EHA 2026 Call: Selcodebart Strengthens Conviction; Bitopertin on Track

Research evidence excerpt

EHA 2026 Call: Selcodebart Strengthens Conviction; Bitopertin on Track

IdeaMassumptions accordingly and our peak sales goes to $866mn unadjusted ($433mn

risk-adjusted) from $643mn unadjusted ($257mn risk-adjusted). We remove credit in

CKD (previously 15% PoS). The net result is that our PT goes to $85 (from $80).

PRO data demonstrate clinically meaningful symptom improvement and results

further reinforce selcodebart’s broad positioning across MF subgroups.

Improvements in FACIT-Fatigue (≥3‑point improvement in FACIT‑Fatigue considered

the consensus threshold for clinically meaningful benefit) were observed, alongside

~50% of pts achieving ≥50% reduction in MPN‑SAF TSS. Mgmt. noted that

FACIT‑Fatigue is especially applicable to nTD and TD‑low pts, where symptom

improvement tracks with Hgb gains, while TD‑high pts derive primary benefit from

transfusion reduction. Responses were consistent regardless of concomitant JAK

inhibitor use, with PK and hemoglobin responses remaining stable (variability with

pacritinib attributed to temporary drug holds). On competition, mgmt. does not

view recent competitive updates as altering the landscape and they expect many pts

will still require combination with selcodebart to manage anemia regarding mCALR-

targeted antibodies (which represent 25-30% of MF overall but are

underrepresented in the anemia population). On the potential of evaluating

selcodebart in combo, the company indicated it is open to evaluating small combo

studies alongside Phase 3. Beyond MF, the Phase 2 RALLY‑IBD initiated in 1Q26 with

initial results expected next year. Additional RALLY‑MF data and an EOP2 meeting

are expected by YE26 ahead of Phase 3 initiation in 1H27.

Exhibit 1: Selcodebart improvement Exhibit 2: Selcodebart efficacy