<?xml version="1.0" encoding="UTF-8"?><rss xmlns:dc="http://purl.org/dc/elements/1.1/" xmlns:content="http://purl.org/rss/1.0/modules/content/" xmlns:atom="http://www.w3.org/2005/Atom" version="2.0" xmlns:itunes="http://www.itunes.com/dtds/podcast-1.0.dtd" xmlns:googleplay="http://www.google.com/schemas/play-podcasts/1.0"><channel><title><![CDATA[ALLKA Research: Biotech & Pharma Deep Dives]]></title><description><![CDATA[Comprehensive reviews of pharmaceutical companies with a focus on drug pipelines, clinical milestones, financial performance, and risk/reward.]]></description><link>https://www.allkaresearch.com/s/biotech-and-pharma-deep-dives</link><image><url>https://substackcdn.com/image/fetch/$s_!cB6g!,w_256,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4aa841f4-4d6a-4d6e-864d-8aa9b6c57678_800x800.png</url><title>ALLKA Research: Biotech &amp; Pharma Deep Dives</title><link>https://www.allkaresearch.com/s/biotech-and-pharma-deep-dives</link></image><generator>Substack</generator><lastBuildDate>Fri, 15 May 2026 17:31:03 GMT</lastBuildDate><atom:link href="https://www.allkaresearch.com/feed" rel="self" type="application/rss+xml"/><copyright><![CDATA[ALLKA RESEARCH]]></copyright><language><![CDATA[en]]></language><webMaster><![CDATA[allkaresearch@substack.com]]></webMaster><itunes:owner><itunes:email><![CDATA[allkaresearch@substack.com]]></itunes:email><itunes:name><![CDATA[ALLKA RESEARCH]]></itunes:name></itunes:owner><itunes:author><![CDATA[ALLKA RESEARCH]]></itunes:author><googleplay:owner><![CDATA[allkaresearch@substack.com]]></googleplay:owner><googleplay:email><![CDATA[allkaresearch@substack.com]]></googleplay:email><googleplay:author><![CDATA[ALLKA RESEARCH]]></googleplay:author><itunes:block><![CDATA[Yes]]></itunes:block><item><title><![CDATA[CAR-T is moving upstream — and Darzalex-era benchmarks are starting to look structurally capped.]]></title><description><![CDATA[New phase 2 data from the Dana-Farber study &#8220;Phase 2 Trial Shows Deep and Lasting Responses to CAR T-Cell Therapy for High-Risk Smoldering Multiple Myeloma&#8221; evaluated Carvykti in high-risk smoldering multiple myeloma &#8212; a pre-myeloma setting where the disease is not yet symptomatic, but biologically primed for progression.]]></description><link>https://www.allkaresearch.com/p/car-t-is-moving-upstream-and-darzalex</link><guid isPermaLink="false">https://www.allkaresearch.com/p/car-t-is-moving-upstream-and-darzalex</guid><dc:creator><![CDATA[ALLKA RESEARCH]]></dc:creator><pubDate>Tue, 21 Apr 2026 07:56:11 GMT</pubDate><enclosure url="https://substackcdn.com/image/fetch/$s_!Sb4n!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F74a9bc58-089f-4dea-ab50-34984bbedafe_1799x2016.png" length="0" type="image/jpeg"/><content:encoded><![CDATA[<p>New phase 2 data from the <strong>Dana-Farber study &#8220;Phase 2 Trial Shows Deep and Lasting Responses to CAR T-Cell Therapy for High-Risk Smoldering Multiple Myeloma&#8221;</strong> evaluated <a href="https://www.dana-farber.org/newsroom/news-releases/2026/dana-farber-phase-2-trial-shows-deep-and-lasting-responses-to-car-t-cell-therapy-for-high-risk-smoldering-multiple-myeloma">Carvykti in high-risk smoldering multiple myeloma</a> &#8212; a pre-myeloma setting where the disease is not yet symptomatic, but biologically primed for progression.</p><p>At <a href="https://www.nature.com/articles/s41591-026-04365-y/figures/2">15.3 months median follow-up</a>:</p><div class="subscription-widget-wrap-editor" data-attrs="{&quot;url&quot;:&quot;https://www.allkaresearch.com/subscribe?&quot;,&quot;text&quot;:&quot;Subscribe&quot;,&quot;language&quot;:&quot;en&quot;}" data-component-name="SubscribeWidgetToDOM"><div class="subscription-widget show-subscribe"><div class="preamble"><p class="cta-caption">Thanks for reading ALLKA Research! Subscribe for free to receive new posts and support my work.</p></div><form class="subscription-widget-subscribe"><input type="email" class="email-input" name="email" placeholder="Type your email&#8230;" tabindex="-1"><input type="submit" class="button primary" value="Subscribe"><div class="fake-input-wrapper"><div class="fake-input"></div><div class="fake-button"></div></div></form></div></div><ul><li><p><strong>100% MRD negativity (10&#8315;&#8310;)</strong> across all treated patients</p></li><li><p>100% overall response rate</p></li><li><p>~90% complete or stringent complete responses</p></li><li><p>No disease progression or deaths observed</p></li><li><p>Deep responses achieved after a single infusion, without induction or bridging therapy</p></li></ul><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!Sb4n!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F74a9bc58-089f-4dea-ab50-34984bbedafe_1799x2016.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!Sb4n!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F74a9bc58-089f-4dea-ab50-34984bbedafe_1799x2016.png 424w, https://substackcdn.com/image/fetch/$s_!Sb4n!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F74a9bc58-089f-4dea-ab50-34984bbedafe_1799x2016.png 848w, https://substackcdn.com/image/fetch/$s_!Sb4n!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F74a9bc58-089f-4dea-ab50-34984bbedafe_1799x2016.png 1272w, https://substackcdn.com/image/fetch/$s_!Sb4n!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F74a9bc58-089f-4dea-ab50-34984bbedafe_1799x2016.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!Sb4n!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F74a9bc58-089f-4dea-ab50-34984bbedafe_1799x2016.png" width="1456" height="1632" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/74a9bc58-089f-4dea-ab50-34984bbedafe_1799x2016.