to collaborate with Sail Biomedicines on in vivo CAR-T therapies. These developments, alongside leadership changes in its Innovative Medicine unit and new MedTech and electrophysiology partnerships, highlight a strategic pivot toward higher-growth innovative medicines and medical technologies while addressing legacy legal exposures. The company's narrative projects $120.5 billion revenue and $28.6 billion earnings by 2029, requiring 7.2% yearly revenue growth and a $7.6 billion earnings increase from $21.0 billion today.
Lineage Cell Therapeutics extends cash runway into Q3 2028, targets COR1 in vivo data by year-end
Lineage Cell Therapeutics reported second-quarter 2026 financial results and provided a pipeline update, extending its expected cash runway into the third quarter of 2028. As of June 30, 2026, the company held $50.8 million in cash, cash equivalents and marketable securities, which CFO Jill Howe said will fund planned operations into Q3 2028, an extension from the prior Q2 2028 guidance. CEO Brian Culley announced that the company recently elected to advance its COR1 cell therapy candidate into in vivo animal testing and expects initial preclinical data by the end of this year. The company also highlighted progress across its internally owned pipeline, including the AlloSCOPE platform and the DOSED study, while noting that OpRegen partner Roche and Genentech continue optimization activities with no direct visibility into partner timelines. For the quarter, Lineage posted total revenues of $1.1 million, operating expenses of $10 million, and a net income of $1.5 million, or $0.01 per share, driven primarily by a noncash gain from warrant liability remeasurement.
ClearOne, NeOnc, Iovance, and Ensysce Advance Key Healthcare Catalysts
ClearOne, NeOnc Technologies, Iovance Biotherapeutics, and Ensysce Biosciences each reported significant clinical, regulatory, or financial developments. ClearOne moved closer to completing its acquisition of Cortigent, a neurotechnology subsidiary of Vivani Medical, after majority shareholder First Finance Ltd., which controls approximately 61.3% of voting power, approved the transaction and the issuance of 12.5 million shares. NeOnc Technologies is approaching topline Phase 2a data from its fully enrolled NEO100-01 study and has expanded internationally with a second IND authorization from Abu Dhabi for recurrent high-grade gliomas. Iovance Biotherapeutics reported record second-quarter 2026 revenue of approximately $99.3 million, a 66% year-over-year increase driven by its FDA-approved TIL therapy Amtagvi, and is reviewing its 2026 revenue guidance of $350 million to $370 million. Ensysce Biosciences acquired privately held Cy Biopharma, adding the clinical-stage neuroplastogenic therapy CY200 for Complex Regional Pain Syndrome Type 1, and secured financing that could total up to $77 million, including $17.1 million in cash and a $21.5 million private placement led by Ally Bridge Group.
CellFiber and Tidewave Bio Partner to Evaluate 3D Manufacturing for Solid Tumor Immunotherapy
CellFiber and Tidewave Bio have entered a collaboration to evaluate CellFiber’s closed, automated 3D cell culture platform for scalable manufacturing of Tidewave’s next-generation solid tumor immunotherapy. The joint proof-of-concept evaluation will compare conventional planar 2D cell culture against CellFiber’s encapsulation 3D approach for the expansion and differentiation of immune cells relevant to Tidewave’s allogeneic platform. The work will be conducted at CellFiber’s facility in Tokyo and is designed to generate process performance data to drive Tidewave’s manufacturing strategy as the program advances. Any further activities beyond the proof-of-concept evaluation will require a separate written agreement between the parties.
