Celldex Therapeutics, Inc. Stock

Thank you for standing by, and welcome to Celldex's Phase II PN Data Call. [Operator Instructions] I would now like to hand the call over to Sarah Cavanaugh with Celldex. Please go ahead.

Thank you. Good afternoon, and thank you for joining us to discuss the results from our Phase II Barzolvolimab study in Prurigo Nodularis or PN. Joining me on the call today are Anthony Marucci, Co-Founder, President and Chief Executive Officer; Dr. Tibor Keler, Co-Founder, Executive Vice President and Chief Scientific Officer; Dr. Diane Young, Senior Vice President and Chief Medical Officer; and Teri Lawver, Senior Vice President and Chief Commercial Officer.

Please note the slides for today's call are available on the Investor Relations section of the website. Before we begin our discussion, I'd like to direct your attention to Slide 2 with respect to information regarding the forward-looking statements that today's speakers will be making. Please be advised that a question-and-answer period will be held later in this call. I'd now like to turn the call over to Anthony on Slide 3.

Thank you, Sarah, and good afternoon, everyone. Thank you for joining us. Today, we are reporting Barzol's results from our fourth indication, a Phase II study in Prurigo Nodularis or PN. PN is a chronic itch-driven skin condition with a highly symptomatic patient population. At Celldex, we are leading important science in the exploration of mast cell biology with the goal of delivering life-changing therapies for patients with allergic inflammatory and autoimmune diseases. We have repeatedly demonstrated Barzol's ability to profoundly deplete mast cells and best-in-disease data observed in 3 indications to date: Chronic Spontaneous Urticaria, Symptomatic Dermographism and Cold Urticaria.

All these showed unequivocal Phase II data and progressed quickly to Phase III development. Our interest in understanding if mast cell depletion can provide clinical relief for patients with serious diseases and data from our Phase I proof-of-concept study in PN supported the initiation of the Phase II study. We are disappointed to share that the trial did not meet the primary or secondary endpoints. Results from this study clearly showed profound systemic depletion of mast cells as evidenced by the reduction in serum tryptase. But unlike our intravenous Phase I study, this Phase II Subcu study did not result in improvements in itch or skin lesions for patients, indicating that mast cells may not be the key pathogenic driver of symptoms in PN.

Because of this outcome, we are discontinuing the Phase II trial in PN and will direct our resources to the remainder of our present and future portfolio. We remain focused on driving mast cell category creation and delivering on Barzolvolimab's promise for patients, particularly in our 3 ongoing Phase III Urticaria studies, which we expect to share top line data in the September, October time frame.

Before I turn the call over to Diane to walk you through the data, I'd like to extend our gratitude to all the patients, investigators and site staff around the world who participated in this trial and supported the advancement of mast cell science. Diane will walk you through the results we have to date. And at the end of the call tonight, we will answer as many questions as we can. As a reminder, this is a top line analysis with additional work still to be done. I will now hand the call over to Diane.

Thank you, Anthony. Before we review the data, let's spend a little time discussing this difficult-to-treat indication. Prurigo Nodularis is a chronic inflammatory disease. Patients are often covered with hard itchy skin lesions. The intense itching causes scratching to the point of bleeding and pain and the scratching in turn can cause more skin lesions perpetuating the disease cycle. PN is further complicated because it is often associated with a range of systemic comorbidities, including chronic kidney disease, metabolic disorders, HIV and tuberculosis infections, hepatic disorders and autoimmune diseases.

Patients with PN have also been shown to have increased rates of multiple cardiovascular comorbidities, including heart failure. Not surprisingly, given the relentless itching, patients frequently also exhibit psychiatric comorbidities such as depression, anxiety and obsessive compulsive disorder, further complicating management. While there has been progress in this space with the introduction of recently approved biologic therapies for Prurigo Nodularis, there is still a significant unmet need.

As we explored the science of chronic itch, it became increasingly clear that investigating a mast cell depleting agent was warranted in Prurigo Nodularis. Evidence indicated that mast cell interaction with sensory neurons is involved in the amplification of chronic itch and neuro-inflammation and could play an important role in the scratch itch cycle. Additionally, studies have shown that mast cell numbers are increased in PN lesions.

We conducted a small 23-patient Phase Ib study with intravenous Barzolvolimab and saw positive results across both itch reduction and nodule resolution at the highest dose tested, and that merited additional exploration in a robust Phase II study.

Turning to Slide 4. I will first walk you through the Phase II study design. This was a randomized, double-blind, placebo-controlled parallel group study that evaluated the efficacy and safety profile of 2 dose levels of Barzolvolimab administered subcutaneously compared to placebo in patients with moderate to severe PN who had inadequate response to prescription topical medications or for whom topical medications were medically inadvisable. 140 participants from 6 countries and 48 sites were randomly assigned on a 1:1:1 ratio to receive placebo or Barzolvolimab injections of either 150 milligrams or 300 milligrams every 4 weeks after an initial loading dose of 450 milligrams during a 24-week treatment phase.

Participants then entered a follow-up phase with no treatment for an additional 16 weeks through week 40 with an option to enter an open-label extension. The primary objective of this study was to evaluate the clinical effect of Barzolvolimab compared to placebo on itch response as measured by the proportion of participants with greater than 4-point improvement in the worst itch numeric rating scale at 12 weeks. Key secondary objectives include itch response compared to placebo at different time points, the assessment of skin lesions as measured by the investigator global assessment and safety. The primary analysis was conducted after all patients had completed the 24-week placebo-controlled treatment period.

On Slide 5, you will see a table of baseline characteristics for this highly symptomatic patient population. Demographics and baseline disease characteristics were generally well balanced across treatment groups and consistent with other clinical studies in PN. As expected in this indication, patients on study tended to be older and had highly symptomatic moderate to severe disease.

The next slide, Slide 6, shows the results for the primary endpoint, the percentage of patients who had greater than 4-point improvement in their worst itch numeric rating scale. The worst itch numeric rating scale is a single item patient-reported questionnaire that measures itch intensity over the previous 24 hours. The scale ranges from 0 indicating no itch to 10 indicating worst itch imaginable, and patients at this trial -- in this trial at baseline had a mean Worst Itch NRS score of greater than 8. As you can see here, patients treated with Barzolvolimab did not have differentiated responses compared to placebo across either dose or at any of the time points.

Similarly, on Slide 7, we show key secondary endpoints, including the investigator global assessment for chronic nodular prurigo stage, which is a 5-point clinical scale that dermatologists use to measure the severity of Prurigo Nodularis. It evaluates the number and appearance of palpable skin nodules to gauge disease severity. There is also a secondary endpoint that looks at both Worst Itch and investigator global assessment combined. Across these endpoints, Barzolvolimab did not demonstrate differentiation compared to placebo. Based on these outcomes, we are in the process of discontinuing the Phase II study in prurigo nodularis.

We just received these data, and we have more work to do to understand the discrepancy between our Phase Ib and Phase II studies in this indication. While the patient characteristics across the 2 studies were similar, the Phase II study certainly included a much larger sample size. The route of drug administration was also different from IV in the Phase Ib to subcu in the Phase II. IV administration is associated with more rapid and higher drug concentrations relative to subcu. We can't rule out that these differences may have contributed to the difference in outcome.

However, both studies achieved profound decreases in circulating tryptase. We have biopsy samples that may give us better insight. We will analyze the biopsies from this study in the coming months as we believe this information will increase our learnings. Our current assessment of the available data suggests that mast cells may not be a key pathogenic driver of symptoms in Prurigo Nodularis. And at this time, we are not planning to move forward with further development in PN. If new data or new science changes our thinking, we are open to exploring this question in the future, if it makes sense. For now, we are focusing on indications of higher priority.

While we are disappointed that this study did not confirm the promising signal we saw in our Phase Ib study, we are really pleased with these new data that further support the favorable safety profile we have observed to date with Barzolvolimab. The 450-milligram loading dose followed by the 300-milligram Q4-week dosing regimen achieved the highest subcutaneous exposure studied to date.

Slide 8 provides a summary of the top line safety data. Overall, Barzolvolimab was well tolerated. We are very pleased with the safety profile demonstrated in this Phase II study, which remains entirely consistent with our prior studies at these dose levels and in an older patient population with high comorbidity burden. As noted on the slide, there was a single serious adverse event reported by an investigator as treatment-related and described as aseptic meningitis. We strongly disagree with the investigator's assessment and our conclusion was also supported by the independent data monitoring committee. The clinical symptomatology does not support the investigator's assessment. There were no typical clinical signs suggested of this diagnosis such as headache, neck pain or fever.

This 65-year-old female patient had a primary complaint of chest pain and weakness, which began 3 weeks after completing her Barzolvolimab treatment. She had an extensive workup over a 4-week period, which ruled out cardiac, pulmonary and GI causes and subsequently, neurologic diagnoses were considered. Her cerebrospinal fluid showed mild lymphocytic infiltration with normal protein and glucose, which is not typical with meningitis. Steroids, antiviral therapy and antibiotics were administered and the patient made a full recovery.

We believe the time course, lack of symptoms and spinal fluid findings suggest this is more consistent with neuro-inflammation related to a viral infection and is not related to study drug. 11 patients, including 2 patients on placebo discontinued treatment due to an adverse event, 5 considered related to treatment and 6 considered unrelated. Urticaria related and worsening prurigo unrelated occurred in 2 patients each. The other events occurred in single patients and were in line with what has been seen in prior studies with one exception.

One death, cardiac failure, which was assessed as not related to treatment by the investigator sponsor and the data monitoring committee was reported on study. This was in a 73-year-old man with multiple concomitant cardiac risk factors at baseline, including diabetes, hypertension, obesity, coronary artery disease, heart failure, COPD and low baseline oxygen saturation. As a reminder, the PN population is an older population with high comorbidity burden and as such, it is not uncommon to see serious adverse events that are not related to treatment. When we look across the totality of the safety data in the study, we see a safety profile that is very much consistent with our other studies.

Looking to the bottom of the table, the most frequently reported adverse events observed in more than 10% of participants in any treatment group were hair color changes and nasopharyngitis, all of which were grade 1 and grade 2. Overall, we are encouraged by the consistent safety profile we have seen with Barzolvolimab in this trial where we explored the loading dose and 4-week dosing regimens. These data give us continued confidence in the overall safety profile and particularly the ongoing Phase III studies in CSU, ColdU and symptomatic dermographism, which also include the loading dose.

I will now hand the call back to Anthony, who will wrap things up. Anthony?

Thank you, Diane. Turning to Slide 9. While we are disappointed that the study did not confirm the promising signal that we observed in the Phase Ib, we are proud of our progress and continued execution. As leaders in mast cell biology, we are committed to delivering life-changing therapy to patients in need. The learnings from this study are important for the future of the Celldex pipeline across not only Barzolvolimab, but also CDX-622 and additional candidates in development.

