Summary of Connect Biopharma Holdings FY Conference Call Company Overview - Connect Biopharma is focused on developing a next-generation IL-4 receptor alpha monoclonal antibody, retimicavir, designed in their labs outside of Shanghai, China [2][6] - The company aims to address significant unmet needs in asthma and potentially COPD, with a unique mechanism of action and rapid onset of effect [2][3] Core Insights and Arguments - **Market Opportunity**: There are approximately 1 million asthma patients and 1.3 million COPD patients annually seeking urgent care for acute exacerbations, indicating a total addressable market of around 4 million patients [3][15] - **Differentiation from Competitors**: Retimicavir shows a rapid onset of effect within hours, contrasting with existing biologics like Dupixent, which typically take days to weeks to show benefits [3][12] - **Efficacy Data**: In a 24-week chronic asthma study, retimicavir demonstrated an average improvement in airway function of 250-300 ml, with over 400 ml improvement in T2-mediated asthma patients [6][10] - **Safety Profile**: Unlike Dupixent, which has been associated with increased eosinophil levels leading to serious adverse events, retimicavir is expected to decrease eosinophils, presenting a more favorable safety profile [10][12] Clinical Development - **Current Trials**: Two studies are underway targeting acute asthma and COPD exacerbations, each with 160 patients. Data is expected in the first half of next year [21][34] - **Trial Design**: The studies are designed to measure treatment failure rates, with an anticipated 45% failure rate in the control group, aiming for a 50% reduction with retimicavir [23][24] - **Regulatory Pathway**: Following successful phase 2 results, the company plans to engage with the FDA to discuss phase 3 study designs, potentially starting as early as late next year [31][32] Commercial Strategy - **Acute Treatment Focus**: The initial target market is emergency departments and urgent care settings, with a significant opportunity for chronic use following acute treatment [18][19] - **Market Research Insights**: Clinicians believe that successful acute treatment will lead to ongoing chronic use, potentially expanding the market opportunity into the billions [19][34] Additional Considerations - **Collaboration with Chinese Partner**: Retimicavir has been licensed to a large Chinese pharmaceutical company for development in China, which has already filed an NDA for atopic dermatitis and is progressing in asthma studies [6][32] - **Future Indications**: The company is not pursuing atopic dermatitis due to market saturation but sees significant potential in respiratory indications [32] Key Value Drivers - Anticipated data from an IV study aimed at shortening the onset time of retimicavir and pharmacology data supporting its safety and efficacy profile [34]