Financial Data and Key Metrics Changes - Revenue for Q2 2025 was $11.5 million, entirely from the Sanofi collaboration [26] - R&D expenses were $78.4 million, with adjusted cash R&D spending down 3% from the previous year [27] - G&A expenses totaled $17.6 million, with adjusted cash G&A spending up 6% from the prior quarter [27] - Cash balance at the end of June was $963 million, increasing to approximately $1 billion by July after a follow-on offering [28][29] Business Line Data and Key Metrics Changes - The company reported positive results from the KT621 trial, indicating robust STAT6 degradation in both blood and skin [18][20] - The Phase Ib BROADEN study for moderate to severe atopic dermatitis patients is on track to share data in Q4 2025 [22][23] - The company has selected three doses for upcoming Phase IIb studies, with plans to initiate these studies later this year [11][24] Market Data and Key Metrics Changes - The company aims to address the unmet needs in immunology, particularly for patients lacking access to effective oral therapies [8][17] - The oral IRF5 program is progressing through IND enabling studies, with expectations to advance into Phase I testing in early 2026 [25] Company Strategy and Development Direction - The company is focused on developing oral degrader medicines to transform treatment options in immunology [6][12] - Partnerships with Gilead and Sanofi are expected to yield significant milestones and support the advancement of their drug pipeline [14][30] - The strategy emphasizes combining targeted protein degradation with selected targets to create new classes of medicines [16][17] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the company's progress and the potential impact of their oral therapies on patient lives [6][17] - The company is well-capitalized, with a cash runway extending into 2028, allowing for continued development across multiple programs [16][28] Other Important Information - The company has completed long-term toxicity studies for KT621, showing no adverse events [22] - The company is committed to unveiling one new immunology program per year to expand access to advanced therapies [13] Q&A Session Summary Question: Can you provide insight on the decision to add a second dose in the Phase Ib study? - Management explained that the decision was made to explore an additional dose due to rapid enrollment and to ensure robust data translation from healthy volunteers to patients [34][36] Question: What are the expectations for clinical efficacy measures in the Phase Ib study? - Management indicated that they expect to see a robust biomarker effect similar to dupilumab, particularly focusing on TARC levels [54][56] Question: What safety signals are being monitored in the Phase Ib study? - Management noted that they have not seen any safety signals in previous studies and are encouraged by the results so far [58][59] Question: How is enrollment progressing in the ongoing studies? - Management reported that enrollment has exceeded expectations, driven by patient interest in oral administration [92][94] Question: Can you comment on the differentiation of the CDK2 degrader in the oncology pipeline? - Management highlighted that small molecule inhibitors of CDK2 often do not selectively target CDK2, which is a key differentiation point for their degrader [99]

Financial Data and Key Metrics Changes - Revenue for Q2 2025 was $11.5 million, entirely from the Sanofi collaboration [24] - R&D expenses were $78.4 million, with adjusted cash R&D spending down 3% from the previous year [25] - G&A expenses totaled $17.6 million, with adjusted cash G&A spending up 6% from the prior quarter [25] - Cash balance at the end of June was $963 million, which increased to approximately $1 billion by July, providing a cash runway into 2028 [26][14] Business Line Data and Key Metrics Changes - The company reported positive results from the KT621 trial, indicating robust STAT6 degradation in both blood and skin [16][18] - The Phase Ib BROADEN study for moderate to severe atopic dermatitis patients is on track to share data in Q4 2025 [20] - The company has selected three doses for upcoming Phase IIb studies, with plans to initiate these studies later this year [10][20] Market Data and Key Metrics Changes - The company aims to address the unmet needs in immunology, particularly for patients lacking access to effective oral therapies [6][7] - The oral IRF5 program is progressing through IND enabling studies, with expectations to advance into Phase I testing in early 2026 [22] Company Strategy and Development Direction - The company is focused on developing oral degrader medicines to transform treatment options in immunology [6][15] - Partnerships with Gilead and Sanofi are expected to yield significant milestones, enhancing the company's pipeline and financial position [12][27] - The strategy includes unveiling one new program per year to expand access to oral systemic therapies [11] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the company's progress and the potential impact of their oral therapies on patient lives [6][15] - The company is well-capitalized to execute its development strategy and advance multiple programs [28] Other Important Information - The company raised approximately $288 million in a follow-on offering, enhancing its cash position [14] - The collaboration with Gilead includes potential payments of up to $750 million, while the Sanofi collaboration could yield up to $975 million in milestones [27] Q&A Session Summary Question: Can you provide insight on the decision to add a second dose in the Phase Ib study? - The decision was made to explore an additional dose due to rapid enrollment and to confirm robust translation from healthy volunteers to patients [32][34] Question: What are the expectations for clinical efficacy measures in the Phase Ib study? - The primary objective is to show robust STAT6 degradation and a dupilumab-like biomarker effect, with TARC being a key blood biomarker [52][54] Question: How is enrollment progressing in the studies? - Enrollment has exceeded expectations, with oral administration resonating well with patients [90] Question: What safety signals are being monitored in the Phase Ib study? - The company has not seen any safety signals in prior studies and is encouraged by the clean safety profile observed [56][58] Question: Will itch data be included in the upcoming results? - Yes, itch data will be shared as it is an important factor for assessing treatment impact on quality of life [75]