The new data presented today continue to build Barzolvolimab's highly differentiated profile. While expected, it was reassuring to see that the loading dose combined with 4-week dosing demonstrated a favorable safety profile consistent with our prior studies and drove rapid declines in tryptase, which positions us well for our ongoing Phase III studies. In closing, Barzolvolimab has significant potential to become a transformational medicine for patients, and we are focused on driving mast cell category creation and delivering on Barzolvolimab's promise executing on ongoing trials and continuing to explore diseases of high unmet need where Barzolvolimab could play a role.

We look forward to sharing additional important information about Barzolvolimab in the coming months. We expect we will be in a position to report data in both the EMBARK CSU Phase III studies in the September, October time frame. As previously shared, we anticipate a readout of the Phase II data in AD late fourth quarter. And in addition, we look forward to sharing more about our broad life cycle development plans for Barzol later this year as well.

We appreciate your support and look forward to answering your questions tonight. As a reminder, these are top line results, and we are still reviewing the data. We will do our best to answer your questions, but may need to follow up at some point. Operator?

[Operator Instructions] Our first question comes from the line of Thomas Smith of Leerink Partners.

A couple, if I could. Just first on safety. I was wondering if you could provide a little more color on the clinical course for the aseptic meningitis case. Was there any neutropenia observed with this patient? Were there any other confounding factors? It sounds like the patient made a complete recovery, which is good. But any other findings you can add from the data monitoring committee review for this patient?

Sure, Tom. Diane?

Yes. So as I said, we don't agree with the investigator on the diagnosis of the causality. As I described, the patient did not have any symptoms consistent with that diagnosis. They did have an extensive workup as I outlined in the description and ruled out many different other causes.

We think that the clinical picture of the chest pain, which really went on for weeks and as well as the modest increased cells in the CSF really indicate some sort of neuro-inflammatory process, most likely due to a virus and they did not have any neutropenia. So the patient had absolutely no neutropenia through that.

Got it. That's helpful. And as a follow-up, can you just comment directly, were there any hypersensitivity or anaphylaxis events observed in this study? And then just maybe as a last question, could you just remind us from the Phase III CSU program, the timing and outcome of your latest Data Safety Monitoring Board committee and any potential read-throughs from this PN study to the CSU program?

So in terms of hypersensitivity, there were no cases of anaphylaxis in this study. There were 2 patients who discontinued treatment for urticaria. One was grade 3, one was grade 2. They responded to medications. In terms of the Phase III CSU, we're having regular meetings with the Data Safety Monitoring Committee. There's nothing particularly there. We do not believe that there is a read-through from these results today to do that those studies and those studies are really supported by very robust Phase II studies, both in CSU and in CIndU.

And we -- I would say from the standpoint of this study, so we have no concerns about efficacy, we feel, if anything, that this study, the safety profile really looked great even with using the higher dose. And we feel that, that reads through well to all of our indications.

Our next question comes from the line of Yaron Werber of TD Cowen.

I also had a question on -- in terms of some of the read-throughs maybe to atopic dermatitis, I know obviously, each condition is very different from the other, but maybe just remind us the biological support for running the AD study.

And then secondly, just on the CSU study, can you give us maybe a little bit of a sense on the DSMB side, kind of like what are they looking for in terms of -- we get a lot of questions as to what are elements that the DSMB is looking for that would drive potentially changing the study in any way? I know you obviously enrolled extremely quickly and 6 months ahead of schedule.

In terms of the DMC, there's really nothing particular. They have a charter. They review all the safety in an unblinded fashion on an ongoing basis and advise us on things that we need to do with the study, but there is nothing particular.

And we also have the adjudication committee. So all that's in place, Yaron, and it's been pretty consistent since we started the program in Phase I and nothing's changed.

Your first question, Yaron, regarding the read-through to atopic dermatitis and our rationale there. Certainly, both indications share some of the components of the pruritic disease and that was the basis for some of our rationale to move into atopic dermatitis after we had the Phase Ib data in PN.

However, there are different patient populations. Mast cells are known to contribute to other parts of the inflammatory process in atopic dermatitis. And we certainly plan on completing the atopic dermatitis study and look forward to the readout and the learnings from that study as we do appreciate that it's a different indication despite that they do share components of the role of mast cells and driving the pruritic itch part.

Yaron, do you have another question?

Our next question comes from the line of Iris Gao of Guggenheim.

My would also be on safety. I wonder if you can give more color on the frequency of neutropenia and skin hypopigmentation from this study and specifically in the 150-milligram group and also how soon was onset and stuff like that?

So as I said, we're very pleased with the safety data in this study. We had a low incidence of neutropenia, so it was below the 10% threshold that we are showing in the table. All the neutropenia were grade 1 and grade 2. There was no association with infection, and there was one discontinuation for neutropenia, which was grade 2.

As far as the hypopigmentation, there were 2 cases, 1 on placebo and 1 on drug.

Is any more color on like the onset of the skin hypopigmentation like we know how long it took for them to show up?

The skin hypopigmentation occurred for Barzolvolimab patient occurred at about the 6-month time point.

Our next question comes from the line of Kristen Kluska of Cantor.

First, I wanted to ask if any of the patients presented with comorbidities where you were able -- in a non-direct measurement way, able to see any effects? And then second, recognizing you're still digesting this data, I'm wondering if you're thinking about any thesis where this could be a potential candidate to further look at with a bi-specific in the future, especially considering there is a type 2 inflammation component to PN.

So I can answer. We're going to look at questions like comorbidities and do we have any anecdotal evidence in the study as we do all our programs. It's a little difficult because in the inclusion/exclusion criteria, you tend to want people that are fairly well controlled for their other comorbidities, but we will look. And I will let Tibor answer the question about bi-specifics.

Sure. Certainly, we look at all the learnings that we get from our studies with Barzolvolimab as helping us understand the role of mast cells and how that affects our pipeline development. So Kristen, we obviously consider the option, the possibilities of bi-specifics in the future, and that's something that as we think through this data deeper once we have all of that data in-house, we will look into very carefully.

Yes. And Kristen, we're also looking at biopsies that we've taken on study. We'll be analyzing those and comparing them to the Phase Ib biopsies since that was IV and this was subcu to see what we can learn from that analysis as well. So there's a lot of stuff we still need to do. I mean, we just got these data in a few days ago. But certainly, as we learn more, we'll communicate that out to everybody.

Our next question comes from the line of Sam Slutsky of LifeSci Capital.

This is Oliver McCammon on for Sam Slutsky. So first one for me is just as you think about mast cell biology post the urticaria PN and EoE randomized readouts, how are you thinking about indication expansion going forward and generally, the speed of the indication expansion for Barzolvolimab and CDX-622? And then I have one follow-up as well.

Yes. So we'll discuss more about where we're going in 2027 with Barzol later on this year. There are several indications that we're looking at, and we would imagine starting those studies up sometime in the first half of '26 or early second half of '26. Certainly, as we go through our criteria, it hasn't changed. We look at unmet need. We look at epidemiology. We look at the markets. We look at the ability to do studies and the probabilities of that.

So that hasn't changed. But I think as we look through and as we learn more, we'll have more information to share with you. But I think that we go through a pretty rigorous process. And certainly, also, we're trying to learn. We know mast cells are implicated, but what we're learning is that, especially in EoE and then now PN on the subcu formulations that does not meet our hurdle rates and it certainly doesn't have a big impact. So we're looking to learn, and we're looking to go back and take those learnings and move forward into new indications. So we'll update you on where we're going later on this year on that.

Got it. And then curious on why the aseptic meningitis patient received the lumbar puncture. Basically trying to get a sense of maybe whether/why they were worked up for this.

So as I said, the workup was -- went on over many weeks. There were several hospitalizations for workup. And they really had tests to rule out every possible cardiac, pulmonary and gastrointestinal disease. The patient did -- in addition to the chest pain, the patient complained of some weakness and had some decreased reflexes. And so they -- after doing all these other tests, they said, we should look at possible neurologic causes, and that was what caused them to do the lumbar puncture as part of a big neurologic workup.

Our next question comes from the line of Derek Archila of Wells Fargo.

This is Simone on for Derek. Just one from us today. So how should we think about the relevance of serum tryptase as a biomarker moving forward? And are you able to share the magnitude of tryptase reduction achieved and whether maximal mast cell depletion was maintained through week 12?

Sure. I'll take that question. So we believe serum tryptase has been a phenomenal biomarker to correlate with the clinical benefits of Barzol throughout the program and has correlated very well with what we've seen in terms of tissue depletion of mast cells. So currently, we -- this does not change our view on tryptase. While we haven't given the exact numbers, we certainly see profound depletion with the majority of patients getting below detectable levels, which are maintained throughout the treatment period.

So very, very profound impact on serum tryptase levels, which we believe converts to very good depletion of tissue mast cells. As Anthony mentioned, we do have some biopsies from the lesions of these patients, and we hope to gain some greater insight what's happening in the tissues, and we'll certainly report that when we have those data.

Do you have a time line on when you'll have that data or like any possible upcoming medical meetings?

No, we're still going through everything. As soon as we get it, we'll share.

Our next question comes from the line of Judah Frommer of Morgan Stanley.

I'm just curious if you have any updated thoughts. I know it's early, but just on drivers of the non-histaminergic itch here, I think beyond the well-validated cytokines from Dupi and Nemo. And then just specifically, any thoughts on MRGPRX2 ligands and the role they might play given the update here?

Tibor, you want to take a shot at that?

Yes. I don't think we have thought about this quite a bit. We -- as Anthony mentioned, we received these data, which were surprising to us just a couple of days ago. We're still grappling with the differences between our Phase Ib output and this study, which certainly raises questions about the role of mast cells in this indication. So yes, it's not something we've really thought about to address your question about what other mechanisms can be at play and what the role of X2-mediated activation of mast cells might be. perhaps after we do additional analysis.

Yes. So Jud, let us do the analysis on a bunch of stuff. And as we learn more, we'll be more than happy to share. We think this is important for the science going forward and for patients and anything that we can learn and share, we'll do so.

Our next question comes from the line of Alex Thompson of Stifel.

This is Patrick on for Alex. One quick question on the Phase III CSU top line, I guess, what exactly will be included? Are we only expecting to get the week 12 primary outcome? Or will we get that full 24-week data set?

You'll get 24-week randomized safety data with a 12-week primary endpoint. And again, it will be top line, and we will save the full data set for a medical meeting.

Our next question comes from the line of Andy Chen of Wolfe Research.

