Renewed focus on advancing core assets

We revisit our investment case for OSE Immunotherapeutics following the recently presented strategic plans for 2026–28, reflecting a more streamlined focus on advancing its core clinical assets, Tedopi and Lusvertikimab. Tedopi remains on-track in the registrational Phase III ARTEMIA trial in non-small cell lung cancer (NSCLC), with a futility analysis planned in Q326, before a full readout in Q128. For Lusvertikimab, any Phase IIb development in ulcerative colitis (UC) would now be undertaken in partnership, with OSE targeting less capital-intensive indications internally (speciality or rare diseases). Management anticipates needing up to €90m over FY26–28 to support its plans, using a mix of equity, debt and potential milestone payment...