OSE Immunotherapeutics has announced the first patient dosing in a new trial, marking the introduction of the company’s fifth asset to clinical development. The first-in-human Phase I/II trial will investigate the use of the company’s proprietary anti-PD-1 monoclonal antibody, OSE-279, in solid tumours or lymphomas. We expect data from this new trial will be important in informing the development of new drug candidates and combinations for the company. The use of anti-PD-(L)1 therapies is commonplace in oncology, but their use can be limited by a lack of response and resistance. Hence, if OSE can demonstrate a competitive profile for OSE-279, we believe the opportunity for the company could be considerable. OSE-279 also forms the backbone of the company’s bifunctional checkpoint inhibitor platform (BiCKI). In our view, this announcement provides further evidence that OSE can consistently bring new projects to the clinic. Our valuation and financial estimates are under review while we incorporate OSE-279 into our assumptions.