Summary of Nurix Therapeutics Conference Call (February 12, 2026) Company Overview - **Company**: Nurix Therapeutics (NasdaqGM:NRIX) - **Focus**: Development of degrader therapeutics, primarily in oncology and immunology Key Points on Immunology Pipeline - **Immunology Pipeline**: Nurix has a robust immunology pipeline with three major targets: BTK, IRAK4, and STAT6, which are considered novel targets for small molecules [3][4] - **Degrader Mechanism Advantages**: - Degraders remove the entire protein, including its scaffolding functions, which traditional inhibitors do not target. This can account for up to 50% of signaling in certain situations [4][5] - Degraders can target virtually any protein, including transcription factors like STAT6, which are challenging for traditional small molecule inhibitors [6][7] Specific Programs - **STAT6 Program (NX-3911)**: - Partnered with Sanofi, currently in IND-enabling studies, with an anticipated IND filing this year [9][11] - The program has been in development since 2019, with Nurix driving discovery efforts [12] - Degradation of STAT6 has shown rapid effects in preclinical models, achieving complete removal of the pathway [21][22] - The compound is designed to mimic gene knockout effects, which is a desirable phenotype for therapeutic efficacy [14][15] - **BTK Degrader (Bexobrutideg)**: - Currently being developed for hematologic malignancies and autoimmune conditions, including autoimmune hemolytic anemia [31][33] - The rationale for exploring autoimmune indications is based on proof of concept from existing inhibitors in the space [33][35] - The compound is also being developed in a tablet formulation for potential advantages in dosing and pharmacologic properties [36][37] - **IRAK4 Program**: - Partnered with Gilead, focusing on the advantages of the degrader mechanism over existing inhibitors [42][43] - The program is completing healthy volunteer studies, with emphasis on safety and efficacy [46] Competitive Landscape - **Comparison with Competitors**: - Nurix's degrader programs are positioned against competitors like Kymera, with Nurix demonstrating better tissue penetration and safety profiles in preclinical studies [44][46] - The market for these therapies is significant, with potential for multiple drugs to coexist, indicating a large addressable market [30] Future Outlook - **Clinical Data**: Nurix aims to release phase 1 data for NX-3911 this year, which will be crucial for future studies [38] - **Market Potential**: The immunology pipeline is expected to be a significant focus for Nurix in 2026, with multiple programs advancing [49] Additional Insights - **Degrader Technology**: The proprietary DNA-encoded library technology allows for extensive screening of potential binders across protein surfaces, enhancing the discovery process [18] - **Safety Considerations**: Nurix has conducted thorough safety studies, particularly regarding cardiac safety, which have shown promising results [46] This summary encapsulates the key points discussed during the conference call, highlighting Nurix Therapeutics' strategic focus on its immunology pipeline and the advantages of its degrader technology in comparison to traditional small molecule inhibitors.

Group 1 - Sanofi has completed the acquisition of Vicebio, a clinical-stage biotechnology company focused on multi-pathogen vaccines for respiratory viral infections [1][2] - The acquisition includes Vicebio's early-stage vaccine candidate for respiratory syncytial virus and human metapneumovirus, enhancing Sanofi's vaccine design and development capabilities through Vicebio's Molecular Clamp technology [2] - Sanofi's Dupilumab, developed in collaboration with Regeneron, has received European Commission approval for treating moderate-to-severe chronic spontaneous urticaria in patients aged 12 and above, marking it as a first-line targeted treatment option [3][4] Group 2 - The approval of Dupilumab was based on positive Phase 3 study results, demonstrating symptom reduction at 24 weeks compared to placebo, with a significant addressable market of over 270,000 adults and adolescents in the EU suffering from chronic spontaneous urticaria [4] - Sanofi operates in three segments: Pharmaceuticals, Consumer Healthcare, and Vaccines, focusing on research, production, and distribution of pharmaceutical products [4]

Group 1 - Sanofi has completed the acquisition of Vicebio, a clinical-stage biotechnology company focused on multi-pathogen vaccines for respiratory viral infections [1][2] - The acquisition includes Vicebio's early-stage vaccine candidate for respiratory syncytial virus and human metapneumovirus, enhancing Sanofi's vaccine design and development capabilities through Vicebio's Molecular Clamp technology [2] - Sanofi's Dupilumab, developed in collaboration with Regeneron, has been approved by the European Commission for treating moderate-to-severe chronic spontaneous urticaria in patients aged 12 and above, marking it as a first-line targeted treatment option [3][4] Group 2 - The EU approval for Dupilumab was based on positive Phase 3 study results, showing symptom reduction at 24 weeks compared to placebo, with a significant addressable market of over 270,000 adults and adolescents in the EU suffering from chronic spontaneous urticaria [4] - Sanofi operates in three segments: Pharmaceuticals, Consumer Healthcare, and Vaccines, focusing on research, production, and distribution of pharmaceutical products [4]

