Daily Snap - 25. August 2025

Author

Joachim Eeckhout
August 26, 2025

Good morning! In a first-of-its-kind experiment, surgeons in China have transplanted a gene-edited pig lung into a brain-dead patient, pushing the boundaries of xenotransplantation. The lung, engineered with CRISPR to evade immune rejection, survived inside the recipient for nine days before it ultimately succumbed to immune attacks. As one thoracic surgeon put it, “It’s not ready for prime time.” Still, the work lays a foundation for future experiments, and perhaps, one day, a real alternative for the thousands of patients stuck on lung transplant waitlists.

Enjoy today’s read!

—Joachim E.

SNIPPETS

What’s happening in biotech today?

🥇Dual wins: Akeso Biopharma has announced positive results from two phase 3 trials, advancing its late-stage pipeline and setting the stage for regulatory filings in China. The company’s anti-IL-17A monoclonal antibody, gumokimab (AK111), met all efficacy endpoints in a trial for ankylosing spondylitis, showing significant improvements in disease activity, physical function, and quality of life. Meanwhile, its anti-IL-4Rα antibody, manfidokimab (AK120), achieved all primary and several secondary endpoints in treating moderate to severe atopic dermatitis, notably improving skin lesions and itch relief. Based on strong safety and efficacy data, Akeso plans to submit new drug applications for both candidates in China.

🧬RNA arsenal: Arnatar Therapeutics has launched with $52 million in Series A funding to advance its RNA-based drug platform and a lead therapy targeting Alagille syndrome (ALGS), a rare and potentially fatal genetic disease. The company’s dual modality RNA platform, DARGER, utilizes small interfering RNA (siRNA) and upregulating antisense oligonucleotides (ASOs) to either silence disease-causing genes or restore protein function. Its lead candidate, ART4, has received FDA orphan drug and rare pediatric disease designations. Founded in 2022 and based in San Diego, Arnatar has seven pipeline assets and is led by ex-Ionis executives.

👑Royalty grab: Royalty Pharma has acquired rights to a portion of revenue from global sales (excluding China) of Amgen’s lung cancer drug Imdelltra through an $885 million upfront deal with BeOne Medicine, which retains the option to sell more royalties for $65 million within a year. BeOne, formerly BeiGene, secured these rights via a 2019 collaboration with Amgen. Imdelltra, launched in 2024 for small cell lung cancer, generated $215 million in sales in the first half of 2025 and has shown survival benefits over chemotherapy. The deal strengthens BeOne’s financial position and aligns with Royalty Pharma’s strategy of investing in high-impact therapies.

🚪iNKT exit: Appia Bio, a California-based biotech developing off-the-shelf CAR-T cell therapies using invariant natural killer T (iNKT) cells, has shut down due to a lack of funding before reaching clinical trials. Founded in 2020 and co-led by scientists including Nobel Laureate David Baltimore, the company had raised $52 million in a 2021 Series A round and later partnered with Kite Pharma in a deal potentially worth $875 million. Despite nearing the filing of an investigational new drug application, the company could not secure additional funding and ceased operations amid a challenging year for biotech startups, particularly in the cell therapy sector.

💉Vax yanked back: The FDA has suspended the license of Valneva’s chikungunya vaccine, Ixchiq, after reports of serious adverse events, including over 20 cases of illness resembling chikungunya and one death from encephalitis directly linked to the vaccine. The agency cited evidence suggesting the vaccine’s risks now outweigh its benefits, prompting a halt to U.S. marketing and raising the possibility of a full market withdrawal. Previously approved as the first U.S. vaccine against chikungunya, Ixchiq had also faced temporary suspensions in both the U.S. and Europe. Valneva is investigating the cases and assessing financial impacts, while analysts downgrade the vaccine’s sales outlook.

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