Equillium Conference Call Summary Company Overview - **Company**: Equillium (NasdaqCM:EQ) - **Lead Asset**: EQ504, a selective oral aryl hydrocarbon receptor (AhR) modulator with colon-specific delivery Key Points Industry and Product Differentiation - EQ504 is positioned as a unique treatment for ulcerative colitis (UC) by targeting immune dysregulation, impaired barrier function, and mucosal healing, which are critical in IBD [3][4] - Current treatments have a clinical remission rate capped at approximately 30%, highlighting the need for new therapies that can improve mucosal healing [3] - EQ504 is the only known molecule that addresses all three axes of disease pathophysiology, unlike competitors such as AbbVie's obefazimod, which primarily target immune cells [4] Mechanism of Action - AhR is a well-characterized receptor involved in translating chemical signals into biological functions, crucial for maintaining tissue homeostasis [5] - Clinical proof of concept exists for AhR modulators in treating skin inflammation and ulcerative colitis, with data supporting their efficacy [6] Competitive Landscape - Other companies, including Takeda and Eli Lilly, are developing AhR modulators, but challenges remain in finding potent and selective molecules that can effectively target tissues without toxicity [9][10] - EQ504 is derived from ITE, a gold standard selective AhR modulator, and is designed to have strong activity and selectivity [9] Preclinical Data and Clinical Development - Preclinical studies show that activating AhR can improve inflammation in various tissues, including skin and gut, and restore immune homeostasis [12][13] - The company is preparing for a Phase 1 study, with IND enabling studies completed, and is currently focused on finalizing the drug formulation [16][21] - The formulation aims to deliver the drug directly to the colon, enhancing safety and tolerability by minimizing systemic exposure [17][18] Phase 1 Study Design - The Phase 1 study will include single ascending dose (SAD) and multiple ascending dose (MAD) cohorts, focusing on safety, tolerability, pharmacokinetics (PK), and pharmacodynamics (PD) [22][24] - Flex sigmoidoscopy will be used to assess tissue exposure in the colon, providing valuable data on drug engagement [24][26] Financial Position and Funding - Equillium announced a $50 million financing in August, with $30 million received upfront and an additional $20 million contingent on starting the clinical study [39][40] - Current cash is expected to last through the end of 2027, with the additional tranche extending the runway into 2028 [39][40] Future Opportunities - Beyond IBD, there are potential applications for EQ504 in lung diseases such as COPD and IPF, leveraging its properties for nebulization [54][55] - The company is also considering expanding its formulation to target higher regions of the GI tract for conditions like Crohn's disease [56] Conclusion - Equillium is positioned to advance its lead asset EQ504 through clinical trials, with a focus on addressing unmet needs in ulcerative colitis and exploring additional therapeutic areas. The company is well-funded to support its development efforts and is optimistic about the potential of AhR modulation in various indications [57][58]

Company Overview - Avalo Therapeutics, Inc. is a clinical stage biotechnology company focused on the treatment of immune dysregulation [3] - The company's lead asset is AVTX-009, an anti-IL-1β monoclonal antibody targeting inflammatory diseases [3] Leadership Appointment - Dr. Rita Jain has been appointed to Avalo's Board of Directors, bringing over two decades of leadership experience in biopharmaceutical development [2] - Dr. Jain's previous roles include Executive Vice President and Chief Medical Officer at ChemoCentryx, where she advanced the development of Tavneos® [2] - Her expertise spans clinical development, regulatory strategy, and executive leadership across multiple therapeutic areas, including immunology and inflammation [2] Product Development - AVTX-009 is currently in a Phase 2 trial for hidradenitis suppurativa (HS), with results expected in the middle of next year [2] - The drug is a humanized monoclonal antibody that binds to interleukin-1β (IL-1β), a key driver in the inflammatory process, and is implicated in various autoimmune and inflammatory diseases [4] - Inhibition of IL-1β is considered a validated target for therapeutic intervention in multiple inflammatory diseases [4]