Kymera Therapeutics (NasdaqGM:KYMR) Update Summary Company Overview - **Company**: Kymera Therapeutics - **Focus**: Development of oral small molecule degraders in immunology, specifically targeting STAT6 with the drug KT-621 for treating atopic dermatitis and other type 2 inflammatory diseases [1][4][5] Key Industry Insights - **Market Opportunity**: Global sales for advanced therapies exceed $100 billion annually, with only about 3% of the 160 million diagnosed patients in the U.S., Europe, and Japan receiving advanced systemic therapies, primarily biologics [7][8] - **Patient Preference**: Over 90% of patients on injectable biologics expressed willingness to switch to a safe and effective oral treatment, highlighting a significant market opportunity for oral therapies like KT-621 [8][9] Core Drug Insights - **Drug Profile**: KT-621 is a first-in-class STAT6 degrader that aims to provide biologics-like efficacy and safety through oral administration, potentially transforming treatment for over 140 million patients with type 2 diseases [10][11] - **Mechanism of Action**: Unlike traditional small molecule inhibitors, degraders like KT-621 can provide continuous pathway suppression, allowing for deep and durable target knockdown with once-a-day dosing [9][10] Clinical Trial Results - **Phase 1b Trial**: The trial demonstrated profound effects on patients with atopic dermatitis, achieving deep STAT6 degradation (98% in blood and 94% in skin) and significant reductions in type 2 inflammation biomarkers [15][22][23] - **Efficacy Metrics**: - Mean reductions in EASI (a measure of eczema severity) were 62% and 63% for the 100 mg and 200 mg dose groups, respectively, with robust improvements observed as early as day eight [33] - Significant reductions in itch (pruritus) were noted, with 40% overall reduction in peak pruritus NRS [36] - KT-621 showed comparable or superior results to Dupilumab across multiple endpoints, including TARC and Eotaxin-3 reductions [28][30] Safety Profile - **Tolerability**: KT-621 was well tolerated with no serious adverse events reported, and safety profiles were consistent with previous healthy volunteer trials [44][45] - **No Significant Safety Issues**: No severe adverse events, dose-dependent patterns, or clinically relevant changes in vital signs were observed [44][48] Future Development Plans - **Next Steps**: Kymera plans to advance KT-621 into phase 2B trials for both atopic dermatitis and asthma, with initial patient dosing already commenced [14][45] - **Broader Implications**: The data suggests potential for KT-621 to impact other type 2 diseases, including asthma and allergic rhinitis, based on observed biomarker improvements [41][42] Conclusion - **Transformative Potential**: The results from the phase 1b trial position KT-621 as a promising oral treatment option that could reshape the treatment landscape for type 2 inflammatory diseases, offering a biologics-like profile with the convenience of oral administration [46][49]

Core Viewpoint - The article discusses the market outlook for 2026, emphasizing a potential for lower interest rates due to a softer labor market, which could positively impact stock market performance [2][3][4]. Market Outlook - Michael Kantrowitz, Chief Investment Strategist at Piper Sandler, believes the stock market is set for a strong performance heading into 2026, with a focus on historical context to understand current market dynamics [2]. - The current labor market conditions are seen as a new concern, but they may lead to lower interest rates, which historically correlate with improved stock market performance [3]. Interest Rates and Market Dynamics - Higher interest rates have been a barrier to market broadening, but a shift to lower rates could benefit underperforming sectors such as manufacturing, transportation, and housing in 2026 [4]. Investment Opportunities - The article lists 12 cheap NASDAQ stocks to consider for investment, identified through a methodology that includes screening for stocks with a forward price-to-earnings ratio below 15 and cross-referencing hedge fund interest [7][8]. Company Highlights - **Sanofi (NASDAQ:SNY)**: - Forward P/E Ratio: 10.7, with 32 hedge fund holders. Recently completed the acquisition of Vicebio, enhancing its vaccine development capabilities [9][10][11]. - Received EU approval for Dupilumab, a treatment for chronic spontaneous urticaria, expanding its market potential significantly [12][13]. - **Trip.com Group Limited (NASDAQ:TCOM)**: - Forward P/E Ratio: 11.01, with 37 hedge fund holders. Reported a 17.64% year-over-year revenue growth to $2.58 billion in fiscal Q3 2025, exceeding estimates [14][16]. - Strong performance driven by cross-border travel, with international bookings increasing by 60% year-over-year and inbound travel bookings more than doubling [16][17].