This is Jason taking in for Andy. I just wanted to ask about drug exposure compared between Phase I and Phase II since Phase I with IV. So we just wanted to ask in terms of the dosage for SC in the Phase II, did that change? Or was there anything accounted for when you guys went into dosages for Phase II?

Tibor?

Well, certainly, subcu delivery is going to give different kinetics of exposure than intravenous administration. And while we get very good sustained exposure with our subcu regimens, you don't get that rapid high concentration exposure. Whether or not this could have contributed to the differences between our outcomes in the Phase Ib or Phase II is unknown.

It's not something we can rule out at this time. Perhaps we'll learn a little bit more from the biopsy samples. But overall, as I've mentioned before, we had very good tryptase reductions. We believe we have very strong mast cell depletion in the tissues. And our conclusion currently is that mast cells are not a driver in this disease based on the data we have.

Our next question comes from the line of Richard Law of Goldman Sachs.

This is [indiscernible] on for Rich. Could you share any thoughts as to why based on the encouraging data that we saw and the alternative lack of effect that we saw in Phase II, could the formulation change from intravenous to subcu have had any effect? And could it have any read through ongoing trials using the subcutaneous formulation?

You were coming in and out. Can you -- I'm sorry to make you repeat the question. Can you repeat it?

Sorry about that. No problem at all. Yes, I was asking if you could share any thoughts as to why based on the encouraging things on the data with the IV formulation and then the alternative lack of effect to subcu, could that change in the formulation has had any effect and could have any read through to other trials using the subcutaneous.

So the only change in formulation is really the concentration of the drug. So I don't think formulation per se was an effect. The route of administration, as we've discussed, is something that we're still trying to understand. There certainly is precedent for some treatments where intravenous induction is optimal for effect. And so whether that's a situation here or not, we don't know.

But we believe that with our subcutaneous formulation, we are impacting the mast cells the way we expect to and certainly has led to dramatic effects in our clinical outcomes in a number of other indications. So we still have some work to do with the biopsy samples here to demonstrate that, but we're quite pleased with our subcu formulation.

Okay. Got it. And just one follow-up, if I may. Is there any read-through in your view from these studies as well as EoE, PN to CDX-622? And could that drug work when [indiscernible] indication?

So we're, again, still learning from these studies. If we don't believe that mast cells are a key driver, then it's definitely not a high priority indication where 622 is also working at least through the mast cell depletion as part of its mechanism of action. So we'd be focused where there is clearly a role for mast cells, but other -- that also includes other drivers in the case of 622, that being TSLP. So yes, if we are finding out with Barzol that mast cells are not playing a critical role, that diminishes the potential for 622 in those same indication.

I would now like to turn the conference back to Anthony Marucci for closing remarks. Sir?

Thank you. And everyone, thank you for joining us tonight. We know this was short notice, and we appreciate all the time and the questions tonight. We look forward to coming back in a couple of months, September, October time frame to discuss our CSU readout. And in the meantime, if there are any questions moving forward, don't hesitate to give us a call. Have a great night.

This concludes today's conference call. Thank you for participating. You may now disconnect.

Good afternoon, everyone. Thanks for joining us here on day 2 of the Leerink Partners Global Healthcare Conference. My name is Tom Smith. I'm one of the senior biotech analysts here at Leerink. And it's my pleasure to welcome our next company to the stage, Celldex Therapeutics and represented today by President and CEO, Anthony Marucci; CSO, Tibor Keler; and CMO, Diane Young. Thank you all for joining us. Looking forward to the discussion.

Yes. Great to see you again, Tom. Always good to talk to you.

Likewise. And to set a little bit of the state. 2025, great year of execution, some very good data points. I think for investors, clearly, a lot of focus around the Phase III CSU readout that we're now expecting in Q4 of this year. Study enrolled rapidly, way ahead of schedule, overenrolled. It seems like there is -- we interpret that as evidence of clinician demand for better urticaria therapeutics, also patient demand for folks that are -- as a population we think has been pretty underserved historically. Anthony, maybe you could kind of kick us off and level set us highlights from 2025 and then what else we have to look forward to here in 2026?

Yes. So 2025 was, as you said, a year of execution. Finished up our CIndU studies and our CSU studies. So off of CSU, we finished our 52-week therapeutic study where we dosed patients out to 52 weeks, and then follow that on with a 28-week follow-up period for those patients, and we presented our 76-week data. And in both of those studies, the data was unprecedented, right? So at 52 weeks, we had up to a 71% complete response rate, followed those patients out for another 28 weeks. And at 76 weeks with patients off drug, 41% of those patients still had a complete response.

The same thing for the CIndU study. We did our 12- and 20-week studies, finished them up in 2025. We presented the 12-week data. Again, really excellent data there. And then starting future studies. So we initiated the Phase III study in SD and ColdU at the end of December, and that led us into 2026.

So you pointed out that we started the year by announcing the Phase III CSU studies accrued 6 months ahead of schedule. They were the largest studies ever conducted in CSU patients that were antihistamine refractory and biologically refractory patients. We accrued 1,939 patients was 109 patients above the level that we set. We were in 500 sites. We're in 43 different countries. So great execution by our ops team, great kudos to our partnerships with our CRO and Diane's clinical science team, but it was a collective effort. Tibor and the CMC team made sure that drug was available to all these places on top of managing the CDMOs to get through Phase III and commercial development for manufacturing.

So a big lift, as you can imagine, for a company our size, but certainly one that we relished in the fact that we could do it. We did it in a speedy time limit. And again, there was an unmet need here to around the excitement. Interestingly, we had a good mix of allergists and dermatologists on the study. In the U.S., where we accrued 26% of the study in the U.S., 53% of those patients were put on by derms, something that surprised many investors thinking that it would be more just allergists. So again, we're just very, very happy and satisfied by what we've seen so far, and we look forward to flip the card in the fourth quarter.

That's great. And yes, I want to double-click on that data point because I know you guys very thoughtfully wanted to make sure there was a representative derm presence in this study to be able to drive potentially like the broadest uptake of the product possible. I would be curious if we have feedback, I guess, from the dermatology community over what drove them to? I'm also surprised, it sounds like you were surprised as well that the majority, but the majority of patients in the U.S. are coming from dermatology practices. We've historically thought of this as more of like an allergist-driven.

Yes. We just thought because of the severity of the patient population that we saw in the Phase II study, where 70% of the patients were considered very severe that you wouldn't see the uptake by the derms in Phase III, but we were very happy to see it.

Yes. Remind us -- one of the other design elements we always liked about the study is you're enrolling the biologic experienced patients. Do you have a sense for kind of how that card has flipped over, like a proportion or a certain proportion that we were targeting?

So the only thing we know at this point is 75% of the study was antihistamine refractory and the other 25% was biologically experienced or refractory. That's what we know at this point.

Great. Okay. Excellent. I want to talk about the data that you just presented at Quad AI. And look, we've always thought of this as your high efficacy option, unprecedented complete response rates that you alluded to in your opening comments, Anthony. I thought what was really intriguing out of the Quad AI data was the durability of effect. I felt like was on full showcase. But maybe you could just walk through sort of the highlights of that data set in CSU, and then we'll come back and maybe talk about the commercial implications of what you're seeing clinically.

Yes. So the -- so what we showed was a subset of the patients from the CSU Phase II study, and we were really focusing on that durability of response off treatment. So we had the patients who had well-controlled disease at 52 weeks and then saw what happened to them as they went out to 76 weeks. And again, very, very high rate of maintaining complete response. Those that did relapse, relapsed with mild disease. And you can -- there's -- it's a beautiful figure, kind of a heat map of response. It's really hard to describe.

But -- and we were able to show this. We looked at the PK, and we showed that we had this complete response that was persistent despite the fact that barzol levels were below the level where you would be expecting to have significant KIT suppression. And also, we did see tryptase coming back to normal levels. So really interesting. And Quad AI also picked that up as a poster to highlight in their press release, which was really nice.

So this was looking at patients who achieved response, basically like well-controlled disease, about half of them were complete responders, like 7 months removed from treatment. Like we think of that as relatively unprecedented. But I want to talk about kind of the clinical implications of this, like what -- do we think that this is truly disease-modifying?

I think it raised -- what our experts have said to us is it certainly raises the question of disease modification. It's not -- there's not a standard definition in this disease. But we certainly have a much longer response than can be explained by pharmacokinetics alone. And it is longer than you would expect -- there is spontaneous remission, but it's a much higher rate than you would expect from that. So there's something about it that is causing this prolonged response.

And what's the potential like biologic rationale for that? Is it that you are totally depleting, wiping out mast cells and the mast cells that repopulate are a different phenotype lineage?

Yes. So certainly, we think the mechanism of action is what's at play here, the ability of Barzol to really take out the effector cell in this disease and keep it out of the picture for a long period of time. So when these slowly come back and do come back, we're not seeing the same level of disease in those patients. We followed them out to 76 weeks. It's certainly likely that eventually more patients would see their disease return. And that's still a really unprecedented length of time for controlling disease without treatment.

Yes, fascinating. And then -- sorry.

Yes. And again, it speaks to the severity of the disease. What our health experts are telling us that the longer you have had the disease, right, if you're going out 4, 5, 6 years, the less likely you are to have any kind of spontaneous remission. 7 years on the mean of duration of disease. So these weren't patients that were going to remarkably remit quickly and to see that kind of response post the data and post submission, it was just remarkable to us. So we think it has a lot of implications going forward.

Could you talk about the potential commercial implications of the drug with that profile? So I suppose one aspect is just like unprecedented efficacy also could introduce potential either intermittent dosing or a curative like effect that how does one potentially price for something like that?

Well, that's a discussion we have to have when we talk to the payers when we get there, and we got plenty of consultants to help us out with that. But I think as we look through the data sets, there are a couple of things that jumped out at us. As Diane said, we did have a more severe population. And originally, we were just looking at the UAS7 scores. But what we also saw is that we had a high rate of patients with severe angioedema on the study. So when you put those 2 numbers together, it turned out to be a good 1/3 of the study, 36% of our Phase II, whose patients had both severe UAS7, CSU and they had a mean score of 53 on their angioedema score.

So for anybody who understands angioedema, a score of 19 is considered severe. And the mean on our Phase II study was 53. And with that, we saw a remarkable control over UAS7, which is the angioedema score. And we also saw that improvement of life -- quality of life as well as the complete responses. So when you take all 3 of those pieces of efficacy into consideration, there is a path for both frontline inclusion for those patients that have severe angioedema and severe CSU. And then the other entry point, which would be second-line advanced label post a Dupi or post a Xolair or Remi going forward. So those are the 2 areas where we see an entry point and something that I don't think a lot of investors were paying attention to.

