Legend Biotech Q1 2026 Earnings Call Transcript

Legend Biotech (NASDAQ:LEGN) reported first-quarter financial results on Tuesday. The transcript from the company's first-quarter earnings call has been provided below. This content is powered by Benzinga APIs. For comprehensive financial data and transcripts, visit https://www.benzinga.com/apis/. View the webcast at https://edge.media-server.com/mmc/p/8y2wwkpk/lan/en Summary Legend Biotech reported strong financial performance in Q1 2026, with Carvycti sales reaching $597 million, marking a 62% growth year-over-year. The company continues to expand its cell therapy pipeline, with pivotal phase 3 studies for Carvycti and new in vivo CAR T programs entering phase one. Management remains confident in achieving company-wide profitability in 2026, supported by strong revenue growth and disciplined investment. Operational highlights include a 99% manufacturing success rate and expansion into 18 global markets, with over 300 treatment sites. The company is focused on advancing Carvycti into earlier treatment settings and strengthening its R&D strategy through new scientific advisory engagements. Full Transcript OPERATOR Good day and thank you for standing by. Welcome to The Legend BioTech first quarter 2026 earnings conference call. At this time, all participants are in listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session you will need to press star 11 on your telephone. You will then hear an automated message advising that your hand has been raised. Today's conference is being recorded. I will now hand the conference over to your speaker host for today, Jesse Young, Vice President of Investigations and Finance. Please go ahead. Jesse Young (Vice President of Investor Relations and Finance) Good morning, this is Jesse Young, Vice President of Investor Relations and Finance at Legend Biotech. Thank you for joining our conference call today to review our first quarter of 2026 performance. Prior to this call, we issued a press release announcing our financial results for the quarter. You can find the press Release on our IR website at legendbiotech.com joining me on today's call are Ying Huang, the company's Chief Executive Officer, Alan Bash, the company's President of Cafexi, and Carlos Santos, the company's Chief Financial Officer. Following the prepared remarks, we will open up the call for Q and A. We also have our President of R&D, Guangwei Fan, joining the Q and A session. During today's call we will be making forward looking statements which are subject to risks and uncertainties that may cause our actual results to differ materially from those expressed or implied here. Within these forward looking statements are discussed in greater detail in our SEC filings, which we encourage you to read and can be found under the Investor section of our Company website. In addition, Adjusted Net loss is a non IFRS metric. This non IFRS financial measure is in addition to and not a substitute for or superior to measures of financial performance prepared in accordance with IFRS. There are a number of limitations related to the use of these non IFRS financial measures versus the closest IFRS equivalence. However, we believe that providing information concerning adjusted net loss and adjusted net loss per share enhances an investor understanding of our financial performance. We use adjusted net loss as a performance metric that guides management in its operation of and planning for the future of the business. In particular, we exclude unrealized gain or loss from foreign exchange rate changes. We believe that adjusted net income or loss provide a useful measure of our operating performance from period to period. Our press release includes IFRS to non IFRS reconciliations for these measures. With that, I will now turn the call over to Ying. Ying Huang (Chief Executive Officer) Hello everyone. Thank you for joining us today. We began 2026 with strong momentum as we executed commercially and continue to advance our pipeline. Legend is the largest standalone cell therapy company anchored by Carvycti, our market leading and profitable CAR T therapy for multiple myeloma. In parallel, we're working to advance Carvicti into the first line treatment setting to help reach more patients and further broaden its long term opportunity. Beyond Carvicti, we also have a strong pipeline of potentially transformative cell therapies across additional therapeutic areas where curative options remain limited as this pipeline matures and generates more meaningful clinical data. We're looking forward to presenting some of this data at upcoming medical conferences this year. During the first quarter of 2026, Carvitin Netrab sales were approximately $597 million representing 62% growth compared to the first quarter of 2025. This was comprised of 36% growth in the US year over year and more than 200% growth from ex US sales. This performance reflects strong demand in early line settings, continued global expansion and consistently best in class manufacturing execution. Importantly, the myeloma treatment paradigm continues to shift toward earlier use of CAR T. In a recent social media poll for KOLs conducted by Dr. Ben Dermen from University of Chicago, 66% of respondents indicated they would recommend CAR T at first relapse for contemporary myeloma patient followed by DRVD induction and maintenance assuming daratumumab