Summary of AnaptysBio Conference Call Company Overview - **Company**: AnaptysBio (NasdaqGS:ANAB) - **Focus**: Development of biologics or antibodies for autoimmune diseases - **Clinical Programs**: Three clinical stage programs including Rosnilimab, AMV033, and AMV101 [1][2] Key Clinical Programs Rosnilimab - **Type**: Selective and potent depleter of pathogenic T cells - **Recent Development**: Positive phase 2b trial readout in arthritis with plans to advance into phase 3 trials for rheumatoid arthritis (RA) [1][24] - **Trial Details**: Robust study with 424 patients, showing high tolerability and sustained responses off-drug [24][30] AMV033 - **Type**: CD122 antagonist blocking IL-15 and IL-2 signaling - **Current Status**: Phase 1b trial initiated for celiac disease, with plans for a second indication in 2026 [1][2][7] - **Mechanism**: Designed to target autoimmune cells, particularly CD8 T cells in diseases like celiac disease and eosinophilic esophagitis (EOE) [8][20] AMV101 - **Current Status**: In phase 1a trials with results expected next year [1][32] Royalty Management Business - **Separation Announcement**: Company plans to separate into two businesses: biopharma operations and royalty management [2] - **Key Products**: - **Jemperli**: PD-1 antagonist with expected run rate of $1.4 billion to $1.5 billion; AnaptysBio anticipates substantial royalties based on sales tiers [3][4] - **Imsidolimab**: IL-36 receptor antagonist partnered with Vanda Pharmaceuticals, expected approval next year [6] Financial Overview - **Cash Position**: Expected $300 million cash at the end of the year [2] - **Royalty Structure**: Royalties range from 8% to 25% based on sales thresholds, with potential for significant revenue [4][6] Market Opportunity - **Celiac Disease**: Estimated 2 million patients in the US, with 250,000 potentially eligible for biologics by the 2030s [19] - **EOE Market**: Dupilumab, the only approved therapy, has generated $2 billion in sales, indicating a growing market for new therapies [20][23] Competitive Landscape - **Competitors**: Other companies like Novartis and Teva are also developing therapies targeting similar pathways in autoimmune diseases [9][10] - **Differentiation**: AnaptysBio's approach targets both inflammation and the underlying autoimmune response, which may provide advantages over existing therapies [15][22] Conclusion - **Future Plans**: AnaptysBio aims to advance AMV033 into further trials and move Rosnilimab into phase 3 next year, with a focus on addressing significant unmet needs in autoimmune diseases [31][32]

