Estimated readout windows: registry primary-completion date + 6-12 weeks. Windows already open are shown from "Now". Drug names link to ClinicalTrials.gov.
Phase 3 · ActiveModality: small molecule (allosteric inhibitor)
Aliases formerly ESK-001
Target TYK2
Partnerships Kaken Pharmaceutical: exclusive license to develop/manufacture/commercialize envu for dermatology indications in Japan, with options (subject to opt-in payments and cost-sharing) to expand to rheumatological and gastrointestinal diseases; $20M upfront (March 2025); up to $36M regulatory milestones and field-expansion payments; up to ¥15.5B commercial milestones; tiered royalties from low double digits into the twenties on Japan net sales
Status note Most advanced product candidate. Pivotal ONWARD1 and ONWARD2 Phase 3 trials in PsO reported topline in Q1 2026; ONWARD3 Phase 3 LTE topline reported August 2026. Also in Phase 2 OLE and Phase 3 LTE in PsO and LUMUS Phase 2b in SLE.
A-005
Phase 1 · ActiveModality: small molecule (CNS-penetrant allosteric inhibitor)
Target TYK2
Indications
Neuroinflammatory and neurodegenerative diseases(Phase 1)
Catalysts
— first half of 2027
Status note Phase 1 program in healthy volunteers initiated April 2024; results reported December 2024. Filing notes potential applications in multiple sclerosis and other neurological as well as peripheral diseases.
Partnerships Pierre Fabre Medicament SAS: exclusive worldwide license for non-oncology indications (acquired via ACELYRIN Merger); up to $100.5M development/regulatory milestones, up to $390M commercial milestones, tiered royalties in high single-digit to low-teen percentages on worldwide net sales
Indications
Thyroid eye disease (TED)(Phase 2)
Status note Acquired via ACELYRIN Merger (closed May 2025). ACELYRIN announced data from a Phase 1/2 dose-ranging trial in TED in March 2024 and January 2025; no further trial status stated in this filing.
IRF5 program
Discovery · Active
Target IRF5
Indications
not disclosed(Discovery)
Status note Filing states multiple additional targets selected, including interferon regulatory factor 5 (IRF5), in stages from lead identification to lead optimization.
budoprutug
Stage not disclosed · Active
Partnerships Climb Bio (parent of Tenet): out-licensed under Purchase Agreement; Company entitled to up to $157.5M development/regulatory/commercial milestones, royalties on worldwide net sales, and sublicense income payments; Climb Bio filed suit Dec 2025 seeking declaration budoprutug is not a 'Product' under the agreement (Company disputes; $3.0M development milestone in dispute as of January 2026)
Indications
not disclosed(Stage not disclosed)
Status note Divested program in which the Company retains milestone/royalty economics; ongoing litigation over whether budoprutug is a covered 'Product'.
Per-asset detail extracted from the 10-Q filed 2026-08-13. Fields the filing does not state are marked "not disclosed" rather than filled from other sources.
Sponsor-matched active trials from ClinicalTrials.gov (3 as sponsor, 0 as collaborator); "Sponsor" = company is the lead sponsor, "Collaborator" = company is a collaborator. The BP column flags big-pharma involvement as lead sponsor or collaborator (excluding the company itself). The Mgmt guide column shows what management guided for readout timing when a guided program matches the trial (hover for the quote, click for the source). Trial listings are not a company pipeline slide.
Institutional holder positions from 13F filings. Q/Q change is vs the prior quarter's filing; % of portfolio is the fund's own reported portfolio weight.
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