Syensqo (SYENS) Piper Sandler 36th Annual Healthcare Conference summary

Pipeline strategy and upcoming catalysts

• Focus on three assets with multiple pipeline opportunities, prioritizing SSc and HS studies for capital and resources.

• Indirect catalysts expected from Q32 Bio data in AD and AA, with internal preparedness for rapid trial initiation.

• Key 2025 readouts include Novartis' BAFF data in HS and two phase 3 COPD readouts for IL-33 pathway assets.

• SSc and HS studies are designed to address past trial failures, with robust CRO selection and patient criteria.

• Bi-specific antibody platform positions the pipeline at the forefront of autoimmune innovation.

Clinical development and study design

• AD and AA programs emphasize study design improvements: longer duration, loading doses, and multiple arms.

• Early protocol work, regulatory interactions, and cost analysis are underway to enable rapid IND submission and trial starts.

• SSc trial powered for MCID of 3–5 on mRSS, with exploratory endpoints to inform phase 3 design.

• HS trial to start after SSc, with high-dose arms and readout expected in Q3 2026, ahead of SSc data.

• Dosing strategies leverage PopPK modeling and focus on maximizing skin exposure for efficacy.

Mechanistic rationale and competitive landscape

• SSc and HS asset targets (IL-17, BAFF) are clinically validated, with genetic and mechanistic data supporting indication selection.

• BAFF presence in HS lesions and B-cell depletion data support dual-target approach.

• IL-33 asset (torudokimab) offers dual pathway inhibition (IL-33 and RAGE), with potential for greater potency and broader application.

• Competitive phase 3 readouts in COPD (Roche, Sanofi) in Q2 2025 will inform next steps for IL-33 asset.

• No major competitive SSc readouts expected before 2026; orphan status allows for single pivotal phase 3 study.