Autolus Therapeutics plc Q4 FY2025 earnings call

• Operational: Had a successful first year launch of RazorCastle in the US in 2025, 67 centers activated, positive physician feedback. Achieved EU and UK regulatory approvals and initiated UK launch. - Key activities: Working to broaden the product's utility across indications like pediatric ALL, systemic lupus, and progressive MS. Planned a virtual KOL event on acute leukemia in two weeks. Anticipated longer term follow - up from the Carlisle phase one trial, first data from the AutoAid program, early data from the Bobcat phase one trial, full phase two data from the catalyst study by end of 2027, and Lumina study data in 2028.

In 2025, RazorCastle generated $74.3 million in revenue in the US with 67 centers activated. For 2026, net revenue is guided to be between $120 - 135 million, aiming for positive gross margins with an increasing commercial footprint targeting over 80 activated centers by year - end 2026. Regulatory approvals were achieved in the EU and UK, and launch in the UK began. The ROCA Consortium collected data on 96 patients treated with Ocacil, 91 received infusions, 84 were evaluable for day 28 response assessment with a high complete remission rate in the real - world setting. For pediatric ALL, the catalyst study is ongoing, with phase one data presented at ASH. In systemic lupus, the Carlisle study determined the recommended phase two dose, the Lumina study is enrolling for lupus nephritis, and the Bobcat study is enrolling for progressive MS.

• Reiterated 2026 net revenue guidance of $120 - 135 million. - Expect positive gross margins in 2026 due to larger volumes reducing fixed costs and operating model improvements lowering variable costs per batch. - Current cash and marketable securities expected to fund operations into Q4 2027.

• Q: Regarding the 2026 guide of $120 - 135 million, how much from UK and other XUS regions, latest on EU adoption/reimbursement for OCATL, and OCATL update in 1Q26.

A: Not breaking out UK and other XUS regions contribution, too early for EU contributions in 2026, seasonality affects Q1 but confident in full year aggregate. - Q: Do results influence physician behavior, are they sufficiently socialized, insights on Lumina enrollment, and how to view patients who only receive one dose.

A: ROCA data is important for building physician confidence, work to expand adoption, Lumina study is gaining momentum, revenue from patients with one dose is recognized based on cash receipt and patient characteristics. - Q: Cadence of catalysts for the year, potential early disclosure, and intervals measuring disability progression in the Bobcat study.

A: Not planning early disclosure of Bobcat data as early data is misleading, intervals in Bobcat include pharmacodynamic markers, B - cell depletion data, etc. - Q: Thoughts on Stanford data and Bobcat, and differentiation of AutoAid in ALM.

A: Stanford data is encouraging but early, Bobcat data will be assessed later, AutoAid's CD19 aspect will be seen in terms of differentiation from Silvacel. - Q: Near - term gross margin once positive, integration of Solaris automated platform, and cost reduction magnitude.

A: Drive down costs through higher volume and operating model optimization, Solaris is for scaling, focus on scaling. - Q: Follow - up on primary MS study dose cohorts, BAR for success, and BALL launch in earlier line setting.

A: Exploratory study with dose escalation, early data on product properties, BALL launch not in frontline MRD setting currently but interested in investigator - sponsored studies. - Q: Additional follow - up on Carlisle trial and Lumina study.

A: Carlisle study expected 1.5 years follow - up for 50 million cohort, Lumina study has a more defined patient population with prior lines of treatment failed.