CM

$KALV what a rollercoaster I had with this company- investing prior to ph3, seeing the data PR that was my bull case, and being shocked when the stock crashed when market opened at the same day CPI data came in hot. Years forward, there was the shitshow around the approval, and then market was nitpicking their initial earnings reports. I always thought they have a good drug, and it’s a sweet ending for the KalVista’a team (and for me :))

@Bios_n_Techs Agreed $IMMX

$IMMX Added on this dip. Mgmnt executing well with enrollment of BLA-enabling trial complete on time. NEXICART-2 topline data jn Q3. Top notch CMO (ex-Merek & J&J) hired.

$AVTX My read is that it looks like Almata have no much confidence. Also, based on the 8K and the choice of cash vs stock is controlled by AVTX. The buyout payment ($5.125M) is: “payable either in cash, Parent (AVTX) Common Stock or in a combination thereof as determined in Parent’s sole discretion”

Just leaving this here. $AVTX elite.finviz.com/news/348142/av…

$CRDL is moving well ahead of the plans in the right direction! Patient enrollment surpassed 50% in early January and has now reached 75%.

All in all, $ANL should go up

@hannibalspeaks But this why Lutikizumab was trending positive because most patients were more severe (Hurley stage 3), 100% TNF-non responders, high AN at baseline. And as long as $AVTX don’t enroll similar population, less likely to show stat-sig HiSCR75 effect

This is somewhat substantiated with the Lutikizumab data which showed very high reduction in tunnels. These are late lesions and therefore this mechanism is suited most to advanced Hurley stage 3 patients.

TNF and IL-17 are proven therapies, and upregulated in a flat manner across lesion types, including unaffected perilesional skin. Increased IL-1 is seen specifically in tunnels (fistulas), therefore blocking this pathway will likely result in superior resolution of these.

Is ADC stability paramount to ADC success? How should stability be correctly assessed? What are some common assumptions and mistakes regarding ADC linker stability? We tried to address these questions and more in our recent @Annals_Oncology review! annalsofoncology.org/article/S0923-…

@hannibalspeaks That could be that HiSCR75 won’t capture IL-1 inhibition effect, as it would be more concentrated in draining tunnels (?)

What does this graph show and why is it relevant to $AVTX ?

$WHWK PTK7-ADC 👌 ir.whitehawktx.com/static-files/3…

@Gantosj Welcome back, Joe!

$CRDL is on fire after breaking out the "flag" formation, & continue with a long green candlestick formed yesterday, while the whole market was RED! That tells me things are happening behind the scene, or a large fund just keeps buying accumulating & buying all the ASK in the market!

BIIB BDCA2 Ab litifilimab in CLE Lupus from AAD 2026. $TRAX has ANB101/ BDCA2 modulator in ph1 (acquired from CNTA)

$FBRX $TRAX CD122 might be the cleanest way to shut down T-cell–driven disease. If IL-2 drives activation and IL-15 sustains it, blocking IL-15 alone is inherently partial (Teva / Novartis), though it helps de-risk the pathway. What’s interesting now is how FBRX vs TRAX are approaching it in CeD: • FBRX → does blocking CD122 hold the system under active injury? • TRAX → can it prevent and potentially repair mucosal damage? Different questions, same underlying thesis. Both at low EV. FBRX: ARGX backing + vitiligo (clean efficacy read setup); TRAX: SC + differentiated design (CeD data Q4) Feels underfollowed.

@badinvestor99 Tell it to Novartis, Incyte, Teva/Royalty Pharma and Argenx

@clinmean EOE? Also celiac is one of those diseases that doesn’t really need treatment unless you have RCD so you don’t really have a benchmark to compare to. Vitiligo makes sense but all the CD122 posturing just seems to be trying to fit a drug into a narrative that doesn’t really exist.

@badinvestor99 I wouldn’t call Celiac, Vitiligo, and EoE a niche. Neither IL-2 and IL-15 dependent immune activation in these indications.

@clinmean Feels more like “find a niche and sell the story”

@mickeychiku Any new data in DDW?

$Pali Only UC yet. Market yet to realize how monster it could be in Crohn’s disease!

@Biohazard3737 Interesting to see whom from the pts with inadequate response to anti-TNFs, anti-IL-12/23s, anti-IL-23p19s classes regained response with the IL23p19/ TNFa fixed dose; meaning, can same class ‘a’ non-responder regain response to ‘a’ in a fixed dose?

@Jn66039675 @Biohazard3737 ddw.digitellinc.com/p/s/efficacy-a…

@Biohazard3737 Has DUET data been announced? I can't find anything

Nektar's $NKTR REZOLVE-AA "patient funnel" explained 1/ Not a straight all-comers trial. The 52-week data came through a highly selective funnel. Here’s the step-by-step breakdown (based on Nektar’s own releases):

$NKTR unbelievable- they took the non responders into 16wks extension!!! this is not a maintenance study as we don't know whether the 5/33 maintained their response. How is this can be compared with Jaki??

$NKTR let’s break it down. At high dose initial 36wks, 5/33 (15.6%) were SALT20 responders. Then they took 13pts to 16wks extension w/ 4 new responders (31%). 27.6% at wk52 overall. How is the overall calculated? Who are exactly the 13pts that were included in the extension?