That's very interesting. I want to talk about the EMBARQ CSU study. And you've implemented a loading dose there. Obviously, you didn't have that in the Phase II experience. Talk about potential impact on both efficacy and safety with the loading dose?

Yes. So as you said, we're using the same doses we had in the Phase II, but we have added a loading dose to each one. So a 300-milligram loading dose to the 150 Q4-week arm and a 450-milligram loading dose to the 300 milligram every 8-week. And we really did this on the basis of looking at the data from the study and modeling. And it looked like with the subcutaneous dosing in the study that we get a little bit faster response initially with the 300-milligram dose, but we also see that over the 8-week period of time it starts to come back a bit.

So with a loading dose, we can sort of smooth that out and hopefully get more rapid efficacy upfront. And we don't think it's -- so we think it's going to produce better efficacy, particularly early, and we don't think it's going to cause any issues with the safety profile at all. We have looked at that level of loading dose in our other Phase II studies going on. And we have certainly looked at higher exposures than that when we were looking at intravenous dosing. And we don't really see a difference in terms of the safety profile.

That makes sense. Let's talk about expectations for the Phase III and I guess, how we're framing those. The Phase II results is quite compelling. Obviously, a replication of that would be the...

Mind-blowing.

Yes, the best pivotal results we've seen in urticaria. The agents that are currently approved and that we have late-stage data for all look relatively similar kind of in the Xolair range of efficacy. Just sort of help us frame like how you think about good results? Is it just something kind of north of what we've seen from the Xolair? Is there a certain threshold that you're looking for?

I think our expectation is that we would have data similar to our Phase II data. I mean that's what we're hoping for, especially when you add in the loading dose, which, again, we're just trying to get a better effect early on. At the end of the day, whether you're getting the 150 or the 300, you're getting similar doses anyway, but it's just a matter of can you get those responses faster. So that's our expectation. But at the same time, being a finance person, you're always modeling in improvement in the placebo rate, a decrease in your drug rate. And at the same time, we powered the study 90% to show a 10-point improvement. I mean that's the hurdle.

And we think the study is very much well overpowered. And then on top of that, we also powered at 90% to show a 10-point improvement in the refractory population. So I think if we can get anywhere near what we had in Phase II, it's an absolute slam.

Yes. And just to build on that, but on the safety tolerability side, similarly, replication of Phase II, we would be very comfortable with that. Is there anything particularly that we're looking for or anything that we're kind of managing around?

Diane go ahead.

No, I would say we're looking to see a similar profile to what we saw in Phase II.

Yes. I mean we've already had 600 to 700 patients already in our various studies. So I think we're very comfortable with the safety profile. So if we can match up the safety profile in the Phase III, that would be remarkable. Because remember, the neutropenia was all transient. The hair lightning and the hypopigmentation were all grade 1, very, very mild, and they do reverse. So that's our expectations going forward.

Right. And just remind us the long-term experience there. I think it was about 3/4 of patients stayed on drug and of those like 3/4 of patients complete responders. Is that right?

In terms of...

In terms of long-term CSU over the course of the year.

Yes.

Yes, okay. That's great. Let's talk about the market opportunity. It's fairly dynamic times. We have Rhapsido that was approved, remibrutinib seems to be launching well. I guess any early market feedback that you're hearing on that launch? And how does that launch shape the way you're thinking about kind of where barzo fits in?

Yes. So again, like I said, where I think we fit in are 2 entry points, right? So they're both areas where we think the data is superior, and that's in these severe angioedema patients and severe CSU. The other entry point is you don't do well or you're not completely controlled on Xolair or Remi or Dupi. We would be the drug of choice in second-line advanced therapeutics, that's the way we look at it. So we feel that we have a clear space to operate, right? We're not competing with them.

What we're hearing about the Rhapsido launch is that it's going well, that doctors seem to like it. And we expect that it seems very Xolair like in its efficacy, but it's an oral. So you got to take it twice a day every day. And if you miss doses here and there, you tend to hide pretty immediately. So -- and not unexpected. But evidently, we think that's gone well. And I think longer term, that's good for us, right? It's been an underserved population. We know that there are plenty of CSU patients out there. We have so many companies targeting CSU as an indication with their drugs. There have been 28 companies that have targeted CSU as an indication for their drugs. And it's Sanofi and it's Novartis and Roche, Novartis with Xolair and hopefully now us that have succeeded. Everybody else has not done well. And that includes companies that have $1 billion drugs elsewhere.

I want to talk about inducible urinaria where we've launched the Phase III. And other one we saw data at Quad AI from the inducible urticaria experience. You actually had a late-breaking poster at Quad AI. So maybe just kind of hit the highlights on that data set. And then for the Phase III CIndU experience, like are there tangible learnings we can take away from the urticaria operational execution enrollment aspect that we can apply to CIndU?

Yes. So the data that we showed at Quad AI, the late-breaking poster was retreatment data. So in the CIndU Phase II, they received 20-week placebo-controlled period. And then when they were in the follow-up, if they recurred in terms of symptoms, they could be retreated. And what we showed in that poster was that as we really expected, when you retreat, you get the same response as you did initially. So there was no diminution in the response and the safety profile was very similar. So we expected that, but it was just -- it was nice to see that. The other data that we presented was 20-week placebo-controlled data, just showing improved quality of life and urticaria control.

And in terms of what we've learned from the CSU study, I think we've learned a lot. We're actually going back to many of the sites that we used. It's a smaller study, so we don't need so many sites, but we're using the same CRO. We're going back to the site -- the same sites. I've gone to the investigator meetings and the investigators are all very well trained in barzolvolimab. And so it's been -- it's really -- this is a very easy study to get started.

Can you talk about the translatability of -- I mean, unprecedented efficacy, I would argue, in both CSU and CIndU, like other considerations now as we move into large Phase III cold urticaria and SD studies. The endpoints, I think, specifically in cold urticaria have been little tricky. But just maybe walk us through how you've designed and how you kind of like optimized for success on -- in those settings?

Yes. So we are using the same endpoints to -- as we did in Phase II in terms of the primary endpoint being complete response by provocation test. That's what we used in Phase II. That's -- we've gotten alignment on that. We are also incorporating into some of our -- into our secondary endpoints, some patient-reported outcome data, particularly looking at itch as well, which is something we learned from our Phase II study. But it's -- and I would say that from -- we learned a lot from the Phase II about how to use those provocation tests, how to instruct the sites and things like that, that are useful in terms of the Phase III.

I want to switch gears from urticaria to -- we have a couple of other data sets coming this year. We'll start with prurigo nodularis. And it sounds like we may get that Phase II proof-of-concept study first potentially. You have Phase Ib data. really nice signal that was with the IV form of the drug. I guess 2 things. Just like remind us -- level set us on the rationale for depleting mast cells in PN and how that translates to clinical effect. And then when you think about translating the Phase Ib to this Phase II study, like remind us of the differences besides just we're using the subcu now?

Yes. So the rationale is really that there has to do with the mechanism of itch. And there's -- it's actually a growing area of research about the relationship between mast cells and sensory neurons and the involvement in diseases with itch. And prurigo nodularis is such a disease. We actually started our research because we saw a case of prurigo nodularis in our CIndU, our original Phase Ib CIndU study, and it completely responded. And that led us to do our Phase Ib in prurigo nodularis, which was a study that had single doses of barzolvolimab at 3 milligrams per kilogram and 1.5 milligrams per kilogram and placebo, and we treated moderate to severe prurigo nodularis patients. And particularly at the 3 milligram per kilogram IV dose, single dose, we saw a 57% reduction or 57% of patients had at least a 4-point reduction in itch at the 8-week time period. And we also saw healing of lesions, particularly again in the 3-milligram per kilogram group.

The other thing in that study was we looked at tryptase, and we did see a difference in that indication between the 3 milligrams per kilogram and the 1.5 milligrams per kilogram in terms of level of tryptase suppression, which was different than what we had seen in urticaria. So in setting up the Phase II, we went to subcutaneous dosing, and we are looking at higher dose of barzvolimab than we looked at in urticaria. So our highest dose, we have 2 doses. One is 450-milligram loading dose with 300 milligrams every 4 weeks. And then we have 450-milligram loading dose with 150 milligrams every 4 weeks. And it's 2 doses versus placebo. We've completed enrollment, and we're going to have the data this summer.

Yes. So just to level set when data is coming out. So the PN data will come out first in the summer followed by the CSU Phase III studies sometime in the fourth quarter and then the AD data set from Phase II towards the end of the year. And that will be the order of when we're putting out data.

That's great. PN, just from a market opportunity perspective, I mean this is one I feel like investors, it's a smaller opportunity. The patient numbers are lighter than in many other dermatologic conditions. But we do have Nemluvio that seems to be doing pretty well. Dupixent, it seems like also -- how do you think about, I guess, the potential commercial opportunity in PN?

Yes. Once again, I think it is a smaller indication. I would equate it to CIndU, which is around 1/3 of the CSU population. But again, I think it's also underserved and underdiagnosed. So I think as the Nemluvio's are out there, as the Dupi's are out there, as we hopefully will get out there in PN, it will be easier to find the patients. It will be easier to treat the patients. And again, I think the market is bigger than what we're all thinking, right? There's very few markets that I've ever looked at that turned out to be smaller than we thought of, especially as we did more work. So I think PN is another one of those disease indications that's underdiagnosed.

Yes. And last question on PN. How are you framing expectations for this Phase II Study?

So again, we'd love to mimic what we had in Phase I. We're always looking to be at least as good as the current standard of care. And again, both Nemluvio and Dupi got approved pretty much around the same time. And -- but we think that if we have an effect on the NRS scores, which is the itch, and we also have an effect on the lesions in a bigger way, I think that's your differentiator.

Yes. let's talk briefly about atopic dermatitis and comes last this year. But a little bit different, I think, biologic rationale there. We don't know necessarily that AD is a mast cell-driven condition. But I guess, like how are you guys thinking about like what's level of excitement around the AD readout, I guess, level of conviction that we will see a signal there? And what does a good signal look like in this Phase II study?

Yes. So I think AD was kind of an extension of the PN in terms of itch is still one of the predominant symptoms of AD. There do seem to be neuro immune mechanisms involved in the itch. So -- and there's other roles that are hypothesized for mast cells in terms of the complex pathophysiology of AD. So I think we would say that with PN, we had -- with the PN Phase II, we had clinical data. We have responses in our hands in AD. It's -- we don't have that level of certainty with that much data, but we think it's a reasonable hypothesis to test.

And again, we would be -- we say we would like to be as good or better than what exists. I think from a commercial standpoint, we would see this drug fitting in after the standard of care with Dupixent, but before a JAK inhibitor. So that's the kind of position.

Are we enrolling biologic experienced patients?

