The Opportunity

Significant Investment To Date, Extensive Market Opportunities to Create Myeloid Disorder Franchise Through Targeting Root Causes of Certain Immunology and Inflammation Processes

Prior Investment

In early 2024, Taran acquired the assets of Humanigen, a NASDAQ-listed company, through a 363 sale, and acquired these assets for cash 'free and clear'. The assets included LENZ, which had already been developed in immunology, inflammation and oncology at a cost of more than $500 million across these indications and manufacturing optimization., as well as IFAB.

Those past investments provide an unusual opportunity for Taran as a new company with established assets in late-stage clinical trials: completed studies establish the safety and efficacy profile of LENZ, extensive CMC work has been completed, and extensive product inventory is on hand.

A Phase 2/3 trial for LENZ in a form of leukemia (chronic myelomonocytic leukemia) is almost fully enrolled and promising data is emerging in acute myeloid leukemia and myelodysplastic syndrome. Prior studies have been completed in CMML, asthma, rheumatoid arthritis, COVID and as a companion therapy to CAR-T.

Multiple conditions which are driven by the myeloid compartment and including monocytes and macrophages, may be targeted by LENZ, which neutralizes a key driver of these myeloid conditions.

Regulatory Opportunity

Taran is pursuing treatments and potential cures for myeloid diseases of high unmet medical need such as CMML, AML, MDS and others, which number patients in the many tens of thousands each in major markets. Multiple other cancerous conditions may be driven by myeloid cell activation, which could potentially be neutralized by LENZ. There are many immunologically-driven inflammatory conditions, such as rheumatoid arthritis and inflammatory bowel disease which may also respond biologically to LENZ. These conditions affect tens of millions of people worldwide. But Taran is also interested in tackling conditions for which there are no or inadequate treatment options for many sufferers, including those with relatively small patient numbers, such as JMML, a potentially lethal disease in children that is newly diagnosed in about 100 children a year in the US.

Our commitment to these rare and orphan diseases makes us eligible for regulatory benefits intended to encourage work in these areas. For example, if priority review is granted by the U.S. Food and Drug Administration for JMML and LENZ is first approved in the US in that indication, the approval may include issuance of a transferable Priority Review Voucher, currently changing hands for $100-125MM.

In addition, while the number of patients with CMML, AML and MDS is now thought to be more substantial than previously, they would still be technically regarded as 'orphan' conditions and multiple country regulatory agencies offer financial, review and other incentives to products that treat orphan conditions.

After completing a deep analysis of mutations and spliceosome dysregulation in patient-level leukemia data, we uncovered unifying biological drivers that reshape our understanding of important and pressing diseases. These represent a common, targetable axis across multiple myeloid malignancies. This insight elevates our mission far beyond a single indication or a single drug. We are an immunology/inflammation company focused on myeloid conditions, both those that lead to cancer and those that cause significant disease burden, such as rheumatoid arthritis and inflammatory bowel and other diseases.

This means Taran has the foundation for a broader precision-myeloid platform and Taran sits at the convergence of three high-value domains:

Genetically defined myeloid malignancies (CMML, MDS, AML, CML and several other cancerous conditions)
Spliceosome-driven disease biology
Targeted cytokine modulation where GM-CSF plays a pathogenic role – a vast range of immune and autoimmune inflammatory conditions

These intersect to define a single, cohesive pipeline strategy: develop therapies for diseases unified by shared myeloid biology, not historical labels.

As a result, the company is clear that it is an immunology and inflammation company with a focus on myeloid conditions.

We are expanding our development focus to the full continuum of myeloid neoplasms, building precision biomarker programs, and structuring our Phase 3 in CMML around both clinical and molecular selection that can unlock accelerated approval.

Taran Therapeutics stands for three things:

Precision: Targeting hallmark mutations that define disease behavior.
Integration: Unifying CMML, MDS, AML, and related malignancies into a single biological continuum.
Transformation: Developing therapies that meaningfully improve survival, quality of life, and long-term outcomes for patients in multiple immunological and inflammatory conditions.