resistance. We view this sentiment as further validation that Carvycti is increasingly considered a foundational therapy earlier in the disease course. Before transitioning to the pipeline, I want to highlight an important step we announced earlier this month. We recently engaged six distinguished scientific advisors Renia Gretzkins, Spencer Fiske, Carl Jung, Max Miller Koenigse, Tony Poverino and George Sheppt who bring deep expertise across oncology, immunology and in particular cell therapy as well as translational research. As we broaden our pipeline, we believe their input and advice will help guide critical scientific and clinical decisions and strengthen the rigor behind our long term R and D strategy. At the top of pipeline we have some of the larger active CARVIFTI trials. Most importantly, CARDITUDE 5 and CARDITAGE 6 are pivotal phase 3 studies designed to assess CARVICTE in frontline multiple myeloma following its label expansion in earlier lines. Turning to our earlier stage pipeline, you're going to start to hear more about its programs. As clinical data starts to mature from our next generation cell therapy platforms, our BCMA in vivo program in autoimmune diseases has entered phase one. Beyond BCMA, our GPRC 5D in vivo program in multiple myeloma has also entered phase one in parallel, our other in vivo CAR T programs continue to progress and we remain on track to report initial data this year in non toxic lymphoma. We continue to expect to file one to two US inds in 2026 and are excited by the differentiated potential of our approach financially. Our strong balance sheet provides us with flexibility to invest in our priorities while maintaining a clear focus on profitability. We believe this combination of commercial leadership, pipeline innovation and financial discipline positions legend well to deliver durable value for patients and shareholders over the long term. With that I will turn the call over to Alan. Alan Bash (President of Cafexi) Thank you Ying. I'll start with a high level view of Carvicti's commercial performance and then spend time on what's driving growth beneath the surface. In Q1, Carvicti delivered another quarter of sequential growth reflecting continued share gains, strong site productivity and and increasing penetration in earlier lines of therapy. Demand remained healthy across all major geographies, supported by our expanding global footprint and consistently reliable manufacturing execution. Carvycti net trade sales in the first quarter were approximately $597 million, representing 8% sequential growth from Q4 2025. In the US growth was driven primarily by by increased utilization in earlier line settings, continued activation of new authorized treatment centers and steady throughput at existing sites. Outside the US Demand was supported by continued uptake in established European markets and contributions from recent launches, with Carvikti now available across 18 global markets and more than 300 global treatment sites. As expected, international growth continues to scale scale as site experience, manufacturing slots and referral patterns mature. Turning to the next slide, we want to highlight how we are accelerating growth through our manufacturing optimization and earlier line momentum. From a manufacturing standpoint, we continue to optimize this past quarter we achieved a 99% manufacturing success rate and a median turnaround time of approximately 29 days, with delivering more than 95% on time order releases for final product delivery. We believe these metrics are a testament to our commitment to broadening adoption, particularly as physicians move CAR T earlier in the treatment paradigm. Now, importantly, although we do not intend to break this out every quarter, since we think about our business on a longer term basis, we wanted to provide a glimpse of of the traction made in earlier line settings in the US where nearly 80% of patients are treated in the community setting. As you can see on the far right hand part of the slide in the color teal patients in second line and third line represented 41% of Carvycte apheresis volume in the US in the first quarter of 2026 compared to 29% in the same period a year ago. This trend reflects growing physician confidence in Carvycti's benefit risk profile earlier in the disease course and our ability to reliably support that shift at scale. We expect this trend to continue and be a major driver of future growth, especially as we advance towards a potential label expansion into the first line setting. With that, I will turn the call over to Carlos to walk through our financial performance. Carlos Santos (Chief Financial Officer) Thank you Alan and good morning everyone. I'm pleased to walk you through our financial performance which reflects an important quarter of commercial growth and disciplined investment. Turning to the next slide, this chart highlights our progress towards profitability. As you can see, revenue has continued to scale driven by Carvicti performance and profitability metrics have improved steadily over time. We anticipate company wide profitability on an adjusted basis in 2026 and expect continued margin improvements from our ongoing expense discipline. Regarding Q1, the next slide illustrates how revenue growth is translating into operating leverage. Collaboration revenue was approximately $298 million in the first