The self CAR-T price disadvantage is particularly prominent, and the in vivo CAR-T has the potential to address the issue.

Orient Research Report states that autologous CAR-T therapy has great appeal due to its excellent efficacy, with global sales expected to reach nearly $6 billion by 2025. Recent outstanding data on TCE has raised concerns in the market about the prospects of autologous CAR-T, mainly due to the complexity of the preparation and use process, as well as the high cost leading to a price disadvantage. In vivo CAR-T is a highly promising direction to address these issues, currently in early clinical stages with preliminary data verifying efficacy and safety potentially superior to autologous CAR-T. Many large-scale cooperation deals or acquisitions have already been made by multinational corporations (MNCs), with numerous domestic companies also positioning themselves strategically for future transactions. Key points from Orient include: TCE threat highlights challenges for autologous CAR-T CAR-T is synonymous with a ceiling on hematologic tumor efficacy and the ability to "cure" with a single dose, with 15 autologous CAR-T therapies already approved globally and sales expected to reach $5.9 billion by 2025 (a 30% increase). MajesTEC-3 research data presented at the 2025 ASH conference on BCMATCE (T cell coupling technology) combined with daratumumab for the treatment of complex/refractory multiple myeloma (R/RMM) shows efficacy comparable to CARVYKTI and even better progression-free survival rates, with good safety profile. This highlights the complexities of production, use process, high cost, and price disadvantages of autologous CAR-T, necessitating new breakthroughs. In vivo CAR-T shows great potential with preliminary data verification CAR-T therapies with simpler production and lower costs mainly include allogeneic CAR-T and in vivo CAR-T. Considering that the former still requires T cell modification and conditioning in vitro, with a risk of fatal graft-versus-host disease (GvHD), in vivo CAR-T is seen as having more potential. Currently, over 20 in vivo CAR-T products are in clinical stages, with early progress overall. Five in vivo CAR-T products have disclosed human data, showing definite short-term efficacy in treating hematologic tumors similar to autologous CAR-T, with some products having better safety profiles. Long-term efficacy and safety after administration need observation, while LNP vector products requiring multiple doses demonstrate excellent safety and preliminary efficacy signals in autoimmune diseases, showing potential in the field of autoimmunity in the future. MNCs are actively positioning themselves, with increasing certainty Since 2025, over 10 in vivo CAR-T-related transactions have occurred, with multinational corporations such as AstraZeneca, AbbVie, and Bristol-Myers Squibb (BMS) actively positioning themselves for cooperation/acquisitions, mostly focusing on lentiviral vector pipeline/companies. Data catalysts suggest that over ten clinical data could be read out this year, with many being pipeline's first-time clinical data reads. The clinical performance of in vivo CAR-T has been preliminarily confirmed, with technical path certainty on the rise, expected to become the mainstream form of CAR-T in the future. MNC demand is high, while domestic companies may be slightly behind in their positioning, they lead in quantity and are likely to participate in multiple transactions in the future. Risk factors Risks of failure in innovative drug development; intensifying market competition risks; risks in the commercialization of innovative drugs, etc.