Our belief is simple:

If we understand the biology, we can change the trajectory of these diseases.

This is the beginning of a new chapter—not just for us, but for the entire field of myeloid therapeutics.

We are not building a product company. We are building the company that will redefine treatment for patients across the immunology/inflammatory spectrum.

Investment Thesis

Lenzilumab (LENZ) is a first-in-class anti–GM-CSF monoclonal antibody poised to become the foundational therapy across CMML, RAS-mutant AML, RAS-mutant MDS, and broader myeloid disorders.

Updated WHO/ICC 2022 criteria expand CMML and RAS-positive myeloid populations 10× vs. historical estimates, unlocking a blockbuster-scale opportunity (~120–150K treatable patients across US+EU5).

LENZ exhibits 86% response rates in CMML vs. 17–21% for standard therapy, with exceptional tolerability in ~700 patients dosed historically.

The commercial profile resembles Gleevec (CML), Jakafi (MF), and Ultomiris/Soliris (PNH → gMG)—all once perceived as small, rare indications that became >$3–8B/year franchises via label expansion and chronic use.

Market Opportunity

Launches: CMML 2029 → AML 2030 → MDS 2031

Uptake curve: 10% → 40% over 5 years

Total Global Revenue Potential (risk-adjusted)

Peak risk-adjusted revenue: ~$8B/year
Cumulative 15-year gross: $130–140B
Risk-adjusted cumulative: $50–90B

CMML acts as the “anchor” (similar to PNH for Soliris), while AML/MDS become the “gMG-scale” expansions.

Valuation Summary

DCF (Risk-Adjusted)

Gross NPV (15-year, 12% discount): $23.85B
Risk-adjustment factor: 55% blended PoS
Operating friction (COGS/SG&A): –30%

→ DCF EV Today: $9.1–9.3B

Sum-of-the-Parts (SOTP)

CMML $5.0B High PoS (60–70%), chronic use, strong P2/3 data; AML (RAS+ / t-AML) $2.0B, high unmet need, emerging evidence; MDS (RAS+) $0.4B, moderate PoS; Optionality (CHIP, t-MN, CAR-T CRS, autoinflammatory) $1.0–1.5B, not in DCF; strategic upside.

SOTP TOTAL

$8.4–8.9B; Final Valuation Range $8.5B – $9.5B

(Conservative floor: $6.5B; Blue-sky: $12–15B)

Key Value Drivers

New WHO/ICC classification expands CMML prevalence 10×
No approved CMML therapies; LENZ becomes first viable SOC backbone
Best-in-class safety enabling chronic use (4+ years in some P2 pts)
Strong mechanistic rationale across SRSF2, ASXL1, TET2, RAS-pathway
Label expansion mirrors Gleevec, Jakafi, Soliris, each >$20B cumulative revenue

Our Partners

The University of Adelaide and the South Australian Health and Medical Research Institute, with the assistance of an Australian government grant, are pursuing the PREACH-M Phase 2/3 study for life-threatening Chronic MyeloMonocytic Leukemia (CMML). Encouraging data has also been generated in other myeloid disorders, including AML and MDS. Further conditions are being studied.

The Mayo Clinic is planning to study LENZ to potentially increase the safety and effectiveness of CAR-T cancer therapy, supported by positive Phase 1b results. Taran plans to contribute LENZ for the study, which is expected to involve 160 patients over four years, with the majority of funding contributed by Mayo and commercial payers.

The Olivia Newton John Cancer Research Institute in Melbourne, Australia, a leading research center and world leader in design, construction and development of ADCs is partnering with Taran on its IFAB ADC program in solid tumors. Multiple ADCs have been constructed and tested in animal models, with the most promising now ready to enter a Phase 1 study in multiple types of cancer.

Get In Touch

We'd love to hear from you.