ACRS: Key Unanswered Questions in the ITK Space - What We Know and What We Hope to Learn in the Months Ahead

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ACRS: Key Unanswered Questions in the ITK Space - What We Know and What We Hope to Learn in the Months Ahead

FLASH NOTE

May 18, 2026

Seamus Fernandez seamus.fernandez@guggenheimpartners.com ACRS: Key Unanswered Questions in the ITK Space

617 859 4637 - What We Know and What We Hope to Learn in the

Alana Lelo, Ph.D.

alana.lelo@guggenheimpartners.com Months Ahead

212 518 9955

Evan Wang Key Message: Given recent news and events, we are reviewing and discussing several

evan.wang@guggenheimpartners.com key controversies in the ITK landscape and how they relate to ACRS's ITK franchise 212 651 9756

and development strategy. Below we review (1) the impact of co-targeting TXK with

Colleen Garvey, Ph.D. ITK and why we believe any concerns are overblown; (2) our thoughts on the Treg

colleen.garvey@guggenheimpartners.com data shared thus far, the implications of this hypothesized immune reprogramming on

617 859 4664 durability, and the rationale or lack thereof for drug holidays in AD; (3) the favorable

Zach Dunn, Ph.D. positioning of ACRS's ITK franchise, particularly the next-gen selective assets; and (4)

zach.dunn@guggenheimpartners.com our skepticism that soquelitinib is suitable for QD dosing. More details below. See our

617 859 4603 recent initiation here: ACRS: Rebuilt and Reaccelerating with Three Pot’l Pipeline in a

Product Opportunities, Don’t Miss ACRS’s Early but Highly Selective Oral ITKi’s; Initiating

at BUY with a $12/shr PT.

ACRS Aclaris Therapeutics, Inc. We Believe the Concerns About Co-Targeting TXK Are

Sector: Biotechnology Overblown

Company Update As a reminder, ITK is expressed in both TH1 and TH2 cells. By contrast, TXK is

Share Price $4.52 preferentially expressed in TH1 cells. Note that TXK is sometimes referred to as RLK (resting

lymphocyte kinase).