AUTL - Autolus: High Cash Burn Creates Development Dilemma But CAR-T Specialist Has Long-Term Upside

• Autolus shares have been in decline since September last year as the CAR-T therapy developer has raised further funding and its trials have been disrupted by the pandemic.
• Nevertheless, lead candidate AUTO-1 has entered a >100 patient pivotal trial in ALL and data suggests this could be a best-in-class treatment in 3L, and possibly 1/2L.
• AUTO-3 development has been put on hold while management tries to find a development partner for the DLBCL-targeting asset - this must be a source of frustration.
• CAR-T therapy is developing fast and the real long-term value in Autolus may be in its T-cell targeting assets which will enter the clinic this year.
• Autolus stock has underperformed since my last note and despite a catalyst-rich 2021, I think it may do well to reach $15 before YE. Long term, however, I'm maintaining my forecast for $30-50.

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