We're enrolling -- it's an all-comer study. So we're enrolling everybody.

Excellent. Okay. In the last minute, we're not going to do this justice, but I want to talk about CDX-622. We've generated some healthy volunteer data. We put it in a proof of mechanism study in asthma. Just talk about biologic rationale for going there with TSLP stem cell factor. And what patients are we enrolling in this proof of mechanism? And when could we see data from this?

So yes, so we're in Phase I, both in healthy volunteers as well as in this proof of mechanism study. The concept with these more moderate asthma patients is to get PD data around both the impact of inhibiting TSLP as well as inhibiting mast cells. And because of the work that's been done with approved TSLP inhibitors like TEZSPIRE, where there's a really clear biomarker pattern that we would expect to see. So this is more validation work on this molecule for proof of concept. We think asthma is certainly an indication of interest as well as other pulmonary indications. It's a small open-label study. We're not directing in terms of exactly when we would be presenting data. We are presenting data in Q3 on the healthy volunteer study, which will include the multiple ascending dose as well as subcutaneous dosing.

Awesome. All right. We'll stay tuned on that front. Big year ahead. Looking forward to all of the results this year, but especially the Phase III CSA data.

Yes. As we all are.

And thank you, Celldex team for joining us.

Thank you.

Thank you.

Okay. Well, welcome once again, everybody, to the 46th Annual TD Cowen Healthcare Conference. I'm Yaron Werber, biotech analyst here at TD Cowen, and it's a great pleasure to moderate the next fireside chat with Celldex. With us today, Anthony Marucci, President, CEO and Co-Founder; Tibor Keler, EVP, Co-Founder and CSO; and Diane Young, Senior Vice President and Chief Medical Officer. So team, thanks for joining. We appreciate it.

Thank you. Appreciate you having us.

Lots going on, lots of big announcements on finishing both enrollments in the CSU, the EMBARQ program and starting the Phase III CIndU study as well. So it's going to be an action-packed year for this year, plus prurigo nodularis data and AD data. So lots really going on.And 622 data, and we only have 28 minutes just to orient us. So maybe the faster than enrollment than expected enrollment for EMBARQ despite competition, what does that tell you? And kind of what are you seeing? Is the enrollment more U.S.-centric? Is it really global in nature?

No, it's global in nature. And certainly, we just think that there's an excitement around the drug. There's an excitement around the PIs that were on the study. And certainly, you had Remi getting approved this year in '25. You also had Dupi getting approved and then the face of that to accrue a study 6 months prior to your guidance. We over accrued the study because we had patients in screening when we announced that we were going to close. So it's just a tremendous amount of enthusiasm, we believe, for the drug, for how it went and for the future of it.

And then can you just remind us what you said on powering for the studies and your ability to then obviously combine them as well?

Yes. Well, so the studies are 90% powered to see a 10-point difference in the mean change from baseline in urticaria activity score 7 compared with placebo. But very importantly, it's powered to see that in -- both in the overall subset and in the overall group and then in the subset who are refractory to omalizumab. So the overall group is overpowered in the sense.

And what about the powering for that subgroup.

90% to see a 10-point difference, yes.

Excellent.

I mean a 10-point difference is very doable. I mean it's massively overpowered given the data. And it's at 52 weeks.

12 weeks -- sorry, 12 weeks is the endpoint. Yes.

12 weeks, but the study is 52 weeks...

The study is 52 weeks. We have a placebo-controlled period for 24 weeks and -- but the primary endpoint is at 12 weeks.

And when you're looking at both subtypes, subgroups, the naive and the experience, are you expecting similar results in both based on the previous data?

Based on what we've seen previously in our other studies, it looks like there are similar kinds of responses in both groups. This is obviously a much larger data set, but we expect to see similar results.

With -- as you kind of think about what the bar is, what your sense is the bar maybe even in the Oma experience?

I mean we're looking for statistically significant benefit. Our rates are higher than anybody else's. We're looking -- we're hoping for the same thing.

Yes. So the interesting part coming out of the Phase II study, Yaron, was that our 76-week follow-up data, the complete response rate there was 41%, and that was higher than any of the competitor drugs while the patients were on treatment. So as you remember, at 12 weeks, it was upwards of 51% at 52 weeks. It was deepening in upwards of 71%. So we really appreciate the fact that this drug works very, very well, works very, very rapid. And the deepening of response is also something that we're truly glad about.

And I would just say for omalizumab refractory, there is nothing that's been approved or has demonstrated statistically significant efficacy in that population.

And what about -- can you just remind us what did Remi show in that population?

So Remi has not precisely looked at that population. They have done analyses where they've looked at omalizumab experience. They don't see a statistically significant difference that they've reported. They do see some -- it looks like they have some activity there, but they haven't -- it's not sized to look at that.

And what was the magnitude of the difference even not start saying?

They see kind of a difference similar to what they're seeing in their overall population.

Is the study powered to look at 2 different doses? You're doing 300 loading with 150 every 4 weeks and 450 loading and 300 every 8.

We didn't specifically power it to look at a difference in doses.

And so based on that, you decide which one dose or both to file?

Correct. Correct. And often, FDA will approve several -- a couple of doses because it's good to have options.

You noted the 76-week data. And at that point, patients were off therapy for about even as long as 27 months, right? And the mast cells repopulate by 28 by 2, 3 months completely?

So yes, based on our -- the tryptase levels coming back throughout this 7-month period, we know that they're at normal tryptase levels, which indicate that patients' mast cells are back to the same level as you would see in healthy patients or healthy individuals.

And so what confers that activity in your view, the durable activity?

Well, I think you have this profound impact on the effector cell that's driving the disease. And in these patients where you've really shut this down for a full year, I think there's a profound effect in terms of the timing that it requires for the disease. I mean, we do expect that in the majority of patients, the disease is likely to come back, but it comes back very slowly because you are repopulating these mast cells slowly. They may not be as sensitive to the triggers as they were when the disease was flaring for them initially. So we're still learning about exactly what's going on, but extremely pleased with this unprecedented activity.

With respect to what you might be able to include in section -- clinical Section 14 in the label with this long-term data, does it have any translatability? Or is it going to be mostly coming from the Phase III?

I mean, probably most of the data in the label will be from the Phase III. That's the precedent, and that's what we have to discuss with FDA, obviously.

We clearly have very strong publications that will outline this activity. I think that will help support it.

Support and that's something the [ MSLs ] and...

Absolutely...

But the thought is not to have a treatment-free period necessarily.

I don't know. In our initial label, I don't -- that will not be...

No, we want to give the docs that optionality.

Would you consider doing a Phase IV study with like, let's say, Q12-week dosing where you get to effect in 24 weeks, you go less durable?

You're asking me to spend more money Yaron. Yes. There are certain things that we would want to do in Phase IV. That's certainly one of the options that we would have. I'm sure Diane and her team can come up with other things that they want to look at, but I'm sure that's one of them.

What else would come to mind?

I think there's going to be all sorts of questions. And just to mention, we consider Phase IV type studies. There's also -- in this field, once something gets approved, the treating physicians themselves often use the drug in new ways and try to give it so that the patients will have the best experience.

Yes. Right, longer dosing period...

Longer dosing, double the dose, more frequent, less frequent.

Intermittent. Yes, those types of things.

Okay. Any questions from the audience? If anybody has any questions at any point, just go ahead and raise your hand and happy to take it.

Just a reminder. Looking at Phase II data that we are seeing and the things [indiscernible] inclusion/exclusion criteria? Did the patient population -- was the patient population pretty fast or pretty similar or not?

Patient population, exclusion -- inclusion, exclusion was the same. The only thing we changed is that we did a loading dose.

Correct. And it's obviously a broader geographic distribution, but we kept the criteria the same.

Just because you enrolled so fast, we've seen other companies that enroll really quickly and then they kind of get off kilter on the actual patients that got into the trial.

Tried to keep it exactly the same.

Yes, same patient population.

Since we're pretty close to commercial -- since we're closer to commercial than we were to actual data, any thoughts on pricing? Like are we thinking Xolair as a comp? Or is -- how are we thinking of pricing now?

We're doing that work now. Certainly, we have a ways to go before we can declare what we think it is, but we certainly are looking at a premium to where Dupi, [indiscernible].

When -- in terms of some of the AEs and monitoring in the study for neutropenia, hair changes, it just standard when they come in and how frequently are patients coming in?

So in the study, patients are coming in on a monthly basis. And what was your initial question?

And then secondly, from -- once you're on the market, what are you anticipating in terms of monitoring? Is it just sort of baseline early on and then cadence of normal visits or anything particular comes to mind?

Yes. No. So we've been -- in terms of the question monitoring comes up most frequently with hematology. We've been very pleased with the consistency of the data across our study that we have neutropenia events. They're mostly mild. They reverse while the patients are on therapy, and we haven't seen any association with infections. So it doesn't seem like monitoring would be beneficial in that situation.

And in terms of surveillance overall for hypersensitivity, how is that done in the study?

That's just adverse event reporting. You capture adverse events when the patients come in to visit the physician, you ask them if anything has happened and they report it.

Okay. Any update on the sperm study in men?

It's ongoing. We expect the study to read out in time for our filing for the BLA. That's the requirement.

And so that's this year?

We haven't guided on the exact timing.

We've said by the time the BLA -- Yes.

How is that study done? It's healthy volunteer and it's a short-term study...

Yes, we're giving healthy men clinically relevant dose of barzolvolimab, following them, obviously, understanding their impact, not just on their sperm count, but on other aspects of their sexual life of their hormone levels and all that's going to be captured and reported in. And just to remind folks that this is a known impact based on KIT biology that systemic inhibition of KIT will impact the maturation of sperm. It's 100% reversible. We've demonstrated this in our prior preclinical studies and certainly expect to see the same with our studies in men.

In nonhuman primates, have you seen changes in hormone levels as well or just for [indiscernible]?

We actually did not do hormone level analysis in the preclinical study.

Okay. So as the market is getting more competitive, where do you think based on the data, barzol is going to get used? And is it slightly different initially, let's say, first year or 2 versus year 3 and 4?

Well, certainly, years 1 and 2 and 3 and 4 can be a little bit different. But we believe that there are 2 entry points for us coming into the market. The first entry point would be frontline -- first-line advanced therapy in those patients that have severe CSU and severe angioedema. And we look at that from our Phase II studies where we looked at both severe CSU numbers severe angioedema numbers. And the way we measured severe angioedema, as you know, Yaron, anything above a 19 is considered severe. We went and looked at the median numbers in our study and the median numbers were 53.