quarter, primarily driven by Carvicti. Net trade sales under our collaboration with Johnson and Johnson License and other revenue was approximately $7 million, resulting in total revenue of $305 million for the quarter. Gross margin on net product sales was 41%. The decline from the fourth quarter at 57% was primarily due to onetime expenses associated with ramping up manufacturing in the newly expanded section of our Raritan site and the ongoing Tech Lane facility ramp. Looking ahead to the second quarter, we expect gross margin to be back over 50% as the economies of scale from our manufacturing investment are realized with increasing utilization. Research and development expense was $86 million reflecting continued investment in our in vivo CAR T platform and next generation programs. As the Phase 3 Cartitude 5 and 6 studies for Carvycti mature, we expect a substantial decline in the associated R and D expenses. This allows an increasing proportion of the RD budget to be reinvested into the pipeline as we leverage the benefit of carvikti profitability to fund the future growth of legend that will come from the promising in vivo programs and extensive earlier stage pipeline that Ying showed. Earlier SGNA expense was $90 million driven by targeted commercial investments supporting CarVicti growth. Operating loss narrowed compared to the prior year with an adjusted net loss of $11 million in Q1, we feel very comfortable in maintaining our projection for achieving company wide profitability on an adjusted basis in 2026. On a non IFRS basis, this represents $0.03 per diluted share compared with an adjusted net loss of $27 million, or $0.07 per diluted share in the same period last year. Turning to the next slide, we ended the quarter with approximately $835 million in cash, cash equivalents and time deposits and no long term debt. We believe this strong balance sheet provides us with flexibility to advance our in vivo CAR T pipeline, support continued Carvicti profitability expansion, pursue focused business development opportunities and fund modest capital expenditures tied to manufacturing capacity. Based on our recent progress, we remain confident in our company wide profitability trajectory as we continue to invest prudently in long term growth. In summary, the first quarter reflects a business that is scaling efficiently, generating increasing operating leverage and approaching sustained profitability. With that, we're happy to take your questions. OPERATOR Thank you. Ladies and gentlemen, to ask a question at this time you will need to press Star 11 on your telephone keypad and wait for your name to be announced. To withdraw your question, simply press star 11 again. Please stand by while we compile the Q and A roster. Now, first question coming from the line of Terrence Flynn with Morgan Stanley. Your line is now open. Terrence Flynn (Equity Analyst) Great. Thanks so much for taking the question. Obviously there's a growing focus on in vivo programs, platforms. Maybe ying you could give us a little bit of update in terms of how much data we should expect from your lymphoma program and any more specifics on timing? Is EHA a possibility? Is it more likely as and then how are you thinking about durability and what will we learn from this first data set with respect to that question? Thank you. Ying Huang (Chief Executive Officer) Morning Terrence. Thank you for that question. So as typical without disclosure practice, we cannot really comment on the data without the abstract being officially accepted and also published by the major medical meeting. The only thing I can confirm is that we are planning to potentially present this data set for the first time in patients with non-Hodgkin lymphoma lymphoma at a major medical meeting around mid year. So that's the only thing I can confirm right now in terms of durability. I guess it's really depending on how many patients and how much follow-up we have. But in general, because this is the first disclosure for our clinical data here, so I wouldn't expect a very, very long follow up, but we do expect a reasonable number of patients in this first disclosure. I hope that answers your question, Terence. OPERATOR Thank you. And our next question coming from the line of Umar Rafat with Everquire Sayen is now open. Umar Rafat (Equity Analyst) Hi guys. Thanks for taking my question. I wanted to touch up on this in vivo CAR t theme in A little more detail perhaps, and maybe for everyone listening in Ying, because this is a new theme popping up beyond Carvik T, beyond Arcellx. Could you just remind everyone first of all that the CD 19 CD 20 car T you have is not the Gamma Delta which is allo we're talking about In Vivo If you could just clarify clarify that B the name of the program like the number and number three and I acknowledge you can't say if it'll be at EHA or not and the scope of the data. But could you just give us a sense for what the trial design is that's being run and should we expect efficacy data as well? Or should the data disclosure only be limited to whether you dosed it and they developed CAR T and then what the safety look like? Or should there be some early efficacy as well? Thank you Umar. Ying Huang (Chief Executive Officer) Thanks for your question. I will answer the first two parts and then I'll ask my colleague Guo Wei, President of R and D to answer the third question regarding