LEGN Stock — Legend Biotech Corporation: Cash, EV, Pipeline

What they do

We face various legal and operational risks and uncertainties associated with having a portion of our operations in China and the complex and evolving PRC laws and regulations.

Source: 20-F FY2025 via SEC EDGAR

Share price

$23.40

Market cap

$4,551.0M

Cash

$901.9M

Enterprise value

$3,968.2M

Balance sheet

Cash	$901.9M
Debt	$319.1M
Net cash	$582.8M
Enterprise value	$3,968.2M
Basic shares	184.9M shares
Fully diluted shares	190.0M shares
Fully diluted market cap	$4,446.3M
Cash per share	$4.88
Quarterly burn	$12.2M
Cash runway	73.9 quarters

Cash figures as of 2025-12-31. Database snapshot: 2026-11-07.

Share structure

Common

184.9M

Pre-funded warrants

0.0M

Options

1.8M

RSUs

3.3M

Warrants

0.0M

Converts

0.0M

Conv preferred

0.0M

ESPP reserve

0.0M

FDSO

190.0M

Cap table components pending verification.

Price history

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Next catalyst

LB1908 · Jan 12 - Feb 23 in 14 mo · Phase 1 · Gastric Cancer; Gastroesophageal-junction Cancer; Esophageal Cancer

Upcoming catalysts

Expected	Drug	Phase	Indication	Mgmt guide
Jan 12 - Feb 23 in 14 mo	LB1908	Phase 1	Gastric Cancer; Gastroesophageal-junction Cancer; Esophageal Cancer	—
Jan 12 - Feb 23 in 14 mo	LB2102	Phase 1	Small Cell Lung Cancer Extensive Stage; Large Cell Neuroendocrine Carcinoma of the Lung	—
Mar 13 - Apr 24 in 16 mo	LUCAR-G79D T cells	Phase 1	Systemic Lupus Erythematosus (SLE); Idiopathic Inflammatory Myopathies(IIM)	—
Feb 11 - Mar 25 in 40 mo	LUCAR-DKS1 NK cells	Early Phase 1	Relapsed/Refractory Autoimmune Diseases	—

Estimated readout windows: registry primary-completion date + 6-12 weeks. Windows already open are shown from "Now". Drug names link to ClinicalTrials.gov.

Full readout calendar →

Pipeline assets

CARVYKTI

Approved · Active Modality: CAR-T cell therapy (BCMA-directed)

Aliases cilta-cel

Target BCMA

Partnerships Janssen Biotech (Johnson & Johnson): worldwide development/commercialization collaboration; Novartis: commercial-scale contract manufacturing of cilta-cel

Indications

Relapsed/refractory multiple myeloma (Approved)

Status note Legend's only named candidate; commercialized under the Janssen agreement since 2022. Net trade sales of approximately $1.9 billion in 2025. Manufacturing in US, Belgium and China, plus Novartis CMO capacity.

Per-asset detail extracted from the 20-F filed 2026-03-10. Fields the filing does not state are marked "not disclosed" rather than filled from other sources.

No lead program on file for this company.

Active clinical trials

Trial	Phase	Status	Role	Sponsor	BP	Condition(s)	Mgmt guide
NCT05539430	Phase 1	Active, not recruiting	Sponsor	LEGN	—	Gastric Cancer; Gastroesophageal-junction Cancer; Esophageal Cancer	—
NCT05680922	Phase 1	Active, not recruiting	Sponsor	LEGN	—	Small Cell Lung Cancer Extensive Stage; Large Cell Neuroendocrine Carcinoma of the Lung	—
NCT07331272	Phase 1	Recruiting	Sponsor	LEGN	—	Systemic Lupus Erythematosus (SLE); Idiopathic Inflammatory Myopathies(IIM)	—
NCT07095075	Early Phase 1	Recruiting	Sponsor	LEGN	—	Relapsed/Refractory Autoimmune Diseases	—
NCT07100067	Not disclosed	Recruiting	Sponsor	LEGN	—	Relapsed/Refractory Multiple Myeloma(MM)	—
NCT07002112	Phase 1	Recruiting	Collaborator	The First Affiliated Hospital with Nanjing Medical University	—	Relapsed/Refractory B-cell Malignancies	—
NCT07628582	Phase 1	Not yet recruiting	Collaborator	The First Affiliated Hospital with Nanjing Medical University	—	Relapsed/Refractory B-cell Malignancies	—
NCT07763938	Phase 1	Not yet recruiting	Collaborator	The First Affiliated Hospital with Nanjing Medical University	—	Relapsed/Refractory B-cell Malignancies	—
NCT06494371	Phase 1	Recruiting	Collaborator	Ruijin Hospital	—	Hodgkin's Lymphoma; Anaplastic Large Cell Lymphoma	—
NCT06395870	Phase 1	Recruiting	Collaborator	Tianjin Medical University Cancer Institute and Hospital	—	B-Cell Non-Hodgkin Lymphoma-Recurrent; B-Cell Non-Hodgkin Lymphoma-Refractory	—
NCT06313957	Phase 1	Recruiting	Collaborator	Peking University Cancer Hospital & Institute	—	Relapsed B-cell Non-Hodgkin Lymphoma; Refractory B-cell Non-Hodgkin Lymphoma	—
NCT07294625	Early Phase 1	Recruiting	Collaborator	The First Affiliated Hospital with Nanjing Medical University	—	Multiple Myeloma	—

Sponsor-matched active trials from ClinicalTrials.gov (5 as sponsor, 11 as collaborator); "Sponsor" = company is the lead sponsor, "Collaborator" = company is a collaborator. The BP column flags big-pharma involvement as lead sponsor or collaborator (excluding the company itself). The Mgmt guide column shows what management guided for readout timing when a guided program matches the trial (hover for the quote, click for the source). Trial listings are not a company pipeline slide.

View all 16 active trials for Legend Biotech USA Inc on ClinicalTrials.gov

Specialist fund holders

Tracked specialist funds: ADAR1 Capital Management, Aisling Capital, Ally Bridge Group, Avoro Capital Advisors, BVF Partners, Baker Bros. Advisors, Boxer Capital, Braidwell LP, Casdin Capital, Cormorant Asset Management, DAFNA Capital, Deerfield Management, EcoR1 Capital, Frazier Life Sciences, Great Point Partners, Ikarian Capital, Logos Global Management, OrbiMed Advisors, Perceptive Advisors, RA Capital Management, RTW Investments, Sphera Biotech, Stonepine Capital, Tang Capital Partners, Vivo Capital.

Fund	Shares	Q/Q change	% of portfolio	Filing
Deerfield Management	8,137,638	+450,000	2.45%	2026-08-14
EcoR1 Capital	800,000	+800,000	1.15%	2026-08-14
ADAR1 Capital Management	0	-20,000	0.00%	2026-08-14
Ikarian Capital	0	-226,888	0.00%	2026-08-14

Specialist-fund positions from 13F filings. Q/Q change is vs the prior quarter's filing; % of portfolio is the fund's own reported portfolio weight.

Latest news

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LEGN — Legend Biotech Corporation ☆

What they do

Balance sheet

Share structure

Price history

Next catalyst

Upcoming catalysts

Pipeline assets

Active clinical trials

Specialist fund holders

Latest news

LEGN — Legend Biotech Corporation