So we looked at both the UAS7 of greater than or equal to 28 plus an angioedema score of greater than or equal to 50 and 36% of the patients on that study had both. So if you want to look at it commercially and say, okay, I'm going to cut this number in half. We have a good entry point into that frontline therapy using those. And then the other entry point would be the drug of choice in second-line advanced therapy, right? So if you take Xolair or you take Dupi or you take Remi, once you go through those, whether you don't do well, whether you don't tolerate, whether you're not getting the control you're looking for, you drop down to barzol. So we think that, that is an excellent entry point on both.

We certainly believe now that with [indiscernible] and Dupi on the market, it's going to certainly grow that market significantly. It's been an underdiagnosed market forever. And I think the analogs that I would leave investors with is go look at the psoriasis and the rheumatoid arthritis markets, whereas more competitors came in, the diagnoses became quicker. And then long term, you think that those second-line advanced therapy indications, that population becomes larger than the front line. So we think that it's got an excellent opportunity here.

And just remind us the loading dose is an IV loading dose and...

Everything subcu.

Subcu in the office?

Yes.

And then from that point in the study, it was health care or a caregiver administration?

Yes...

No, all of it's in office administration in the study.

And then would it be outpatient in the real world? So patients can self-inject at that point?

They can self-inject. We're looking -- we're going to start -- go commercial with a prefilled syringe in office. And the goal is within the first year to have a self-injected, auto-injector.

In the first year. Okay. But the prefilled syringe, they could still take at home as well.

They could.

No. Well, we won't -- we won't have -- you have to have all the instructions for the patients and things like that. And that's -- it's some additional work that we have to do to...

Before -- if the auto-injector isn't available you can still inject it...

Yes, that's correct.

Okay. And the auto-injector is about a year behind or so?

We would say so. We're doing the work on that now.

Any questions from the audience?

Then maybe let's move to CIndU. So you presented the data at ACAI in '24, both in ColdU and SD. And now you're starting your Phase III, the EMBARQ-ColdU and SD study, 240 patients, 1:1 randomized. So here, you're doing a 450 loading dose and 150 Q4 weeks, right, against placebo. In the Phase III, sort of the 300 was a little bit better in ColdU and 150 was a little bit better in SD. Maybe help us understand why choose that one and not the higher dose?

Yes. So both doses were active in the Phase II study, as you mentioned, both of them were statistically significant in both forms of CIndU. When we came to design this study, because CIndU is a rare population than CSU, we wanted to just look at one dose to try and keep the study accrual times manageable. And we felt that 150, we had a lot of good data on. We do feel that the loading dose would augment the rapidity of the response at the beginning as we decided for CSU. So this is what we selected to go ahead with CIndU. I don't know -- did you have anything else?

No. I think this is a great compromise when you're doing a single-dose study. And I certainly expect that 150 monthly or 300 Q8 weeks is really a similar...

And you're using the higher loading dose here -- point, right, to get yourself a faster onset. The -- so Novartis recently assumed that the REM IND study showed stat significance against both and they're filing an IND. What -- how well diagnosed is CIndU relative to CSU? It's obviously about 15% of the overall market.

I think there's actually been less work done on CIndU and now that's starting to change. But I think CIndU faces all the same problems as CSU. I mean I think there are some patients where they might have a very clear association like if you have a ColdU and very severe reactions, that's probably easy to figure out. But some of these -- some of the other ones may be more challenging. So I think that CIndU is probably underrecognized, undertreated, et cetera, just like CSU.

Yes. And again, drugs coming on the market is only going to make that market more available to be diagnosed. And then certainly, if the drugs work, you'll see more people getting treated.

Yes. Maybe let's go back to CSU for a second and Dupi. How do you think Dupi is getting used just given the data? So the data on the oma experience wasn't good. So it really should be for Oma naive, but Oma is going biosimilar late this year.

I mean, I've heard that it's being used with comorbidities. So if you have AD and you have a concomitant CSU, it's being used there. But we don't have all the information that you probably would want.

We also hear that dermatologists may be trying it because they're so familiar with it. So that seems to be the other group.

Not a great drug, but easy drug to give or drug they're comfortable with. Okay. Let's move to the PN study. And maybe just remind us the trial design and what you said on timing? And then maybe we'll talk about the Phase Ib data.

Yes. So the PN Phase II randomized placebo-controlled trial, we're looking at 2 doses of barzolvolimab versus placebo. We have 24-week placebo-controlled period, 12-week primary endpoint. We're looking at patients with moderate to severe prurigo nodularis. The enrollment is completed. The planned number of patients was 120, and we had 140. So we're now in the process of cleaning the data and getting ready for data readout later this year.

So in the Phase Ib, this was 24 patients. It was only a single dose, right? Showed a clinically meaningful 4-point reduction in itch, 57% of patients on the lower dose and 43 -- actually, I'm sorry, at the higher dose and 43% at the 1.5 mg per kg lower dose achieved the endpoint at 8 weeks versus, I believe, 25% or so on placebo. There's also obviously good data on skin clearance and almost clear and clear versus essentially none on placebo. What's most important in PN? Is it skin clearance? Or is itch?

I think they're both important. It's -- I mean, PN is one of the most pruritic diseases that there is. And the itching actually -- the chronic itch contributes to the lesions getting a lot worse. But I think the lesions are also very disfiguring and very uncomfortable for patients. So I think what patients want is both. They want rapid relief of itch and they want clearing of the lesions.

And that's our differentiation. If we have an effect on both, and I think we've shown that we do, small patient population, but we'll see it in Phase II. If we have -- if we work on both ends, that's a win. .

And the 2 doses that you're using, is it the same 150 Q4 and 300 Q8?

No. In that study, we're -- our higher dose is 300 Q4, and then we're using 150 Q4. And the reason we went with a higher dose there was because in the Phase Ib, it looked like the 3 milligram per kilogram worked better and the tryptase suppression was more complete. And that was a little bit different than what we saw in our early studies with CSU. So we wanted to make sure we included a high enough dose to look at everything.

We want to make sure we don't underdose those 2.

And the loading dose is still 300 -- or is it 450 as well? It's 450. So everything -- because it's a much more -- right, it's a higher severity disease essentially where it needs higher suppression. And is it powered against placebo...

Yes, each arm versus placebo.

Each arm is about 45 patients or so.

It was -- well, it's -- we had 140 total patients, but we planned for 40.

Yes.

Okay. So it is powered against placebo.

Yes.

Is the next step a Phase III? And is the primary at 12 weeks? Or is the primary longer?

We're going to follow what the others have done, whatever if it's 12 weeks, we'll do 12, if it's 16, we'll do 16. But we're going to follow the path that's already been provided for us. So whatever that is, it's probably a 12- or 16-week endpoint.

Yes. But we'll certainly let the data guide us as to what our best features to differentiate might be and have endpoints related to that.

Okay. And so you mentioned the data is this summer.

Yes.

Yes. So then the next program is the Phase II atopic dermatitis, and I think the data for that is late this year, right?

Correct. Cadence will be PN, the CSU Phase III and then AD later on.

So AD is going to be later on. And AD is also finished enrollment.

Yes.

Yes. But the data is going to be later in the year. So can you talk about the trial design there?

It's actually quite similar to the PN study. It's a randomized placebo-controlled study looking at the same doses of barzolvolimab as we looked in the PN versus placebo. The endpoint there is -- the primary endpoint is the percent decrease in the peak pruritus score at 16 weeks because that study we did similar to others, 16-week placebo-controlled period, 16-week active and then 16-week follow-up.

And that's also 120 or did it overenrolled...

It overenrolled. It was 131, I believe, the final number overenrolled a little bit.

And here, you're actually looking at itch and then secondary endpoint is skin clearance.

Yes, correct.

What -- and so where does -- where do you think this fits? Because the endpoint is a little different than, let's say, a JAK or a Dupi endpoint, which is primary is more skin clearance first.

No. So we chose -- the reason we chose the itch endpoint was because we -- that's what we felt most confident about based on the PN data. So we thought itch, we have a better idea. But we certainly included all the other ones as secondary endpoints. And again, going ahead with a future trial, we would look at all the data and decide what was the most relevant thing for the primary endpoint.

Yes. So you asked about where it would fit. So we -- it's an all-comer study. But where we think we would fit would be the IL-4, IL-13 failures, but before you get to the JAKs.

Before you get to the JAKs.

Yes.

I mean the activity on itch can also be a differentiator. What percentage of patients have severe itch or moderate to severe itch?

Patients had to have -- they had to have an itch score of greater than or equal to 5 at entry. I don't -- we don't yet have the demographics for everybody enrolled.

Still blind. Yes, still blinded.

Okay. Okay. Well, lastly and very important is the stem cell factor TSLP bispecific. And your Phase Ia, you started in December of '24. You had positive SAD data showing about an 18-day half-life, no immunogenicity, fairly clean safety. That was a single IV dose, and now patients are enrolled in the MAD, right? So we're in Part 2 now. And I think data is in Q3.

That's correct. Yes. So we will be reporting both on the multiple ascending dose with the IV dosing, but also we are doing a single ascending dose with our subcutaneous formulation, which we've introduced into that trial. So we should have all that data when we report this summer.

And so the subcu, the Part 3 is also going to be the summer. It won't be Q4. So it sounds like it's going to be at the same time.

I believe so.

And that's going to be a SAD.

Correct.

And so the natural question is what's next for that program? Is that going to go into asthma? Is it going to go into AD?

So we have started a proof of mechanism study in asthma. So from healthy volunteers, I think we'll get a lot of data related to the safety profile and to tryptase reductions, which will inform us about mast cells. But we really want to be -- understand what we're doing in patients. Asthma made the most sense because we will get a lot of PD data related to the TSLP side of the molecule, but also we're collecting sputum samples.

We'll really get information on what we're doing at the level of the lungs in terms of inflammation, in terms of mast cells and other really important inflammation markers. So that's happening now. That's going to help inform the broader program. We certainly think pulmonary indications make a lot of sense. for this combination. We're also looking at potentially things like food allergy and a lot of opportunity, I believe, for a drug that inhibits both TSLP and mast cells.

And the sputum sample, did deep lung sputum or just regular sputum...

Lung...

With a bronch or with a swab.

I think this is induced sputum where they essentially are induced to bring up sputum from the lungs.

Okay. And that study just recently started. So it was probably too early to have data this year.

Well, we're not informing about what timing we'll have data, but it is an open-label study. So for us, we hope to be getting data throughout the year in terms of how that's going and helping us inform moving forward.

Well, terrific, team, thanks so much for joining. We appreciate it.

Thank you...

Thank you.

Welcome, everyone, to this session of the Morgan Stanley Global Healthcare Conference. I'm Judah Frommer, one of the SMid biotech analysts here. Let me just read a quick disclosure before welcoming the Celldex team. For important disclosures, please see the Morgan Stanley Research Disclosure website at www.morganstanley.com/researchdisclosures. If you have any questions, please reach out to your Morgan Stanley sales representative.

