Estimated readout windows: registry primary-completion date + 6-12 weeks. Windows already open are shown from "Now". Drug names link to ClinicalTrials.gov.
axial spondyloarthritis (axSpA)(Stage not disclosed)
palmoplantar pustulosis (PPP)(Phase 3)
Catalysts
— H2 2026
— H2 2026
— not dated
Status note Single-asset company. Tri-specific IL-17A/IL-17F inhibiting Nanobody. Phase 3 VELA-1/VELA-2 in moderate-to-severe adult HS: week 52 results announced June 21, 2026 with clinically meaningful improvements across 52-week endpoints and acceptable safety (triggered Tranche 4 HS Milestone under credit facility). Phase 3 IZAR-1/IZAR-2 in PsA ongoing. BLA filing planned for HS. Company expects cash sufficient to complete all ongoing trials, the planned Phase 3 PPP trial, submit the BLA, and support first US commercial launch if approved.
Per-asset detail extracted from the 10-Q filed 2026-08-10. Fields the filing does not state are marked "not disclosed" rather than filled from other sources.
Sponsor-matched active trials from ClinicalTrials.gov (5 as sponsor, 0 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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