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Faron to report final MATINS results in melanoma

FARONAnalyst Comment20.10.2026 klo 09.28
Antti SiltanenAnalyst
Discuss

Summary

  • Faron announced it will publish final results of the MATINS melanoma cohort at the 2026 ESMO Congress, confirming that bexmarilimab (BEX) increases immune system activity but shows limited efficacy as a monotherapy.
  • The MATINS trial results showed a 20% disease control rate and a median overall survival of 7.6 months, with no significant tumor shrinkage observed.
  • Faron's focus has shifted to combination therapies for solid tumors, with ongoing trials like BLAZE and BEXAR exploring BEX with other drugs.
  • The most significant potential for Faron's value creation lies in the BEXERA trial for blood cancers, expected to present results in late 2027.

This content is generated by AI. You can give feedback on it in the Inderes forum.

Translation: Original published in Finnish on 10/20/2026 at 7:56 am EEST.

On Monday, Faron announced that it will publish the final results of the MATINS melanoma cohort at the 2026 ESMO Congress. The results are in line with previous interim data and confirm that bexmarilimab (BEX) increases immune system activity in melanoma patients. On the other hand, the results suggest limited efficacy when used as a monotherapy (a single medication). While Faron has not continued developing bexmarilimab as a monotherapy, ongoing projects combine it with other drugs to treat solid tumors. Preliminary results from the BLAZE (bexmarilimab + PD-1 inhibitor for melanoma and lung cancer) and BEXAR (bexmarilimab + chemotherapy for soft tissue sarcoma) trials will be available next year.

MATINS results demonstrated biological activity of the drug, but its efficacy alone is limited

The melanoma cohort in Faron’s Phase I/II MATINS trial consisted of 25 patients with advanced disease who did not respond to previous PD-1 inhibitor treatments. According to the final results, BEX monotherapy achieved a 20% disease control rate, and the median overall survival of patients was 7.6 months. To the best of our knowledge, no significant tumor shrinkage was observed in the patients. Patients who achieved disease control had significantly longer survival times (15.2 months) than the others (6.2 months), though this difference was not statistically significant due to the small patient population. Since the study did not include a control group and all patients received bexmarilimab, it is difficult to distinguish the drug's effect from that of other variables.

Patients who achieved disease control showed lower baseline serum interferon gamma (sIFNγ), which increased by an average of 181% during treatment. This finding supports the company's hypothesis that BEX can reactivate an immune response that has been switched off. Although the clinical efficacy of monotherapy remains limited in a difficult-to-treat patient population, the biological response provides a logical basis for the drug's use in combination therapies.

Focus in solid tumors has already shifted to combination treatments

As we have previously noted, we estimate that BEX's efficacy alone in treating solid tumors will not be sufficient for a significant commercial breakthrough. In fact, Faron's research program has already shifted its focus on solid tumors to investigator-initiated combination studies. The newly published MATINS data therefore primarily serves as a scientific springboard for the recently initiated BLAZE trial, in which BEX is combined with the PD-1 inhibitor nivolumab. The BLAZE study aims to use BEX first to counteract tumors' immune-suppressing ability so patients will respond to the PD-1 inhibitor again. In another combination trial, BEXAR, bexmarilimab is being combined with the chemotherapy drug doxorubicin to treat soft tissue sarcoma.

For now, we view the solid tumor projects as options because the BLAZE trial is still in its very early stages. The most important driver of Faron’s value creation and potential is its own BEXERA trial, which focuses on blood cancers and is expected to present its first results in late 2027. While we are following the progress of the solid tumor trials with interest, the decisive evidence in terms of the stock's expected return will come from the field of blood cancers.

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Faron is a global, clinical-stage biopharmaceutical company, focused on tackling cancers via novel immunotherapies. Its mission is to bring the promise of immunotherapy to a broader population by uncovering novel ways to control and harness the power of the immune system. The Company's lead asset is bexmarilimab, a novel anti-Clever-1 humanized antibody, with the potential to remove immunosuppression of cancers through reprogramming myeloid cell function. Bexmarilimab is being investigated in Phase I/II clinical trials as a potential therapy for patients with hematological cancers in combination with other standard treatments.

Read more on company page

Key Estimate Figures27.08.

202526e27e
Revenue0.00.00.0
growth-%
EBIT (adj.)-19.0-22.6-27.0
EBIT-% (adj.)-474,000.0 %-565,050.0 %-675,000.0 %
EPS (adj.)-0.23-0.09-0.12
Dividend0.000.000.00
Dividend %
P/E (adj.)neg.neg.neg.
EV/EBITDAneg.neg.neg.

Forum discussions

Big dollar inflows into biotech. The Nasdaq Biotechnology Index (NBI) is already up over 3% this morning. The regular Nasdaq is up only 0.13...
4 hours ago
by Kulkuri
4
Regarding the patent publication: In May 2025, Faron announced a five-gene profile that could predict a cancer patient’s treatment response ...
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by Vino Pino
12
The BEXERA study is recruiting ClinicalTrials.gov
6 hours ago
by kyselijä
10
If I have understood correctly (correct me!?), both that Portuguese article and the patent above cover a wide range of different cancers in ...
7 hours ago
by Kulkuri
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Patenttia pukkaa: Inventors HOLLMÉN, Maija-Leena RANNIKKO, Jenna TURPIN, Rita GENE EXPRESSION SIGNATURE FOR DETERMINING RESPONSIVENESS OF SUBJECT...
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revista.spcir.com Lymph Node Metastasis: Scavenger Receptor Mechanisms and Chemotherapy... A review by Portuguese researchers highlights bex...
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by poiju
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That is true indeed. What I was primarily getting at is that while the cash runway is sufficient, loans also have to be amortized at the same...
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