Changjiang Securities·2026-02-25 01:10Investment Rating - The report maintains a "Positive" investment rating for the industry [2]. Core Insights - NLRP3 inflammasome is identified as a significant target for drug development due to its role as a "receiver and converter" of inflammatory signals, indicating substantial therapeutic potential [11][12]. - NLRP3 inhibitors, particularly VTX3232, have shown remarkable anti-inflammatory effects and preliminary validation for reducing cardiovascular (CV) risks [22][28]. - The market potential for targeting NLRP3 is significant, with a potential patient population of approximately 25 million in the cardiovascular anti-inflammatory drug scenario [39]. Summary by Sections 1. NLRP3 Inflammasome: A Major Drug Target - NLRP3 acts as an intracellular sensor detecting various microbial patterns and endogenous danger signals, leading to the assembly and activation of the NLRP3 inflammasome [11]. - The NLRP3 inflammasome is linked to several common diseases, including obesity, diabetes, and cardiovascular diseases, highlighting the market potential for NLRP3-targeted therapies [12]. 2. Efficacy of NLRP3 Inhibitors - VTX3232 demonstrated a rapid and significant reduction in high-sensitivity C-reactive protein (hsCRP) levels, with an 80% reduction within the first week and a sustained effect over 12 weeks [28]. - The safety profile of VTX3232 is comparable to placebo, with adverse events occurring at similar rates across treatment groups [29]. 3. Identifying Next-Generation NLRP3 Inhibitors - BGE-102, a novel NLRP3 inhibitor, has shown promising early-phase data, indicating its potential to lower hsCRP levels significantly in obese participants [65][67]. - The competitive landscape for NLRP3 inhibitors includes several active candidates, with BGE-102 being highlighted for its unique structure and mechanism [54].