Context Therapeutics - Promising combination therapy for ONA-XR

Context Therapeutics announced plans to collaborate with the Menarini Group to study ONA-XR in combination with elacestrant, an oral selective estrogen receptor degrader (SERD) for the treatment of second/third-line HR+/HER2- metastatic breast cancer (mBC) patients. The Phase Ib/II study (ELONA trial) is expected to commence from Q422. This is a key development as elacestrant is the first oral SERD to demonstrate higher efficacy than fulvestrant (standard of care) in Phase III studies. Fulvestrant is an injectable SERD and we believe an oral formulation within this drug class would improve patient adherence. Greater efficacies are often observed in combinational oncology therapies, so we believe the upcoming ONA-XR/elacestrant trial is an encouraging clinical advancement. ONA-XR has previously shown promising preclinical data in combination with anti-estrogen therapy. We value an incremental contribution of $1.1/share from this program.