Estimated readout windows: registry primary-completion date + 6-12 weeks. Windows already open are shown from "Now". Drug names link to ClinicalTrials.gov.
Approved · ActiveModality: oral ileal bile acid transporter (IBAT) inhibitor
Target IBAT
Partnerships Shire/Takeda: exclusive worldwide royalty-bearing license (Livmarli, volixibat); Takeda: Japan license for Livmarli (ALGS, PFIC, BA); multiple distributor/license agreements in other territories
Indications
Cholestatic pruritus in Alagille syndrome (ALGS)(Stage not disclosed)
Cholestatic pruritus/PFIC in progressive familial intrahepatic cholestasis(Stage not disclosed)
Pruritus in other rare cholestatic settings (EXPAND)(Phase 3)
Catalysts
— Q4 2026
Status note Approved for ALGS and PFIC cholestatic pruritus in US and EU (also Canada, Japan). EXPAND Phase 3 exploring additional rare cholestatic settings.
Status note FDA Breakthrough Therapy and Orphan Drug designation for cholestatic pruritus in PBC. VISTAS Phase 2b in PSC completed enrollment Q3 2025 with topline expected Q2 2026.
Brelovitug
Phase 3 · ActiveModality: fully human monoclonal antibody
Aliases BJT-778
Target hepatitis B surface antigen
Partnerships Bluejay Therapeutics: acquired January 23, 2026; Novartis: worldwide license (up to $4.0M development milestones, up to $27.0M commercial milestones, mid-single-digit royalties)
Indications
Chronic hepatitis delta virus infection(Phase 3)
Catalysts
— H2 2026
— H1 2028
Status note FDA Breakthrough Therapy designation; EMA PRIME scheme designation; European Commission orphan medicinal product designation. Global AZURE clinical program ongoing (AZURE-1 and AZURE-4 support US registration; AZURE-2 and AZURE-3 support EU registration).
Status note BLOOM Phase 2 dose-ranging study currently enrolling.
Zilurgisertib
Stage not disclosed · Active
Target ALK2
Indications
Not disclosed(Stage not disclosed)
Status note Named as a clinical-stage product candidate in the development pipeline; no further details in the filing excerpts.
Cholbam (cholic acid)
Approved · ActiveModality: oral capsule
Indications
Bile acid synthesis disorders; peroxisomal disorders (PBD-ZSD)(Stage not disclosed)
Status note Commercialized in the US through one specialty pharmacy.
Ctexli (chenodiol)
Approved · ActiveModality: oral tablet
Indications
Cerebrotendinous xanthomatosis (CTX)(Stage not disclosed)
Status note Standard of care in the US for CTX; commercialized through one specialty pharmacy.
Per-asset detail extracted from the 10-Q filed 2026-08-05. Fields the filing does not state are marked "not disclosed" rather than filled from other sources.
Pipeline
Lead drug
Maralixibat
Lead indication
Cholestatic Liver Disease (Except ALGS, PFIC, PBC and PSC)
Sponsor-matched active trials from ClinicalTrials.gov (12 as sponsor, 3 as collaborator); "Sponsor" = company is the lead sponsor, "Collaborator" = company is a collaborator. The BP column flags big-pharma involvement as lead sponsor or collaborator (excluding the company itself). The Mgmt guide column shows what management guided for readout timing when a guided program matches the trial (hover for the quote, click for the source). Trial listings are not a company pipeline slide.
Institutional holder positions from 13F filings. Q/Q change is vs the prior quarter's filing; % of portfolio is the fund's own reported portfolio weight.
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