Eli Lilly’s acquisition of Kelonia Therapeutics is providing a rapid payoff: Kelonia delivered an in vivo CAR-T update at ASCO 2026 showing complete responses across the multiple myeloma cohort reported in the presentation. The data add to the evidence base supporting in vivo CAR-T approaches that aim to enable direct in-body engineering rather than ex vivo cell manufacturing. The update focuses on efficacy outcomes in the subset of patients treated with Kelonia’s in vivo construct, which has been closely watched by CAR-T developers for its potential scalability advantage. With large-scale manufacturing a central challenge for traditional CAR-T, continued in vivo performance signals could influence the competitive landscape as the modality pushes toward larger trials.