With that, thank you, Celldex team for coming to see us today. Maybe we can start off for those who maybe a little bit less familiar with the story, and provide a couple of minutes of background on the company and your lead asset.

Sure, Judah. Thank you, and thank you for inviting us. We really appreciate this. So Celldex has been around for a while now. We're in the area of immuno-inflammatory. We develop antibodies and bispecifics to target those indications. Our lead asset is called barzolvolimab. It's an antibody that targets c-KIT. We are in 5 indications currently, 2 Phase III studies ongoing in CSU which is a global study ongoing in 480 sites in over 40 countries where we plan to treat 1,830 patients within these 2 studies. And we think everything is going well there.

Behind CSU, we have 2 indications in CIndU, one is called cold urticaria. The second is symptomatic dermographism where we presented our 12-week data some time ago, and we met all the endpoints there, both primary and secondary. Our next readout is 20-week data from the randomized placebo-controlled study, and that should happen sometime in the fourth quarter of this year. And then 44-week data, which will include our [ EoE ] study will be presented sometime in early 2026. In the meantime, we are preparing to begin Phase III studies in cold and SD. We're hoping to do that by either the end of this year or the beginning of 2026.

Beyond those studies, we have a study going on in PN, a Phase II study, a randomized placebo-controlled global study. We hope to complete that some time in '26, with data in 2026 before we move on to Phase III. And then we also have an atopic dermatitis study going on also in Phase II, also global, also placebo -- no, in the U.S. and placebo-controlled study. So a lot of activity around barzol, a lot of things going on. As you can imagine, we're spending the vast majority of our time in these indications and look forward to presenting data as we go forward.

We have our second program called CDX-622, which is a bispecific of TSLP by stem cell factor. Currently, it's in healthy volunteer studies. We would be able to get some data on that by the end of the year in the SAD study, the MAD study is ongoing. And some time in '26 we'll have the MAD data, and then we'll do a proof of mechanism study with that asset before we decide where we want to go.

So that is the snapshot of where our programs are. And behind that, we have other assets that Tibor and his team are working on that we think that will create a lot of value in the future, but these are the 2 big assets right now.

Okay. That's a great overview. So we've been interested in the term that we're seeing more and more the term mast cell-mediated diseases and your clinical studies are helping us figure out kind of exactly what role mast cells play in some of these indications. So how would you frame the importance of mast cells in different I&I indications? And how that informed barzol's clinical development?

Tibor, do you want to take it from...

Sure. Yes. I mean, certainly, the role of mast cells is better understood in some indications than in others. Urticaria was an area where really there was very strong biology around the importance of mast cells and part of that was through the success of the anti-IgE drugs in this space. We are gathering and have been generating evidence in other disease indications. Some of it is through patients that have comorbidities on our trials.

That's how we initially saw the impact on prurigo nodularis in a patient with symptomatic dermographism that had their PN completely healed while on study and led us to the Phase Ib, where we confirm that signal are looking really good. So we do believe that mast cells now are validated in terms of their ability to impact non-histaminergic itch, chronic itch that's not present only in PN, but also in atopic dermatitis. We follow the science in the literature. There are cases where the role of mast cells seems highly implicated. We believe we have the right drug to test in those cases. They may not all work out, and that's part of the rationale for also developing a bispecific pipeline where mast cells are important, but not the main driver where we have the ability to complement mast cell depletion with other pathways.

Okay. That makes a lot of sense. You shared an interesting update earlier this year from the Phase II CSU study, where you followed patients 7 months after they stop treatment with barzol. We saw some patients with sustained complete responses. I guess what were the key takeaways for you from that data set and what you might have expected in the absence of treatment in kind of precedent data sets?

Yes. So we were really excited about the results we got at our 76-week data readout. And what we showed there was that 7 months off of therapy, 41% of patients still had a complete response, which is really unprecedented data. The CSU is characterized by spontaneous remission in some cases and there's varying literature about how frequently that occurs. But what we've been told by the experts was that in this kind of population we were looking at, we would expect it to be less than 10%. And so it was really remarkable. And it was not just the complete response rate. We saw that those patients sustained their quality of life and all the other endpoints. So really unprecedented. Other agents don't do this. If you take Xolair after treatment, patients come back to normal within weeks really. So it was -- it's really quite remarkable. It's really caused a lot of interest among the medical experts in the field as to what is happening here.

And also the safety profile we saw itself out. So we've been saying forever that you will have your KIT [ AEs ], but we believe they're completely reversible. And don't have any clinical impact. And certainly, we saw that with the neutrophil drops. While on study, they resolved and we saw the same thing with the hair color changes in the hypopigmentation as they're coming off drug. Those were resolving, but while maintaining a complete response for 41% of the patients. So we thought that, that was really extraordinary.

Got it. And what would you typically expect in terms of mast cell repopulation after drug is cleared? Were there any surprises or learnings from...

So just very little. We've seen other drugs and some have dosed out to 24 weeks and we've seen their disease come back by week 40. So the fact that we were able to do a 1 year of treatment and see that sustained benefit over 7-plus months was very extraordinary to us. We were very, very happy to see that.

Okay. Great. And Diane, you touched on Xolair. But I guess we've seen rapid onset of effect with barzol and now it seems like there's a good argument to be made for durability after fusal cessation. I guess how do those kinetics kind of more broadly compare to available treatment options?

Yes. So I think other treatment options, you return to normal much more quickly than here. I mean here, we had this very long persistence of effect, and it looks like they're kind of slowly coming up. But it really seems to offer patients the chance of a long period of off therapy, where they're in complete response.

Yes. I mean we're being told by KOLs and experts in the field that the data set that we presented at 76 weeks now gives them the ability to ask questions about how you truly treat patients in the real world that they weren't able to ask before. Obviously, you talked to other people, I mean they'll have different questions. But certainly, is that kind of thinking that's now coming around from these KOLs when they meet is extraordinary. I mean they're thinking of the ability that we can get patients with complete control. We can get them and keep them there without having to have them on drug for an extended period of time, which is gratifying to see.

Is there any insight you could share in terms of kind of KOL reaction by -- maybe subspecialty, right? They're allergists kind of on one end of the spectrum here. There are maybe high-volume derms on the other end of the spectrum. It seems like this data set, especially the safety data you touched on in terms of the neutropenia resolving. I think there were some, like you said, some hair and skin color changes that were ongoing. But anything on the safety side that maybe has brought some of the derms more kind of on side?

I can just tell you some of the work we've done, and certainly, Diane can talk about some of other conversations she has. So without the context like the hair color change or the hypopigmentation, unless you show them a picture. We believe people's mind just run and they'll say, "Oh, no, I won't do this." But then when you show them in the picture, more times than not, we got " that's it." And that's the hair color change. I'm like, "yes, that is." That's a great one hair color change. That is hypopigmentation. They're like based on this, I don't see any issue with it. But in the absence -- I mean, the picture speaks a thousand words type of thing. So on our end, when we do our field work, that's what we're hearing. But...

Yes. So yes, I would agree. I think that the pictures have been very important. We do see these changes. It's a very well-understood mechanism of KIT targeting. It's mostly mild, it's reversible. And the patients have said to us and the investigators that they're so happy that the urticaria is better that some of these things don't really trouble them at all.

But I would say in looking at the allergists and the dermatologist, it's true that the allergist are very tuned into the severity of urticaria, and so they haven't really been very concerned about much of these dermatologists, when they hear about it, they're more concerned, but we found that when they see the pictures, they say, "Oh, that's really not a big deal."

Do you have a sense for, I guess, patient type by severity that's treated by the various subspecialties of docs and whether that kind of impacts their bar for safety profile?

Well, we know the allergist treat the "more serious patient" and we'd love to know what that definition is. And it is defined by anybody differently, right? So it could be someone with angioedema. It could be someone which is poor quality of life, could be somebody with a high UAS7 score. Chances are if you have a high UAS7 score, you have a miserable quality of life. So we think that, for the most part, the allergists don't blink. I mean they take them on and do well. We're less certain about the type of patients that derm see. Certainly, that will require more field work on our part. But hopefully, by the time the study is done, we'll even have derms that are experienced with treating barzol on the CSU study. So we'll probably have a better answer for you this time next year.

Okay. That makes sense. And you've been enrolling patients in the Phase III program for CSU? Can you talk a little bit about the design of these studies and the pace of enrollment so far?

Yes. So the Phase III is a randomized placebo-controlled study. We're looking at 2 different doses of barzolvolimab versus placebo. We have a 24-week placebo-controlled period, followed by an active treatment period out to 52 weeks. And the endpoint is at 12 weeks. The primary endpoint is the change from baseline in urticaria activity score 7. And I think the patients on the trial are patients who are refractory to antihistamines and we do allow omalizumab experience in refractory patients. And in fact, we're looking at that group statistically.

I think the really important thing about the study is we have tried to keep it as close as possible to the Phase II study that we conducted. The only real major change is that we have added a loading dose to our doses, and that's based on data from the Phase II study. We think we might get a little more efficacy, rapid onset of response with the loading dose.

How important is that rapidity of effect, I guess, based on patient?

We think it's very important. And we already have a rapid effect, and we think we can further improve it just because with the subcutaneous dosing, it takes a while. And also, it's flat dosing. So patients of different sizes, we think it might benefit more people to have a rapid response. But we -- from what we hear from patients, this is an absolutely miserable disease, and they would like to have relief as quickly as possible.

One of the surprising things that we heard as well from KOLs is that when they look through the data, and we presented the data and they were like, wow, we didn't really understand that 93% of your patients had a clinically meaningful change on study. I mean, so that, again, I know they start thinking real world, what else can I do to get that even better. So something like a loading dose, which we think will give a faster response and maybe even a deeper response. That's something that we really look forward to seeing.

Okay. And what can we expect in terms of updates in the Phase III trial, just time lines there?

So when we're done with accrual, we'll update that we're done with accrual. And when we have data, we'll have data. Those are the updates that we'll give. We have told people that it's accruing as expected. So that's the last update we'll give.

Okay. Sounds good. And you touched on the Phase II CIndU study that we should expect an update from. Can you tell us kind of what could be contained within that update? What your expectations are?

Yes. So the update we're going to have is the 20-week treatment data, and it's placebo-controlled for 20 weeks. So it's the longest placebo-controlled period that we've presented. And we expect to see impressive efficacy as we saw with the 12-week data.

Okay. How do you think about market opportunity for CIndU versus CSU? It seems like there's a lot of overlap when we talk to docs in terms of how they see patients, but how are you able to kind of bifurcate the market? Or do you need to?

