Takeaways From Our NYC Investor Meetings

研报英文原文证据摘录

Takeaways From Our NYC Investor Meetings

ertain affinity

a drug needs to bind to its target and once it is achieved there is nothing more to be gained from

higher affinity. In contrast, potency refers to the relative availability of a target and the molecule

being used to bind the target. Hence, verekitug has higher potency given there are less TSLP

receptors (vs ligands), and thus fewer amount of drug is needed to fully bind the target. See pg. 9

4. When asked about combination therapies in asthma, UPB expressed it is an interesting

hypothesis that has yet to be born out. Of note, mgmt could see the asthma market naturally

moving toward combination use of ICS/LABA therapies and a biologic given ICS/LABA is

considered SoC. See pg. 10

5. In regard to indirect catalysts, mgmt referenced two potential clarifying events in the

competitive landscape: 1) an update from GSK's TSLP program where it acquired Aiolos Bio in

2024 for AIO-001 (aka GSK5784283) but it is still in Ph2 (NCT06748053) development to enable

dose finding; and 2) question on SNY's (not covered) lunsekimig development where it showed

positive data in asthma and CRSwNP, but not in atopic dermatitis. See pg. 10

Topic #1: Updates on verekitug Market reaction at verekitug's Ph2 VALIANT severe asthma topline seemed to be an

next steps in asthma and CRSwNP overreaction. To start, UPB addressed how Street reacted to verekitug's Ph2 VALIANT

(NCT06196879) topline readout where it seems clear the market overreacted. Specifically, it is

crucial to recognize two key factors at play when Ph2 VALIANT readout: 1) the stock had run-

up ahead of the data where there was a trade building around Q24W dosing needing to win,

despite the Q12W dosing paradigm serving as an overall competitive product profile; and 2)