Late‑breaking data from the Majestec‑3 trial presented at ASH show that the combination of teclistamab (a BCMAxCD3 bispecific) plus daratumumab produced an 83.4% three‑year progression‑free survival rate versus 29.7% with standard of care in relapsed or refractory multiple myeloma. Presenters described a large PFS benefit and a plateau in both PFS and overall survival curves, language suggesting durable disease control. The Majestec‑3 results intensify competition among bispecific antibodies, CAR‑T therapies and other immune approaches in myeloma. Analysts and clinicians at ASH framed the data as potentially altering second‑line treatment expectations and sparking debate about sequencing versus cellular therapies. At the same meeting, multiple companies including Gilead, Johnson & Johnson and others unveiled data setting up a bispecific vs CAR‑T rivalry across hematologic malignancies. The ASH readouts underscore rapid clinical maturation of T‑cell redirecting approaches and the near‑term commercial stakes for companies owning these platforms.