Universe Pharmaceuticals Nearly Doubles After Narrowing Loss
Universe Pharmaceuticals led Monday's biotech gainers with shares soaring nearly 100% after its SEC filing showed a narrowed net loss for the six months ended March 31, 2026. Revenue was $9.03 million and net loss was $1.55 million, or $2.76 per share, compared with a net loss of $3.28 million, or $9.44 per share, in the year-ago period. Cumberland Pharmaceuticals jumped over 38% ahead of its second-quarter 2026 results due Tuesday, following last month's sale of its branded portfolio to an Apotex Health unit for $100 million in cash. Autolus Therapeutics gained over 22% after reporting preliminary second-quarter AUCATZYL net product revenue of approximately $45 million, up 70% sequentially and more than 100% year over year. Other notable movers included Pulmonx, up over 30% after reaffirming full-year 2026 revenue guidance of $90 million to $92 million, and CAMP4 Therapeutics, which rose over 22% after receiving Australian clearance to begin a Phase 1/2 trial of CMP-002, satisfying a condition to raise up to $50 million in a private placement.
Johnson & Johnson Fair Value Estimate Rises to $270.59 After Analyst Target Increases
Johnson & Johnson's fair value estimate has been raised from $252.87 to $270.59 per share following a wave of analyst target increases. Several firms, including Scotiabank, TD Cowen, Citi, HSBC, Morgan Stanley, Goldman Sachs, Argus, RBC, and Guggenheim, have lifted their price targets into a range of roughly $260 to $305, citing solid Q2 results, updated guidance, and strength in new medicines such as Tremfya, Spravato, Caplyta, and Rybrevant. The company also proposed a settlement of up to $5.5 billion to resolve about 76,000 ovarian cancer talc lawsuits, contingent on 95% claimant acceptance, and reported positive Phase 3 results for TECVAYLI and TALVEY combinations in multiple myeloma, with the combination arm reducing the risk of disease progression or death by 89%. Additionally, Johnson & Johnson agreed to collaborate with Sail Biomedicines on in vivo CAR T therapies, involving initial payments of $785 million and an exclusive option to acquire Sail for $2.58 billion. The updated valuation reflects higher revenue growth assumptions of 7.17%, a net profit margin of 23.71%, and a future P/E of 28.08x, while the discount rate remained near 7.11%.
Bristol Myers raises 2026 forecast as Eliquis, newer medicines power results
Bristol Myers Squibb raised its full-year revenue and profit forecast after reporting second-quarter results that beat Wall Street estimates, driven by strong sales of blood thinner Eliquis and newer drugs like Camzyos and Reblozyl. The company reported second-quarter revenue of 12.97 billion dollars, up 6 percent from a year earlier and above analysts' average estimate of 11.75 billion dollars, with adjusted earnings of 2.04 dollars per share topping expectations of 1.59 dollars per share. Bristol Myers now sees full-year revenue of 49 billion to 50 billion dollars, up from its prior range of 46 billion to 47.5 billion dollars, and adjusted 2026 earnings of 6.75 to 7.00 dollars a share, up from 6.05 to 6.35 dollars. Eliquis sales rose 22 percent to 4.48 billion dollars, beating estimates of 4.06 billion dollars, and the company raised its Eliquis sales growth forecast for the year to 20 to 25 percent from 10 to 15 percent. Sales of Reblozyl reached 735 million dollars, Camzyos generated 416 million dollars, and Breyanzi brought in 484 million dollars, all exceeding analyst expectations, while Revlimid sales fell 49 percent to 425 million dollars and Opdivo sales slipped 3 percent to 2.49 billion dollars.
FDA Grants RMAT and Fast Track Status to Allogene's Cema-cel for High-Risk Large B-Cell Lymphoma
Allogene Therapeutics announced that the U.S. FDA has granted Regenerative Medicine Advanced Therapy and Fast Track designations to its investigational CAR-T therapy cemacabtagene ansegedleucel, or cema-cel, for high-risk large B-cell lymphoma. The designations apply to adult patients with large B-cell lymphoma who are in complete or partial response after first-line therapy, are suitable for observation, but test positive for minimal residual disease. The decision was supported by interim data from the ongoing Phase 2 ALPHA 3 trial, in which cema-cel achieved a minimal residual disease clearance rate of 58.3% compared with 16.7% in the observation arm, and a median decrease in plasma circulating tumor DNA at Day 45 of 97.7% versus a 26.6% median increase in the observation arm. The therapy was well-tolerated, with most patients treated in the outpatient setting and no treatment-related hospitalizations reported. Allogene shares closed Thursday up 9.04% at $1.81 and rose a further 0.55% in overnight trading to $1.82.