the design and everything else. So first of all, yes, we can confirm that this is not the Gamma Delta T program. This is actually in vivo car T targeting CD19 and CD20 using a lentiviral vector first. Secondly, I can confirm that the internal code name we use for this program is LB2501 and this program is already up on ClinicalTrials.gov if you want to search for the details on the product code enrollment and on the third question, I'll ask for a way to answer Guangwei Fan (President of R&D) yes, in terms of the clinical data to be released. The trial was initiated last year. We do expect expect to release both safety and efficacy data. We have to wait and share the data presentation to really disclose specific information. But in terms of our internal expectation, our expectation for In Vivo program is to have manageable safety and promising efficacy, including deep response. That's our expectation. OPERATOR Thank you very much. Thank you. Now next question coming from the line of Jessica Fai with JPMorgan. Your line is now open. Jessica Fai (Equity Analyst) Hey guys, Good morning. Thanks for taking my questions. A couple on kind of the existing business. First, I appreciate the additional detail on the breakdown of carviqti used across lines of therapy. If we look at another year or two, what do you think that pie chart mix will look like? And then second, just on the higher cogs this quarter, how much of that about 100 million year over year increase was one time versus sort of ongoing. Thank you. Alan Bash (President of Cafexi) Hi, it's Alan. Thanks for the question. So in terms of our business mix, we're very pleased to show the data that that reflects the fact that in earlier lines, specifically in second and third line, we have about 41% of our patients coming through those lines. And I think that's important for a couple of reasons. One is it does speak to the fact that we're getting community adoption because those earlier patients start in the community and are getting referred into the authorized treatment centers. It also speaks to the fact that our clinical data is resonating with the earlier is better data both for efficacy, safety and manufacturing, all based on the data that we shared at Ashe in previous conferences. That earlier is better and I think it also sets us up well from a competitive standpoint to make sure we are penetrating the second and third line businesses in the face of whether it's bispecifics or potential future BCMA car t competition. To answer your question, we've also shown progression in the overall second through fourth line at about 2/3 of our business and we do expect that that will continue to grow probably to about 3/4 of our business is where we would anticipate that emerging over the next year or so. So all segments continue to grow and we're very excited by the penetration in earlier lines. Related to the gross margin question, we did see a sequential decline in the first quarter since we brought new capacity into our network specifically to our Raritan site. And this together with one time expenses associated with the expansion resulted in this one time impact to gross margin. However, we do expect that gross margins will return to over 50% in Q2. Carlos Santos (Chief Financial Officer) Can you quantify the one time impact a little more? We do not disclose those particulars. Ian Thank you. Jess, this is Ian. I just want to add that you heard from Carlos that we fully expect the gross margin to recover to prior level in this, the second and also the ensuing quarters for the year. OPERATOR Thanks. Thank you. Our next question coming from the lineup, Costasperias with Oppenheimer Yellen is now open. Costasperias (Equity Analyst) Thanks for taking our question. Congrats on the progress. Maybe a couple of quick questions from us. One on the commercial side, do you see any meaningful impact after tech data approval in the second line now perhaps on any particular segment of patients or any particular geographies. And the second one on the in vivo car t, can you help us understand what the benchmarking is there? Some investors are trying to compare your upcoming data to other ex vivo car t therapies in NHL. Some other investors are looking to benchmark it to in vivo car t from multiple myeloma. Any thoughts on where the benchmarking in your view would be helpful. Thank you. Alan Bash (President of Cafexi) Our business continues to grow and as you saw from our report today, it continues to grow, particularly in the earlier lines. So in terms of competition from Techdara or the presence of bispecifics, I'll remind you that this is a large market. In second through fourth line, about 100,000 patients, only about 5% have seen a BCMA and so there's significant growth potential for multiple options in the earlier lines. And I think that's also reflected by the IQVA data that you see. While other products are growing, Corvikti has also shown healthy growth as well. So through through potential competition with Bispecifics. I think this is a large market that's severely underserved and underpenetrated and that portends well for the opportunity for Carvic T. Guangwei Fan (President of R&D) So for the second question, in terms of a benchmark for in vivo CAR T program, all These program is CD19, CD20 dual targeting in vivo CAR T program targeted for non hygiene lymphoma patients. Our current thinking