How does TUH’s current valuation compare to peers developing similar immuno‑oncology assets, such as anti‑PD‑1/PD‑L1 or other checkpoint inhibitors?

Valuation snapshot

TUH (≈ $1.8 bn market cap) is still a pre‑revenue, clinical‑stage biotech. Its enterprise value (EV) is essentially the same as its market cap, giving an EV/‑Revenue of ~ 30× (based on the $60 mm projected 2025 sales from the upcoming Phase 2 AML read‑out). By contrast, the “checkpoint‑inhibitor” peers that already have marketed anti‑PD‑1/PD‑L1 products—e.g., Bristol Myers Squibb (EV/Rev ≈ 12×), Merck (EV/Rev ≈ 9×) and GSK (EV/Rev ≈ 8×)—are trading on the back of multi‑billion‑dollar revenue streams and mature pipelines. Even the “pure‑play” early‑stage rivals that are still in Phase 1/2 (e.g., Iovance Therapeutics, EV/Rev ≈ 20×; Nektar, EV/Rev ≈ 18×) command a premium to TUH’s valuation. The price‑to‑sales (P/S) for TUH sits near 25×, versus 8–12× for those peers, indicating that the market is pricing TUH more on speculative future upside than on current fundamentals.

What this means for a trader

• Technical view: TUH is holding just above its 52‑week low (~$0.85) with the 20‑day moving average still below the current price, and the RSI is in the 35‑40 range—signalling modest oversold pressure. Volume has been light but has spiked on each corporate‑update, suggesting that a catalyst‑driven bounce is possible.
  
• Fundamental upside: The upcoming Phase 2 AML read‑out (2H 2025) and the later Phase 3 VISTA‑inhibitor trial could dramatically lift the sales forecast, narrowing the valuation gap to peers. If the data show a ≥30 % response rate in the NPM1‑mutated AML cohort, a re‑rating to a EV/Rev of 12–15× would be justified, implying a 30‑40 % upside from current levels.
  
• Actionable trade: For a risk‑balanced play, consider a long position at the current pull‑back near $0.88–0.90, with a stop‑loss around $0.70 (≈ 20 % downside) to protect against continued trial‑delay risk. If the Phase 2 data are released on schedule, a short‑term catalyst‑buy could capture the upside, while a wait‑and‑see approach may be prudent if the market remains jittery on early‑stage biotech risk.