Why fund managers call Amplia Therapeutics' pancreatic cancer data an incredible achievement
Amplia Therapeutics achieved an unprecedented complete response rate in pancreatic cancer patients, yet trades at a fraction of comparable biotech valuations.
30 Apr 2026 · 5 min read
In short
Amplia Therapeutics' ACCENT trial confirmed a 7.8% complete response rate in first-line pancreatic cancer patients, compared with a historical 0.2% rate for chemotherapy alone.
The company discontinued a study combining its drug with intensive FOLFIRINOX chemotherapy due to tolerability issues, redirecting focus to KRAS inhibitor combinations.
Pengana Capital Group notes Amplia Therapeutics is valued at only around US$62 million, a fraction of the US$32 billion valuation of KRAS inhibitor leader Revolution Medicines.
Pancreatic cancer drug developer Amplia Therapeutics delivered what Acorn Capital's March 2026 Quarterly Report called an unprecedented result from its ACCENT trial: an independent, centralised analysis confirmed five complete responses, a 7.8% complete response rate in first-line pancreatic cancer, alongside a median overall survival of 11.1 months and an objective response rate of 35.9% across all patients.
A rare complete response rate in one of oncology's toughest cancers
Pengana Capital Group's March 2026 Monthly Report put that result in historical context: chemotherapy alone has historically produced just one complete response out of 430 patients, a 0.2% rate, making Amplia's 7.8% complete response rate with its drug narmafotinib combined with chemotherapy a significant improvement, even as the company works to identify which patients are most likely to benefit and explores combinations with KRAS inhibitors, a newer class of cancer drugs targeting a key mutation found in many cancers.
Amplia is valued at only USD62m despite 7% of patients achieving complete responses (clearance of cancer), which is an incredible achievement.
— Pengana Capital Group, Monthly Report, April 2026
Pengana's April 2026 report detailed a subsequent 36% share price fall after the company discontinued a study combining its drug with the intensive FOLFIRINOX chemotherapy regimen following tolerability issues unrelated to the drug itself, a move the manager viewed as ultimately positive since it preserves cash to focus on the more promising KRAS inhibitor combination studies. Pengana drew a valuation comparison to Revolution Medicines, the leading company in the KRAS inhibitor space, valued at US$32 billion, against Amplia's own valuation of just US$62 million despite what it called an incredible achievement in complete response data.
What managers are watching next
Acorn Capital's April 2026 report confirmed it was supportive of the change in approach to developing narmafotinib, even as the stock gave back some of a 95.8% gain from March following the FOLFIRINOX study halt. With overall survival in the latest study extending to 13 months compared with just 7 months for chemotherapy alone in patients with metastatic disease, and Pengana noting substantial room for improvement remains, the pace of the KRAS inhibitor combination studies is now the key catalyst managers are watching.
Questions
What did Amplia Therapeutics' ACCENT trial show?
Amplia Therapeutics' ACCENT trial showed a 7.8% complete response rate in first-line pancreatic cancer patients when its drug narmafotinib was combined with chemotherapy, compared with a historical rate of just 0.2% for chemotherapy alone, alongside a median overall survival of 11.1 months.
Why did Amplia Therapeutics discontinue its FOLFIRINOX combination study?
Amplia Therapeutics discontinued the study combining narmafotinib with the intensive FOLFIRINOX chemotherapy regimen due to tolerability issues unrelated to its own drug, a move Pengana Capital Group views as positive since it preserves cash to focus on more promising KRAS inhibitor combination studies.
How does Amplia Therapeutics' valuation compare with peers?
Pengana Capital Group notes Amplia Therapeutics is valued at only around US$62 million, despite its complete response data, compared with the US$32 billion valuation of Revolution Medicines, the leading company developing KRAS inhibitor cancer drugs.
3 managers, 9 comments, with each manager's latest recorded position.
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