Q & A Highlights

Q: Can you provide an update on the in vivo CAR-T BCMA program and its strategy with partner J&J? A: Alan Bash (Interim CEO): Legend will be conducting an investigator-initiated clinical study in China evaluating LB2505, an investigational BCMA-targeted in vivo CAR-T therapy for multiple myeloma. This program is subject to the terms of the collaboration agreement with J&J, so additional details cannot be shared at this time, but updates will be provided when appropriate.

Q: What is the minimum duration of response needed to be confident in the durability of a complete response for LB2501, and is ASH a reasonable expectation for updated Phase 1 data? A: Alan Bash (Interim CEO): Previously at EHA, durability was shared as long as 120 days. The target is to share data at the six-month CR rate, with updates to be provided at future medical conferences.

Q: What feedback are you hearing from physicians regarding the MonumenTAL-6 data, managing toxicities, and sequencing relative to CARVYKTI? A: Alan Bash (Interim CEO): J&J intends for the tec/tal combination to be used primarily in later lines. Legend is focused on educating physicians on CARVYKTI's key differentiators: one-and-done versus continuous therapy, long-term treatment-free intervals, and the potential for cure. The conversation has shifted to sequencing, with real-world evidence suggesting patients benefit from receiving CAR-T first before other BCMA options.

Q: Can you elaborate on why having more outpatients changes gross margin dynamics, and is the goal of large molecule-like cost of goods still the plan? A: Alan Bash (Interim CEO) & Carlos Santos (CFO): Outpatient volume is now approximately 60% of the overall mix and comes with various dynamics that could impact gross margin. Carlos added that COGS is still expected to decline over time, with a clear path to industry-standard gross margins of around 75% once all nodes are at a steady state.

Q: Can you expand on the revenue cadence for Q3 and Q4, and recap the motivation behind the recent equity raise? A: Carlos Santos (CFO) & Alan Bash (Interim CEO): The follow-on was an opportunistic raise following strong in vivo data at EHA, providing flexibility to accelerate LB2501 and the broader in vivo platform, and to fund R&D efforts after repaying the J&J loan. Alan indicated global sequential growth across the balance of the second half of 2026.

Q: Is the China tax rate applied to global profits a cash payment or an accounting tax rate, and is there a historical payment to J&J for CapEx? A: Carlos Santos (CFO): The tax provision reflects the expected impact of an agreement as a component of income tax expense in Q2, including profitability realized in other legal entities. Regarding J&J, a loan of around $300 million with accrued interest became a current liability this year, and it is being paid down through cash repayments and recoupment of profits, with full settlement expected this year.

Q: Is the CEO search focused on a commercial operator or a platform CEO, and how are you thinking about developing the lead NHL in vivo program? A: Alan Bash (Interim CEO): The Board is conducting a thorough search without an artificial deadline, looking holistically for the best long-term leader. For LB2501, the intention is to conduct the Phase 1 study ourselves, while remaining open to partnership options long-term across the in vivo platform to maximize value.

Q: How does the J&J partnership impact in vivo development in autoimmune disease, and what are the differences between your platform and Sail? A: Alan Bash (Interim CEO): The announcement today is around BCMA CAR-T in multiple myeloma, which is subject to the J&J agreement. Legend remains very interested in autoimmune disease with multiple targets. The Sail platform is preclinical, using circular mRNA and LNP, which is very different from Legend's LV-based program that has already shown clinical data in non-Hodgkin's lymphoma.

Q: Should we expect updates on allogeneic or other autologous CAR-Ts in the next year, given the focus on in vivo? A: Yuhong Qiu (Interim Head of R&D): The in vivo and allogeneic platforms each have their strengths. While in vivo is prioritized, allogeneic still has a place. Updates on the G39D program will be provided at future conferences.

Q: What is the current 2L to 4L mix breakdown, and how are you thinking about extending the in vivo platform into solid tumors? A: Alan Bash (Interim CEO): The 2L through 4L mix now comprises over 70% of US volume, with 2L and 3L being the fastest-growing part of the business. For solid tumors, Legend is looking across a range of potential targets, with more to come. The DLL3 auto CAR-T data was meaningful, and Novartis will take that asset forward into full clinical development.

Q: What is the potential impact on CARVYKTI from J&J's MonumenTAL-6 data, and does the sequential global sales growth apply to US sales? A: Alan Bash (Interim CEO): Bispecifics offer a very different value proposition. J&J reiterated that CARVYKTI has the potential to be a $5 billion-plus peak sales asset. The focus is on the one-and-done opportunity, long-term remissions, and potential for cure. Real-world evidence suggests patients get better outcomes when receiving CAR-T first. The company maintains its comment on global sequential growth quarter-on-quarter.

Q: With the iberdomide PDUFA upcoming, how does this inform the potential for filing on MRD for CARTITUDE-6 and accelerating time-to-market in frontline? A: Yuhong Qiu (Interim Head of R&D): MRD has become a necessary surrogate for effective therapies to reach patients earlier. Although the MRD ODAC correlation analysis does not include CAR-T data sets, Legend continues to work with the FDA on the possibility of using MRD as a surrogate for registration purposes for CAR-T therapy, and CARTITUDE-6 will continue this effort.

For the complete transcript of the earnings call, please refer to the full earnings call transcript .