Financial Data and Key Metrics Changes - The company reported $430 million in cash at the end of the last quarter, which is expected to sustain operations through 2027, covering key milestones such as nasal polyps and severe asthma readouts [73][74]. Business Line Data and Key Metrics Changes - The company is developing Virecitug, a monoclonal antibody targeting the receptor for TSLP, which is unique in the market as it is the only drug in development targeting the receptor rather than the ligand [3][13]. - Clinical trials indicate that Virecitug can be dosed every 12 or 24 weeks, potentially offering a differentiated dosing schedule compared to competitors [4][19]. Market Data and Key Metrics Changes - The competitive landscape includes established products like tezepelumab, which targets the TSLP ligand, and the company believes that targeting the receptor may provide superior efficacy and broader patient eligibility [9][12][36]. Company Strategy and Development Direction - The company aims to differentiate itself through the unique pharmacology of Virecitug, which shows significant effects on disease-driving biomarkers like exhaled nitric oxide and blood eosinophils [13][25]. - The strategic focus includes exploring the potential for Virecitug in chronic rhinosinusitis and COPD, with plans to design trials that could demonstrate efficacy in these areas [71][72]. Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the safety profile of TSLP signaling, drawing parallels with the clean label of tezepelumab, and anticipates a similar profile for Virecitug [23][38]. - The company is actively preparing for commercial considerations and market access strategies as it progresses through clinical development [75][76]. Other Important Information - The company has completed enrollment in its nasal polyp study and expects to release data in Q3 of this year, with a robust trial design aimed at regulatory approval [49][50]. - The company is considering both in-office and at-home administration options for Virecitug, aligning with patient visit schedules [45][46]. Q&A Session Summary Question: Can you clarify the dosing intervals and their implications? - The company explained that the receptor is expressed at a low level compared to the circulating ligand, allowing for extended dosing intervals without significant risks [20][21]. Question: How does the company view the competitive landscape with other agents? - Management noted that while there are various agents in development, the efficacy and breadth of eligibility will drive prescribing behaviors, with a focus on the convenience of dosing intervals [33][37]. Question: What is the company's cash runway and future funding plans? - The company confirmed a strong cash position that supports its current and future clinical programs, although additional funds will be needed over time [73][74].

KT-621 Phase 1 Healthy Volunteer Trial Results - KT-621 demonstrated >90% STAT6 degradation in blood at doses above 1.5 mg [58, 112] - Complete STAT6 degradation was achieved in both blood and skin at doses ≥5 mg [58, 81, 87, 112] - KT-621 showed a favorable PK profile with rapid absorption (tmax of 2-4 hours) and a mean half-life of 9-36 hours [73] - The Phase 1 trial included 118 healthy volunteers in SAD and MAD groups [65] Th2 Biomarker Impact - KT-621 achieved up to 37% median TARC reduction [98] - KT-621 achieved up to 63% median Eotaxin-3 reduction [104] - IgE levels showed high variability and minimal changes, consistent with dupilumab effects in healthy volunteers [101, 103] Safety and Tolerability - KT-621 was well-tolerated with a safety profile undifferentiated from placebo [58, 107, 112] - No SAEs or severe AEs were reported in the healthy volunteer trial [108] Future Development - The company plans to initiate Phase 2b trials in Atopic Dermatitis (AD) and Asthma, starting in Q4 2025 and Q1 2026, respectively [21, 50] - The company has $775 million in cash and expects the runway to last into the first half of 2028 [16]