CARsGen-B (02171) fell more than 8% in Hong Kong trading, extending recent losses. At the time of writing, the stock was down 8.06% to HK$13, with a turnover of HK$18.93 million. A research report from Orient Securities highlighted data from the MajesTEC-3 study presented at the ASH 2025 conference. The study evaluated the BCMA T-cell engager teclistamab in combination with daratumumab for treating relapsed/refractory multiple myeloma. The data showed efficacy comparable to CARVYKTI, with even superior progression-free survival rates and a favorable safety profile. The report noted that while autologous CAR-T therapies are highly attractive due to their strong efficacy, with global sales approaching $6 billion in 2025, recent positive TCE data has raised market concerns about the future of autologous CAR-T. The primary concerns are the complex manufacturing and administration process and the significant cost disadvantage of autologous CAR-T, which become more pronounced when efficacy is similar. In vivo CAR-T is seen as a highly promising direction to address these challenges.