is that we are expecting or we are looking for deep and durable response and therefore the benchmark would expect it to in line with that type of efficacy response. Clinically, they are still early and we are accumulating more data. Ying Huang (Chief Executive Officer) And if I can add a follow up here, if you see this type of responses in NHL, deep responses as you call it, would that translate to multiple myeloma to some extent as well for the in vivo CAR T platform? Thank you. Excellent question. Yeah, we do think that the in vivocar T platform has a transformative potential by moving the other cell engineering and the cell expansion into the body of patients therefore generate better cell thinness and therefore that could translate to even better clinical response. That's our expectation across different disease areas. Thank you. OPERATOR Thank you. Our next question coming from the lineup at Zedaru with Barclays Yelan is now open. Zedaru Great, thanks for taking the question. Congrats on the quarter. A couple of questions. Maybe on the carvikti side, if you could maybe provide any updates, new updates on the timing for Carviq T5 or 6 and then on the pipeline. Just wondered if you could maybe talk about the scope of the BCMA trial that you're initiating with the in vivo cart C, I think LB2505 maybe if you can comment on the scope and then the trial design there. Thank you. Cart five and CART six are fully enrolled, but these are event driven. So we don't have an update here on the timing and we'll continue to monitor in terms of how the events accrue. Ying Huang (Chief Executive Officer) So for the in vivo CAR T program, we are excited about our platform and product. We are exploring this platform across different diseases. Myeloma is an important disease area. BCMA certainly is a top target within the myelomyloma disease space. Our partnership with Johnson and Johnson cover all and any BCMA directed cell therapy in multiple melanoma that both companies are working on and therefore at this point there's nothing more we can share. This is ying. I also want to add that we are initiating another trial for the same construct, LB2505 targeting BCMA and this will be in autoimmune diseases and you will learn in the near future about that program once we include that in clinicaltrials.gov OPERATOR thank you. Thank you. Our next question coming from Delina Eric Smits with Cancer Fitzgerald Yellen is now open. Delina Eric Smits (Equity Analyst) Thanks for taking my question. Maybe just a quick follow up on the Cartitude 5 event rate. I think at one point we had expected it would be possible to have data toward the end of this year. Is that still the case, Alan? And then a financial question. On the adjusted net income guidance for profitability in 2026, the adjustments in Q1 are about $44 million to net income. Is that sort of a non GAAP adjustment that we'll see on a. I guess I'm looking for some help on the differential between adjusted and GAAP financials. Thank you. Alan Bash (President of Cafexi) On Cartitude 5, Eric, we would plan to see data at some point in either 26 or 27. Again, this is event driven, so it's really reflective of how the events accrue. Carlos Santos (Chief Financial Officer) Yes. On the adjusted net income as we approach profitability, we wanted to be more specific with our definition. And as we mentioned when we introduced these non ifrs reconciliation last year, we view adjusted net income as a more accurate reflection of profitability and our financial performance since it excludes certain non cash items that are not representative of our core business operations. And this is aligned with the way most of the industry reports and it will also allow better comparison both with peers and consistently year over year. Okay, I understand why you're doing it. Is the $44 million differential between the two metrics something that might exist on an ongoing basis? Yes. So as I mentioned, we do exclude these certain non cash items. So this would be primarily shared based compensation, depreciation, amortization and impairments and foreign exchange. OPERATOR Thank you. Thank you. Our next question coming from the lineup, Jameson with Deutsche Bank Yellen is now open. Jameson Good morning. Thank you for the questions circling back to the pipeline, there's three autologous and one in vivo variant for the GPRC 5DS. Are these GPRC 5D binders consistent across all the variants or are the fast car variants using a different manufacturing process and therefore have different binders? And then just following up on the one time cost of collaboration question, if you exclude this one time charge, would 1Q26 been profitable on an adjusted basis? Thank you. Guangwei Fan (President of R&D) On the GPRC 5D front, all autos program use the same bind we are testing. I've tried to validate the binder as well as try to understand how the patient responds using different design of the CAR T molecule. Carlos Santos (Chief Financial Officer) Yes. And on the one time charge question the answer is yes. If we wouldn't have had that one time charge, we would have been profitable on an adjusted income basis. OPERATOR Thank you. Our next question, coming from the line of Leonid Timoshev with RBC Capital Yellen, is now open. Leonid Timoshev (Equity Analyst) Hey guys, thanks for taking my question. I wanted to ask on community adoption, I think before