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:1632,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:null,&quot;alt&quot;:&quot;Fig. 2: Cilta-cel induces deep remissions in HR-SMM.&quot;,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:false,&quot;topImage&quot;:true,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="Fig. 2: Cilta-cel induces deep remissions in HR-SMM." title="Fig. 2: Cilta-cel induces deep remissions in HR-SMM." srcset="https://substackcdn.com/image/fetch/$s_!Sb4n!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F74a9bc58-089f-4dea-ab50-34984bbedafe_1799x2016.png 424w, https://substackcdn.com/image/fetch/$s_!Sb4n!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F74a9bc58-089f-4dea-ab50-34984bbedafe_1799x2016.png 848w, https://substackcdn.com/image/fetch/$s_!Sb4n!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F74a9bc58-089f-4dea-ab50-34984bbedafe_1799x2016.png 1272w, https://substackcdn.com/image/fetch/$s_!Sb4n!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F74a9bc58-089f-4dea-ab50-34984bbedafe_1799x2016.png 1456w" sizes="100vw" fetchpriority="high"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p>Source: Nature</p><p>Now contrast this with phase 3 standards built around Darzalex-based regimens:</p><ul><li><p>ORR: ~90&#8211;93% (MAIA, NDMM setting)</p></li><li><p>&#8805;CR: ~30&#8211;50% range depending on backbone</p></li><li><p>MRD negativity: typically ~10&#8211;32% even in best combinations</p></li><li><p>Median PFS: ~5 years in optimal populations</p></li><li><p>Continuous multi-drug therapy required to maintain disease control</p></li></ul><p>By the way, the Darzalex/Darzalex Faspro generated <a href="https://seekingalpha.com/article/4891588-johnson-and-johnson-why-i-see-downside-ahead">$3.96 billion</a> in sales for Johnson &amp; Johnson in Q1, up 22.5% year-over-year.</p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!BDEr!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd55a8cb2-2abd-4f51-845a-147a8cc14c87_1567x671.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!BDEr!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd55a8cb2-2abd-4f51-845a-147a8cc14c87_1567x671.png 424w, https://substackcdn.com/image/fetch/$s_!BDEr!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd55a8cb2-2abd-4f51-845a-147a8cc14c87_1567x671.png 848w, https://substackcdn.com/image/fetch/$s_!BDEr!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd55a8cb2-2abd-4f51-845a-147a8cc14c87_1567x671.png 1272w, https://substackcdn.com/image/fetch/$s_!BDEr!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd55a8cb2-2abd-4f51-845a-147a8cc14c87_1567x671.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!BDEr!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd55a8cb2-2abd-4f51-845a-147a8cc14c87_1567x671.png" width="1456" height="623" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/d55a8cb2-2abd-4f51-845a-147a8cc14c87_1567x671.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:623,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:185285,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https://www.allkaresearch.com/i/194888135?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd55a8cb2-2abd-4f51-845a-147a8cc14c87_1567x671.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!BDEr!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd55a8cb2-2abd-4f51-845a-147a8cc14c87_1567x671.png 424w, https://substackcdn.com/image/fetch/$s_!BDEr!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd55a8cb2-2abd-4f51-845a-147a8cc14c87_1567x671.png 848w, https://substackcdn.com/image/fetch/$s_!BDEr!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd55a8cb2-2abd-4f51-845a-147a8cc14c87_1567x671.png 1272w, https://substackcdn.com/image/fetch/$s_!BDEr!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd55a8cb2-2abd-4f51-845a-147a8cc14c87_1567x671.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p>Source: graph was made by Author based on the financial reports of Johnson &amp; Johnson</p><p>The key gap is not response rate &#8212; it is <strong>depth of response at the molecular level</strong>.</p><p>Darzalex-based regimens control disease over time.<br>CAR-T in this dataset is showing something different: <strong>potential complete molecular eradication in a pre-symptomatic disease window.</strong></p><p>This is why the Dana-Farber HR-SMM dataset matters.</p><p>It suggests that when multiple myeloma is treated earlier &#8212; before full clonal expansion &#8212; CAR-T may not just extend progression-free survival, but fundamentally shift the therapeutic endpoint from chronic control to functional cure signals.</p><p>But the structural message is clear:</p><p>The gap between ~30% MRD negativity (best-in-class anti-CD38 therapy) and 100% MRD negativity (CAR-T in HR-SMM) is no longer incremental.</p><div class="subscription-widget-wrap-editor" data-attrs="{&quot;url&quot;:&quot;https://www.allkaresearch.com/subscribe?&quot;,&quot;text&quot;:&quot;Subscribe&quot;,&quot;language&quot;:&quot;en&quot;}" data-component-name="SubscribeWidgetToDOM"><div class="subscription-widget show-subscribe"><div class="preamble"><p class="cta-caption">Thanks for reading ALLKA Research! Subscribe for free to receive new posts and support my work.</p></div><form class="subscription-widget-subscribe"><input type="email" class="email-input" name="email" placeholder="Type your email&#8230;" tabindex="-1"><input type="submit" class="button primary" value="Subscribe"><div class="fake-input-wrapper"><div class="fake-input"></div><div class="fake-button"></div></div></form></div></div>]]></content:encoded></item></channel></rss>