Financial Data and Key Metrics Changes - Revenue for Q3 2025 was $2.8 million, entirely from collaboration with Gilead [24] - R&D expenses were $74.1 million, with adjusted cash R&D spend of $65.7 million, reflecting a 7% decrease from Q2 2025 [24] - G&A expenses totaled $17.3 million, with adjusted cash G&A spend of $9.9 million, a 3% decrease from Q2 2025 [24] - Cash balance at the end of September was $978.7 million, providing a runway into the second half of 2028 [25] Business Line Data and Key Metrics Changes - The company has made significant progress in its STAT6 program, with the first-in-class STAT6 degrader, KT-621, advancing through clinical trials [5][6] - The Broaden-2 phase 2b trial for atopic dermatitis has been initiated, evaluating three different doses of KT-621 [20] - The company is also advancing its IRF5 program, with plans to initiate a phase 1 study in early 2026 [22] Market Data and Key Metrics Changes - The company is targeting a significant unmet need in the oral immunology market, particularly for type 2 diseases like atopic dermatitis and asthma [8][16] - The penetration of advanced therapies like injectable biologics in moderate to severe patients is less than 10%, indicating a substantial market opportunity for oral therapies [56] Company Strategy and Development Direction - The company has shifted its R&D focus towards immunology, aiming to develop oral medicines with biologics-like activity [7] - The strategic partnership with Gilead aims to advance the CDK2 oncology molecular glue program, expanding the company's portfolio beyond immunology [6] - The company is committed to building a fully integrated commercial-stage company, with a focus on advancing its pipeline towards important milestones [15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the execution of their strategy and the potential of their oral immunology pipeline to address significant patient needs [4][15] - The company anticipates strong interest in oral medicines with biologics-like activity, as evidenced by recent presentations and data [5][6] - Management highlighted the importance of continuous pathway blockade offered by KT-621 compared to injectable biologics, which may have less consistent effects [67] Other Important Information - The company has completed IND-enabling studies for KT-579 and plans to advance it into clinical trials in early 2026 [22] - The company expects to receive milestone payments from collaborations with Sanofi and Gilead as their partnered programs progress [25] Q&A Session Summary Question: Key characteristics that could enable KT-621 to show differential efficacy versus Dupilumab - Management highlighted that KT-621 has demonstrated comparable activity to Dupilumab in preclinical studies, blocking IL-4 and IL-13 signaling effectively [29][30] Question: Expectations regarding the doses in the Broaden study - Management explained that the selected doses aim to understand the translation of healthy volunteer data into patients, ensuring confidence in the phase 2b dose selection [32] Question: Concerns about baseline characteristics of enrolled patients - Management clarified that baseline levels of TARC and EASI scores are important factors, and they will share data when appropriate [39] Question: Powering for the phase 2b AD study - Management stated that the study is designed to be adequately powered to show desired effects relative to placebo, with careful consideration of patient enrollment [45] Question: Competitive landscape for KT-621 - Management emphasized that being first and best is crucial for commercial success, and they believe KT-621's profile will be difficult for competitors to surpass [79]

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]

Financial Data and Key Metrics Changes - Revenue for Q4 2024 was $7.4 million, entirely from the Sanofi collaboration [36] - R&D expenses for the quarter were $71.8 million, with adjusted cash R&D spend of $65 million reflecting a 23% sequential increase from Q3 [37] - G&A expenses were $16.3 million, with adjusted cash G&A spend of $9.3 million, up 13% sequentially [37] - Cash balance at the end of 2024 was $851 million, providing a runway into mid-2027 [38] Business Line Data and Key Metrics Changes - The company is focused on advancing its immunology pipeline, particularly with the STAT6 and TYK2 programs [8][12] - Progress in the STAT6 program includes completing IND-enabling studies for KT-621 and initiating a Phase I healthy volunteer study [9][10] - The TYK2 program is advancing with the development candidate KT-295, with plans to start a Phase I healthy volunteer study [11][30] Market Data and Key Metrics Changes - The company aims to develop therapies that provide biologic-like efficacy with the convenience of an oral daily pill, targeting a broad patient population [8][16] - The strategic focus on immunology is expected to expand access to millions of patients globally [8] Company Strategy and Development Direction - Kymera is committed to developing an industry-leading immunology pipeline featuring innovative oral small molecule therapies [16] - The goal is to deliver at least one new IND per year, with multiple clinical advancements expected in 2025 [15][34] - The company plans to unveil a new immunology target in May, which aligns with its pipeline strategy [34] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the progress made in 2024 and the potential for a productive 2025 with several clinical advancements [12][34] - The company believes that its oral medicines can provide a differentiated solution compared to traditional small molecules and biologics [17] Other Important Information - The company is transitioning its quarterly financial updates to a video format to enhance transparency and communication with stakeholders [7] - A director, Leigh Morgan, will not stand for reelection at the upcoming Annual Shareholder Meeting [18] Q&A Session Summary Question: What supports your view that the 28 dosing in the atopic derm Phase Ib is enough time to show robust biomarker activity? - Management referenced prior dupilumab trials showing clear impacts on Th2 biomarkers at four weeks, indicating confidence in the 28-day study design [43][44] Question: Can you comment on the choice to not have a placebo arm in the Phase 1b? - Management believes that a placebo is unnecessary for demonstrating biomarker profiles, as biomarkers do not significantly change in placebo arms [49][50] Question: What do we know about the potential bioavailability of KT-621 in tissues of interest? - Preclinical data indicates that KT-621 is orally bioavailable and shows consistent degradation across various tissues, including skin and lungs [65][66] Question: How expansive of a Phase 3 development program would you expect to initiate for KT-621? - The company plans to run important Phase 2b studies to inform Phase 3 selection for potentially eight different indications, prioritizing asthma and atopic dermatitis [137][138]