The cancer space has witnessed multiple paradigm shifts over the decades: from chemotherapy to biologics, then precision oncology, and most recently, the ‘Decade of Immunotherapy,’ driven by the substantial clinical and commercial success of checkpoint inhibitors (CPIs). This triumph for Immuno-Oncology, like prior advances, triggered a degree of FOMO, and the investment thesis became somewhat distorted.
As CPI trials increased dramatically, often in combinations with unproven agents, enthusiasm outpaced prudence, resulting in, as has been frequently noted, ‘too much spaghetti being thrown against the wall.’ Subsequently, the sector experienced a correction, affecting next-generation checkpoints, costimulatory molecules, cell therapies, and other modalities. When ADCs emerged as the next major trend, many either rushed into this new area or pivoted away from oncology into INI, CNS, etc.
However, reports of Immuno-Oncology’s demise have been greatly exaggerated, and the notion that oncology is no longer a leading area for dealmaking or investment is inaccurate. As the Gartner hype cycle demonstrates, after a period of decline, a resurgence often follows, fueled by genuine innovation, whether through sustained effort or serendipity. In this instance, while cancer vaccines and novel combinations of ADCs and CPIs, or next-generation cell therapies including ‘in vivo’ approaches, are progressing, bispecifics, particularly PD-1/VEGF-A bispecifics, are currently driving renewed excitement.
Furthermore, we must acknowledge that the industry ecosystem has shifted significantly since our spring 2024 webinar, and even more so compared to our initial discussion roughly five years ago.
We continue our long-running series, ‘The State of the Art of IO,’ by convening a distinguished panel to discuss ‘IO 2.0’ and the opportunities and challenges ahead, including how emerging biotechs can best position their agents to attract prospective partners in this complex macroenvironment.
Moderators:
- Jeff Bockman, Lumanity
- Viraj Parkeh, Lumanity
Panelists:
- Mike Curran, PhD, MD Anderson Cancer Center
- Michael Kalos, PhD, Managing Director, Next Pillar Consulting, LLC
- Kaveri Pohlman, PhD, MBA, Managing Director, Senior Equity Research Analyst, Clear Street
- Emmett Schmidt, Vice President, Merck
- Mai-Britt Zocca, PhD, President and CEO, IO Biotech
- Samik Upadhaya, PhD, Director of Scientific Affairs, Cancer Research Institute
May 13, 2025, 10:30am-12:00pm ET