you've talked about how you've onboarded Virginia Oncology, Tennessee Oncology, I guess how's uptake looking in those centers? I guess I'm specifically curious about actual use of CAR T in those centers, not necessarily referrals and sort of what the plan and cadence is of adding additional community centers that can actually administer the CAR T. Thanks. Hey, it's Alan. So as we said before, the community adoption has a couple of components to it, one of which is the one you're speaking to, which is administration in the community among the community networks. And we're seeing positive responses from the clinicians in both those sites. You mentioned two of them. And we also have the West Clinic in Tennessee as well. So there are additional sites that are coming online this year. I would say that it's a bit of a longer cycle to make sure that those sites are set up well and have the infrastructure. But we do expect additional sites this year and the experience has been quite positive. Again speaking to the fact that Carvikti can be administered in the outpatient setting relatively easily and clinicians are getting more and more comfortable with patient management dynamics. The other part of the community adoption is the referral piece, which you alluded to as well. And again there we're seeing strong indications that we are getting additional referrals. Again speaking to the fact that our earlier line business is growing significantly. And then finally as a point, we're up to 148 authorized treatment centers in the U.S. about a third of those are community and regional hospitals. And that's an important component to our mix because that means that we're bringing Carvicte closer to patients in those settings as well. Alan Bash (President of Cafexi) Thank you. And our next question coming from the lineup, Sean McCutcheon with Raymond James ELN is now open. OPERATOR Hey guys, thanks for the question one on Cartitude 5 for me, can you speak to how you're framing and what you need to show to drive utilization in the frontline transplant ineligible or transplant not intended population on a cross trial basis relative to Cepheius and how you think about the scale and opportunity that could be unlocked by Card two. Five. Thanks. Sean McCutcheon Morning Sean. This is Ying. So if you look at the design for car 225, we are enrolling patients who are not eligible for stem cell transplant or for asco, but who choose to defer transplant for various reasons. So if you look at comparison arm, it is rbd. So it's a three drug cocktail composing of Revlimid, Velcade and Dexamethasone. Historically, if you look at RVD in the frontline setting in this transplant ineligible population, you have two trials. One is the IFM trials run by Celgene. The other One is the SLOG 777 trial. And if you look at the median PFS for RBD in this setting in those two phase three trials, it's in the range of 35 to 40 months. And that is our assumption when we at NJ designed this trial for cartoon size. So if you look at again we're looking at cross trial comparison as you rightfully mentioned, 35 to 40. If you recall Shawn, in Cartitude 1 where we enrolled 97 patients with heavily pretreated Diloretin, the median life therapy prior therapy was 6.5, yet we still achieved 35 months TFS for CARVD treated patients. So this is why we NJ are highly confident that we will be able to achieve the superiority against RVD in this specific patient population. Now, if you compare that to Cepheus and other trials, of course you do see certain numbers shifting because of better standard of care. On the other hand, still, given what we know about car T1 and also car T4, where with a median follow up of nearly three years, we have not reached median PFF yet in that second to fourth line patient population. So we remain highly confident that carviqti will demonstrate superiority in PFS compared to rbe. That is our assumption here. Ying Huang (Chief Executive Officer) Thank you. Our next question coming from the line of Asperma with ubs, ELN is now open. OPERATOR Yeah, thanks for Taking our question maybe just on the CD19 CD20 car T, can you talk about the safety differentiation with some of the other programs out there? Some of these programs have seen CRS or ICANS or Neutropenia. Are you confident that your program can have minimal to no cases of grade 3 and above CRS and ICANS? And then just like secondly on Carvikti, I mean the 4Q to 1Q sequential growth in US is at 3%. Any seasonality dynamic going on there. Just like trying to understand what is the growth trajectory from here. Can you continue to see sequential growth for the rest of 2026 and any impact of Majestic 3 on currency sales? Thanks. Thanks Ash. Yeah, I can answer the first question on the safety side. Certainly safety is paramount for novel platform in oncology patients. I cannot disclose specific clinical safety profile at this point. We have to wait until the clinical data is presented. What I can say is that safety is a key parameter we focus on from the get go in the design phase and our unique design mechanism as well as the CMC manufacturing process. I would think that web provide differentiated safety profile in clinic and in terms of how the research data carries with the clinical data. Let's wait. Stay tuned until we are ready to disclose clinic Data. Thank you. Alan Bash (President of Cafexi) Ed on the Carvi FT