Molecular Partners: Sluggish Progress But Worth Monitoring (Rating Downgrade)

2025-05-13 01:18:58 ET

Summary

• Molecular Partners basically uses DARPins as a modular alternative to monoclonal antibodies in oncology.
• Their Radio-DARPin collaboration with Orano Med will now use lead-212 for highly localized alpha therapy candidates.
• However, Novartis dropped its partnership with MLLCF, which I feel raises some concerns about the ultimate viability of MLLCF’s approach to oncology.
• Still, for now, we know that MP0712 (DLL3-targeting) is heading toward its first human data, but it’s expected by late 2025.
• I suspect their valuation is largely declining with their runway. So, given that there are few meaningful catalysts in the short term, I now lean neutral on the shares.

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