J&J Strikes $3.51 Billion Deal With Sail to Develop In-Vivo CAR-T Therapies
Johnson & Johnson announced a strategic collaboration with Sail Biomedicines to develop in-vivo CAR-T cell therapies for immune-mediated diseases, in a deal valued at up to $3.51 billion. The agreement includes an upfront payment of $785 million, comprising a $465 million equity investment in Sail, and Sail is eligible for up to $140 million in contingent payments upon achieving specified development milestones. Johnson & Johnson also holds an option to acquire Sail Biomedicines for $2.58 billion, subject to regulatory approvals and other closing conditions. The collaboration will leverage Sail's AI-driven Endless RNA platform and targeted nanoparticle technology to generate CAR-T cells directly inside the patient's body, eliminating the need for ex vivo cell engineering and supporting off-the-shelf treatments for autoimmune diseases. Johnson & Johnson expects the deal to reduce full-year 2026 earnings per share by $0.64, resulting in a projected range of $10.96 to $11.11.
Tasrif Pharmaceutical Granted Second U.S. Patent for Anti-CD155 Humanized Monoclonal Antibodies
Tasrif Pharmaceutical has been granted a second U.S. patent for its humanized monoclonal antibodies targeting the poliovirus receptor CD155. The newly issued patent expands the company's intellectual property portfolio, which now covers a proprietary panel of humanized monoclonal antibodies and antigen-binding fragments, including lead candidate TSRF-786C IgG4 (S241P) humanized using Abzena’s Composite Human Antibody platform. Tasrif is also leveraging its patented CD155-binding platform to engineer next-generation modalities such as Antibody-Drug Conjugates, Bispecifics, T-cell engagers, CAR-T, and CAR-NK cell therapies, with national phase patent applications pending in Japan, Europe, Canada, Australia, and China. Preclinical data showed TSRF-786C modulated the PVR–DNAM-1 immune axis in humanized mouse models of pancreatic and lung cancer, significantly increasing CD226-positive T cells and tumor-infiltrating NK cells without altering PD-1 expression, supporting combination strategies with anti-PD-1 therapies. The company is advancing IND-enabling safety and toxicology studies for systemic cancers and developing brain-penetrating bispecific antibodies for central nervous system malignancies.
OPKO Health raises 2026 revenue guidance to $560 million to $585 million
OPKO Health has raised its full-year 2026 revenue guidance to between $560 million and $585 million, while also planning to begin first-in-human clinical trials for its in vivo CAR-T asset MDX3001 by the end of 2026 or early 2027. The company reported second-quarter 2026 total revenues of $163.6 million and a net loss of $8.4 million, or $0.01 per share. For the third quarter, OPKO expects revenue of $131 million to $142 million and total costs and expenses of $180 million to $190 million. The diagnostics segment posted $74.5 million in revenue, including $6.2 million from the 4Kscore test, while pharmaceuticals brought in $89 million. Management noted that meaningful expansion of the 4Kscore test is likely a 2027 and beyond story, pending Medicare policy confirmation.