performance in Q1. Yes. You know coming out of the holidays there is a little bit of a lag in patient appointments as patients get re upped in their insurance and they get rescheduled. But we're very encouraged with the trends that we've seen in the patient bookings through the progress of the quarter and even beyond that. And I would say that we would expect to see sequential growth quarter on quarter both in the US and ous for the remainder of this year. Ian And Ash, maybe this is Ian. I want to add that you guys all follow IQV weekly scripts and weekly sales. As you can see, we had a very strong March followed by a very strong April and now we're early May. But again ordering looks good, quite strong. So you guys can track that every week. As we have mentioned before, it's not a zero sum game. You see both Techtera and you see Karbiki steadily growing in second line. OPERATOR Thank you. Thank you. Our next question in the queue coming from the lineup. Yaron Werber with TD Cowlin. Your line is now open. Yaron Werber (Equity Analyst) Great. Thanks so much for taking my question. Maybe just the first question, Ellen, for you, the those seasonality that you mentioned in Q4 with some of the bags sort of remaining over and ultimately being infused in early Q1 and it seems like as you're moving upstream in Q1 JJ talked about having the same effect. Can you give us a little bit of a sense kind of net net how that worked out on a quarter over quarter basis and is that sort of phenomenon of just a little bit of a delay to infusion will continue as you're moving to second line? And then a question for in vivo for bcma, can you maybe share a little bit about the construct itself? Are you using sort of the same Camellite antibody targeting BCMA with the same dual epitope targeting? Is it sort of the same stim and are you doing any detargeting through the LDL receptor and CD3 to try to avoid a sort of liver uptake in the sink and reduce some of the icans and inflammation? Thank you Alan Bash (President of Cafexi) your honor. It's Alan. I'll just go back to what I said previously which is that we do continue to see strong order flow both as the quarter progresses as well as Ying mentioned going into April and beyond. So we do expect to continue to see the growth and in particular in that earlier line setting where we are gaining more and more patients, more and more referrals setting us up well from a competitive standpoint as well. Guangwei Fan (President of R&D) So with got to the BCMA compound in terms of the binder design, we are not ready to disclose special information at this point. On the platform side I do want to add that we generate glyco mutations on the virus itself and therefore the virus engineered virus does not recognize LDL response and we use internally discovered and optimized the CD3 binder for T cell targeting which is differentiated from many other players in the space where they use existing CD3 binder or from other purpose. OPERATOR Thank you so much. Thank you. Our next question coming from the line of Mitchell Kapoor with HC Wanwright Yoland is now open. Yanzi Hi, thank you for taking my question. This is Yanzi sitting in for Mitchell Kapoor. So I have a question on the LB2501, the In Vivo CD 1920 program. You list the studies enrolling and you have pointed to this in vivo data coming later in the year. But separately, you know you have Jane very recently announcing a discontinued it's ex vivo CD20 mono and CD19 20 bicar T programs. Without asking you to comment on their program specifically, I just want to get a sense of how you're thinking about the competitive bar for LB 2501. Guangwei Fan (President of R&D) So this is a deotoxin magnesium and cumulative data across autologous cell cell clinical data on the autopsy front, comparing CD19 versus CD19, CD20, deuteroclum do point to the promise of DEW targeting in terms of driving deeper and more durable response. J and J recently announced that they discontinue the development program for the dual targeting mechanism and I will not be able to comment on their specific rationale, but we do believe that the geotargeting medicine provides benefit over MONO targeting and in vivo data is evolving and we are very much looking forward to disclose our clinical program. OPERATOR Thank you. Thank you and I'm sure no further questions in the queue at this time. I will now turn the call back over to the CEO Ying Huang for any closing remarks. Ying Huang (Chief Executive Officer) Well, it's great hearing from everyone this morning. We are really pleased with the momentum of Carvikti, as you heard from Alan. We look forward to stronger quarters in the rest of the year and we do expect sequential growth in both us and the exus. We continue to see deepening penetration in the community and also in second line and we're actually all full speed on with our in vivo programs. We look forward to seeing you all at the upcoming major medical meetings. Thank you. Disclaimer: This transcript is provided for informational purposes only. While we strive for accuracy, there may be errors or omissions in this automated transcription. For official company statements and financial information, please refer to the company's SEC filings and official press releases. Corporate participants' and analysts' statements reflect their views as of the date of this call and are subject to change without notice.