I don't think we need to bifurcate it, but if you just do the pure math, the way we understand it, it's anywhere between 25% and 1/3 of the CSU patients, a percentage of them have both CSU and CIndU concomitantly, but mostly, they're either CSU or they're a cold or an SD patient. So we know they'll be treated by the same doctor population. The endpoints are certainly different. One is using provocation, one is using just scores. But it's the same people that treat these patients. So we see it just a bigger market for itself.

Okay. That makes sense. And chronic urticaria has gotten a decent amount of interest from drug developers in recent years, right? Obviously Dupixent's there, remibrutinib could be there soon. I guess with that context, where do you see barzol fitting in? And we'd just be curious, I guess, does specialist subtype affect potential line of treatment? Would you be potentially marketing differently? Or are you not thinking about those things?

Well, certainly, we want to see the Phase III data that will certainly be the definitive test. But based on the Phase II data, as we've said for a while now, we know we can treat the whole patient population, right? So it's not like we can treat just the refractory to antihistamine. It's not like we can just treat the IgE lows. We can treat the IgE highs, we can treat the IgE lows. So there isn't a patient within the CSU population that we haven't had some effect on. So it's wide open that way.

Where people have asked us where do you think you'll fall? And we're like, look, as an entry point, and probably behind Xolair. Why wouldn't we see that, especially with the allergists. It's going to be interesting to see what happens once remi gets approved. There's a derm population that likes dupi from what we understand. I think remi certainly gives them another choice. It's not a biologic. It's a small molecule. We know derms in other indications use JAK inhibitors. So I don't see why they wouldn't use remi. So I think that, that's the thing we need to watch over the next year or so while our drug gets through Phase III.

And certainly, in our programs, we have derms treating patients in CSU and they will have [indiscernible] and the AV and PN studies are all dermatologists. So we think that by the time barzol is ready to hit the market, we'll see derms get very comfortable around it. So either with the derms, it becomes frontline or slides behind a remi or dupi first. But like I said, we can deal with the whole population. So we don't have to worry so much about if we don't get frontline, it's not going to work for us. So I think that's the optionality around where the drug will fit.

Okay. And in terms of just the Xolair experienced patients that you mentioned, kind of enrolling the Phase III, what's the thinking behind that in terms -- is it labeling? Is it...

It's labeling. Yes. We want to be able to say that we have antihistamine refractory and all the refractory on the label. And we'll be the only ones that can say that.

Got it. Okay. That makes sense. Maybe just moving over to EoE. I don't think we need to rehash the entire update there. But just curious to get your thoughts on how and if that program reads through to any other indications you're pursuing or might pursue in the future?

While, we won't pursue, we did. That's the only program that would have a read-through. So no, we don't see it reading through other the PN, CIndU or the AD studies at all.

Got it. Speaking of PN, we've seen a bit of data from that program along with another study from -- you have another study ongoing in atopic derm, right? So when can we expect updates from those studies? And what's the read-through from one to the other PN to atopic derm?

So as far as updates go, we'll have better timing around that, probably around the first of the year. But the data sets on both will be 2026. So it will just be about when we do that as far as the read-throughs?

Yes. So PN, we actually already have data from -- both from anecdotal case in our initial CIndU study as well as our Phase Ib study, where with a single dose of barzolvolimab we saw a very nice improvement in itch and also start early healing of lesions in PN patients. We think that the form of itch that is in prurigo nodularis, which is non-histaminergic itch is a similar mechanism to atopic dermatitis. And so we believe just from an itch standpoint, those results should translate, but there's probably other parts of the pathophysiology of the inflammation where the mast cells are involved as well. So we're very encouraged about both the PN and the AD indications.

And in PN in the lesions is where the mast cells reside. So we're looking for that dual effect of taking care of the itch as well as healing the lesions.

Okay. That makes sense. And then maybe just taking a step back to kind of the broader development in the space. There are a few other KIT programs in development. I think there have been kind of mixed updates arguably from some of them. I guess, do you see barzol as competing with these other KIT programs at this point or needing to be positioned relative to those? Or is it really competing with kind of standard of care in the indications you're going into?

We believe standard of care and we're close enough being in Phase III that that's who we need to worry about. The others are further behind. And as they get more data, we can take a look. But certainly, we see Novartis and Sanofi right in front of us with drugs that work very well. So that's what we're going to focus on.

Okay. Great. And I want to make sure we touch on CDX-622, the bispecific that you mentioned earlier. So maybe you could just go a bit deeper on the mechanism, where you see potential for this drug? I know you mentioned asthma, but what other indications could potentially make sense? I thought maybe you said we could even make sense for this one, but that one.

Yes. So we're excited about CDX-622. This is a bispecific antibody with the concept of combining mast cell depletion with another pathway. In this case, rather than targeting KIT directly, we're targeting the ligand stem cell factor, and we've combined that with our own highly potent TSLP neutralizing antibody. I think there's been a lot of excitement around the TSLP data that's been generated. There's obviously been some approvals, some strong Phase III data and a number of pulmonary indications. And I think there's Phase III studies coming out soon. We really like the combination. We think these 2 pathways play important nonredundant roles. Certainly, asthma is one, but other pulmonary indications, the COPD, other fibrotic conditions are on the table.

We're also pretty excited about the potential for the SCF neutralizing antibody that we've developed. Having a potentially differentiated safety profile, which might allow us to consider different patient populations, including younger patients and food allergy has been something that we've been interested in getting into for a long time. So a lot of options for 622. We were presenting the single ascending dose in healthy volunteers, which will be important as a first step. But as Anthony mentioned, we've got a couple more hurdles to get through the initial data and then a proof-of-concept study in asthma patients will set us up along with our subcutaneous formulation, which is also starting soon before we enter into Phase II studies and make those decisions on which indications we're going to pursue.

Is there anything in terms of the healthy volunteer study you point us towards whether it's PD data or certain indicators you're looking for?

Yes. So from a PD point of view, the most relevant will be tryptase levels, which will tell us about systemic mast cell inhibition. We really like to see some impact on tryptase, of course with the bispecific -- any new bispecific molecule, if you want to demonstrate that pharmacokinetics are good that you don't have a big immunogenicity problem and obviously, the safety aspects and particularly focusing on some of the KIT-related adverse event profiles.

Great. And maybe just wrapping up the company-specific portion of the questions. Can you remind us of cash runway and what catalysts or milestones are kind of...

Sure. So at the end of the quarter, we had $630 million we've guided that, that will take us through 2027 and into 2028. So the readouts would include the Phase III for CSU, the 2 Phase IIIs for CSU, the CIndU study and then the AV and PN Phase II studies. Certainly, the 622 MAD and SAD studies as well as starting off the mechanism -- proof of mechanism study in asthma. So -- and then some. So we can get through all those value creating points, and we'd be able to do very well.

Okay. Anything we didn't touch on that you'd highlight?

No. I think you've touched on a number of things. I mean people certainly want to know what's the timing around data. When are you guys going to tell us about data? And I think we've been very upfront about it. When we're done with the accrual, we'll put out the press release, we'll tell you when we think data will be there, and we'll be ready to present that data, and we look forward to doing that. But no, I think you've covered it very well today.

Okay. We've got a kind of mini survey that we're asking all of our management teams. Before I do that, if there are any questions in the room, we do have mics, if anybody wants to raise their hand, but I'll kind of go on with this mini survey.

So biotech seems to be more exposed to external and macro factors of late. So we're asking each of the management teams 3 thematic questions. The first is, China's rise in biotech innovation. How are you thinking about your competitive position? Will this influence R&D or potentially business development strategy for Celldex in any way?

I'll let Tibor take on the R&D aspect. But we've had collaborations with Chinese companies in the past. I mean they have good science. But I think what's coming out of our labs is unprecedented. We're one of the mast cell biology leaders. Certainly, Tibor can talk about things that are coming out of this lab beyond 622. But certainly, it's something you always have to think of. But certainly, we're happy where we are. Tibor?

So we've fully recognize the force that the Chinese biotech companies are, and they've become incredibly efficient and innovative in driving technology that's directly competing with many things that we're doing. At the end of the day, though, we have to focus on our science and our technology and what we're doing. We feel very comfortable with our capabilities and our ability to stay as leaders in this area of mast cell targeted therapeutics.

Yes. I mean, just as a matter of how we develop it. I mean it's been basically less than 5 years. But we've taken barzol from preclinical all the way through now to Phase III. So I don't know how much more efficient you can get, but we're happy with where we are.

Okay. Great. The next thing is AI. How would you say you're currently leveraging AI or thinking about AI's potential to disrupt the industry, both positively and negatively?

I think for us, AI is still at the very early stages of what it can possibly do. I mean we're looking at it on the business end. We're looking at it on the legal end. I'm sure Tibor and Diane are looking at it on their respective things as well. We need to better understand all these systems that are out there, what it's capable of doing, whether it's -- what the unintended consequences are, which you can never fully appreciate. But I think what we're trying to do is, okay, where do we want to be in the future? Where do we think people are focusing their energies on? I mean, we know in our area, it's all about the improving throughput and things of that nature. But certainly, I think we're at the early stages of it. And certainly, I'm sure we'll be involved with AI in some way, shape or form. It just like I can't tell you how and at this point, but we will have an AI capability.

Tibor, on your end?

Well, think AI is extremely powerful, and we are using some forms of it. I think the challenge that I see is always appreciating whether the information you're getting out of it is accurate and complete. And that becomes challenging. It's very easy to rely on what information you get and sometimes hard to know just how accurate that is.

Makes sense. The last one is on the regulatory side of things in terms of impacts to your business from the regulatory side, changes at FDA, MFN pricing, tariffs, anything kind of in those areas or elsewhere that's impacting the business day-to-day or your strategy?

So we haven't seen any change with the FDA.

Yes. So we're obviously watching it so far, so good, but we're paying close attention to FDA changes.

As far as tariffs go, we're going to wait and see what happens with tariffs. Certainly, everybody that's in this business who buys supplies are seeing a slight increase because of tariffs. But that's something that I think we can deal with. We're organizationally setting things up so we have dual vendors. So not only is it a good business way to do things, but operationally, you need that backup for second source. So as far as the tariffs go, just is what it is, what was your last question?

Just pricing, if you're thinking about that at this point?

Again, we have -- we're having those conversations now. In fact, some of the questions we're getting is, well, based on the benefit you're giving, are you looking for premium pricing? We'll certainly try, but those are conversations that we'll have to have. Certainly, they'll want to see the Phase III data but if it holds up, we'll look to get the best price available, but we want to make sure the drug is available for patients. So that's the key to us.

Okay. Great. If there are no questions, I think we'll leave it there. Thanks again.

Thank you so much. Appreciate it.