The Paper survey: Chinese companies’ cross-sector breakthroughs reflect the iterative evolution logic of Chinese manufacturing
During the Jiangsu leg of the “Dynamic China Survey Tour,” reporters from The Paper found that a group of niche industry leaders are upgrading their capabilities through cross-sector breakthroughs, reflecting the iterative evolution logic of Chinese manufacturing. Jiangsu Leili Motor has moved from home appliance motors into the new energy vehicle and robotics sectors, with related business revenue growing from tens of millions of yuan to over 900 million yuan in just a few years. Famsun, leveraging its expertise in agricultural and livestock equipment processes, has made its pet food equipment number one in domestic market share and achieved import substitution. Cell and gene therapy company Cellbri Bio has slashed the production cost of autologous cell therapy from 300,000 to 500,000 yuan to around 100,000 yuan, making cell and gene therapy more accessible. Wei Liurong, an expert at the China Academy of Information and Communications Technology, said that the systematic expansion of leading enterprises into adjacent tracks has become an industrial phenomenon, and its essence is the concentrated release of China’s core manufacturing technologies, industrial ecosystem, and scenario advantages.
Capricor plunges 67% after FDA briefing doc questions deramiocel efficacy and safety
Capricor Therapeutics shares fell about 67% in Monday morning trading after the FDA released a briefing document ahead of a July 29 advisory committee meeting that questioned the efficacy and safety of its Duchenne muscular dystrophy candidate deramiocel. The document, prepared for the Cellular, Tissue, and Gene Therapies Advisory Committee, noted that the phase 3 HOPE-3 study showed no evidence of effectiveness on skeletal or cardiac function and that pre-specified primary and secondary endpoints were not met. FDA scientists also highlighted that changes were made to the statistical analysis plan after the double-blind and open-label extension phases, including modifications to endpoint definitions and analytical methods, and that a final version of the plan was not submitted for FDA review prior to the BLA resubmission. Additionally, 42% of patients in the treatment group experienced hypersensitivity reactions compared to 15% in the placebo group. Despite the decline, Oppenheimer reiterated its outperform rating, expecting the panel to vote yes on the single voting question and viewing the drop as a buying opportunity.
Legend Biotech CEO Ying Huang steps down, Alan Bash named interim chief
Legend Biotech announced that Ying Huang has stepped down as Chief Executive Officer and board member effective July 24, 2026, and will remain as an advisor through August. The board has appointed Alan Bash, current President of the CARVYKTI Business Unit, as Interim CEO and initiated a comprehensive search for a permanent successor. Chairman Frank Zhang thanked Huang for his seven years of leadership, during which the company advanced into a global cell therapy leader with a strong commercial foundation. Bash said his immediate focus will be on ensuring continuity and strong execution across commercial, clinical, and operational priorities.
Genmab and AbbVie Confirm Overall Survival Primary Endpoint Not Met in U.S. for Phase 3 EPCORE DLBCL-1 Trial
Genmab and AbbVie clarified that overall survival was the sole U.S. primary endpoint in the Phase 3 EPCORE DLBCL-1 trial and was not met. The global, open-label study evaluated monotherapy epcoritamab versus investigator's choice of chemoimmunotherapy in adults with relapsed or refractory diffuse large B-cell lymphoma who were ineligible for autologous stem cell transplantation. The companies previously announced topline results on January 16, 2026, and presented additional data at the European Hematology Association 2026 Congress on June 12, 2026. Additional results will be submitted for publication in a peer-reviewed medical journal.
CAR T-Cell Therapy for Non-Hodgkin Lymphoma Market to Grow at 7% CAGR Through 2036, Reaching USD 3.2 Billion in 2025
The CAR T-cell therapy market for non-Hodgkin lymphoma is projected to grow at a compound annual growth rate of approximately 7% through 2036, according to a new report from DelveInsight. The market reached USD 3.2 billion across the seven major markets in 2025, with the United States accounting for roughly 59% of that total. Key drivers include rising incidence of relapsed or refractory NHL, growing investment in cell and gene therapy, and a robust pipeline of emerging therapies such as Zamtocabtagene autoleucel from Miltenyi Biomedicine, Rapcabtagene autoleucel from Novartis, and WU-CART-007 from Wugen. The report also highlights recent regulatory milestones, including full FDA approval of TECARTUS for relapsed or refractory mantle cell lymphoma and the approval of BREYANZI as the first CAR T-cell therapy for marginal zone lymphoma in the United States.